The term for a pattern of initially sluggish adjustment of the equilibrium price level to a change in aggregate demand followed by a greater adjustment in the future is

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This pattern is known as New Keynesian inflation dynamics, as it reflects the idea that prices may adjust slowly due to menu costs and other frictions in the short run, but eventually respond more fully to changes in aggregate demand in the long run. The other options do not accurately describe this phenomenon.

The Term for a Pattern of Initially Sluggish Adjustment of the Equilibrium