INFLATION IN INDIA
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This document discusses inflation and the Phillips curve relationship between unemployment and inflation. It provides examples of hyperinflation in countries from 1921-1925 when governments printed too much money. The Fisher effect holds that nominal interest rates will rise one-to-one with inflation so real interest rates stay the same. Originally, the Phillips curve suggested governments could trade-off lower unemployment for higher inflation. However, expectations of continued inflation caused the relationship to break down. The augmented Phillips curve shows inflation rising along with unemployment in the long-run to the natural rate.
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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.
Changing Phillips Curve
What is happening to the Phillips Curve in the UK economy? is the trade-off between unemployment and inflation continuing to change favourably? Can the UK reach full-employment in this economic cycle?
Adas 1
The document discusses aggregate demand and supply. Aggregate demand is the total demand for goods and services in an economy. It is influenced by consumption, investment, government spending, and net exports. The aggregate demand curve slopes downward to show that as price levels increase, demand decreases. Aggregate supply represents the total output an economy can produce. The aggregate supply curve shows the relationship between inflation and real output. When aggregate demand increases, output and employment rise, but inflation may also increase.
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.
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.
Session 9 thread 1, monday 5th 2015
1. An increase in interest rates causes house prices and consumer wealth to decrease, shifting the aggregate demand curve left from AD0 to AD1. This moves the economy from point A to point B, decreasing GDP and increasing unemployment in the short-run.
2. A 2% cut in wages across industries shifts the short-run aggregate supply curve right from SRAS0 to SRAS1. This moves the economy from point B to point C, increasing GDP and decreasing unemployment.
3. The discovery of more efficient manufacturing methods shifts the short-run aggregate supply curve right, decreasing prices and increasing production in the short-run. In the long-run, aggregate supply may remain at the new higher level of
Macroeconomics
This document provides an overview of macroeconomic concepts including:
1) It defines key macroeconomic terms like GDP, GNP, aggregate demand, aggregate supply, and unemployment.
2) It describes macroeconomic models like the aggregate demand/supply model and how inflationary and deflationary gaps can occur.
3) It discusses different types of policies like fiscal and monetary policy and how they can be used to influence aggregate demand and supply.
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.
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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.
Changing Phillips Curve
What is happening to the Phillips Curve in the UK economy? is the trade-off between unemployment and inflation continuing to change favourably? Can the UK reach full-employment in this economic cycle?
Adas 1
The document discusses aggregate demand and supply. Aggregate demand is the total demand for goods and services in an economy. It is influenced by consumption, investment, government spending, and net exports. The aggregate demand curve slopes downward to show that as price levels increase, demand decreases. Aggregate supply represents the total output an economy can produce. The aggregate supply curve shows the relationship between inflation and real output. When aggregate demand increases, output and employment rise, but inflation may also increase.
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.
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.
Session 9 thread 1, monday 5th 2015
1. An increase in interest rates causes house prices and consumer wealth to decrease, shifting the aggregate demand curve left from AD0 to AD1. This moves the economy from point A to point B, decreasing GDP and increasing unemployment in the short-run.
2. A 2% cut in wages across industries shifts the short-run aggregate supply curve right from SRAS0 to SRAS1. This moves the economy from point B to point C, increasing GDP and decreasing unemployment.
3. The discovery of more efficient manufacturing methods shifts the short-run aggregate supply curve right, decreasing prices and increasing production in the short-run. In the long-run, aggregate supply may remain at the new higher level of
Macroeconomics
This document provides an overview of macroeconomic concepts including:
1) It defines key macroeconomic terms like GDP, GNP, aggregate demand, aggregate supply, and unemployment.
2) It describes macroeconomic models like the aggregate demand/supply model and how inflationary and deflationary gaps can occur.
3) It discusses different types of policies like fiscal and monetary policy and how they can be used to influence aggregate demand and supply.
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.
