Learning objectives
Identify the full range of macroeconomic objectives: low inflation, balance of payments stability, low unemployment, growth, development, sustainability and redistribution
Explain the relationship between the internal and external value of money and between the balance of payments and inflation
Analyse the relationships between growth and inflation and between growth and the balance of payments
Explain the traditional Phillips curve and the expectations-augmented short-run and long-run Phillips curves, and their implications for policy
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