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Response to Comments: /TotW/phillips.html

from Bradford DeLong (delong@econ.berkeley.edu)
As long as the U.S. has a floating exchange rate, it is not clear to me that foreign competition puts that much downward pressure on inflation: the exchange rate adjusts, after all...

And the way I think of it is that you need the Phillips curve so you can figure out what is the appropriate rate of growth of the money stock...

(posted 8729 days ago)

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