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The Behavior of Households
The Behavior of Firms
7 other sections not shown
actual rate adaptive expectation adjustment coefficients adjustment path adjustment process aggregate demand aggregate supply assume assumption behavioral functions bond rate brium budget statement capital Chapter consumption function cumulative rate effect equation 1-9 equili equilibrium level equilibrium Phillips curve equilibrium point equilibrium rate equilibrium values excess demand expectation function expected rate Figure Friedman homogeneous of degree household inflationary expectations initial equilibrium intertemporal labor market level of real long-run equilibrium Phillips macroeconomic market equilibrium monetary change monetary growth rate money illusion money supplied money wage change optimum behavior output market percent Phillips curve analysis Phillips curve studies price and wage price change price expectations price level production function quantity of money rate of interest rate of money rate of price rate of unemployment real balances real income real wage rate shadow price short-run Phillips curve speed of adjustment SS curve supply curve tatonnement trade-off wage expectations wealth constraint equation yN(t zero