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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

Explain both the short- and long-run movements of Friedman natural rate theory, assuming that expectations are formed adaptively.

To determine

Friedman’s natural rate theory.

Explanation

According to the natural rate theory of Friedman, there is a tradeoff between inflation and unemployment in the short run, while there is no tradeoff between inflation and unemployment in the long run. Suppose the expectations are formed adaptively by the people, then i...

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