Economists who studied the relationship between inflation and unemployment made an important …
Economists who studied the relationship between inflation and unemployment made an important modification to the Phillips curve model with the addition of the long-run Phillips curve (LRPC). When expectations are factored in, and there is enough time to adjust, the Phillips curve is vertical. Explore why in this video.
In 1958, economist Bill Phillips described an apparent inverse relationship between unemployment …
In 1958, economist Bill Phillips described an apparent inverse relationship between unemployment and inflation. Later economists researching this idea dubbed this relationship the "Phillips Curve". Learn about the curve that launched a thousand macroeconomic debates in this video. Created by Sal Khan.
Principles of Macroeconomics 2e covers the scope and sequence of most introductory …
Principles of Macroeconomics 2e covers the scope and sequence of most introductory economics courses. The text includes many current examples, which are handled in a politically equitable way. The outcome is a balanced approach to the theory and application of economics concepts. The second edition has been thoroughly revised to increase clarity, update data and current event impacts, and incorporate the feedback from many reviewers and adopters.Changes made in Principles of Macroeconomics 2e are described in the preface and the transition guide to help instructors transition to the second edition.
By the end of this section, you will be able to: Explain …
By the end of this section, you will be able to:
Explain the Phillips curve, noting its impact on the theories of Keynesian economics Graph a Phillips curve Identify factors that cause the instability of the Phillips curve Analyze the Keynesian policy for reducing unemployment and inflation
By the end of this section, you will be able to: Discuss …
By the end of this section, you will be able to:
Discuss why and how economists measure inflation expectations Analyze the impacts of fiscal and monetary policy on aggregate supply and aggregate demand Explain the neoclassical Phillips curve, noting its tradeoff between inflation and unemployment Identify clear distinctions between neoclassical economics and Keynesian economics
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