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Economics of the Phillips Curve

Unemployment and inflation are two of the most important macroeconomic objectives for an economy. The Phillips Curve is a model that suggests there is a potential trade-off between improving the outcome for both prices and jobs. We explore these ideas in this revision video. #inflation #unemployment #edexceleconomics #aqaeconomics #ibeconomics VIDEO TIMESTAMPS 0:00 - Introduction 0:33 - Explains what the Phillips curve is and its inverse relationship between unemployment and inflation 2:10 - Shows a graph of the short-run Phillips curve and explains how it depicts the tradeoff between unemployment and inflation 4:30 - Discusses why inflation tends to be low when unemployment is high and vice versa 6:22 - Provides recent UK data showing falling unemployment and inflation from 2013-2019 but rising inflation in 2022 due to external shocks 7:52 - Explains the expectations augmented Phillips curve, which accounts for inflation expectations influencing actual inflation 9:42 - Discusses policies like supply-side policies that can improve the unemployment/inflation tradeoff 11:12 - Conclusion VIDEO SUMMARY This video explains the Phillips curve, an economic model showing the inverse relationship between unemployment and inflation. It depicts this tradeoff on a graph, explaining that inflation tends to be low when unemployment is high. It provides recent UK data as an example. The video then explains the expectations augmented Phillips curve, which accounts for how inflation expectations influence actual inflation. It concludes by discussing policies like supply-side policies that can improve the unemployment/inflation tradeoff. KEY TERMS USED Phillips curve, unemployment, inflation, tradeoff, short-run Phillips curve, output gap, stagflation, expectations augmented Phillips curve, inflation expectations, supply-side policies