You are given the following information about the economy. The natural rate of unemployment is 0.04,Okun's Law is that ( $ \bar{\gamma} $ - Y)/ $ \bar{\gamma} $ = 2(u - $\bar u $ ),and the Phillips curve relationship is π = π^e - 2 (u - 0.04). (a)What was the full-employment level of output in each year? (b)Calculate the growth rate of full-employment output each year. (c)If expected inflation was 0.04 for all four years,what was the inflation rate each year?

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The Answer of You are given the following information about the economy. The natural rate of unemployment is 0.04,Okun's Law is that ( $ \bar{\gamma} $ - Y)/ $ \bar{\gamma} $ = 2(u - $\bar u $ ),and the Phillips curve relationship is π = π^e - 2 (u - 0.04). (a)What was the full-employment level of output in each year? (b)Calculate the growth rate of full-employment output each year. (c)If expected inflation was 0.04 for all four years,what was the inflation rate each year?

You Are Given the Following Information About the Economy γˉ \bar{\gamma} γˉ​

You Are Given the Following Information About the Economy $\bar{\gamma}$