Describe the Phillips curve (O.G., not modified/expectations) and drawa graph of the relationship. How good was this model with 1960’s data vswith data from 1970-2000’s? Explain.
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Describe the
a graph of the relationship. How good was this model with 1960’s data vs
with data from 1970-2000’s? Explain.
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- Describe the Phillips curve (O.G., not modified/expectations) and draw a graph of the relationship. How good was this model with 1960’s data vs with data from 1970-2000’s? Describe the Lucas critique.Suppose that the public expects that inflation will be high and that episodes of high unemployment are politically difficult for policymakers. Is it possible for the economy to be at a bad equilibrium as a result of people’s expectations of inflation (i.e. expectations trap)? Explain in terms of a Phillips Curve diagram.a) Explain the concept of the natural rate of unemployment using the expectations-augmented (modified or modern) Phillips curve model. b) Why is this model useful for policy-makers?
- (i) Discuss the Lucas Critique. (ii) With the help of a diagram, show the implications of Rational Expectations for the Phillips curve.What kind of changesin the economy might infuence the slope of the Phillips curve?What does the Phillips Curve illustrate?A. The relationship between inflation and unemploymentB. The relationship between interest rates and investmentC. The relationship between government spending and economic growthD. The relationship between savings and consumption
- The Philips curve in an economy is given by a = Επ- 0.5 (u - 6). Assume that the economy starts out at its natural unemployment rate and expected inflation Ex = 5.25%. If output decreases by 2%, using Okun's Law and the Phillips curve relation, what is actual inflation π ?Given the Phillips Curve model below, suppose the economy is in an inflationary gap. and policy-makers (Fed or President & Congress) decide to intervene. If policy-makers decide to intervene, what type of “policy” will they advocate? With the use of policy, the economy will move from point _____ to point _____.Q : Explain what it means that the phillips curve presents policy makers with a menu of choices?
- Assume that inflation falls significantly below expectations. Diagramboth the short-run and long-run effects on employment using a PhillipsCurve diagram. What changes in this model to allow the return to long-runequilibrium?Answer the following questions briefly.a How is the Phillips curve related to aggregate supply?b. What are the differences between demand-pull inflation and cost-push inflation?c. On what market imperfection does each aggregate supply theory rely? What dothe theories have in common?What is Phillips curve? Draw the short-run Phillips curve and the long-run Phillips curve. Explain why they are different.
