USH Chapter 14.
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The document discusses different phases of the business cycle including trough, expansion, peak, and contraction. It also discusses different types of unemployment such as frictional, seasonal, structural, and cyclical unemployment. The Great Depression of 1929-1941 is discussed as an example where GDP declined by 50% and unemployment rose to over 25%.
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Inflation & unemployment
The document discusses the relationship between inflation and unemployment as depicted by the Phillips curve. It explains that demand-pull inflation is caused by increases in aggregate demand, while cost-push inflation stems from increases in costs of production. The Phillips curve shows an inverse relationship between inflation and unemployment in the short run, but this relationship breaks down in the long run as inflation expectations rise. The natural rate of unemployment is the rate at which inflation remains stable in the long run.
Chap8
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Macroeconomics: measuring inflation and unemployment
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Presentation on Unemployment
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- 33. Consumer Price Index Since 1913
- 34. CPI Since 1913 – Annual Percentage Change
- 35. Inflation Across Countries Inflation Rates in Major Economies Have Trended Lower Over the Past Two Decades
- 43. Causes of Inflation? “TOO much money chasing TOO few goods and services.”
- 44. Inflation Causes Continued…. Cost-Push inflation. Demand-Pull Inflation.