Chapter_06　Aggregate Supply　Wages, Prices, and Unemployment多恩布什宏观经济学（教学课件）PPT.pptVIP

Introduction Further develop the AS side of the economy and examine the dynamic adjustment process that carries us from the short run to the long run The price-output relationship is based upon links between wages, prices, employment, and output ? link between unemployment and inflation = Phillips Curve Translate between unemployment and output, inflation and price changes Introduce role of price and inflation expectations, and the “rational expectations revolution” NOTE: theory of AS is the least settled area in macro Don’t fully understand why W and P are slow to adjust, but offer several t