Inflation Is a Fundamental Constraint on Economic Policy
English Price Level and Real Wage, 1270-1999 (1270 = 1)
U.S. Prices since the Civil War
Inflation Has Remained
Low
and Stable in the 1990s
Money and Hyperinflation in Germany, 1922-1924
Demand-Pull Inflation Occurs When Too Much Spending Chases Too Few Goods
An Upward Spiral of Prices
and Wages Occurs When Aggregate Supply
and Demand Shift Up Together
The Short-Run Phillips Curve
Depicts
the Trade-off between Inflation
and Unemployment
The Phillips Curve
or the Phillips Curl?
How Shocks Move
the Phillips Curve