The Keynesian model a. assumes a stable, downward sloping Phillips cu
The Keynesian model
a. assumes a stable, downward sloping Phillips curve in the short run.
b. implies a horizontal Phillips curve in the long run.
c. shows that the Phillips curve is can be downward or upward sloping in the short run.
d. differs from Friedman’s analysis pertaining to the vertical long-run Phillips curve.
ANSWER
A
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