From the new classical perspective, the disinflation in the early 1980
From the new classical perspective, the disinflation in the early 1980s resulted in a significant recession because
a. the policy change to disinflation was unanticipated.
b. the policy was not credible.
c. inflationary expectations were backward looking.
d. None of the above
e. both a and b.
ANSWER
B
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