Short Run Phillips Curve

Business & Finance, Economics, Macroeconomics
Cover of the book Short Run Phillips Curve by Homework Help Classof1, Classof1
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Author: Homework Help Classof1 ISBN: 1230000129644
Publisher: Classof1 Publication: May 2, 2013
Imprint: Language: English
Author: Homework Help Classof1
ISBN: 1230000129644
Publisher: Classof1
Publication: May 2, 2013
Imprint:
Language: English

"Suppose that natural real GDP is constant.  For every 1 percent increase in the rate of inflation above its expected level, firms are willing to increase real GDP by 2 percent.  The output ratio is initially 100 and the inflation rate equals 2 percent.
a) Based upon the preceding information, draw the short-run Phillips Curve.
b) What is the growth rate of nominal GDP in the economy?
"

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"Suppose that natural real GDP is constant.  For every 1 percent increase in the rate of inflation above its expected level, firms are willing to increase real GDP by 2 percent.  The output ratio is initially 100 and the inflation rate equals 2 percent.
a) Based upon the preceding information, draw the short-run Phillips Curve.
b) What is the growth rate of nominal GDP in the economy?
"

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