Which of the following statements is/are true? \"me '9" 1:28;\" I. According to the Phillips curve analysis, when the central bank carries out monetary expansion in the SR, it causes the Phillips curve to shift downwards in the SR. ||. According to the Phillips curve analysis, when a positive AD shock hits the economy, it causes the economy to move along the Phillips curve in the northwest direction in the SR. Select one: ' A. Only | is true. B Only II is true ' C. Both I and II are true D Neither I nor II is true. Which of the following statements is/are true? I. According to an empirical analysis by Robert Barro, higher inflation is not related to lower real GDP growth rate in his analysis of a broad set of countries from 19605 t019905, when he restricts to studying countries with inflation experience of less than 20% per annum. ||. According to the study by Alesina and Summers (1993), higher degree of Central Bank Independence is not associated with lower average inflation rate among OECD countries. Select one: " A. Only | is true. B Only II is true " C. Both I and II are true D Neither I nor II is true