Suppose the natural unemployment rate is 4 percent and the expected inflation rate is 6 percent. In the figure below, illustrate the long-run Phillips curve
What does the long-run Phillips curve reveal abut the long-run tradeoff between inflation and unemployment?
The long-run Phillips curve is illustrated in the above figure. It is vertical at the natural unemployment rate. The fact that the long-run Phillips curve is vertical means that in the long run there is no tradeoff between inflation and unemployment. In other words, in the long run higher inflation does not decrease unemployment nor does low inflation increase unemployment.
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A pair of deep posterior trunk muscles that adduct the scapula and cause downward rotation of the scapula are the __________.
Fill in the blank(s) with the appropriate word(s).
Recent research by Olmstead and Rhode (2002) emphasizes the importance of _________________in explaining increased agricultural productivity in the late 19th and early 20th centuries
a. "learning by doing" b. the movement from family farms to corporate farms c. better access to banks and financial capital d. biological and chemical innovations