5. AD/AS

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Last updated 9:21 PM on 6/18/26
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14 Terms

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Monetary Policy Rule

A function that determines 𝑅t for given economic conditions

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Taylor Principle

The principle that the nominal interest rate, it, should increase more than 1:1 with inflation

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Rearranged AD curve for a dual (output gap) mandate

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How does a dual mandate affect the AD curve?

Steepens it

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Rational expectations

The private sector uses all available information to best forecast all variables of interest

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