Other things the same, if the Fed increases the rate at which it increases the money supply then the short-run Phillips curve shifts right in the long run.

Question

Quizplus · Accepted Answer

An increase in the rate of money supply growth leads to higher inflation in the short run, shifting the Phillips curve to the right. However, in the long run, the economy adjusts to the higher money supply, and the Phillips curve shifts back to its original position.

Other Things the Same, If the Fed Increases the Rate