The Cleveland Federal Reserve Bank estimates the expected inflation rate is 1.5 percent in 2013. This estimate means that
A.
the long-run and short-run Phillips curve cross at an inflation rate of 1.5 percent.
B.
the long-run Phillips curve is vertical at 1.5 percent.
C.
the short-run Phillips curve is vertical at 1.5 percent.
D.
the short-run Phillips curve shifts upward by 1.5 percentage points per year.