Module 19 equilibrium in the aggregate demand aggregate supply model
The document summarizes the AD-AS model used to analyze economic fluctuations. It describes how short-run macroeconomic equilibrium occurs at the intersection of the AD and SRAS curves. Demand shocks shift the AD curve and cause output and prices to move together, while supply shocks shift the SRAS curve and cause output and prices to move in opposite directions. In the long run, the economy self-corrects to the intersection of the AD, SRAS, and LRAS curves at potential output.
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.
Powerpoint
The document discusses some of the common macroeconomic impacts of war. It states that during wars, government spending on the military typically increases, which shifts the aggregate demand curve to the right and increases real GDP and price levels. Taxes are also often raised during wars to fund military efforts, which decreases disposable income and shifts aggregate demand left, lowering real GDP and prices. Production of capital goods also rises to support the war, which uses more resources and can shift the production possibilities curve outward if resources or technology increase. Finally, wars require significant financing that adds to the national debt over time through deficit spending.
Aggregate Demand and Aggrgate Supply Model
1. The document discusses the aggregate demand and aggregate supply model used in macroeconomics to analyze the relationship between inflation, growth, and unemployment.
2. It explains the Keynesian and neoclassical versions of the AD/AS model, how aggregate demand and supply curves are determined, and how shifts in these curves impact macroeconomic variables.
3. The document provides examples of factors that can cause aggregate demand and supply to shift, and analyzes the macroeconomic effects of these shifts according to the AD/AS framework.
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.
Powerpoint
The document discusses aggregate supply (AS) and its relationship to inflation and real national income. It explains that the shape of the AS curve depends on factors like production capacity, costs of production, and productivity. A Keynesian view of the AS curve is presented, where it slopes upward, indicating inflation rises as output increases towards full employment. Shifts in aggregate supply can occur due to changes in productivity or input costs. The short-run aggregate supply curve (SRAS) slopes upward, while the long-run aggregate supply curve (LRAS) is vertical according to classical economists.
Philip's Curve
The Phillips curve describes an inverse relationship between unemployment and inflation, such that lower unemployment is associated with higher inflation. While observed to be stable in the short-run, it does not hold in the long-run. The document discusses the origins of the Phillips curve from William Phillips' 1958 paper and subsequent modifications by economists like Friedman and Phelps who argued it does not reflect long-run economic realities. It also examines shifts to the Phillips curve from supply shocks and how the relationship between unemployment and inflation is now understood with incorporation of inflation expectations.
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.
Phillips curve unemployment-inflation
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.
Comparison between Hyperinflation in Germany and Zimbabwe
Germany and Zimbabwe both experienced periods of hyperinflation due to excessive money printing by their central banks.
In Germany in the 1920s, hyperinflation was caused by the large war debts from WWI and the occupation of the Ruhr Valley by France which led Germany to print more money. By late 1923, the monthly inflation rate was over 726 billion percent.
In Zimbabwe from the late 1990s to the late 2000s, hyperinflation resulted from the government printing money to fund war spending and corruption as well as from land reforms that reduced agricultural production. Inflation reached rates of 79.6 billion percent in November 2008.
Both countries saw devastating economic and social impacts from hyperinflation including short
The Phillips Curve
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.
Diagrams for terence
1. The document contains diagrams summarizing macroeconomic concepts including the aggregate demand curve, short-run and long-run aggregate supply curves, the Phillips curve, and different types of supply curves.
2. It shows how fiscal and monetary policy can be used to shift aggregate demand and impact output and price levels in the short-run.
3. Supply-side policies are described as shifting long-run aggregate supply curves rightward, increasing potential output.
Meeting 5 - Phillips curve 2 (Macroeconomics)
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.
Semester Two Diagrams
1) The document contains diagrams summarizing key macroeconomic concepts including the aggregate demand curve, short-run and long-run aggregate supply curves, the Phillips curve, and diagrams showing the effects of fiscal and monetary policy as well as supply-side policies.
2) The diagrams show how aggregate demand and supply determine equilibrium output and price levels in both the short-run and long-run. Shifts in demand or supply can cause changes in output, employment, and inflation.
