申論題內容
2. Suppose the expectations are adaptive and an economy is initially in a long
run equilibrium. How will this economy adjust to a new long-run
equilibrium in response to an esxpansionary monetary policy? Support your
answer with a graph of Short-run and Long-run Phillips curves. Make sure
you explain the adjustment process regarding with important economic
variables such as real wage, unemployment rate, as well as inflation rate.
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