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1 starting from a position of long-run equilibrium the


1. Starting from a position of long-run equilibrium, the central bank decides to raise its target inflation rate. Use the AD-AS models to explain:

(a) How the bank can achieve the new target inflation rate

(b) The adjustment of inflation and output in the short and long run.

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Business Management: 1 starting from a position of long-run equilibrium the
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