Eco 202 ch 36 unemployment and inflation
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This document discusses the relationship between inflation and unemployment. It introduces the Phillips curve, which shows an inverse relationship between inflation and unemployment in the short run. However, Milton Friedman argued there is no long-run relationship. The natural rate hypothesis claims unemployment returns to a normal rate regardless of inflation. Disinflation is a reduction in the inflation rate, while deflation is a reduction in price levels.
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Lecture 20 unemployment and inflation
This document discusses unemployment and inflation. It summarizes the Phillips Curve, which shows the short-run tradeoff between unemployment and inflation rates. Specifically, higher inflation can lead to lower unemployment and vice versa. However, Milton Friedman argued there is no long-term relationship between inflation and unemployment. The natural rate hypothesis also claims unemployment will return to its normal rate regardless of the inflation rate. The document reviews these concepts and provides examples of the Phillips Curve relationship between 1961-1973 and how it shifted over time.
Macro 17
The document discusses macroeconomics and stabilization policy. It covers the Phillips curve, which shows a short-run tradeoff between unemployment and inflation. Milton Friedman argued there is no long-run relationship between inflation and unemployment, as shown by the shifting of the Phillips curve over time. The document also defines disinflation as a reduction in the rate of inflation and deflation as a reduction in the price level.
Inflation and phillips curve
- The short-run Phillips curve shows an inverse relationship between unemployment and inflation in the short term, but this disappears in the long run.
- Milton Friedman argued that in the long run, inflation is dependent on expected inflation rather than actual unemployment. The long-run Phillips curve is vertical at the natural rate of unemployment.
- Differences between expected and actual inflation can cause temporary deviations from the natural rate of unemployment in the short run, but inflation expectations eventually adjust, and unemployment returns to the natural rate in the long run.
Macroeconomic Condition of Bangladesh
This is the presentation on the report: https://www.slideshare.net/IstiaqueHasan2/macroeconomic-condition-of-bangladesh-an-overview-of-the-year-19962015. This report and presentation were prepared for the course requirement of the course F-208: Macroeconomics under the BBA program of the Department of Finance, University of Dhaka. It covered an integrated analysis on the macroeconomic aspects of Bangladesh with a focus on GDP, unemployment, inflation. The analysis conducted with the historical data of the year 1996 to 2015 collected from World Development Indicator of the World Bank.
Philips curve
The Philip curve shows an inverse relationship between the rate of unemployment and the rate of change in money wages in the short run. Friedman argued that in the long run, there is no tradeoff between inflation and unemployment - the Philip curve becomes vertical at the natural rate of unemployment, which is the rate where expected and actual inflation are equal. Temporary reductions in unemployment below the natural rate are only possible if inflation rises above expectations, but eventually expectations will adjust and unemployment will return to the natural rate, even as inflation accelerates.
Phillip's curve and Okun Law of UK
This presentation summarizes Philip's curve and Okun's law. It discusses how Philip's curve shows the relationship between unemployment and inflation in an economy based on data from the UK. It also explains how Okun's law describes a negative relationship between GDP and unemployment, with the economy experiencing a 1 percentage point rise in unemployment for every 3 percentage point decrease in GDP. Graphs are presented analyzing the relationships between GDP and unemployment from 1980-2012 and between inflation and unemployment from 1980-2012 in the UK.
35
1. The document discusses the relationship between inflation and unemployment, known as the Phillips curve. It shows that in the short-run, lower unemployment can be achieved by increasing aggregate demand, but this leads to higher inflation.
2. In the long-run, monetary policy cannot affect unemployment levels, which return to the "natural rate." The Phillips curve becomes vertical at this natural unemployment rate regardless of inflation levels.
3. The Phillips curve can shift due to changes in expectations about future inflation or due to supply shocks, worsening the tradeoff between inflation and unemployment in the short-run. Reducing inflation requires contractionary policy that raises unemployment.
Phillips curve hypothesis
The Phillips curve hypothesis suggests there is an inverse relationship between unemployment and inflation, where lower unemployment leads to higher inflation. This relationship was observed in UK data from 1861-1957. The Keynesian explanation is that as aggregate demand increases, output and employment rise along the aggregate supply curve, leading to higher prices and wages. On a graph with inflation on the y-axis and unemployment on the x-axis, this shows as a negatively sloped Phillips curve. The government faces a dilemma of balancing unemployment and inflation levels.
