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- 2026-01-27 发布于浙江
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Chapter16(28)
Inflation,Unemployment,and
FederalReservePolicy
ChapterSummary
Inflationandunemploymentaretwoveryimportantmacroeconomicissues.ThePhillipscurveillustrates
theshort-runtrade-offbetweentheunemploymentrateandtheinflationrate.Theinverserelationship
betweenunemploymentandinflationshownbythePhillipscurveisconsistentwiththeaggregatedemand
andaggregatesupply(AD-AS)analysiswedevelopedinChapter12.TheAD-ASmodelindicatesthat
slowgrowthinaggregatedemandleadstobothhigherunemploymentandlowerinflation,andrapid
growthinaggregatedemandleadstobothlowerunemploymentandhigherinflation.Thisrelationship
explainswhythereisashort-runtrade-offbetweenunemploymentandinflation.Inthe1960s,many
economistsbelievedthatthePhillipscurvewasastructuralrelationshipthatdependedonthebasic
behaviorofconsumersandfirmsandthatremainedunchangedovertime.IfthePhillipscurvewasa
stablerelationship,itwouldpresentpolicymakerswithamenuofcombinationsofunemploymentand
inflationfromwhichtheycouldchoose.NobellaureateMiltonFriedmanarguedthatthereisanatural
rateofunemployment,whichistheunemploymentratethatexistswhentheeconomyisatpotential
GDPandtowhichtheeconomyalwaysreturns.Asaresult,thereisnotrade-offbetweenunemployment
andinflationinthelongrun,andthelong-runPhillipscurveisaverticallineatthenaturalrateof
unemployment.Thereisashort-runtrade-offbetweenunemploymentandinflationonlyiftheactual
inflationratediffersfromtheinflationrateth
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