Short Run Phillips Curve by Homework Help Classof1

Short Run Phillips Curve

byHomework Help Classof1

Kobo ebook | May 2, 2013

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"Suppose that natural real GDP is constant.  For every 1 percent increase in the rate of inflation above its expected level, firms are willing to increase real GDP by 2 percent.  The output ratio is initially 100 and the inflation rate equals 2 percent.
a) Based upon the preceding information, draw the short-run Phillips Curve.
b) What is the growth rate of nominal GDP in the economy?

Title:Short Run Phillips CurveFormat:Kobo ebookPublished:May 2, 2013Publisher:Classof1Language:English

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