3) Policy tools like government spending, taxes, and money supply influence aggregate demand and thereby output and price levels, but may lead to tradeoffs like higher inflation. Supply-side policies aim to shift aggregate supply curves to increase potential output.
Diagrams
1) The document contains diagrams summarizing key macroeconomic concepts including the aggregate demand curve, short-run and long-run aggregate supply curves, the Phillips curve, and diagrams showing different types of supply curves.
2) The diagrams illustrate how factors like fiscal and monetary policy, supply shocks, taxes, and wages can impact macroeconomic equilibrium and outcomes like output, employment, and price levels.
3) Different models are shown including Keynesian, neoclassical, and those involving externalities, unemployment, and wage rigidities.
Graphs 2 Know For The AP Econ Exam
This document contains a review of key graphs and concepts for the AP Macroeconomics exam, including:
1) Production Possibilities Curve showing opportunity cost and economic growth.
2) Aggregate Demand/Aggregate Supply model showing equilibrium, recession, and inflation.
3) Money Market graph showing how interest rates are determined.
4) Phillips Curve showing the relationship between inflation and unemployment.
5) Circular Flow model showing the flows of payments between businesses, households, and government.
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.
Graphs 2 Know For The AP Macro Economics Exam
The document presents several key graphs that are important for the AP Macroeconomics exam, including:
1) The production possibilities curve shows opportunity cost and inefficiency inside the curve, with efficiency on the curve. The curve shifts right with economic growth.
2) The aggregate demand/aggregate supply model shows equilibrium, recession with a recessionary gap, and inflation beyond full employment with an inflationary gap.
3) The money market graph shows how the Federal Reserve uses monetary policy to shift the money supply curve and change nominal interest rates.
4) The Phillips curve shows the short-run tradeoff between inflation and unemployment, and how it can shift due to supply shocks. In the long-run
Theories of Inflation
This document provides an overview of different theories of inflation including cost-push inflation, sectorial inflation, and structural inflation. Cost-push inflation occurs when increases in production costs lead to a fall in aggregate supply. Sectorial inflation refers to price rises occurring across different commercial sectors due to increases in raw material prices. Structural inflation arises due to an unstable and slower growth rate of exports, which is inadequate to support the required growth rate of the economy.
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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.
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.
Inflationunemployment 120127094754-phpapp02
The document discusses various topics related to inflation and unemployment. It defines inflation and describes the Phillips curve relationship between inflation and unemployment. It outlines demand-pull and cost-push causes of inflation. It also discusses stagflation, costs of inflation, and the short-run and long-run Phillips curves. The document describes how the Phillips curve relationship breaks down in the long-run and the natural rate of unemployment. It also discusses types of unemployment like frictional, structural, seasonal, and cyclical unemployment as well as Okun's law.
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Module 19 equilibrium in the aggregate demand aggregate supply model
The document summarizes the AD-AS model used to analyze economic fluctuations. It describes how short-run macroeconomic equilibrium occurs at the intersection of the AD and SRAS curves. Demand shocks shift the AD curve and cause output and prices to move together, while supply shocks shift the SRAS curve and cause output and prices to move in opposite directions. In the long run, the economy self-corrects to the intersection of the AD, SRAS, and LRAS curves at potential output.
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.
Powerpoint
The document discusses some of the common macroeconomic impacts of war. It states that during wars, government spending on the military typically increases, which shifts the aggregate demand curve to the right and increases real GDP and price levels. Taxes are also often raised during wars to fund military efforts, which decreases disposable income and shifts aggregate demand left, lowering real GDP and prices. Production of capital goods also rises to support the war, which uses more resources and can shift the production possibilities curve outward if resources or technology increase. Finally, wars require significant financing that adds to the national debt over time through deficit spending.
Aggregate Demand and Aggrgate Supply Model
1. The document discusses the aggregate demand and aggregate supply model used in macroeconomics to analyze the relationship between inflation, growth, and unemployment.
2. It explains the Keynesian and neoclassical versions of the AD/AS model, how aggregate demand and supply curves are determined, and how shifts in these curves impact macroeconomic variables.
