http://www.flashcardexchange.com/tag/ulc www.flashcardexchange.com: ulc Flashcards en-us Wed, 15 Feb 2012 04:47:06 PST Wed, 15 Feb 2012 04:47:06 PST support@flashcardexchange.com 720 http://www.flashcardexchange.com/flashcards/view/789371 I. Some background<br />A. What Phillips discovered <br />B. Defining Unit Labor Costs<br />C. From wage changes to price changes<br />II. Origins of the Phillips Curve<br />A. Applying aggregate demand-aggregate supply analysis to a growing economy<br />B. Does the Phillips curve fit the data?<br />III. Supply Shocks and Inflation<br />A. Supply shocks cause deviations of Inflation from %deltaULC<br />B. Adverse supply shocks raise both Inflation rate and U.<br />C. Favorable supply shocks reduce both Inflation rate and U.<br />D. Two main conclusions<br />IV. The Vertical Long-Run Phillips Curve<br />A. Remember the self-correcting mechanism<br />B. How this appears on a Phillips curve<br />C. Conclusions:<br />1. Points like a and b are not sustainable.<br />V. Expected Inflation and the Phillips Curve 2009-04-13 http://www.flashcardexchange.com/flashcards/view/789371