Explain how this arrangement might have influenced New Zealands long-run Phillips curve. The Reserve Bank of New
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Explain how this arrangement might have influenced New Zealand’s long-run Phillips curve.
The Reserve Bank of New Zealand signed an agreement with the New Zealand government in which the Bank agreed to maintain inflation inside a low target range. Failure to achieve the target would result in the governor of the Bank (the equivalent of the chairman of the Fed) losing his job.
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The Phillips curve depicts an inverse relationship between inflation and unemployment as inflation increases unemployment decreases and vice versa The ...View the full answer
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