Refer to the Following Figure When Answering
Figure $( \tilde { Y } )$

question 92

Multiple Choice

Refer to the following figure when answering
Figure 12.10: Output Gap: 1990-2000
(Source: Federal Reserve Economic Data, St. Louis Federal Reserve)
-Consider Figure 12.10, which shows the output gap $( \tilde { Y } )$ from 1990 to 2000, by quarter. If this is all the information you have, during the period 1997.1-1999.4, from the Phillips curve, you would conclude that:

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