Lecture Macroeconomics I: Chapter 4 - TS. Giang Thanh Long

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Lecture Economics - macro Part 2: Lesson 6
MACRO ECONOMIC MODULE 2 Lesson 4 Phillips Curve relationship between inflation and unemployment Reference: NEU, "Lecture and Practice Theory Macroeconomics", chapter 10 06/2012 Main Content I. Phillips Road Construction II. Inflation and Unemployment: fotos trade-offs or not? I. Construction Phillips curve Phillips Curve reflects the relationship between inflation and unemployment exchange Relations Relations The same way the other direction relations Inflation demand-pull inflation rate π B P AS P1 A Phillips curve P0 B π1 The rate of unemployment AD A Y * U * U U1 Y1 Y P increased AD increases, increasing Y, U and U reduction relation π π = β-offs (U - U *) Inflation development cost push inflation rate π C P AS A PC P2 P0 π1 π2 CB AD A Y2 Y * Y * AS reduction U1 U2 UU P increases, Y decreases, increasing U and U π π-way relationship with = β (U - U *) + v Inflation expected / ì agents expected inflation: inflation rate inflation expectations Expectations adaptation π / static expectations πe PC DB π1 = π1 πe States rational expectations: the promise of government policy Umm U1 A * P inflation expectations rise, Y *, U * π = πe β (U - U *) + v Phillips Curve and the AS equation Phillips curve π = πe β (U -U *) + ν equation Y = Y * AS line + α (P - Pe) Draw Phillips curve equation P = Pe + (1 / α) (Y - Y *) π = πe + (1 / α) (Y - Y *) π = πe β (U - U *) II. The tradeoff inflation and unemployment and cost equation Phillips policy π π = πe β (U - U *) + v A policy to cut inflation fell π1 P, Y decreases, increasing U Move from A to BCB reasonable expectations fotos πe: Information on the c / s inflation PC Move left U * U Results of c / s: From A to C
Lecture Economics - macro Part 2: Lesson 2
Lecture Macroeconomics I: Chapter 4 - TS. Giang Thanh Long
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