According to a theory developed by Milton Friedman and Edmund Phelps, an expansionary monetary policy does not change this quantity in the long run, where wages are not sticky. The non-accelerating inflation rate of this quantity, which replaced the theory of its "natural rate", is equivalent to the Y-axis of the long-run (*) Phillips curve, whose short-run form posits a t
According to a theory developed by Milton Friedman and Edmund Phelps, an expansionary monetary policy does not change this quantity in the long run, where wages are not sticky. The non-accelerating inflation rate of this quantity, which replaced the theory of its "natural rate", is equivalent to the Y-axis of the long-run (*) Phillips curve, whose short-run form posits a tradeoff between this quantity and inflation. The cyclical type of this occurs due to insufficient demand in the labor market, while the frictional type results when people move between jobs. For ten points, name this phenomenon in which people are unable to find work
According to a theory developed by Milton Friedman and Edmund Phelps, an expansionary monetary policy does not change this quantity in the long run, where wages are not sticky.