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Lecture 20 unemployment and inflation
This document discusses unemployment and inflation. It summarizes the Phillips Curve, which shows the short-run tradeoff between unemployment and inflation rates. Specifically, higher inflation can lead to lower unemployment and vice versa. However, Milton Friedman argued there is no long-term relationship between inflation and unemployment. The natural rate hypothesis also claims unemployment will return to its normal rate regardless of the inflation rate. The document reviews these concepts and provides examples of the Phillips Curve relationship between 1961-1973 and how it shifted over time.
Macro 17
The document discusses macroeconomics and stabilization policy. It covers the Phillips curve, which shows a short-run tradeoff between unemployment and inflation. Milton Friedman argued there is no long-run relationship between inflation and unemployment, as shown by the shifting of the Phillips curve over time. The document also defines disinflation as a reduction in the rate of inflation and deflation as a reduction in the price level.
Inflation and phillips curve
- The short-run Phillips curve shows an inverse relationship between unemployment and inflation in the short term, but this disappears in the long run.
- Milton Friedman argued that in the long run, inflation is dependent on expected inflation rather than actual unemployment. The long-run Phillips curve is vertical at the natural rate of unemployment.
- Differences between expected and actual inflation can cause temporary deviations from the natural rate of unemployment in the short run, but inflation expectations eventually adjust, and unemployment returns to the natural rate in the long run.
Macroeconomic Condition of Bangladesh
This is the presentation on the report: https://www.slideshare.net/IstiaqueHasan2/macroeconomic-condition-of-bangladesh-an-overview-of-the-year-19962015. This report and presentation were prepared for the course requirement of the course F-208: Macroeconomics under the BBA program of the Department of Finance, University of Dhaka. It covered an integrated analysis on the macroeconomic aspects of Bangladesh with a focus on GDP, unemployment, inflation. The analysis conducted with the historical data of the year 1996 to 2015 collected from World Development Indicator of the World Bank.
Philips curve
The Philip curve shows an inverse relationship between the rate of unemployment and the rate of change in money wages in the short run. Friedman argued that in the long run, there is no tradeoff between inflation and unemployment - the Philip curve becomes vertical at the natural rate of unemployment, which is the rate where expected and actual inflation are equal. Temporary reductions in unemployment below the natural rate are only possible if inflation rises above expectations, but eventually expectations will adjust and unemployment will return to the natural rate, even as inflation accelerates.
Phillip's curve and Okun Law of UK
This presentation summarizes Philip's curve and Okun's law. It discusses how Philip's curve shows the relationship between unemployment and inflation in an economy based on data from the UK. It also explains how Okun's law describes a negative relationship between GDP and unemployment, with the economy experiencing a 1 percentage point rise in unemployment for every 3 percentage point decrease in GDP. Graphs are presented analyzing the relationships between GDP and unemployment from 1980-2012 and between inflation and unemployment from 1980-2012 in the UK.
35
1. The document discusses the relationship between inflation and unemployment, known as the Phillips curve. It shows that in the short-run, lower unemployment can be achieved by increasing aggregate demand, but this leads to higher inflation.
2. In the long-run, monetary policy cannot affect unemployment levels, which return to the "natural rate." The Phillips curve becomes vertical at this natural unemployment rate regardless of inflation levels.
3. The Phillips curve can shift due to changes in expectations about future inflation or due to supply shocks, worsening the tradeoff between inflation and unemployment in the short-run. Reducing inflation requires contractionary policy that raises unemployment.
Phillips curve hypothesis
The Phillips curve hypothesis suggests there is an inverse relationship between unemployment and inflation, where lower unemployment leads to higher inflation. This relationship was observed in UK data from 1861-1957. The Keynesian explanation is that as aggregate demand increases, output and employment rise along the aggregate supply curve, leading to higher prices and wages. On a graph with inflation on the y-axis and unemployment on the x-axis, this shows as a negatively sloped Phillips curve. The government faces a dilemma of balancing unemployment and inflation levels.
AN EASSAY ON PHILLIPS CURVE
The document provides an overview of the Phillips curve, which shows the relationship between unemployment and inflation. It discusses the history of the Phillips curve developed by A.W. Phillips and debates around the short-run versus long-run curve. It also examines different types of inflation (cost-push, demand-pull) and unemployment (natural, structural, frictional, cyclical). Finally, it analyzes the relationship between inflation and unemployment and how policies aimed at reducing one may impact the other.
