Question: #7, Describe the Fed's objective function and how it can be used with an economic model to evaluate alternative monetary policies. #8, Why didnt policy

#7, Describe the Fed's objective function and how it can be used with an economic model to evaluate alternative monetary policies. #8, Why didnt policy based on the phillips curve work to help the fed reduce the unemployment rate to a lower level than before? What happened in the 1970's as the fed tried to take advantage of the tradeoff between inflation and unemployment

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