3. The document provides examples of factors that can cause aggregate demand and supply to shift, and analyzes the macroeconomic effects of these shifts according to the AD/AS framework.
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.
Powerpoint
The document discusses aggregate supply (AS) and its relationship to inflation and real national income. It explains that the shape of the AS curve depends on factors like production capacity, costs of production, and productivity. A Keynesian view of the AS curve is presented, where it slopes upward, indicating inflation rises as output increases towards full employment. Shifts in aggregate supply can occur due to changes in productivity or input costs. The short-run aggregate supply curve (SRAS) slopes upward, while the long-run aggregate supply curve (LRAS) is vertical according to classical economists.
Philip's Curve
The Phillips curve describes an inverse relationship between unemployment and inflation, such that lower unemployment is associated with higher inflation. While observed to be stable in the short-run, it does not hold in the long-run. The document discusses the origins of the Phillips curve from William Phillips' 1958 paper and subsequent modifications by economists like Friedman and Phelps who argued it does not reflect long-run economic realities. It also examines shifts to the Phillips curve from supply shocks and how the relationship between unemployment and inflation is now understood with incorporation of inflation expectations.
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.
Phillips curve unemployment-inflation
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.
Comparison between Hyperinflation in Germany and Zimbabwe
Germany and Zimbabwe both experienced periods of hyperinflation due to excessive money printing by their central banks.
In Germany in the 1920s, hyperinflation was caused by the large war debts from WWI and the occupation of the Ruhr Valley by France which led Germany to print more money. By late 1923, the monthly inflation rate was over 726 billion percent.
In Zimbabwe from the late 1990s to the late 2000s, hyperinflation resulted from the government printing money to fund war spending and corruption as well as from land reforms that reduced agricultural production. Inflation reached rates of 79.6 billion percent in November 2008.
Both countries saw devastating economic and social impacts from hyperinflation including short
The Phillips Curve
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.
Diagrams for terence
1. The document contains diagrams summarizing macroeconomic concepts including the aggregate demand curve, short-run and long-run aggregate supply curves, the Phillips curve, and different types of supply curves.
2. It shows how fiscal and monetary policy can be used to shift aggregate demand and impact output and price levels in the short-run.
3. Supply-side policies are described as shifting long-run aggregate supply curves rightward, increasing potential output.
Meeting 5 - Phillips curve 2 (Macroeconomics)
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.
Semester Two Diagrams
1) The document contains diagrams summarizing key macroeconomic concepts including the aggregate demand curve, short-run and long-run aggregate supply curves, the Phillips curve, and diagrams showing the effects of fiscal and monetary policy as well as supply-side policies.
2) The diagrams show how aggregate demand and supply determine equilibrium output and price levels in both the short-run and long-run. Shifts in demand or supply can cause changes in output, employment, and inflation.
3) Policy tools like government spending, taxes, and money supply influence aggregate demand and thereby output and price levels, but may lead to tradeoffs like higher inflation. Supply-side policies aim to shift aggregate supply curves to increase potential output.
Diagrams
1) The document contains diagrams summarizing key macroeconomic concepts including the aggregate demand curve, short-run and long-run aggregate supply curves, the Phillips curve, and diagrams showing different types of supply curves.
2) The diagrams illustrate how factors like fiscal and monetary policy, supply shocks, taxes, and wages can impact macroeconomic equilibrium and outcomes like output, employment, and price levels.
3) Different models are shown including Keynesian, neoclassical, and those involving externalities, unemployment, and wage rigidities.
Graphs 2 Know For The AP Econ Exam
This document contains a review of key graphs and concepts for the AP Macroeconomics exam, including:
1) Production Possibilities Curve showing opportunity cost and economic growth.
2) Aggregate Demand/Aggregate Supply model showing equilibrium, recession, and inflation.
3) Money Market graph showing how interest rates are determined.
4) Phillips Curve showing the relationship between inflation and unemployment.
5) Circular Flow model showing the flows of payments between businesses, households, and government.
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.
