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What impact does expansionary monetary policy have on the short-run Phillips curve if consumers and firms expect the expansionary monetary policy to increase inflation?
Reverse Causality
A situation where the supposed effect influences the cause, challenging the traditional direction of causation.
Confound
A variable that mistakenly appears to cause the observed effect but in reality is associated with both the supposed cause and effect, thus misleading the interpretation.
Temporal Order
The sequence in which events occur in time.
Random Error
Variability in measurement or data that arises by chance and cannot be attributed to a specific cause, affecting the accuracy of results.
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