'Nominal wages' presentation slideshows

Chapter 13 Unemployment and Inflation

Chapter 13 Unemployment and Inflation. Economics 282 University of Alberta. Unemployment and Inflation. The Phillips curve is a negative empirical relationship between unemployment and inflation. In 1970-2003 there seemed to be no reliable relationship between unemployment and inflation.

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Aggregate Supply: Introduction & Determinants

Aggregate Supply: Introduction & Determinants. Objectives:. What is the aggregate supply curve and what is the relationship between the aggregate price level and the quantity of aggregate output supplied in the economy?. 1929-1933. Sharp fall in aggregate demand Consequences:

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The Downturn of 1920-21

The Downturn of 1920-21. 1920-1921: Nominal GNP falls 23.9%, Real GNP falls 8.7%, Prices fall 15.2% 1929-1930: Nominal GNP falls 12.3%, Real GNP falls 9.9%, Prices fall 2.4%. Aggregate Demand. AD = C + I + G + NX AD = Aggregate Demand C = Consumption I = Investment G = Government Spending

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The Great Depression:

The Great Depression:. Why did it begin in late 1929? And why did it last 12 years?. Has the Great Depression been explained?. Most previous accounts of the Great Depression fail to explain why a severe worldwide slump began in late 1929.

374 views • 23 slides

Aggregate Supply

Aggregate Supply. How the Aggregate supply curve illustrates the relationship between the aggregate price level and the quantity of aggregate output supplied in the economy. What factors can shift the aggregate supply curve.

489 views • 23 slides

Exchange Rate Regimes

Exchange Rate Regimes. Fixed Exchange Rates and the Adjustment of the Real Exchange Rate. In the medium run, the economy reaches the same real exchange rate and the same level of output (whether it operates under fixed exchange rates or under flexible exchange rates.)

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Ch. 10- The Short Run Aggregate Supply Curve

Ch. 10- The Short Run Aggregate Supply Curve. By J.A.SACCO. Short Run Aggregate Supply. The Short Run is the period that begins immediately after an increase in the price level and ends when input prices have increased in the same proportion to the increase in the price level .

553 views • 18 slides

Activity 41

Activity 41. The neutrality of money. Money is neutral. In the long run changes in money supply will only change price level and have no change on real output. In the short run, explain what happens to real output.

277 views • 18 slides

Keynesian AS-AD

Keynesian AS-AD. The Keynesian System (IV): Aggregate Supply and Demand. Constructing AD. The AD curve can be constructed from the IS-LM apparatus. Recall that the price level is established outside the IS-LM model.

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The Great Depression

The Great Depression. The United States Experience 1929-1941. What Caused the Great Depression?. Why was aggregate demand so low? Is there evidence to support monetary impotence or evidence of a failure of the economy to self correct?

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AP Macroeconomics

AP Macroeconomics. Aggregate Supply. Aggregate Supply. The level of Real GDP (GDP R ) that firms will produce at each Price Level (PL) Shows relationship between total quantity supplied by all firms & the overall PL. Long-Run (vertical line)

207 views • 14 slides

The Macroeconomics of the Great Depression: A Comparative Approach

The Macroeconomics of the Great Depression: A Comparative Approach. Ben S. Bernanke Journal of Money, Credit, and Banking, Vol. 27, No.1 (February 1995). Depression obviously worldwide in nature Easier to identify forces that caused it when looking at multiple countries (larger data set)

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Labour Compensation

241 views • 10 slides

Lesson 7-2 Aggregate Supply

Lesson 7-2 Aggregate Supply. Aggregate Supply: the Long Run and The Short Run Basic Definitions The short run in macroeconomic analysis is a period in which wages and some other prices are sticky.

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Appendix 11.A

Appendix 11.A. Labor Contracts and Nominal-Wage Rigidity. Appendix 11.A: Labor Contracts and Nominal-Wage Rigidity. Some Keynesians think the nonneutrality of money is because of nominal-wage rigidity, not nominal-price rigidity

73 views • 7 slides