TAILIEUCHUNG - Lecture Labour market economics: Chapter 19 - Dwayne Benjamin, Morley Gunderson, Craig Riddell

Chapter 19 - Wage changes, price inflation and unemployment. This chapter presents the following content: The connection between aggregate wage changes and unemployment rate, the relationship between inflation and unemployment, anti-inflationary policies, persistence of unemployment, wage rigidity. | Chapter Nineteen Wage Changes, Price Inflation and Unemployment Created by: Erica Morrill, Fanshawe College Chapter 19- © 2002 McGraw-Hill Ryerson Ltd. Chapter Focus The connection between aggregate wage changes and unemployment rate The relationship between inflation and unemployment Anti-inflationary policies Persistence of unemployment Wage rigidity Chapter 19- © 2002 McGraw-Hill Ryerson Ltd. Determinants of Wage Changes Unemployment Rate Expected Inflation Unanticipated Inflation Productivity Growth Other Factors Chapter 19- © 2002 McGraw-Hill Ryerson Ltd. Unemployment Rate Phillips Curve negative relationship between unemployment and inflation rate. Lipsey unemployment is overall excess of demand or supply rate of wage change is a function of this excess Chapter 19- © 2002 McGraw-Hill Ryerson Ltd. Figure a Wage Changes, Excess Demand and Unemployment W N Disequilibrium in individual labour markets W N S S Wa* D D Wb* Wa Da Sa Wb Sb Db Chapter 19- © .

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