宏觀經(jīng)濟(jì)學(xué)課件(2)(已修改)
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【正文】 Copyright 169。 2022 SouthWestern 35 The ShortRun Tradeoff(權(quán)衡 ) between Inflation and Unemployment Copyright 169。 2022 SouthWestern Unemployment and Inflation ? The natural rate of unemployment depends on various features of the labor market. ? Examples include minimumwage laws, the market power of unions, the role of efficiency wages, and the effectiveness of job search. ? The inflation rate depends primarily on growth in the quantity of money, controlled by the Fed. Copyright 169。 2022 SouthWestern Unemployment and Inflation ? Society faces a shortrun tradeoff between unemployment and inflation. ? If policymakers expand aggregate demand, they can lower unemployment, but only at the cost of higher inflation. ? If they contract aggregate demand, they can lower inflation, but at the cost of temporarily higher unemployment. Copyright 169。 2022 SouthWestern THE PHILLIPS CURVE ? The Phillips curve illustrates the shortrun relationship between inflation and unemployment. Figure 1 The Phillips Curve Unemployment Rate (percent) 0 Inflation Rate (percent per year) Phillips curve 4 B 6 7 A 2 Copyright 169。 2022 SouthWestern Copyright 169。 2022 SouthWestern Aggregate Demand, Aggregate Supply, and the Phillips Curve ? The Phillips curve shows the shortrun binations(結(jié)合 ) of unemployment and inflation that arise as shifts in the aggregate demand curve move the economy along the shortrun aggregate supply curve. Copyright 169。 2022 SouthWestern Aggregate Demand, Aggregate Supply, and the Phillips Curve ? The greater the aggregate demand for goods and services, the greater is the economy’s output, and the higher is the overall price level. ? A higher level of output results in a lower level of unemployment. Figure 2 How the Phillips Curve is Related to Aggregate Demand and Aggregate Supply Quantity of Output 0 Shortrun aggregate supply (a) The Model of Aggregate Demand and Aggregate Supply Unemployment Rate (percent) 0 Inflation Rate (percent per year) Price Level (b) The Phillips Curve Phillips curve Low aggregate demand High aggregate demand (output is 8,000) B 4 6 (output is 7,500) A 7 2 8,000 (unemployment is 4%) 106 B (unemployment is 7%) 7,500 102 A Copyright 169。 2022 SouthWestern Copyright 169。 2022 SouthWestern SHIFTS IN THE PHILLIPS CURVE: THE ROLE OF EXPECTATIONS ? The Phillips curve seems to offer policymakers a menu of possible inflation and unemployment outes. Copyright 169。 2022 SouthWestern The LongRun Phillips Curve ? In the 1960s, Friedman and Phelps concluded that inflation and unemployment are unrelated in the long run. ? As a result, the longrun Phillips curve is vertical at the natural rate of unemployment. ? Moary
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