Appended Note 1-5 Estimation of Phillips Curve

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1. Consumer Prices
The impact on consumer prices by the unemployment rate and expected inflation rate was estimated as follows.

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chart1

2. Nominal Wage
The impact on the wage by cyclical unemployment rate and expected inflation rate was estimated as follows.

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chart2

3. GDP deflator
The impact on the GDP deflator by GDP gap and the expected inflation rate was estimated as follows.

formula3

chart3

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