Some economists believe that there are two Phillips curves. 1. Define stagflation and explain what its existence
Question:
1. Define stagflation and explain what its existence implies.
2. Explain why Milton Friedman believes that a short-run Phillips curve exists.
3. Explain what can cause the short-run Phillips curve to shift.
4. Explain why the long-run Phillips curve is a vertical line.
5. State the Friedman natural rate theory.
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1 Stagflation is high unemployment coupled with high inflation and implies that a tradeoff ...View the full answer
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