t3 la curva de phillips

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  • 8/18/2019 t3 La Curva de Phillips

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    Tema 3

    La curva de PhillipsLa curva de PhillipsEl medio plazoEl medio plazo

    •Referencias:

    Blanchard: Capítulo 8

    Belzunegui: Tema 7

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    2

    Conceptos clave

    • La inflacin! la inflacin esperada " el

    desempleo

    • La curva de #hillips:

     $ %riginal: antes de &'7(

     $ )odificada: despu*s de &'7(

    • Resumen " algunas advertencias

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    3

     +ntecedentes histricos

    •&',8- #hillips ./01 estudi la relacin entre la tasa deinflacin " la de desempleo: $ 2escuri una relacin negativa $ /n trade4off- $ Conclusin de política ec: se puede reducir el desempleo

    tanto como se 5uiera mientras se est* dispuesto a sufrir

    cierto nivel de inflacin• 6amuelson " 6ollo repitieron el eperimento con

    datos de 99// entre &'((4&'(- $ Bautizaron la relacin como ;curva de #hillips

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    La curva de #hillips

    Comprender la relación entre la inflación y el desempleo

    Comprender la relación entre la inflación y el desempleo

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        T                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              a                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            s                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            a                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                d                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            e                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 i                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             n                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  f                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   l

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  a                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           c                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 i                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 ó                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           n                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  (                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      %                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      )                                                                                                                                                                                                                                                                   

    Tasa de desempleo (%)

    Gran depresión

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    5

    La curva de #hillips

    Comprender la inflación, la inflación esperada y eldesempleo

    Comprender la inflación, la inflación esperada y el

    desempleo

    ),()1(   z u F  P  P t 

    e

    t t   µ +=

    La relación entre

      El nivel de precios P t 

      El nivel esperado de precios P t e

      ! la tasa de desempleo F (u t ,z )

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    6

    La curva de Phillips

    F(u t ,z): recoge los efectos producidos en

    el salario por:

    • el desempleo (u t )

    • los dem"s factores (z ) Todo lo 5ue influ"e encapacidad de negociacin:

    • ?orma de fi=ar precios: sindicatos! convenios

    colectivosD

    • )archa economía! camios estructuralesD

    • Cualificacin! sustituiilidad! D

    • #restaciones sociales: seguro de desempleo-

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    La curva de Phillips comprender la inflación, la

    inflación esperada y el desempleo

    F(u t ,z)=1-   u t +z 

    -   : cuanto ma"or es ut ! menor

    es el salario α es ma"or

    " refle=a el efecto negativo

    en los salarios-

    z : cuanto ma"or es z ! ma"or esel salario-

    9=: convenios colectivos: ma"or capacidad de

    negociacin

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    La curva de Phillips comprender la inflación, la

    inflación esperada y el desempleo

    F (u t ,z ) = 1-  u t +z 

    P t = P t e(1+µ )F (u t ,z )

    P t = P t e(1+µ ) (1-   u t +z)

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    La curva de Phillips comprender la inflación, la

    inflación esperada y el desempleo

    P t = P t e(1+µ ) (1-   u t +z)

      t = te + ( µ+z)# u t 

      t  = tasa de inflación

      te = tasa esperada de inflación

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    La curva de Phillips comprender la inflación, la

    inflación esperada y el desempleo

      t = te + ( µ+z)#  u t 

    La inflación depende• positivamente de la inflación esperada

    • ne$ativamente del desempleo

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    La curva de Phillips

    Por &u' esta relaciónPor &u' esta relación

    •ayor inflación esperada lleva a mayor inflación*

    • 9=: importancia de las predicciones " o=etivos

    del EoiernoD Cuadro )acro4#resupuestosD

    •+ada la inflación esperada, cuanto mayor es µ  o

    z , mayor es la inflación*

    •+ada la inflación esperada, cuanto mayor es el

    desempleo, menor es la inflación*

    • 9=: capacidad de negociacin: con F paro G

    proailidad de perder empleo " H de conseguir

    otro conclusin: 4 capacidad para pedir F sueldo

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    +os definiciones de la curva de Phillips

    ) La primera versión hasta los -./) La primera versión hasta los -./

    •  0nflación media cercana a cero

      te  = O 

      t   = te + (µ+z)-   u t 

      t = ( µ+z) - u t 

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    1 versión de la curva de Phillips hasta -./

    +ado t = ( µ+z) - u t  +ado t = ( µ+z) - u t  

    • 9l a=o desempleo provoca una suida de los

    salarios nominales-• 9n respuesta! las empresas elevan los precios-

    • )a"ores precios llevan a salarios mIs altos-

    • La suida de salarios conlleva de nuevo una

    suida de preciosDetc-

    Espiral de salarios y precios

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    La curva de Phillips comprender la inflación, la

    inflación esperada y el desempleo

    utacionesutaciones

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        T                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              a                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            s                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            a                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                d              

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  e                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 i                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             n                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  f                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   l                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              a                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           c                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 i                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 ó                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           n

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      (                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      %                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      )                                                                                                                                                                                                                                                                   

    Tasa de desempleo (%)

    -,.2,. 3,. 4,.5,.

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    La curva de Phillips comprender la inflación, la

    inflación esperada y el desempleo

    utacionesutaciones

    Tasa de desempleo (%)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        T                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              a                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            s                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            a                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                d              

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  e                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 i                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             n                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  f                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   l                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              a                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           c                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 i                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 ó                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           n

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      (