|Statement||Allen W. Smith.|
|The Physical Object|
|Pagination||x, 178 p. :|
|Number of Pages||178|
|LC Control Number||75029492|
Additional Physical Format: Online version: Smith, Allen W. (Allen William). Understanding inflation & unemployment. Chicago: Nelson-Hall, © ISBN: OCLC Number: Notes: Includes index. Description: x, pages: illustrations ; 23 cm: Other Titles: Understanding inflation. Current perspectives on the Phillips curve, a core macroeconomic concept that treats the relationship between inflation and unemployment. In , economist A. W. Phillips published an article describing what he observed to be the inverse relationship between inflation and unemployment; subsequently, the “Phillips curve” became a central concept in macroeconomic analysis and 4/5(2). One of the reasons that inflation has come under control is that economists now have quite a good understanding of what causes it and how countries can go about reducing it. Although inflation (increasing prices) is the norm, some countries (such as Japan) have experienced prolonged deflation, that is, falling prices, which mean that people and.
Assuming that inflation expectationsare determined on the basis of lagged inflation, the Phillips curve rela-tionship posits that falling inflation is a sign that unemployment exceedsthe NAIRU. Conversely, rising inflation indicates that unemployment isbelow the NAIRU. Structural unemployment is a form of unemployment where, at a given wage, the quantity of labor supplied exceeds the quantity of labor demanded, because there is a fundamental mismatch between the number of people who want to work and the number of jobs that are available. The unemployed workers may lack the skills needed for the jobs, or they. Inflation is the rate at which the general level of prices for goods and services is rising and, consequently, the purchasing power of currency is falling. Central banks attempt to limit inflation. Let's be clear at the outset. This book is not a primer on unemployment. Far from it. It is a compendium of 10 technicalk and scholarly papers written by Summers with co-authors such as Kim B. Clark, James M. Poterba, N. Gregory Mankiw, Julio B. Rotemberg, and Oliver J. Blanchard.
Summary Introduction and Summary Two of the most important macroeconomic concepts in the popular media are inflation and unemployment. In fact, it is difficult to read through the business section of the newspaper or watch the evening news without hearing at least one of these ideas mentioned. economic statistics. A detailed chapter provides a comprehensive picture of the main statistical activities of the OECD. Finally, the book explores the crucial issue of quality assurance and the implications for public trust. This book is an essential reference for anybody interested in File Size: 2MB. Primiceri () interpretsthe run-up in U.S. inflation in the s and s and the subsequentdisinflation of the early s to policymakers learning about the persis-tence of inflation, the inflation-unemployment trade-off, and the eri assumes that the true specification for the inflation process thatthe monetary authority is. The three areas of the economy that the Fed watches most diligently are GDP, unemployment, and inflation. Most of the data they have to work .