内容讲义课件英文tutorial_chap13.pptxVIP

?; Let’s consider the decision of a single wheat producer, who earns income from selling wheat and uses this income to buy goods and services. The amount of wheat she chooses to produce depends on the price of wheat relative to the prices of other goods and services in the economy. If the relative price of wheat is high, she works hard and produces more wheat. If the relative price of wheat is low, she prefers to work less and produce less wheat. The problem is that when the farmer makes her production decision, she does not know the relative price of wheat. She knows the nominal price of wheat, but not the price of every other good in the economy. She estimates the relative price of wheat using her expectations of the overall price level. ;;;After examining the models, we examine the implication of the short-run aggregate supply curve. We show that this curve implies a trade-off between two measures of economic performance– inflation and unemployment. This trade-off, called the Phillips curve, tells us that to reduce the rate of inflation policymakers must temporarily raise unemployment, and to reduce unemployment, they must accept higher inflation.;Three Models of Aggregate Supply;;The Sticky-Price Model;;;;;;Imperfect-Information Model;;;;The Phillips-curve equation and the short-run aggregate supply equation represent essentially the same macroeconomic ideas. Both equations show a link between real and nominal variables that causes the classical dichotomy (the theoretical separation of real and nominal variables) to break down in the short run. The Phillips curve and the aggregate supply curve are two sides of the same coin. The aggregate supply curve is more convenient when studying output and the price level, whereas the Phillips curve is more convenient when studying unemployment and inflation.;;Two Causes of Rising and Falling Inflation;;un;Rational Expectations and the Possibility of Painless Disinflation;Hysteresis and the Challenge to the Natura