The answer discusses methods to slow down the economy during low unemployment/high inflation and ways to stimulate employment and reduce poverty during high unemployment.
To slow down the economy when unemployment drops below 4% and inflation is rising, the Central Bank and the Federal Government can implement contractionary monetary policies. These policies include raising interest rates, reducing the money supply, and increasing reserve requirements to reduce spending and investment, thereby slowing down economic growth.
To stimulate employment and reduce poverty in the face of high unemployment, the Central Bank and the Federal Government can employ expansionary fiscal and monetary policies. This includes lowering taxes, increasing government spending, lowering interest rates, and increasing the money supply to encourage borrowing, spending, and investment, leading to increased economic activity and job creation.
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