Macroeconomics 12th Edition by Michael Parkin

Exercise 8

From the Fed's Minutes
Members expected real GDP growth to be moderate over coming quarters and then to pick up very gradually, with the unemployment rate declining only slowly. With longer-term inflation expectations stable, members anticipated that inflation over the medium run would be at or below 2 percent a year.
Are FOMC members predicting that the U.S. economy will move rightward or leftward along a short-run Phillips curve or that the short-run Phillips curve will shift up or down through 2012 and 2013