Draw graphs showing long-run macroeconomic equilibrium in the ISMP model. One of your graphs should show the output gap version of the Phillips curve. In
Draw graphs showing long-run macroeconomic equilibrium in the IS–MP model. One of your graphs should show the output gap version of the Phillips curve. In long-run equilibrium, what does the output gap equal, and what is true about the actual and expected inflation rates?
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Authors: R Glenn Hubbard ,Anthony Patrick O'Brien
1st Edition
013255352X, 978-0132553520
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