Why is the Great Recession best understood in the IS/MPPhillips curve framework instead of the AS/AD framework?

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Why is the Great Recession best understood in the IS/MP–Phillips curve framework instead of the AS/AD framework?

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Macroeconomics

ISBN: 978-0393923902

3rd edition

Authors: Charles I. Jones

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Question Posted: Feb 25, 2016 06:34 AM

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Why is the Great Recession best understood in the IS/MPPhillips curve framework instead of the AS/AD framework?

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The ASAD framework is predicated on the notion that the central bank will follow a ...View the full answer

Macroeconomics

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