The Phillips Curve and AD-AS Illustrate the short-run and long-run impact of an unexpected monetary contraction using bo

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The Phillips Curve and AD-AS Illustrate the short-run and long-run impact of an unexpected monetary contraction using bo

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The Phillips Curve and AD-AS
Illustrate the short-run and long-run impact of an unexpected
monetary contraction using both the AD– AS model and the Phillips
curve. Assume the economy starts at full employment.
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