A key element in all Keynesian models is a ‘trade-off between inflation and real output: the higher is the inflation rate; the higher is output (or equivalently, the lower is the rate of unemployment). (Robert Lucas, Jr.)

A key element in all Keynesian models is a ‘trade-off between inflation and real output: the higher is the inflation rate; the higher is output (or equivalently, the lower is the rate of unemployment).

Robert Lucas, Jr.

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element inflation key lower output rate real keynesian higher unemployment trade-off

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