Lecture28_Econ100B (1) - ECONOMICS 100B Professor Steven...

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ECONOMICS 100B Professor Steven Wood 04/28/11 Lecture 28 ASUC Lecture Notes Online is the only authorized note-taking service at UC Berkeley. Do not share, copy, or illegally distribute (electronically or otherwise) these notes. Our student-run program depends on your individual subscription for its continued existence. These notes are copyrighted by the University of California and are for your personal use only. D O N O T C O P Y Sharing or copying these notes is illegal and could end note taking for this course. ANNOUNCEMENTS: Today is the last day of class! Yay! LECTURE: MACROECONOMISTS AGREE: In the long-run, there is no trade-off between unemployment and inflation. We always end up back at the natural rate of unemployment. In the long-run, inflation is always and everywhere a monetary phenomenon. Inflation is determined by central banks in the long run. There are major benefits to price stability: low and non-volatile inflation rates. High inflation typically results in high volatility.
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Lecture28_Econ100B (1) - ECONOMICS 100B Professor Steven...

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