第13章总供给与通货膨胀和失业之间的短期取舍.pptVIP

* ? measures the responsiveness of inflation to cyclical unemployment. * Explain each equation briefly before displaying the next. Here are the explanations: Equation (1) is the SRAS equation. Solve (1) for P to get (2). To get (3), add the supply shock term to (2). To get (4), subtract last year’s price level (P-1) from both sides. To get (5), write ? in place of (P- P-1) and ?e in place of (Pe- P-1). Note that the change in the price level is not exactly the inflation rate, unless we interpret P as the natural log of the price level. Equation (6) captures the relationship between output and unemployment from Okun’s law (chapter 2): the deviation of output from its natural rate is inversely related to cyclical unemployment. Substituting (6) into (5) gives (7), the Phillips curve equation introduced on the preceding slide. * Explain each equation briefly before displaying the next. Here are the explanations: Equation (1) is the SRAS equation. Solve (1) for P to get (2). To get (3), add the supply shock term to (2). To get (4), subtract last year’s price level (P-1) from both sides. To get (5), write ? in place of (P- P-1) and ?e in place of (Pe- P-1). Note that the change in the price level is not exactly the inflation rate, unless we interpret P as the natural log of the price level. Equation (6) captures the relationship between output and unemployment from Okun’s law (chapter 2): the deviation of output from its natural rate is inversely related to cyclical unemployment. Substituting (6) into (5) gives (7), the Phillips curve equation introduced on the preceding slide. * * * * Of course, a favorable supply shock that lowers production costs will “push” inflation down, and a negative demand shock which raises cyclical unemployment will “pull” inflation down. * Here, the “short run” is the period until people adjust their expectations of inflation. * Here, the “short run” is the period until people adjust their expectations of infl