• Themainstream business cycle theoryexplains the business cycle as fluctuations of real GDP around potential GDP and as arising from a steady expansion of potential GDP combined with an expansion of aggregated demand at a fluctuating rate.

• Real business cycle theoryexplains the business cycle as fluctuations of potential GDP, which arise from fluctuations in the influence of technological change on productivity growth.

Kindly Discuss every Bullet points.

• Demand-pull inflationis triggered by an increase in aggregate demand whilecost-push inflationis triggered by an increase in the money wage rate or raw material prices and both types of inflation are fueled by ongoing money growth.

• Deflation is caused by a money growth rate that is too low to accommodate the growth of potential GDP and changes in the velocity of circulation.

• The short-run Phillips curve shows the tradeoff between inflation and unemployment when the expected inflation rate and the natural unemployment rate are constant.

• The long-run Phillips curve shows that when the actual inflation rate equals the expected inflation rate, the unemployment rate equals the natural unemployment rate.