经济学教学课件 35_4E.pptVIP

? 2007 Thomson South-Western;Short-Run Trade-Off between Inflation and Unemployment;Short-Run Trade-Off between Inflation and Unemployment ;THE PHILLIPS CURVE;Figure 1 The Phillips Curve;Aggregate Demand, Aggregate Supply, and the Phillips Curve;Figure 2 How the Phillips Curve is Related to Aggregate Demand and Aggregate Supply;SHIFTS IN THE PHILLIPS CURVE: THE ROLE OF EXPECTATIONS;The Long-Run Phillips Curve;Figure 3 The Long-Run Phillips Curve;Figure 4 How the Phillips Curve is Related to Aggregate Demand and Aggregate Supply;The Meaning of “Natural”;Reconciling Theory and Evidence;The Short-Run Phillips Curve;The Short-Run Phillips Curve;Figure 5 How Expected Inflation Shifts the Short-Run Phillips Curve;The Natural Experiment for the Natural-Rate Hypothesis;Figure 6 The Phillips Curve in the 1960s;Figure 7 The Breakdown of the Phillips Curve;SHIFTS IN THE PHILLIPS CURVE: THE ROLE OF SUPPLY SHOCKS;SHIFTS IN THE PHILLIPS CURVE: THE ROLE OF SUPPLY SHOCKS;Figure 8 An Adverse Shock to Aggregate Supply;SHIFTS IN THE PHILLIPS CURVE: THE ROLE OF SUPPLY SHOCKS;Figure 9 The Supply Shocks of the 1970s;THE COST OF REDUCING INFLATION;Figure 10 Disinflationary Monetary Policy in the Short Run and the Long Run;The Sacrifice Ratio;The Sacrifice Ratio;Rational Expectations and the Possibility of Costless Disinflation ;Rational Expectations and the Possibility of Costless Disinflation;The Volcker Disinflation;The Greenspan Era;Figure 11 The Volcker Disinflation;Figure 12 The Greenspan Era;The Greenspan Era;The Phillips curve describes a negative relationship between inflation and unemployment. By expanding aggregate demand, policymakers can choose a point on the Phillips curve with higher inflation and lower unemployment.;By contracting aggregate demand, policymakers can choose a point on the Phillips curve with lower inflation and higher unemployment. ;The trade-off between inflation and unemployment described by the Phillips curve holds only in the short run. The long-run Phi