岭南学院中级宏观 期中复习Macroeconomics Mid-term Review.pptVIP

Phillips Curve 菲利普斯曲线的意义在于什么？ 1.使总供给建立在更加稳健的基础上。 2.揭示了失业率与工资增长率的负相关。 3.引入的预期通货膨胀，使70年代后的新经济现象得以解释。 4.长期的菲利普斯曲线是垂直的。 考点 Phillips Curve Now remember these two stages of development of Phillips Curve. You should master the mechanisms behind the curves and use them to explain the phenomena, such as stagflation. Phillips curve and rigid wage Remember the assertion that Phillips curve is only an expression of rigid or sticky wage. How to prove it? In fact, Dornbusch has given the answer.(Refer to the 113. Phillips curve and rigid wage Prove: Define the unemployment rate: L stands for the whole amount of labor. So Therefore, Phillips curve and rigid wage Therefore, according to the Phillips curve, we prove that the wage level is sticky and it is only changed in the period after the time when the amount of employment is deviated from the full employment. The AS Curve Derivation Now let’s move confidently on to the derivation of AS curve from Phillips Curve. 考点 Okun’s law We can also express the sacrifice ratio in terms of unemployment. Okun’s law says that a change of 1 percentage point in the unemployment rate translates into a change of 2 percentage points in GDP. Price Level in relation to wage level 总量生产函数 假定工资水平为W，则（总）边际成本为 定价（企业利润最大的价格是多少） 竞争性市场 非竞争性市场 Derive the AS curve – without expected inflation So we can derive the AS curve in the mediate run: Derive the AS curve – with expected inflation What about the AS curve with expected inflation? The same we can derive the AS curve: AS Graph (Notice the slope!) P AS3 AS1 AS2 O Q* Q Summery Now we have obtained the upward sloping short-run AS curve, which and Phillips Curve are two sides of the same coin. However, you should notice the form of long run Phillips curve. The trade off between i