monetary policy that delivers highly variable 10 percent inflation rate per year, on average, over twenty years. Assume that Hibernia's economy grows over time and consider the long-term impacts on the economy over time. Use the AD-AS graphical analysis, to illustrate the two scenarios. Hint consider the discussion on the costs of inflation earlier in the class – how can you incorporate this into your analysis?

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Unemployment and Cost of Unemployment

Unemployment is the state of being unemployed, even when an individual is actively seeking work opportunities. The unemployment rate refers to the percentage of the workforce that is currently unemployed.