Nick Rowe is good, but:
...the Short Run Phillips Curve. If the SRPC is (believed to be) steep, an increase in (expected future) NGDP will mean a large increase in (expected) inflation and a small increase in (expected) real growth. If the SRPC is (believed to be) flat, an increase in (expected future) NGDP will mean a small increase in (expected) inflation and a large increase in (expected) real growth.
(omg)
2 comments:
It wasn't *that* bad, was it?
Maybe I should have just repeated my first sentence, sticking "expected" in everywhere?
Hi Nick.
The paragraph makes your point I suppose, but it is a bumpy read. Maybe it's just me but after the first three or four (parentheticals) I start looking for the punctuation marks rather than the meaning of the words. (Every time I read it.)
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