Principles of Macroeconomics Study Set 15
In a Phillips Phase, Real Gdp Rises and Inflation Falls.
In a Phillips phase, real GDP rises and inflation falls.
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In a Phillips phase, the short-run aggregate supply curve shifts to the right.
Sustained inflation over many years is most likely due to increases in the money supply in excess of increases in potential output.
A decrease in the money supply will shift the AD curve to the left.
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