Содержание
- 2. The Natural Rate of Unemployment and the Phillips Curve The Phillips curve, based on the data
- 3. 10.1 Inflation, Expected Inflation and Unemployment The above equation is the aggregate supply relation derived in
- 4. The appendix to this chapter shows how to go from the equation above to the relation
- 5. According to this equation: An increase in the expected inflation, πe, leads to an increase in
- 6. When referring to inflation, expected inflation or unemployment in a specific year, the equation above needs
- 7. If we set πte = 0, then: This is the negative relation between unemployment and inflation
- 8. The wage–price spiral: Given Low unemployment leads to a higher nominal wage. In response to the
- 9. Mutations Figure 10.2 Inflation versus unemployment in the USA, 1948–1969 The steady decline in the US
- 10. Mutations Figure 10.3 Inflation versus unemployment in the USA since 1970 Beginning in 1970, the relation
- 11. The negative relation between unemployment and inflation held throughout the 1960s, but it vanished after that
- 12. Mutations Figure 10.4 US inflation since 1900 Since the 1960s, the US inflation rate has been
- 13. Suppose expectations of inflation are formed according to The parameter θ captures the effect of last
- 14. We can think of what happened in the 1970s as an increase in the value of
- 15. When θ equals zero, we get the original Phillips curve, a relation between the inflation rate
- 16. When θ = 1, the unemployment rate affects not the inflation rate, but the change in
- 17. The line that best fits the scatter of points for the period 1970–2006 is: Mutations Figure
- 18. The original Phillips curve is: The modified Phillips curve, or the expectations-augmented Phillips curve or the
- 19. Friedman and Phelps questioned the trade-off between unemployment and inflation. They argued that the unemployment rate
- 20. This is an important relation because it gives another way of thinking about the Phillips curve
- 21. The equation above is an important relation for two reasons: It gives us another way of
- 22. Let’s summarize what we have learned so far: When the unemployment rate exceeds the natural rate
- 23. The factors that affect the natural rate of unemployment above differ across countries. Therefore, there is
- 24. In the equation above, the terms μ and z may not be constant but, in fact,
- 25. What explains European unemployment? Labour market rigidities: A generous system of unemployment insurance A high degree
- 26. The relation between unemployment and inflation is likely to change with the level and the persistence
- 27. Let λ denote the proportion of labour contracts that is indexed, and (1− λ) the proportion
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