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Brief Principles of Macroeconomics...

8th Edition
N. Gregory Mankiw
ISBN: 9781337091985

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BuyFindarrow_forward

Brief Principles of Macroeconomics...

8th Edition
N. Gregory Mankiw
ISBN: 9781337091985
Textbook Problem

Draw the short-run trade-off between inflation and unemployment. How might the Fed move the economy from one point on this curve to another?

To determine

Short-run Phillips curve.

Explanation

Figure 1 shows the short-run Phillips curve.

In Figure 1, the vertical axis measures the inflation rate and the horizontal axis measures the unemployment rate. The downward sloping curve is the Phillips curve. It shows the short-run tradeoff between inflation rate and unemployment...

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