The table below shows the inflation rate and the level of real GDP under the anti-inflation policy
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The table below shows the inflation rate and the level of real GDP under the anti-inflation policy known as the Volcker disinflation for two periods in the early 1980s.
a) Use the data in the table to calculate the sacrifice ratio.
b) Leading up to the Volcker disinflation, the Federal Reserve had little credibility with the public. With this backdrop and given the data above, what can you conclude about the relevance of the three business cycle models at that time?
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