Chapter 16. Inflation and Deflation Link to syllabus From page 481 to page 491

The Classical Model of the Price Level. Fig. 16-1, p Done earlier, as Figure 12-16, p. 367.

Unemployment and Inflation, 1960s. Figure 16-6,-7 p. 485

The Phillips Curve: Concept, and empirical data. (Another text).

AD-AS Model, and the Short Run Phillips Curve. Figure 16-8, p. 486.

The Phillips Curve and Supply Shocks. Fig p. 487.

Expected Inflation and the Short Run Phillips Curve. Fig p. 457.

Unemployment and Inflation, Figure 16-10, p. 489.

NAIRU and the Long Run Phillips Curve. Fig , p. 459 Attempt at keeping the economy at unemployment less than NAIRU, will result in an increase of inflation (A → B → C).

The Classical Model of the Price Level. Fig. 16-1, p NAIRU and the Long Run Phillips Curve. Fig , p. 490 A vertical LRAS is the same as a vertical LRPC. (Can be considered the core of non-interventionist stance).

Disinflation Around the World Post P. 461

The Cost of Reducing Inflation. Fig , p. 462.

Zero Bound (on interest rates) in US History. Fig , p Zero interest rates only in the 1930s

Japan’s Lost Decade. Figure 16-15, p. 464.

Interest Rates Are Now Very Low. Fig , p. 465

Inflation and Wages in the U.S. and the Eurozone. Figure 16-3 p. 447 Greater indexing in Europe makes them move more closely together.

Cyclical Unemployment and the Output Gap. Figure 16-5 p. 452