Chapter 16 Phillips Curve
The document discusses different economic theories related to taxation and government policies, including supply-side economics, the Laffer curve, and Reaganomics. It provides context on theories of the relationship between taxation rates and government revenue, and debates around using tax policy to influence economic growth. Historical examples from the Nixon and Reagan administrations regarding wage and price controls and tax cuts are analyzed in light of these economic concepts.
Philips curve by nino bazhunaishvili
The document discusses the Phillips curve, which was developed by economist William Phillips and represents the inverse relationship between unemployment and inflation. It notes that Phillips found a consistent relationship in UK data from 1861-1957 where unemployment was high, wage growth was slow, and when unemployment was low, wages rose rapidly. The summary explains that the Phillips curve shows the tradeoff between inflation and unemployment, and how shifts in expected inflation or the natural unemployment rate cause the curve to shift positions.
Phillips Curve, Inflation & Interest Rate
The document discusses the Phillips curve and the relationship between inflation and unemployment. It describes the short-run Phillips curve as downward sloping, showing that higher inflation is linked to lower unemployment. The long-run Phillips curve is vertical at the natural rate of unemployment, so inflation changes do not affect unemployment. The document also examines how interest rates are determined based on real rates, expected inflation, and risk differences between countries. Higher inflation is associated with higher nominal interest rates.
Meeting 4 - Phillips curve (Macroeconomics)
The document discusses the Phillips curve relationship between inflation and unemployment. It explains that the Phillips curve shows an inverse relationship between these two factors in the short run, but that attempts to lower unemployment in the long run will ultimately just lead to higher inflation. The natural rate of unemployment (NAIRU) is the level at which inflation is stable. While policies can temporarily exploit the short-run tradeoff, it will eventually shift the short-run Phillips curve to a higher inflation level. The document also discusses supply-side policies that may have reduced inflation pressures at low unemployment levels in recent decades.
Inflation+&+unemployment
This document discusses different types of unemployment including frictional, structural, seasonal, and cyclical unemployment. It also discusses Okun's law and the relationship between inflation and unemployment shown by the Phillips curve. The Phillips curve initially showed an inverse relationship between inflation and unemployment but this broke down in the late 1960s. The long-run Phillips curve is vertical at the natural rate of unemployment. Government policies can affect inflation and unemployment in both the short-run and long-run.
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The document discusses the Phillips Curve and the relationship between inflation and unemployment. It notes that in the short-run, there is an inverse relationship where lower unemployment is associated with higher inflation and vice versa. However, in the long-run there is no consistent tradeoff because aggregate supply shocks can cause both inflation and unemployment to rise simultaneously. While adverse shocks can shift the Phillips Curve outward in the short-run, in the long-run the curve will always be vertical as the economy adjusts through factors like declining wages and input prices.
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The document discusses the Phillips Curve, which originally showed a short-run tradeoff between inflation and unemployment according to data analyzed by Prof. Phillips. Lower unemployment was believed to cause higher inflation as more employment and spending increased aggregate demand. However, in the 1970s both inflation and unemployment remained high, a phenomenon known as stagflation, requiring economists to rethink the Phillips Curve relationship in the long run.
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The document discusses the Phillips curve and inflation. It describes how the Phillips curve can shift due to changes in expected inflation, the natural rate of unemployment, and supply shocks. It also examines how inflation expectations, whether static, adaptive, or rational, affect the position and movement of the Phillips curve. The role of expectations in inflation is key. Finally, it outlines some costs of reducing inflation, like menu costs and shoe leather costs, as well as the costs of high and hyperinflation cases like Zimbabwe.
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1. The document discusses the Phillips curve, which shows the relationship between inflation and unemployment that policymakers must consider. It demonstrates how expected inflation, cyclical unemployment, and supply shocks impact the rate of inflation.
2. The Phillips curve is derived from aggregate supply theory. It states that inflation depends on past inflation, how far unemployment is from its natural rate, and supply shock shocks. This explains inflation's tendency to persist, or inertia.
3. In the short run, policymakers can use fiscal and monetary policy to influence demand and affect inflation and unemployment, following a tradeoff shown by the Phillips curve. However, in the long run inflation is determined by expectations and unemployment returns to the natural rate
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The document discusses various types of inflation including creeping, walking, running, and hyper inflation based on annual rates of price increases. It also discusses demand-pull and cost-push inflation and their causes such as increases in money supply, government spending, wages, and costs of production. The effects of inflation include impacts on production, distribution, social conditions, and politics. Methods to control inflation discussed include monetary, fiscal, and direct policies.
