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.If inflation expectations rise, the short-run Phillips curve shifts. Please answer correct explain please asap please. Don't answer by pen paper plzGiven 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 _____.
- Consider the expectations augmented Phillips curve model. Suppose that we are starting from long - runequilibrium with a central bank which cares a lot about unemployment and relatively little about inflation.a) Draw and carefully label the graph of this situation. b) Explain where the Phillips curve comes from inthis model. c) Explain why the equilibrium you specify is the only Nash equilibrium. d) Now suppose that anew central bank governor is appointed who cares a lot about inflation and relatively little aboutunemployment. Redraw your graph twice, once showing what happens if private agents know the newgovernor's preferences and again showing what happens if private agents mistakenly believe that thenew governor has the same preferences as the old governor. Explain clearly why the outcome is differentin the two cases.Answer should be typedHow do long-term and short-term Phillips curves compare for the unemployment and inflation rates
- Image not accepted. Only type writing allow....don't use pepar work then I will give u down thamb ?ONLY G and E Please! I put the other page on there with A-D only for reference to the economic situation.Starting from any point in tne Pnillips curve shown in Figure 12.5, an unexpected decrease in oil prices will move the economy from point A c to point b. c to point a. C a to point b. D b to point c. Not enough information is given. Figure 12.5: Phillips Curve
- On a given short-run Phillips curve which of the following is held constant? a. the level of GDP b. employment c. the unemployment rate d. expected inflation39. Model the Phillips curve and explain what the curve means in terms of policy.(a) What events of the 1970s and 1980s made economists believe that the shortrun relationship between inflation and unemployment was unstable (not fixed and permanent)? (b) Explain, using a diagram(s) and the concept of stagflation, the relationship between shifts in the SRAS curve and the position of the short-run Phillips curve.
