Some economists argue that the AS curve should be drawn as nonlinear, rather than as a straight

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Some economists argue that the AS curve should be drawn as nonlinear, rather than as a straight line—or in other words, b is not constant. Why might inflation react differently to changes in real GDP at low levels of real GDP as compared to at high real GDP? Briefly explain.
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Macroeconomics

ISBN: 9780132109994

1st Edition

Authors: Glenn Hubbard, Anthony Patrick O'Brien, Matthew P Rafferty

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