What problem will emerge over time, Microeconomics

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What problem will emerge over time

Problem

Consider the extended IS-LM-PC model of chapter 9. Suppose the economy is initially at Y=Yn. Then there is an increase in the relative price of oil.

1. Explain, using the WS-PS diagram, how this will affect u=un. How will potential output Yn be affected?

2. Suppose the IS curve does not shift and that monetary authorities initially leave the real policy interest raterunchanged. What problem will emerge over time? Illustrate your answer diagrammatically.

3. How will policymakers likely respond over time? Explain.

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Microeconomics: What problem will emerge over time

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