Outline the differences between active and passive policy

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Reference no: EM13774153

Outline the differences between active and passive policy and explain how the two approaches differed in their assumptions about how well the economy works on its own.

A) The speed of adjustment of the nominal wage

B) The speed of adjustment of the expectations about inflation.

C) The existence of lags in policy creation and implementation

D) Variability in the natural rate of unemployment over time.

Reference no: EM13774153

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