Problem
1. What were the "Great Inflation" and the "Great Moderation"?
2. How do macroeconomists distinguish between flexible and sticky prices and wages?
3. What is the difference between the short run and the long run in macroeconomic analysis? Why do macroeconomists differentiate between the two time horizons?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.