高鸿业宏观经济学第五版第十八章失业与通货膨胀授课ppt河北工大宋建林.pptVIP

From 1973-75, inflation and unemployment both rise sharply, reflecting the upward shifts of the PC in response to the first supply shock and the Fed’s accommodating monetary policy. During the mid-1970s, oil prices were relatively stable for a couple years, and the economy began its self-correction process with SRAS shifting down. On the graph on this slide, we see inflation coming down in 1976 and unemployment falling slightly as the economy starts to come out of the recession. From 1976-79, it appears that policy was being used to push the economy up its new, higher Phillips curve to