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- 5. A.W. Phillips (1914 - 1975) Phillips Curve Relationship between Inflation and Unemployment
- 6. Phillips Curve A curve that shows the short-run trade-off between unemployment and inflation
- 7. Inflation Rate Unemployment Rate4% 7% 6% 2% Phillips Curve Tradeoff High Inflation and Low Unemployment Low Inflation and High Unemployment
- 8. Milton Friedman (1912 - 2006) No Long Run Structural Relationship between Inflation and Unemployment
- 9. Price Level Quantity of Output P1 AD- AS Model Aggregate Demand Short Run Aggregate Supply Y1 Y2 P2 Long Run Aggregate Supply P3
- 10. Short-Run Long-Run Inflation can reduce unemployment Inflation and unemployment are unrelated
- 11. Inflation Rate Unemployment Rate Phillips Curve Short-Run Long-Run No relationship because LRAS is vertical
- 12. Natural Rate Hypothesis The claim that unemployment returns to its normal, or natural rate regardless of the rate of inflation
- 13. Disinflation reduction in the rate of inflation - slows down Deflation reduction in the price level go in reverse