Graphs 2 Know For The AP Macro Economics Exam
The document presents several key graphs that are important for the AP Macroeconomics exam, including:
1) The production possibilities curve shows opportunity cost and inefficiency inside the curve, with efficiency on the curve. The curve shifts right with economic growth.
2) The aggregate demand/aggregate supply model shows equilibrium, recession with a recessionary gap, and inflation beyond full employment with an inflationary gap.
3) The money market graph shows how the Federal Reserve uses monetary policy to shift the money supply curve and change nominal interest rates.
4) The Phillips curve shows the short-run tradeoff between inflation and unemployment, and how it can shift due to supply shocks. In the long-run
Theories of Inflation
This document provides an overview of different theories of inflation including cost-push inflation, sectorial inflation, and structural inflation. Cost-push inflation occurs when increases in production costs lead to a fall in aggregate supply. Sectorial inflation refers to price rises occurring across different commercial sectors due to increases in raw material prices. Structural inflation arises due to an unstable and slower growth rate of exports, which is inadequate to support the required growth rate of the economy.
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Similar to INFLATION IN INDIA
Chapter 10 & 11
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.
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.
Inflationunemployment 120127094754-phpapp02
The document discusses various topics related to inflation and unemployment. It defines inflation and describes the Phillips curve relationship between inflation and unemployment. It outlines demand-pull and cost-push causes of inflation. It also discusses stagflation, costs of inflation, and the short-run and long-run Phillips curves. The document describes how the Phillips curve relationship breaks down in the long-run and the natural rate of unemployment. It also discusses types of unemployment like frictional, structural, seasonal, and cyclical unemployment as well as Okun's law.
Inflationunemployment 120127094754-phpapp02
The document discusses various topics related to inflation and unemployment. It defines inflation and introduces the Phillips curve, which shows the relationship between inflation and unemployment. It outlines two types of inflation: demand-pull and cost-push. It then discusses stagflation, the costs of inflation, and the Phillips curve relationship in both the short-run and long-run. It also covers types of unemployment, such as frictional, structural, seasonal, and cyclical unemployment, as well as Okun's law relating unemployment and GDP.
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The document discusses the concepts of inflation and the Phillips Curve. It provides background on how the Phillips Curve was developed by A.W. Phillips in 1958 to show the inverse relationship between inflation and unemployment. It then discusses some issues with the Phillips Curve model, such as how it broke down in the 1970s during the period of stagflation. The document also includes graphs illustrating the short-run and long-run Phillips Curve.
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The document discusses inflation and unemployment. It defines inflation as a sustained rise in the general price level and outlines several key causes of inflation including cost-push, demand-pull, and monetary explanations. Cost-push inflation results from increases in production costs, while demand-pull inflation occurs when aggregate demand exceeds output. The quantity theory of money suggests that inflation is primarily a monetary phenomenon caused by excessive growth of the money supply. International data and studies of Tanzania support the role of monetary factors in driving inflation.
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The document provides a review of macroeconomic concepts to summarize in 3 sentences or less:
- It asks the reader to draw production possibility frontiers (PPFs) to illustrate opportunity cost, actual and potential output, points of efficiency and inefficiency, and unattainable points.
- It also asks the reader to draw a PPF representing growth with and without development and defines different types of unemployment, asking the reader to represent one type with a graph.
- Finally, it provides text on inflation and unemployment, the Phillips curve, aggregate demand and supply, and monetary and fiscal policy tools like the spending multiplier and crowding-out effect.
Inflation
The document discusses the concepts of inflation and the Phillips curve. It provides background on the Phillips curve, originally proposed in 1958, which suggested an inverse relationship between inflation and unemployment. It also discusses how the Phillips curve relationship broke down in the 1970s with the occurrence of stagflation, where inflation and unemployment rose simultaneously. The document explores potential reasons for shifts in the Phillips curve over time.
Stabilization policy
This document discusses stabilization policy and the ability of governments to reduce business fluctuations through fiscal and monetary policy. It covers topics such as:
- How monetary policy can be implemented through changing money supply or interest rates, and how fiscal policy can be implemented through changing government spending or taxes.
