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Disinflation
________: reduction in the rate of inflation (as opposed to deflation, a reduction in the price level)
Rate of Change of Money Wages
The Relationship between Unemployment and the ________ in the United Kingdom, 1861- 1957 "was published in* Economica* by A.W.
Sacrifice ratio
________: the number of percentage points of annual output lost in the process of reducing inflation by 1 percentage point.
Friedman and Phelps
________ introduced the* expected inflation* to the equation, which helped conclude that unemployment returned to its natural rate in the long run.
Volcker disinflation
The ________ said that inflation was reduced when budget deficits were expanding aggregate demand.
period of high unemployment
If a nation wants to reduce inflation, it has to go through a(n) ________ and low output.
Phillips curve
________: a curve that shows the short- run tradeoff between inflation and unemployment.
Note
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