Macro: Unit 3.6 -- The Phillips Curve
Hey Everyone! I'm Mr. Willis, and You Will Love Economics!
In this video, I will:
Review the origins of the Phillips curve
Discuss the inverse relationship between the inflation rate and the unemployment rate in
the short-run, leading to a downward-sloping short-run Phillips curve
Discuss the constant relationship between the inflation rate and the natural rate of
unemployment in the long-run, leading to a perfectly vertical long-run Phillips curve
Practice graphing how changes in aggregate demand will change the inflation rate and
the unemployment rate on a short-run Phillips curve
Practice graphing how changes in short-run aggregate supply will change the inflation rate
and the unemployment rate on a short-run Phillips curve
Practice graphing how changes in long-run aggregate supply will change the inflation rate
and the natural rate of unemployment on a long-run Phillips curve
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