Slide 1Lecture 12 Aggregate Supply and the Short-Run Tradeoff Between Inflation and Unemployment 1 Slide 2 2 Lecture 12. Aggregate Supply The Basic Theory of Aggregate Supply…
Slide 1Copyright (c) 2000 by Harcourt Inc. All rights reserved. Next page Slides to Accompany “Economics: Public and Private Choice 9th ed.” James Gwartney, Richard Stroup,…
Slide 1 M ACROECONOMICS C H A P T E R Aggregate Supply and the Short-run Tradeoff Between Inflation and Unemployment 13 Slide 2 slide 1 Inflation inertia In this form, the…
Slide 1 Chapter 15 Debates on Macroeconomic Policy Slide 2 Day One Slide 3 Main Focus Inflation and Unemployment The Phillips Curve Wages and Price Policies …
Slide 1 Fiscal policy Changes in federal taxes and purchases that are intended to achieve macroeconomic policy objectives Fiscal Policy: Congress & President (Treasury/OMB)…
Slide 1 Slide 2 Outline Mystery of the missing equation The Phillips curve as solution to the mystery of the missing equation Phillips curve as a “policy menu.” Aggregate…
Slide 1 The Relationship Between Inflation and Unemployment An inverse relationship between inflation and unemployment until the 1970s 1970s high inflation and unemployment…
Slide 1 Aggregate Supply and the Short-run Tradeoff Between Inflation and Unemployment Chapter 13-7 th and 14-8 th edition Slide 2 We will cover… models of aggregate…