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Economics for Management Studies
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UNIVERSITY OF TORONTOOF ECONOMICS DEPARTMENTUniversity of Toronto ScarboroughMGEC06TOPICS IN MACROECONOMIC THEORY Note1Aggregate Demand Aggregate Supply and the Phillips CurveAs explained in the class the Phillips curve and the ASAD model are connectedShifts in aggregate demand push inflation and unemployment in opposite directions in the short run This can be illustrated on the ASAD model but the Phillips curve shows the tradeoff more explicitly In the ASAD framework monetary and fiscal policy shift the aggregate dema
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