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Chapter 12 Unemployment and Inflation. Copyright © 2005 Pearson Addison-Wesley. All rights reserved. 12-2 Figure 12.1 The Phillips curve and the U.S.

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Presentation on theme: "Chapter 12 Unemployment and Inflation. Copyright © 2005 Pearson Addison-Wesley. All rights reserved. 12-2 Figure 12.1 The Phillips curve and the U.S."— Presentation transcript:

1 Chapter 12 Unemployment and Inflation

2 Copyright © 2005 Pearson Addison-Wesley. All rights reserved Figure 12.1 The Phillips curve and the U.S. economy during the 1960s

3 Copyright © 2005 Pearson Addison-Wesley. All rights reserved Figure 12.2 Inflation and unemployment in the United States, 1970–2002

4 Copyright © 2005 Pearson Addison-Wesley. All rights reserved Figure 12.3 Ongoing inflation in the extended classical model

5 Copyright © 2005 Pearson Addison-Wesley. All rights reserved Figure 12.4 Unanticipated inflation in the extended classical model

6 Copyright © 2005 Pearson Addison-Wesley. All rights reserved Figure 12.5 The shifting Phillips curve: an increase in expected inflation

7 Copyright © 2005 Pearson Addison-Wesley. All rights reserved Figure 12.6 The shifting Phillips curve: an increase in the natural unemployment rate

8 Copyright © 2005 Pearson Addison-Wesley. All rights reserved Figure 12.7 The expectations-augmented Phillips curve in the United States, 1970–2002

9 Copyright © 2005 Pearson Addison-Wesley. All rights reserved Figure 12.8 The long-run Phillips curve

10 Copyright © 2005 Pearson Addison-Wesley. All rights reserved Figure 12.9 Actual and natural unemployment rates in the United States

11 Copyright © 2005 Pearson Addison-Wesley. All rights reserved Figure Unemployment rates by demographic group

12 Copyright © 2005 Pearson Addison-Wesley. All rights reserved Figure Unemployment rates by demographic group (contd)

13 Copyright © 2005 Pearson Addison-Wesley. All rights reserved Figure Unemployment rates in Western Europe

14 Copyright © 2005 Pearson Addison-Wesley. All rights reserved Box 12.4 The Sacrifice Ratio


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