Population and economic development
This document discusses population growth in India and its impact on economic development. It provides background on Trinity Institute of Professional Studies and covers topics like population trends in India from 1901 to 2011, causes of high birth and low death rates, how population affects factors like food production and unemployment, key demographic data on life expectancy, density, and rural/urban distribution. It also summarizes India's national population policies from 1951 to 2000 that aimed to lower birth rates and encourage family planning through education and incentives.
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This document discusses unemployment and inflation in macroeconomics. It defines the labor force, unemployment rate, and natural rate of unemployment. The natural rate of unemployment includes frictional, structural, and cyclical unemployment and is influenced by demographics, public policy, technological change, and sectoral shifts. Okun's Law states that for every 1% decline in real GDP, the unemployment rate rises by 0.5%. Unemployment and inflation policies discussed include unemployment insurance and minimum wage laws.
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This document discusses unemployment and inflation. It defines unemployment and discusses how unemployment rates can be manipulated. It also discusses the labor force survey used in Europe. It then discusses different types of unemployment including frictional, structural, and cyclical unemployment. The document also discusses the relationship between unemployment and inflation, including the Phillips curve and the natural rate of unemployment. It discusses criticisms of the relationship between inflation and unemployment and costs of both unemployment and inflation.
Inflation and unemployment
This document discusses unemployment, inflation, and the relationship between the two. It defines different types of unemployment, how unemployment affects the economy and individuals. The natural rate of unemployment hypothesis holds that there is always some level of voluntary unemployment. The Phillips curve shows an inverse relationship between unemployment and inflation, where lower unemployment corresponds with higher inflation.
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The document summarizes key concepts related to the business cycle and macroeconomics. It defines phases of the business cycle like peaks, recessions, troughs, and recoveries. It also defines related terms like unemployment, inflation, fiscal and monetary policy tools. Charts are included to illustrate the business cycle and measures like the unemployment rate.
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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.
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The document discusses different economic theories related to taxation and government policies, including supply-side economics, the Laffer curve, and Reaganomics. It provides context on theories of the relationship between taxation rates and government revenue, and debates around using tax policy to influence economic growth. Historical examples from the Nixon and Reagan administrations regarding wage and price controls and tax cuts are analyzed in light of these economic concepts.
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The document discusses the Phillips curve, which was developed by economist William Phillips and represents the inverse relationship between unemployment and inflation. It notes that Phillips found a consistent relationship in UK data from 1861-1957 where unemployment was high, wage growth was slow, and when unemployment was low, wages rose rapidly. The summary explains that the Phillips curve shows the tradeoff between inflation and unemployment, and how shifts in expected inflation or the natural unemployment rate cause the curve to shift positions.
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The document discusses the Phillips curve and the relationship between inflation and unemployment. It describes the short-run Phillips curve as downward sloping, showing that higher inflation is linked to lower unemployment. The long-run Phillips curve is vertical at the natural rate of unemployment, so inflation changes do not affect unemployment. The document also examines how interest rates are determined based on real rates, expected inflation, and risk differences between countries. Higher inflation is associated with higher nominal interest rates.
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The document discusses the Phillips curve relationship between inflation and unemployment. It explains that the Phillips curve shows an inverse relationship between these two factors in the short run, but that attempts to lower unemployment in the long run will ultimately just lead to higher inflation. The natural rate of unemployment (NAIRU) is the level at which inflation is stable. While policies can temporarily exploit the short-run tradeoff, it will eventually shift the short-run Phillips curve to a higher inflation level. The document also discusses supply-side policies that may have reduced inflation pressures at low unemployment levels in recent decades.
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This document discusses different types of unemployment including frictional, structural, seasonal, and cyclical unemployment. It also discusses Okun's law and the relationship between inflation and unemployment shown by the Phillips curve. The Phillips curve initially showed an inverse relationship between inflation and unemployment but this broke down in the late 1960s. The long-run Phillips curve is vertical at the natural rate of unemployment. Government policies can affect inflation and unemployment in both the short-run and long-run.
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The document discusses the Phillips Curve and the relationship between inflation and unemployment. It notes that in the short-run, there is an inverse relationship where lower unemployment is associated with higher inflation and vice versa. However, in the long-run there is no consistent tradeoff because aggregate supply shocks can cause both inflation and unemployment to rise simultaneously. While adverse shocks can shift the Phillips Curve outward in the short-run, in the long-run the curve will always be vertical as the economy adjusts through factors like declining wages and input prices.
