A Graphical Exposition of the Inconsistency of Optimal Monetary Plans
Publication: Journal of Economic Education
Volume: Volume 37, Number 3
Issue: Summer 2006
Pages: 340-347
Author(s): Frank G. Steindl
Address
(Principal Author):
Frank G. Steindl
Regents Professor of Economics
Department of Economics
Phone: 405-744-5091
Fax: 405-744-5180
Internet Address (Principal Author): steindl@okstate.edu
Title: A Graphical Exposition of the Inconsistency of Optimal Monetary Plans
Abstract: The inability of discretionary policy to be socially optimal is demonstrated geometrically. The geometric framework is used to show that attempts to exploit the Phillips curve results in stagflation.
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