Inflation, the Phillips Curve, and Central Bank Commitment

Inflation, the Phillips Curve, and Central Bank Commitment
Chapter 17 Inflation, the Phillips Curve, and Central Bank Commitment

Figure 17.1 The Phillips Curve
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Figure 17.2 The Phillips Curve, 1947–1959

Figure 17.7 The Inflation Rate in the United States, 1947–2003

Figure 17.8 Deviations From Trend in Real GDP, 1947–2003

Figure 17.9 The Phillips curve relationship in the Friedman-Lucas money surprise model

Figure 17.10 The Effects of an Increase in the Expected Inflation Rate

Figure 17.11 The Fed's Preferences Over Inflation Rates and Output

Figure 17.12 The Fed Exploits the Phillips Curve

Figure 17.13 The Fed Attempts to Increase Y Permanently

Figure 17.14 The Commitment Problem

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