1. Explain how inflation rate is calculated. Summarize the behavior of inflation rates during the period from the 1980s onward. 2. There were several shifts in the outputinflation relationship over...

1. Explain how inflation rate is calculated. Summarize the behavior of inflation rates during the period from the 1980s onward.

2. There were several shifts in the output–inflation relationship over the 1953–2010 period. Explain the nature of these shifts.