1. If the supply-side shock persists, explain how the economy will move to points c and c'....
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1. If the supply-side shock persists, explain how the economy will move to points c and c'.
2. Draw five separate graphs, known as impulse response functions, to plot the path of the unemployment rate, inflation, output, nominal interest rates and real interest rates (y-axis) against time (x-axis) to reflect the analysis in the Box.
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1 We now assume that following the inflation shock DAS 2 represents an enduring shift in the shortru...View the full answer
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