Figure 8-2

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Transcript Figure 8-2 

Chapter 8
Inflation:
Its Causes
and Cures
Figure 8-1
Relationship of
the Short-Run
Aggregate
Supply Curve
(SAS) to the
Short-Run
Phillips Curve
(SP)
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Figure 8-2 Effect on the Short-Run Phillips Curve of an Increase
in the Expected Inflation Rate (pe) from Zero to 3 Percent
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Figure 8-3 The Adjustment Path of Inflation and Real GDP
to an Acceleration of Nominal GDP Growth from Zero to 6
Percent When Expectations Fail to Adjust
Figure 8-4 Effect on Inflation and Real GDP of an
Acceleration of Demand Growth from Zero to 6 Percent
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Figure 8-5 Initial Effect on Inflation and Real GDP of a Slowdown
in Nominal GDP Growth from 10 Percent to 4 Percent
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Figure 8-6 Adjustment Path of Inflation and Real GDP to a
Policy That Cuts Nominal GDP Growth from 10 Percent in
1980 to 4 Percent in 1981 and Thereafter
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Figure 8-7 The Inflation Rate and the Output
Ratio, 1980–95
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International Perspective Did Disinflation in
Europe Differ from That in the United States?
Source: OECD Economic Outlook, December 2001.
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Figure 8-8
Four-Quarter
Growth Rates
of the GDP
Deflator and
Nominal GDP
and the Level
of Nominal
and Real Oil
Prices,
1970–2001
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Figure 8-9 The Unemployment Rate and the
Inflation Rate, 1960–2002
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Figure 8-10 The Effect on the Inflation Rate and the Output
Ratio of an Adverse Supply Shock That Shifts the SP Curve
Upward by 3 Percent
Figure 8-11 Effect of Adverse Supply Shocks in the 1970s
and Beneficial Supply Shocks in the 1990s
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Figure 8-12
The Inflation
Rate, the Actual
Unemployment
Rate, and the
Natural Rate of
Unemployment,
1980–2001
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Figure 8-13
Responses of
the Inflation
Rate (p) and
the Output
Ratio (Y/YN)
to Shifts in
Nominal GDP
Growth and
in the SP
Curve
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Figure 8-14
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Figure 8-15
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