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LRINFLATCLASS - LR Adjustment Inflation Policy Key Points...

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1 1 LR Adjustment, Inflation & Policy Key Points Vertical LR AS again Inflation – SR & LR Expectations and Shifts in the Short-Run Phillips Curve Long-Run Phillips Curve vertical No trade-off Monetary and Fiscal Policy - LR Issues 2 Keynes General Theory Why did Keynes call his theory General? And why was it so hard for him to come up with it? See annotated chapters 1965 3 How do you do the assignments? A. Read the assignment and notes first, and the BIG QUESTIONS B. Then I read the end of chapter summary C. Then I read the chapter (wiout notes or underlining) D. Then I read the summary again and try to answer out loud, the BIG QUESTIONS E. Then I read the chapter again and answer the definitions out loud, looking up if I can’t, then closing book and answering again F. Then I do the additional readings/problems/applications G. Then I post questions on stuff I still don’t get H. Then I do the online HW I. Then I review what I got wrong, and look up/post J. All of the above
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