During the financial crisis congress and president obama authorized tax cuts and increases in government spending. according to the phillips curve, in the short run these policies should have_________.

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25-07-2022
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During the financial crisis congress and president obama authorized tax cuts and increases in government spending. according to the phillips curve, in the short run these policies should have_________.

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tripatsingh039 tripatsingh039 · Answer 1 · 2022-08-04T20:22:12+02:00

According to the Phillips curve, in the short run, these policies should have Raised inflation and reduced unemployment.

The Phillips curve is an economic theory that bears the name of William Phillips, who postulated a link between declining unemployment and higher rates of wage growth in an economy. According to the Phillips curve, unemployment and inflation are inversely related. Lower unemployment is correlated with higher inflation, and vice versa.

The short-run Phillips curve will also change as a result of the anticipated inflation rate. Employers are more willing to offer higher wage rates when they anticipate selling their products for greater prices in the future. Workers bargain for higher salary rates when they anticipate inflation.

The Phillips curve's slope reveals how quickly prices are changing. Imagine that the government wants to bring the inflation rate to zero and that the economy is at NAIRU with a 3% inflation rate.

To know more about Phillips curve refer to: https://brainly.com/question/14210900

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