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{"ops":[{"insert":"Consider the effects of a permanent decrease in the rate of nominal money growth\u00a0\nSuppose that the economy can be described by the following three equations:\n\ud835\udc7c\ud835\udc95 \u2212 \ud835\udc7c\ud835\udc95\u2212\ud835\udfcf = \u2212\ud835\udfce. \ud835\udfd2(\ud835\udc88\ud835\udc9a\ud835\udc95 \u2212 \ud835\udfd1%)\nOkun\u2019s law\n\ud835\udf45\ud835\udc95 \u2212 \ud835\udf45\ud835\udc95\u2212\ud835\udfcf = \u2212\ud835\udfce. \ud835\udfd2(\ud835\udc7c\ud835\udc95 \u2212 \ud835\udfd3%)\nPhillip\u2019s curve\n\ud835\udc88\ud835\udc9a\ud835\udc95 = \ud835\udc88\ud835\udc8e\ud835\udc95 \u2212 \ud835\udf45\ud835\udc95\nAggregate demand\n(a) Reduce the three equations to two by substituting gyt from the aggregate demand\nequation into Okun\u2019s law. Assume initially that \ud835\udc7c\ud835\udc95 = \ud835\udc7c\ud835\udc95\u2212\ud835\udfcf = \ud835\udfd3%, gmt = 13%, and \u03a0t =\n10%, what was the rate of inflation last year?.\n(b) Explain why these values are consistent with the statement \u201cInflation is always and\u00a0\neverywhere a monetary phenomenon.\u201d\nNow suppose that money growth is permanently reduced from 13% to 3%, starting in\u00a0\nyear t.\n(c) Compute unemployment and inflation in years t, t + 1, \u2026, t + 10.\n(d) Does inflation decline smoothly from 10% to 3%? Why or why not?\n\n"}]}

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