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1、35TheShort-RunTradeoff(权衡)betweenInflationandUnemploymentUnemploymentandInflationThenaturalrateofunemploymentdependsonvariousfeaturesofthelabormarket.Examplesincludeminimum-wagelaws,themarketpowerofunions,theroleofefficiencywages,andtheeffectivenessofj
2、obsearch.Theinflationratedependsprimarilyongrowthinthequantityofmoney,controlledbytheFed.UnemploymentandInflationSocietyfacesashort-runtradeoffbetweenunemploymentandinflation.Ifpolicymakersexpandaggregatedemand,theycanlowerunemployment,butonlyatthecost
3、ofhigherinflation.Iftheycontractaggregatedemand,theycanlowerinflation,butatthecostoftemporarilyhigherunemployment.35.1THEPHILLIPSCURVEThePhillipscurveillustratestheshort-runrelationshipbetweeninflationandunemployment.Figure1ThePhillipsCurveUnemployment
4、Rate(percent)0InflationRate(percentperyear)Phillipscurve4B67A2Copyright©2004South-WesternAggregateDemand,AggregateSupply,andthePhillipsCurveThePhillipscurveshowstheshort-runcombinations(结合)ofunemploymentandinflationthatariseasshiftsintheaggregatedemand
5、curvemovetheeconomyalongtheshort-runaggregatesupplycurve.AggregateDemand,AggregateSupply,andthePhillipsCurveThegreatertheaggregatedemandforgoodsandservices,thegreateristheeconomy’soutput,andthehigheristheoverallpricelevel.Ahigherlevelofoutputresultsina
6、lowerlevelofunemployment.Figure2HowthePhillipsCurveisRelatedtoAggregateDemandandAggregateSupplyQuantityofOutput0Short-runaggregatesupply(a)TheModelofAggregateDemandandAggregateSupplyUnemploymentRate(percent)0InflationRate(percentperyear)PriceLevel(b)Th
7、ePhillipsCurvePhillipscurveLowaggregatedemandHighaggregatedemand(outputis8,000)B46(outputis7,500)A728,000(unemploymentis4%)106B(unemploymentis7%)7,500102ACopyright©2004South-Western35.2SHIFTSINTHEPHILLIPSCURVE:THEROLEOFEXPECTATIONSThePhillipscurveseems
8、toofferpolicymakersamenuofpossibleinflationandunemploymentoutcomes.TheLong-RunPhillipsCurveInthe1960s,FriedmanandPhelpsconcludedthatinflationandunemploymentareunrelatedinthelongrun.Asaresult,thelong-runPhillipscurveisverticalatthenatura
