the phillips curve and expectations theory
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The Phillips Curve andExpectations Theory
CHAPTER
27
2Tucker Economics for Today, 4e • Ch 27 The Phillips Curve and Expectations Theory© 2005 Thomson/South-Western
EXHIBIT 1 THE THEORETICAL RELATIONSHIP BETWEEN CHANGES IN AGGREGATE DEMAND AND THE PHILLIPS CURVE
3Tucker Economics for Today, 4e • Ch 27 The Phillips Curve and Expectations Theory© 2005 Thomson/South-Western
EXHIBIT 2 THE PHILLIPS CURVE FOR THE UNITED STATES IN THE 1960S
Source: Economic Report of the President, 2004, http://www.gpo.access.gov/eop/index.html, Tables B-35 and B-64.
4Tucker Economics for Today, 4e • Ch 27 The Phillips Curve and Expectations Theory© 2005 Thomson/South-Western
EXHIBIT 3 INFLATION AND UNEMPLOYMENT RATES FOR THE UNITED STATES, 1970–2003
Source: Economic Report of the President, 2004, http://www.gpo.access.gov/eop/index.html, Tables B-35 and B-64.
5Tucker Economics for Today, 4e • Ch 27 The Phillips Curve and Expectations Theory© 2005 Thomson/South-Western
EXHIBIT 4 THE SHORT-RUN AND LONG-RUN PHILLIPS CURVES
6Tucker Economics for Today, 4e • Ch 27 The Phillips Curve and Expectations Theory© 2005 Thomson/South-Western
EXHIBIT 5 MONEY SUPPLY GROWTH AND PRESIDENTIAL ELECTIONS, 1960–2000
Source: Economic Report of the President, 2004, http://www.gpo.access.gov/eop/index.html.
7Tucker Economics for Today, 4e • Ch 27 The Phillips Curve and Expectations Theory© 2005 Thomson/South-Western
EXHIBIT 6 ADAPTIVE EXPECTATIONS VERSUS RATIONAL EXPECTATIONS
8Tucker Economics for Today, 4e • Ch 27 The Phillips Curve and Expectations Theory© 2005 Thomson/South-Western
EXHIBIT 7 HOW DIFFERENT MACROECONOMIC MODELS CURE INFLATION
9Tucker Economics for Today, 4e • Ch 27 The Phillips Curve and Expectations Theory© 2005 Thomson/South-Western
EXHIBIT 7 HOW DIFFERENT MACROECONOMIC MODELS CURE INFLATION (Continued)
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