• Changes in aggregate demand, whether anticipated or unanticipated, have their greatest short-run effect on real output and employment, not on prices. Keynesians believe that, because prices are ...

The administration and its supporters argue that the market reaction is only temporary and that the tariffs will only result in short-term “pain,” but the economy would benefit in the long run.

MASOOD AHMAD, Incremental Capital-Output Ratio's and Growth Rates in the Short Run - Evidence from Pakistan, Pakistan Economic and Social Review, Vol. 19, No. 2 (WINTER 1981), pp. 123-130 ...