Supply Shocks and Monetary Policy Revisited
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This paper reviews the main issues that supply shocks pose for the conduct of monetary policy. A simple version of the Gordon-Phelps model shows that the necessary condition for actual real GNP to be maintained at its equilibrium level in the wake of a supply shock is for the change innominal GNP to
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美国国家经济研究局创建时间：
1984-03-01
