Assume an economy is operating at full employment and that the central bank announces a decrease in the growth rate of the money supply to reduce inflation, which market participants do not believe is credible. In the short run, are the directions of the impacts on employment and inflation the same or different, and in the long run, are the directions of the impacts on employment and inflation the same or different Short run: Long run: Employment and inflation effects Employment and inflation effects（）①A. Same Same ②B. Same Different ③C. DifferentSame
A. ①
B. ②
C. ③
参考答案：B
解析：
In the short run, the impact of a decrease in the growth rate of the money supply, which market participants do not believe is credible, can be viewed as a movement along the short-run Phillips curve. Both inflation and employment are decreased( higher unemployment). The long-run Phillips curve is vertical, inflation is reduced but employment increases back to the original (full-employment) level.