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Chapter 17
Inflation, the
Phillips Curve,
and Central Bank
Commitment
Figure 17.1 The Phillips Curve
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Figure 17.2 The Phillips Curve,
1947–1959
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Figure 17.3 The Phillips Curve,
1960–1969
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Figure 17.4 The Phillips Curve,
1970–1979
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Figure 17.5 The Phillips Curve,
1980–1989
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Figure 17.6 The Phillips Curve,
1990–2003
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Figure 17.7 The Inflation Rate in the
United States, 1947–2003
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Figure 17.8 Deviations From Trend
in Real GDP, 1947–2003
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Figure 17.9 The Phillips curve
relationship in the Friedman-Lucas money
surprise model
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Figure 17.10 The Effects of an
Increase in the Expected Inflation
Rate
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Figure 17.11 The Fed's Preferences
Over Inflation Rates and Output
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Figure 17.12 The Fed Exploits the
Phillips Curve
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Figure 17.13 The Fed Attempts to
Increase Y Permanently
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Figure 17.14 The Commitment
Problem
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