05 Jun stion Applied Macroeconomics
Question
Applied Macroeconomics
The Phillips Curve
The economy is stable with unemployment at 5% and inflation at 3%. For the following scenarios,
assume the economy starts at this point, you must
a) Draw the AD/AS model
b) Draw the corresponding Phillips Curve (PC)
c) Explain what happens both in the short run and in the long run with the PC, inflation and
unemployment
Remember to label each point on the graph with the appropriate letter.
A decrease in interest rates causes investment to increase.
An appreciation of the nations currency leads foreigners to demand less of the countrys exports.
The discovery of large reserves of natural gas causes energy prices to decline.
The Environmental Protection Agency requires all the nations producers to adhere to strict new
greenhouse gas emissions standards.
Looser immigration laws increase the available supply of labor in the country.
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