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This 6-page paper introduces economic concepts such as cost-push inflation, sacrifice ratio and the Taylor Rule. Bibliography lists 4 sources.
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6 pages (~225 words per page)
File: D0_MTtermecon.rtf
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of inflation in a particular economic situation, stating that the lower unemployment is in an economy, the higher the wage increase. On the other hand, high unemployment tends to mean
lower inflation. The equation would be: g(M) = g(w) - f(U) in which "g" stands for growth, "M" stands for
money supply (i.e., inflation), "W" stands for wages and "U" stands for unemployment. On a graph, the curve would be represented by a curve moving down and to the right,
with the vertical axis representing the inflation rate and the horizontal axis the unemployment rate. Inflation Inertia Any kind of inertia can
be defined as a "slow adaptation of a variable to unexpected changes in economic conditions" (Lendvai, 2004). In other words, when something is slow to change in response to economic
conditions, its believed to be in an inert state. Inflation inertia, therefore, would involve a change to the economy that might prompt inflation in theory, but doesnt do so in
reality. Its assumed, for example, that putting too much money into an economy might lead to inflation. The fact that it doesnt always happen this way could be said to
be inflation inertia. Adaptive and Rational Expectation Adaptive expectations as it pertains to economics is the belief that changes in conditions in
the recent past are extrapolated into the future (Markandya et al, 2001). Rational expectation, in the meantime, tends to base future expectations on all the information available, rather than attempting
to put past results on future outcomes (Markandya et al, 2001). Cost Push and Demand Pull Inflation Cost-push and
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