宏观经济学课件：10 Philips curve.pptVIP

The Phillips Curve shifts to the left Inflation PC1 PC2 The Greenspan Era In 1986, OPEC’s agreement with its members broke down and oil prices fell. The result of this favorable supply shock was a drop in both inflation and unemployment. Since then, inflation gradually dropped, approaching zero by the end of the decade. This likely implies that the short-run Phillips curve has drifted leftward, giving the United States a more favorable tradeoff between inflation and unemployment. What factors should cause the long run Phillips curve shift to the left? Shift of the Long Run Phillips Curve Change in Productivity Shift on the Long Run Phillips Curve Change in the Natural rate of unemployment Causes of this movement in the short-run Phillips curve include: --reductions in expected inflation, 预期通货膨胀降低 --lower commodity prices, 有利的供给冲击 --changes in the stability of the labor force, --technological advancements.科学技术发展 Problems in Book 2. A rise in the natural rate of unemployment shifts the long-run Phillips curve to the right. The economy is initially on LRPC1 and SRPC1 at an inflation rate of 3 percent, which is also the expected rate of inflation. The increase in the natural rate of unemployment shifts the long-run Phillips curve to LRPC2 and the short-run Phillips curve to SRPC2, with the expected rate of inflation remaining equal to 3 percent. B. A decline in the price of imported oil shifts the short-run Phillips curve down, as shown in Figure 33-10, from SRPC1 to SRPC2. For any given unemployment rate, the inflation rate is lower, since oil is such a significant aspect of production costs in the economy. C. A rise in government spending represents an increase in aggregate demand, so it moves the economy along the short-run Phillips curve,. The economy moves from point A to point B, with a decline in the unemployment rate and an increase in the inflation rate. 3. 1 The decline in consumer spending reduces aggregate demand, shifting the aggrega