1. Lecture 12 Aggregate Supply and the Short-Run Tradeoff Between Inflation and Unemployment 1

2. 2 Lecture 12. Aggregate Supply The Basic Theory of Aggregate Supply

3. 3 Lecture 12. Aggregate Supply 1. The Sticky-Price Model 2. The Imperfect-Information Model

4. 4 Lecture 12. Aggregate Supply Case Study: International Differences in the Aggregate Supply Curve

5. 5 Lecture 12. Aggregate Supply Summary and Implications

6. 6 Lecture 12. Aggregate Supply Summary and Implications

7. 7 Lecture 12. Aggregate Supply Inflation, Unemployment, and the Phillips Curve

8. 8 Lecture 12. Aggregate Supply The History of the Modern Phillips Curve Adaptive Expectations and Inflation Inertia Two Causes of Rising and Falling Inflation

9. 9 Lecture 12. Aggregate Supply Case Study: Inflation and Unemployment in the United States

10. 10 Lecture 12. Aggregate Supply The Short-Run Tradeoff Between Inflation and Unemployment

11. 11 Lecture 12. Aggregate Supply The Short-Run Tradeoff Between Inflation and Unemployment

12. 12 Lecture 12. Aggregate Supply FYI: How Precise Are Estimates of the Natural Rate of Unemployment?

13. 13 Lecture 12. Aggregate Supply Disinflation and the Sacrifice Ratio Rational Expectations and the Possibility of Painless Disinflation Case Study: The Sacrifice Ratio in Practice

14. 14 Lecture 12. Aggregate Supply Hysteresis and the Challenge to the Natural- Rate Hypothesis Hysteresis and the Long-Run Phillips Curve

15. 15 Lecture 12. Aggregate Supply The Mother of All Models

16. 16 Lecture 12. Aggregate Supply Conclusion