- Objections to the effectiveness of fiscal stabilization policy, including the automatic stabilizer effect, Ricardian equivalence principle, and crowding out effect.
- The inflation-output tradeoff described by the Phillips curve and how expansionary policies can increase inflation in the long run.
- How inflation expectations impact the Phillips curve and the ability of governments to permanently affect unemployment through demand policies alone.
- The importance of
Macroeconomics Policies
The document provides an overview of macroeconomic policies and concepts including:
1) It discusses the business cycle and macroeconomic equilibrium and how disturbances can cause instability.
2) Keynes argued that government intervention is necessary to address inherent instability in free markets. Fiscal and monetary policies can be used to stimulate aggregate demand.
3) Supply-side policies aim to shift aggregate supply curves by incentivizing production. Both demand and supply factors influence macroeconomic outcomes like growth, unemployment and inflation.
RESEARCH - The Fairfax Monitor - Edition 2
The document discusses whether the current economic environment is more likely to lead to inflation or deflation. It analyzes factors influencing the debate such as declining asset prices, falling consumer demand, and aggressive monetary stimulus by central banks. While central banks have taken inflationary actions, the document concludes deflation remains the greater threat due to continued weakness in the banking system, low consumer spending, and lack of signs of rising inflation. The environment favors bonds over stocks and commodities in the near term until the banking system shows more stability.
Inflation
Inflation is defined as a sustained increase in the general price level in an economy. It occurs when there is too much money chasing too few goods, as explained by Coulborn. There are different types of inflation classified by speed, from creeping inflation of around 2% annual price increases up to hyperinflation with no limit to price growth. The main causes are an increase in the money supply or credit in an economy. Inflation can be addressed through monetary policy measures like raising interest rates, or fiscal policy steps like increasing taxes and reducing government spending.
30
The document discusses several key concepts related to inflation and the quantity theory of money:
1) Inflation is caused by increases in the money supply over time, which lowers the value of money and raises prices.
2) Changes in the money supply only impact nominal variables like price levels, not real variables like output.
3) Higher inflation can redistribute wealth unexpectedly and impose costs like shoe leather effects and menu costs on the economy.
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.
Types of Inflation 2022.ppt
There are two main types of inflation:
1. Demand-pull inflation occurs when aggregate demand exceeds aggregate supply, leading to shortages and sellers raising prices. It can be caused by rising incomes or spending.
2. Cost-push inflation results from increases in production costs, such as wages or import prices, which businesses pass on as higher consumer prices. It can occur independently of the level of spending.
Both theories are illustrated using the aggregate demand-aggregate supply model, with demand-pull inflation shown as a rightward shift of the aggregate demand curve and cost-push as a leftward shift of the aggregate supply curve.
economics
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Inflation assad (eco)-111
Inflation is defined as a general increase in the prices of goods and services in an economy. It originates from governments diluting the value of currency by increasing the money supply. There are three main types: creeping inflation under 3% annually, running inflation between 10-20% annually, and hyperinflation over 1000% annually. Inflation is caused by demand-pull factors like increased spending and cost-push factors like higher production costs. It can be measured using indices like the Consumer Price Index. Governments use monetary policy tools like raising interest rates and fiscal policy like decreasing spending or increasing taxes to control inflation. Both approaches work best when used together given inflation has many interconnected causes.
Inflation
This document discusses various aspects of inflation including its characteristics, causes, types, and effects. It defines inflation as a sustained increase in the general price level in an economy. Inflation can be caused by an excess demand due to an increase in money income or a decrease in production. The types of inflation discussed include comprehensive vs sporadic inflation, wartime vs postwar inflation, and creeping vs walking/running/galloping inflation based on the rate of price increases. The document also examines why governments try to control inflation and outlines some effects of inflation on different sectors of the economy.
How strong a comeback for inflation?
