According to the equation in the textbook, if the natural rate of unemployment is 5%,actual inflation is 4%, expected inflation is 2%, and α = 1, what would be theunemployment rate?Unemployment rate = Natural rate of unemployment – α(Actual inflation – Expectedinflation)
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According to the equation in the textbook, if the natural rate of
actual inflation is 4%, expected inflation is 2%, and α = 1, what would be the
unemployment rate?
Unemployment rate = Natural rate of unemployment – α(Actual inflation – Expected
inflation)
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- The graph depicts a hypothetical economy's short-run Philips curve (SRPC). Please shift the SRPC to reflect what happens when expected inflation decreases by 2 percentage points. After the shift in SRPC, what is the unemployment rate if the public expects no inflation in the economy? % Inflation rate (%) -1 -2 0 7 6 SRPC 5 4 3 2 -3 0 1 2 3 4 5 6 7 8 0 10Research suggests that macroeconomic factors can explain the dynamics of interest rates in the economy. Suppose we are interested in understanding whether inflation plays a role in explaining interest rates. Fitting a line between the current nominal interest rate i and current inflation we obtain: i = 0.041 -0.147 What is the expected level of interest rates when inflation is at the level of 4%?What is meant by the substitution effect when measuring inflation and does the substitution effect cause the stated inflation rate to overstate or understate the true effect of inflation?
- 6. Aggregate demand, aggregate supply, and the Phillips curve In the year 2027, aggregate demand and aggregate supply in the imaginary country of Daisen-Oki are represented by the curves AD 2027 and AS on the following graph. The price level is currently 102. The graph also shows two potential outcomes for 2028. The first possible aggregate demand curve is given by the curve labeled ADA curve, resulting in the outcome given by point A. The second possible aggregate demand curve is given by the curve labeled ADB, resulting in the outcome given by point B. PRICE LEVEL 108 107 106 105 104 103 102 101 100 0 AD 2 2027 A 4 B AS AD 6 8 10 OUTPUT (Trillions of dollars) 12 AD B A 14 16 ?Consider an economy that targets an inflation rate of 2 percent. After reviewing economic changes, the government changes the target rate to 3 percent. As a result, the MPRC will Group of answer choices get steeper shift leftward get flatter shift rightwardConsider the nature of unemployment and inflation and predict whether or not they should have some sort of relation with each other. Explain why you expect that relation to hold true.
- There is an on‐going debate on how unemployment benefits affect the unemployment rate. In the context of the Mortensen‐Pissarides model, unemployment benefits are represented by the variable b. Explain carefully how an increase in b affects each equilibrium condition (Beveridge curve, vacancy supply condition, and wage setting curve.) How is the steady‐state unemployment rate impacted by an increase in b? Use the simulation tool here, https://www.briancjenkins.com/dmp‐model/simulation‐tool.html, to check your answer.Define Inflation. Explain why inflation is a macroeconomic concern3. Problems and Applications Q3 Suppose that a rise in government purchases causes an expansion. On the following graph, shift one or both curves to reflect the short-run effect of the rise in government purchases. Price Level Inflation Rate In the short run, inflation Quantity of Output LRPC Aggregate Supply O Aggregate Demand Unemployment Rate On the following graph, shift a curve or adjust the point to reflect the short-run effect of the rise in government purchases. SRPC C and unemployment Aggregate Demand Aggregate Supply SRPC Short-Run Outcome ? LRPC Now suppose that over time, expected inflation changes in the same direction that actual inflation changes.
- You observe the following short-run Phillips curve for the economy: T = 9.2 -0.26(u - 6.5%) + v. There are no supply shocks to the economy, and the actual unemployment rate is 6.5% (and will stay that way for the foreseeable future). What will expected inflation be next year? Write your answer as a percentage, and round at one (1) decimal. Do not write the percentage sign. If you need more information to answer the question, write "O".• 4. At the peak of the Covid-19 pandemic, TURKSTAT announced that the unemployment rate fell to %12.8 from %13 in April 2020. By referring to the formula of the unemployment rate, explain in words how a drop in the unemployment rate is possible while the economy was undergoing a severe recession.At break-even income level, households’ saving is zero. 1) True 2) False Cyclical unemployment is zero if there is no inflation. 1) True 2) False
