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In each of the figures (a–d) that follow, the starting point is 1. Which part (a, b, c, or d) illustrates each of the following? a. Friedman natural rate theory (short run) b. New classical theory (unanticipated policy, short run) c. Real business cycle theory d. New classical theory (incorrectly anticipated policy, over-estimating increase in aggregate demand, short run) e. Policy ineffectiveness proposition (PIP)

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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
Publisher: Cengage Learning
ISBN: 9781337617383
BuyFind

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
Publisher: Cengage Learning
ISBN: 9781337617383

Solutions

Chapter
Section
Chapter 16, Problem 4WNG
Textbook Problem

In each of the figures (a–d) that follow, the starting point is 1. Which part (a, b, c, or d) illustrates each of the following?

  1. a. Friedman natural rate theory (short run)
  2. b. New classical theory (unanticipated policy, short run)
  3. c. Real business cycle theory
  4. d. New classical theory (incorrectly anticipated policy, over-estimating increase in aggregate demand, short run)
  5. e. Policy ineffectiveness proposition (PIP)

Chapter 16, Problem 4WNG, In each of the figures (ad) that follow, the starting point is 1. Which part (a, b, c, or d)

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