Degroof Petercam Asset Management's chief economist and asset allocator look into whether the reflation trade is for real and inflation is back in the cards.
theories of inflation and diff effects.pdf
The document discusses various theories of inflation including demand-pull, cost-push, wage-push, creeping, walking, galloping, hyper, and stagflation inflation. It also covers monetarist, Keynesian, and mark-up theories of inflation. Specific concepts discussed include the Pigou effect, Keynes effect, and real balance effect. Theories are explained using diagrams showing shifts along the IS-LM curves to illustrate changes in equilibrium income and interest rates under different inflationary conditions.
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Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
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INFLATION IN INDIA
- 1. Inflation fishers effect and phillips curve( Relation between unemployement & inflation) By Vishal
- 2. Money and prices during inflation Hyperinflation is inflation that exceeds 50 percent per month. Hyperinflation occurs in some countries because the government prints too much money to pay for its spending.
- 3. Figure 4 Money and Prices During Four Hyperinflations Copyright © 2004 South-Western (a) Austria (b) Hungary Money supply Price level Index (Jan. 1921 = 100) Index (July 1921 = 100) Price level 100,000 10,000 1,000 100 19251924192319221921 Money supply 100,000 10,000 1,000 100 19251924192319221921
- 4. Figure 4 Money and Prices During Four Hyperinflations Copyright © 2004 South-Western (c) Germany 1 Index (Jan. 1921 = 100) (d) Poland 100,000,000,000,000 1,000,000 10,000,000,000 1,000,000,000,000 100,000,000 10,000 100 Money supply Price level 19251924192319221921 Price level Money supply Index (Jan. 1921 = 100) 100 10,000,000 100,000 1,000,000 10,000 1,000 19251924192319221921
- 5. The Fisher effect refers to a one-to-one adjustment of the nominal interest rate to the inflation rate. According to the Fisher effect, when the rate of inflation rises, the nominal interest rate rises by the same amount. The real interest rate stays the same. Fishers effect
- 6. Inflation & Phillips curve: The inflation rate is the percentage change in the price level. The Phillips Curve shows the relationship between the inflation rate and the unemployment rate.
- 7. Philips Curve: It is a statistical relationship between unemployment and money wage inflation. Rate of inflation= rate of wage growth less rate of productivity growth.
- 8. The Philips Curve Wage growth % (Inflation) Unemployment (%) The Phillips Curve shows an inverse relationship between inflation and unemployment. It suggested that if governments wanted to reduce unemployment it had to accept higher inflation as a trade-off. Money illusion – wage rates rising but individuals not factoring in inflation on real wage rates. 1.5% 6%4% 2.5% PC1
- 9. The curve crosses the horizontal axis at a positive value of unemployment. Hence it is not possible to have zero inflation and zero unemployment The concave shape implies that lower the level of unemployment higher the rate of inflation. Govt. should be able to use demand management policies to take the economy to acceptable levels of inflation and unemployment. In order to achieve full employment, some inflation is unavoidable. However, this relationship broke down at the end of 1960s when Britain began to experience rising inflation and unemployment. This raised a question on the application of Phillips curve in the long run.
- 10. inflation The Augmented Philips Curve Unemployment Long Run PC PC1 PC2PC3 Assume the economy starts with an inflation rate of 1% but very high unemployment at 7%. Government takes measures to reduce unemployment by an expansionary fiscal policy that pushes AD to the right (see the AD/AS diagram on slide 15) 7% 2.0% 1.0% There is a short term fall in unemployment but at a cost of higher inflation. Individuals now base their wage negotiations on expectations of higher inflation in the next period. If higher wages are granted then firms costs rise – they start to shed labour and unemployment creeps back up to 7% again. 3.0% To counter the rise in unemployment, government once again injects resources into the economy – the result is a short- term fall in unemployment but higher inflation. This higher inflation fuels further expectation of higher inflation and so the process continues. The long run Phillips Curve is vertical at the natural rate of unemployment. This is how economists have explained the movements in the Phillips Curve and it is termed the Expectations Augmented Phillips Curve.
- 11. 7% becomes the natural rate in this case. Whenever unemployment rate is pushed below natural rate , wages increase, pushing up costs. This leads to a lower level of output which pushes unemployment back to the natural rate.