In the decade through 2020, inflation was consistently low. If people adjusted their inflation expectations to their actual inflation experience, this would shift the short-run Phillips curve down. shift the short-run Phillips curve up. shift the long-run Phillips curve to the left. Shift the long-run Phillips curve to the right.
In the decade through 2020, inflation was consistently low. If people adjusted their inflation expectations to their actual inflation experience, this would shift the short-run Phillips curve down. shift the short-run Phillips curve up. shift the long-run Phillips curve to the left. Shift the long-run Phillips curve to the right.
Chapter7: Inflation
Section: Chapter Questions
Problem 13SQ
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In the decade through 2020, inflation was consistently low. If people adjusted their inflation expectations to their actual inflation experience, this would
- shift the short-run
Phillips curve down. - shift the short-run Phillips curve up.
- shift the long-run Phillips curve to the left.
- Shift the long-run Phillips curve to the right.
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