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During the 2000s, many advanced economies experienced a positive supply shock due to the effects of globalization in exerting downward pressure on prices. Some economists
During the 2000s, many advanced economies experienced a positive supply shock due to the effects of globalization in exerting downward pressure on prices. Some economists have argued that this led to an economic boom which was exacerbated in the UK (relative to other countries) due to her inflation targeting framework. Show why this might be using the AD-AS framework.
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