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[answered] Assume that an economy has adaptive expectations with a Phi


Assume that an economy has adaptive expectations with a Phillips curve p = p ?1 ? 0.4(u ? 0.06). How many percentage points and years of cyclical unemployment are needed to reduce inflation by 2 percentage points??

  • If the equation for a country's Phillips curve is p = 0.02 ? 0.7(u ? 0.055), where p is the rate of inflation and u is the unemployment rate, what is the short-run inflation rate when unemployment is 5.8 percent (0.058)?

 


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