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2、.,U1,b,P2,.,U2,A short-run Phillips curveOP (,Expectations and the Phillips curve,The accelerationisttheory of inflation,Expectations and the Phillips,The accelerationist theory of inflation,P (%),.,U (%),The accelerationist theory of,The accelerationist theory of inflation,P (%),.,U (%),6,a,8,I (Pe
3、 = 0),.,The accelerationist theory of,The accelerationist theory of inflation,P (%),.,U (%),6,a,b,8,I (Pe = 0),.,The accelerationist theory of,The accelerationist theory of inflation,P (%),.,U (%),6,8,a,b,c,I (Pe = 0),.,II (Pe = 4%),.,The accelerationist theory of,The accelerationist theory of infla
4、tion,P (%),.,U (%),6,a,b,c,d,8,I (Pe = 0),.,II (Pe = 4%),.,The accelerationist theory of,The accelerationist theory of inflation,P (%),.,U (%),6,a,b,c,d,8,I (Pe = 0),.,II (Pe = 4%),.,e,III (Pe = 8%),.,The accelerationist theory of,The accelerationist theory of inflation,P (%),.,U (%),6,a,b,c,d,8,I (
5、Pe = 0),.,II (Pe = 4%),.,e,III (Pe = 8%),f,IV (Pe = 12%),.,.,The accelerationist theory of,Expectations and the Phillips curve,A vertical long-runPhillips curve,Expectations and the Phillips,The long-run Phillips curve,P (%),.,U (%),6,8,I (Pe = 0),.,II (Pe = 4%),.,III (Pe = 8%),IV (Pe = 12%),.,.,The
6、 long-run Phillips curveP (,The long-run Phillips curve,P (%),.,U (%),Un,6,8,The long-runPhillips curve,The long-run Phillips curveP (,The effects of deflation,P (%),.,U (%),8,X (Pe = 20%),.,J,The effects of deflationP (%).,The effects of deflation,P (%),.,U (%),8,13,J,k,X (Pe = 20%),.,The effects o
7、f deflationP (%).,The effects of deflation,P (%),.,U (%),8,13,k,l,X (Pe = 20%),.,XI (Pe = 18%),.,J,The effects of deflationP (%).,The effects of deflation,P (%),.,U (%),8,13,k,l,m,X (Pe = 20%),.,XI (Pe = 18%),XII (Pe = 16%),.,.,J,The effects of deflationP (%).,The effects of deflation,P (%),.,U (%),
8、8,13,k,l,m,a,J,The effects of deflationP (%).,Expectations and the Phillips curve,Phillips loops,Expectations and the Phillips,Clockwise Phillips loops,P (%),.,U (%),Un,a,Year 0,Clockwise Phillips loopsP (%).,Clockwise Phillips loops,P (%),.,U (%),Un,a,b,Year 0, 1,Clockwise Phillips loopsP (%).,Cloc
9、kwise Phillips loops,P (%),.,U (%),Un,a,b,c,Year 0, 1,Year 2,Clockwise Phillips loopsP (%).,Clockwise Phillips loops,P (%),.,U (%),Un,a,b,c,d,Year 0, 1,Year 2,Year 3,Clockwise Phillips loopsP (%).,Clockwise Phillips loops,P (%),.,U (%),Un,a,b,c,d,e,Year 0, 1,Year 2,Year 3,Year 4,Clockwise Phillips l
10、oopsP (%).,Clockwise Phillips loops,P (%),.,U (%),Un,a,b,c,d,e,f,Year 0, 1,Year 2,Year 3,Year 4,Year 5,Clockwise Phillips loopsP (%).,Clockwise Phillips loops,P (%),.,U (%),Un,a,b,c,d,e,f,g,Year 0, 1,Year 2,Year 3,Year 4,Year 5, 8,Clockwise Phillips loopsP (%).,Clockwise Phillips loops,P (%),.,U (%)
11、,Un,a,b,c,d,e,f,g,h,Year 0, 1,Year 2,Year 3,Year 4, 7,Year 5, 8,Clockwise Phillips loopsP (%).,Clockwise Phillips loops,P (%),.,U (%),Un,a,b,c,d,e,f,g,h,i,Year 0, 1,Year 2,Year 3, 8,Year 4, 7,Year 5, 8,Clockwise Phillips loopsP (%).,Clockwise Phillips loops,P (%),.,U (%),Un,a,b,c,d,e,f,g,h,i,J,Year
12、0, 1,Year 2, 9,Year 3, 8,Year 4, 7,Year 5, 8,Clockwise Phillips loopsP (%).,Clockwise Phillips loops,P (%),.,U (%),Un,a,b,c,d,e,f,g,h,i,J,Year 0, 1, 10,Year 2, 9,Year 3, 8,Year 4, 7,Year 5, 8,Clockwise Phillips loopsP (%).,Expectations and the Phillips curve,Phillips loopsin the UK?,Expectations and
13、 the Phillips,75,74,80,76,77,79,71,73,72,78,90,89,97,96,91,88,95,82,83,84,85,86,93,87,92,94,81,Inflation (%),Unemployment (%),Phillips loops in the UK?,757480767779717372789089979691,75,74,80,76,77,79,71,73,72,78,90,89,97,96,91,88,95,82,83,84,85,86,93,87,92,94,81,Inflation (%),Unemployment (%),Phill
14、ips loops in the UK?,757480767779717372789089979691,75,74,80,76,77,79,71,73,72,78,90,89,97,96,91,88,95,82,83,84,85,86,93,87,92,94,81,Inflation (%),Unemployment (%),Phillips loops in the UK?,757480767779717372789089979691,75,74,80,76,77,79,71,73,72,78,90,89,97,96,91,88,95,82,83,84,85,86,93,87,92,94,81,Inflation (%),Unemployment (%),Phillips loops in the UK?,757480767779717372789089979691,75,74,80,76,77,79,71,73,72,78,90,89,97,96,91,88,95,82,83,84,85,86,93,87,92,94,81,Inflation (%),Unemployment (%),Phillips loops in the UK?,757480767779717372789089979691,
