lecture 12 aggregate supply and the short-run tradeoff between inflation and unemployment 1
TRANSCRIPT
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Lecture 12
Aggregate Supply and the Short-Run Tradeoff Between Inflation and Unemployment
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Lecture 12. Aggregate Supply
The Basic Theory of Aggregate Supply
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Lecture 12. Aggregate Supply
1. The Sticky-Price Model
2. The Imperfect-Information Model
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Lecture 12. Aggregate Supply
Case Study: International Differences in the Aggregate Supply Curve
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Lecture 12. Aggregate Supply
Summary and Implications
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Lecture 12. Aggregate Supply
Summary and Implications
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Lecture 12. Aggregate Supply
Inflation, Unemployment, and the Phillips Curve
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Lecture 12. Aggregate Supply
• The History of the Modern Phillips Curve
• Adaptive Expectations and Inflation Inertia
• Two Causes of Rising and Falling Inflation
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Lecture 12. Aggregate Supply
Case Study: Inflation and Unemploymentin the United States
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Lecture 12. Aggregate Supply
The Short-Run Tradeoff Between Inflationand Unemployment
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Lecture 12. Aggregate Supply
The Short-Run Tradeoff Between Inflationand Unemployment
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Lecture 12. Aggregate Supply
FYI: How Precise Are Estimates of the Natural Rate of Unemployment?
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Lecture 12. Aggregate Supply
• Disinflation and the Sacrifice Ratio• Rational Expectations and the Possibility of Painless Disinflation• Case Study: The Sacrifice Ratio in Practice
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Lecture 12. Aggregate Supply
• Hysteresis and the Challenge to the Natural-Rate Hypothesis
• Hysteresis and the Long-Run Phillips Curve
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Lecture 12. Aggregate Supply
The Mother of All Models
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Lecture 12. Aggregate Supply
Conclusion