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InflationandUnemploymentTheHypothesizedPhillipsCurve.pdf

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InflationandUnemploymentTheHypothesizedPhillipsCurve

Inflation and Unemployment: The Phillips Curve The AS/AD model expresses a tradeoff Phillips curve between inflation and unemployment. – A low unemployment rate is generally accompanied by high inflation. – A high unemployment rate is generally Chapter 13 accompanied by low inflation. Inflation and Unemployment: The Hypothesized Phillips Curve The Phillips Curve The tradeoff can be represented graphically 5 in the short-run Phillips Curve. 4 A Short-run Phillips Curve – a downward- sloping curve showing the relationship between 3 inflation and unemployment when inflation 2 Inflation expectations are constant. 1 B 0 4567Unemployment rate 1 History of the Phillips Curve History of the Phillips Curve In the 1950s and 1960s, whenever In the 1960s, the short-run Phillips Curve unemployment was high, inflation was low began to play an important role in and vice versa. discussions of macroeconomic policy. The tradeoff between unemployment and inflation seemed relatively stable during the 1960s. History of the Phillips Curve History of the Phillips Curve Republicans generally favored Democrats generally favored expansionary contract