"The vertical long-run aggregate-supply curve and the vertical long-run Phillips curve both imply that monetary policy influences nominal variables (the price level and the inflation rate) but not real variables (output and unemployment)." Source: Chapter 22 - Text) Does this imply that in the long run, regardless of the monetary policy pursued by the Fed, output is will be at its natural level and unemployment is at its natural rate? See the discussion on the Long-Run Phillips Curve in Chapter 22.