14总需求和总供给.ppt

* During each recession, the unemployment rate rises. When firms cut back on production, they don’t need as many workers. Similarly, during expansions, we see the unemployment rate falling – as firms increase their output, they need more workers. UNITS: Percent of labor force (seasonally adjusted) ORIGINAL SOURCE: U.S. Department of Labor, Bureau of Labor Statistics WEBSITE WHERE I FOUND THIS DATA: /fred2/ series “UNRATE” Note: The source data was monthly. To be consistent with Figure 1c of the text, I graphed quarterly data, where each quarterly value is a simple average of the three monthly values. * This is a slide you can probably cut if you wish to shorten your presentation of this chapter. It would be fine to just state this information verbally. * If you have covered the long-run chapters before this one, then your students have seen these terms already. It may be worth reminding your students that the Classical Dichotomy is what allowed us to study the real variables (like real GDP and its growth rate, the unemployment rate, investment, and the real wage) in separate chapters before we introduced nominal variables (like the price level and money supply). * As in previous chapters, “u-rate” is short for unemployment rate. * NOTE: In edit mode (what PowerPoint calls “Normal view”), this slide looks cluttered. But in presentation (or Slide Show) mode, it all works pretty well. As in previous chapters, “eq’m” is short for “equilibrium.” Suggestion: Briefly explain each element of the graph as it appears. (Brief is appropriate because each element will be discussed carefully in the following slides.) Note that the graph measures a nominal variable (P) on the vertical axis, and a real one (Y) on the horizontal axis. Thus, the graph highlights the breakdown of the classical dichotomy. If you are more of a micro person, then please disregard the following. Still reading? Then you must be a macro person. Excellent! Here’s someth