清华经济学原理通货膨胀与失业之间的短期权衡取舍宏观经济政策的六个争论问题.pptVIP

* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * 菲利普斯曲线的移动：供给冲击的作用Shifts in the Phillips Curve: The Role of Supply Shocks 供给冲击是直接影响企业的生产成本因而影响其价格制定的事件。 A supply shock is an event that directly affects firms’ costs of production and thus the prices they charge. 它会移动经济的总供给曲线 It shifts the economy’s aggregate supply curve... …并最终移动其菲利普斯曲线 and as a result, the Phillips curve. * 对总供给的不利冲击 An Adverse Shock to Aggregate Supply... Quantity of Output 0 Price Level P1 Aggregate demand (a) The Model of Aggregate Demand and Aggregate Supply Unemploy- ment Rate 0 (b) The Phillips Curve A Inflation Rate Phillips curve, PC1 Aggregate supply, AS1 A Y1=Yn P2 3. …提高了价格水平and raises the price level… B 2. …降低了产出 lowers output… Y2 AS2 1. 总供给的不利移动An adverse shift in aggregate supply… Y3=Yn’ un B PC2 4. …带给政策制定者更为不利的失业与通胀的权衡giving policymakers a less favorable tradeoff between unemployment and inflation. un’ C C * Inflation Rate (percent per year) Unemployment Rate (percent) 0 1 2 3 4 5 6 7 8 9 10 2 4 6 8 10 1972 1975 1981 1976 1978 1979 1980 1973 1974 1977 二十世纪七十年代的供给冲击 The Supply Shocks of the 1970s... * 菲利普斯曲线的移动：供给冲击的作用Shifts in the Phillips Curve: The Role of Supply Shocks 在二十世纪七十年代，当欧佩克削减石油产出提高其价格时，政策制定者面对两个选择。 In the 1970s, policymakers faced two choices when OPEC cut output and raised worldwide prices of petroleum. 通过扩张总需求、加速通胀来打一场失业攻坚战。 Fight the unemployment battle by expanding aggregate demand and accelerate inflation. 通过紧缩总需求和承受甚至更高的失业率来对付通胀Fight inflation by contracting aggregate demand and endure even higher unemployment. * 降低通货膨胀的代价The Cost of Reducing Inflation 为了降低通胀，美联储不得不推行紧缩性的货币政策。 To reduce inflation, the Fed has to pursue contractionary monetary policy. 当美联储减慢货币增长率时，它就紧缩了总需求。