6. The price of oil fell sharply in 1986 and again in 1998. a. Show the impact...
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6. The price of oil fell sharply in 1986 and again in 1998.
a. Show the impact of such a change in both the aggregate-demand/aggregate-supply diagram and in the Phillips-curve diagram. What happens to inflation and unemployment in the short run?
b. Do the effects of this event mean there is no shortrun tradeoff between inflation and unemployment?
Why or why not?
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