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The document discusses the Phillips curve and inflation. It describes how the Phillips curve can shift due to changes in expected inflation, the natural rate of unemployment, and supply shocks. It also examines how inflation expectations, whether static, adaptive, or rational, affect the position and movement of the Phillips curve. The role of expectations in inflation is key. Finally, it outlines some costs of reducing inflation, like menu costs and shoe leather costs, as well as the costs of high and hyperinflation cases like Zimbabwe.
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1. The document discusses the Phillips curve, which shows the relationship between inflation and unemployment that policymakers must consider. It demonstrates how expected inflation, cyclical unemployment, and supply shocks impact the rate of inflation.
2. The Phillips curve is derived from aggregate supply theory. It states that inflation depends on past inflation, how far unemployment is from its natural rate, and supply shock shocks. This explains inflation's tendency to persist, or inertia.
3. In the short run, policymakers can use fiscal and monetary policy to influence demand and affect inflation and unemployment, following a tradeoff shown by the Phillips curve. However, in the long run inflation is determined by expectations and unemployment returns to the natural rate
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The document discusses various types of inflation including creeping, walking, running, and hyper inflation based on annual rates of price increases. It also discusses demand-pull and cost-push inflation and their causes such as increases in money supply, government spending, wages, and costs of production. The effects of inflation include impacts on production, distribution, social conditions, and politics. Methods to control inflation discussed include monetary, fiscal, and direct policies.
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This document discusses unemployment, inflation, and the relationship between the two. It defines different types of unemployment, how unemployment affects the economy and individuals. The natural rate of unemployment hypothesis holds that there is always some level of voluntary unemployment. The Phillips curve shows an inverse relationship between unemployment and inflation, where lower unemployment corresponds with higher inflation.
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The document summarizes key concepts related to the business cycle and macroeconomics. It defines phases of the business cycle like peaks, recessions, troughs, and recoveries. It also defines related terms like unemployment, inflation, fiscal and monetary policy tools. Charts are included to illustrate the business cycle and measures like the unemployment rate.
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This document defines various types of inflation including low inflation, galloping inflation, and hyperinflation. It also discusses different measures used to calculate inflation rates such as the Consumer Price Index (CPI) and Wholesale Price Index (WPI). Finally, it outlines several causes of inflation including demand-pull factors related to increases in the money supply according to the Quantity Theory of Money, and cost-push factors like increases in wages or costs of raw materials.
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The Short-Run Trade-off between Inflation and Unemployment
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Eco 202 ch 36 unemployment and inflation
- 4. A.W. Phillips (1914 - 1975) Phillips Curve Relationship between Inflation and Unemployment
- 5. Phillips Curve A curve that shows the short-run trade-off between unemployment and inflation
- 6. George Akerlof (1940 - ) Nobel Prize 2001 "Probably the single most important macroeconomic relationship is the Phillips curve."
- 8. Inflation Rate Unemployment Rate4% 7% 6% 2% Phillips Curve Tradeoff High Inflation and Low Unemployment Low Inflation and High Unemployment
- 9. Milton Friedman (1912 - 2006) Is there a long term relationship between Inflation and Unemployment?
- 10. Inflation Rate Unemployment Rate 1961 1963 1962 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973
- 12. Milton Friedman (1912 - 2006) No Long Run Structural Relationship between Inflation and Unemployment
- 13. Short-Run ! ! Long-Run Inflation can reduce unemployment ! Inflation and unemployment are unrelated ! !
- 14. Inflation Rate Unemployment Rate Phillips -Friedman Curves Short-Run Long-Run No relationship because LRAS is vertical
- 15. Price Level Quantity of Output P1 AD- AS Model Aggregate Demand Short Run Aggregate Supply Y1 Y2 P2 Long Run Aggregate Supply P3
- 16. Natural Rate Hypothesis The claim that unemployment returns to its normal, or natural rate regardless of the rate of inflation
- 17. Disinflation reduction in the rate of inflation - slows down Deflation reduction in the price level go in reverse
- 19. 1.What is the Phillips Curve? ! 2.What is the Friedman Curve? ! 3. Can inflation be good? ! 4.What is worse, inflation or deflation? ! 5.What is disinflation?