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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 Phillips curve and the long-run Phillips curve. Explain why they are different.

To determine

To determine: The difference between short-run and long-run Phillips curves.

Explanation

The short-run Phillips curve is different from the long-run Phillips curve. This is because of the effect of monetary policy on inflation is different in short-run and long-run. The difference is explained with the help of figures shown below.

Figure 1 shows both short-run and long-run Phillips curves.

In Figure 1, the vertical axis measures the inflation rate and the horizontal axis measures the unemployment rate...

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