What is the Lucas critique,and why was it so important to macroeconomists in the 1970s?
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Q42: Can macroeconomic policy be used systematically to
Q43: The long-run Phillips curve is
A)vertical.
B)horizontal.
C)upward sloping.
D)downward sloping.
Q44: Some economists argue that Okun's Law overstates
Q45: Why did the government use expansionary monetary
Q46: The idea that new policies change the
Q48: Both classicals and Keynesians agree that policymakers
A)can
Q49: The argument that when policy changes,people's behavior
Q50: The Lucas critique is an objection to
Q51: Starting on a Phillips curve with expected
Q52: One reason for the fall in the
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