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Based on the complete model shown on the slides for Chapter 18, Part 2, the reason US inflation ( ) is less volatile than the

Based on the complete model shown on the slides for Chapter 18, Part 2, the reason US inflation ( ) is less volatile than the output gap ( *) over the period 1974 to 2014 was due to: a. Demand shocks have been prevalent b. Supply shocks have been prevalent c. Labour markets have not function that well d. Demand shocks are auto-correlated

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