The real-business-cycle approach attributes even short-run increases in real GDP largely to aggregate supply shocks. Rightward shifts

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The real-business-cycle approach attributes even short-run increases in real GDP largely to aggregate supply shocks. Rightward shifts in aggregate supply tend to push down the equilibrium price level. How could the real-business cycle perspective explain the low but persistent inflation that the United States experienced until 2007?
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Economics Today

ISBN: 978-0132554619

16th edition

Authors: Roger LeRoy Miller

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