巴德 宏观经济学原理（英文版·第8版）Chapter 15 PowerPoint.pptxVIP

Can we have low unemploymentand low inflation? 15When you have completed your study of this chapter, you will be able to1 Describe the short-run tradeoff between inflation and unemployment.2 Distinguish between the short-run and long-run Phillips curves and describe the shifting tradeoff between inflation and unemployment.3 Explain how the Fed can influence the inflation rate and the unemployment rate.CHAPTER CHECKLISTThe Short-Run Policy Tradeoff 15.1 THE SHORT-RUN PHILLIPS CURVEShort-run Phillips curve is a curve that shows the relationship between the inflation rate and the unemployment rate when the natural unemployment rate and the expected inflation rate remain constant.Figure 15.1 on the next slide shows a short-run Phillips curve. 15.1 THE SHORT-RUN PHILLIPS CURVE1. The natural unemployment rate is 6 percent.3. This combination, at point B, provides the anchor point for the short-run Phillips curve.2. The expected inflation rate is 3 percent a year. 15.1 THE SHORT-RUN PHILLIPS CURVE4. The short-run Phillips curve passes through points A, B, and C and is the curve SRPC.A lower unemployment rate brings a higher inflation rate, such as at point A.A higher unemployment rate brings a lower inflation rate, such as at point C. 15.1 THE SHORT-RUN PHILLIPS CURVEAggregate Supply and the Short-Run Phillips CurveThe AS-AD model explains the negative relationship between unemployment and inflation along the short-run Phillips curve. The short-run Phillips curve is another way of looking at the upward-sloping aggregate supply curve. Both curves arise because the money wage rate is fixed in the short run. 15.1 THE SHORT-RUN PHILLIPS CURVEAlong the aggregate supply curve, the money wage rate is fixed. So when the price level rises, the real wage rate falls.And the quantity of labor employed increases.Along the short-run Phillips curve, the rise in the price level means an increase in inflation.The increase in quantity of labor employed means a decrease in the