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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

Explain how credibility might affect the cost of reducing inflation.

To determine

Credibility and cost of inflation.

Explanation

Credibility might affect the cost of reducing inflation by influencing the response of the short-run Phillips curve. If the Fed announces a credible commitment to reduce inflation, it can directly influence the expectations of inflation...

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