The Phillips curve is an economic model, named after William Phillips hypothesizing a correlation between reduction in unemployment and increased rates of wage rises within an economy. While Phillips himself did not state a linked relationship between employment and inflation, this was a trivial deduction from his statistical findings. Paul Samuelson and Robert Solow made the connection explicit and subsequently Milton Friedman and Edmund Phelps put the theoretical structure in place. While there is a short run tradeoff between unemployment and inflation, it has not been observed in the long run. In 1967 and 1968, Friedman and Phelps asserted that the Phillips curve was only applicable in the short-run and that, in the long-run, inflationary policies would not decrease unemployment. Friedman then correctly predicted that in the 1973–75 recession, both inflation and unemployment would increase. In the 2010s the slope of the Phillips curve appears to have declined and there has been controversy over the usefulness of the Phillips curve in predicting inflation. A 2022 study found that the slope of the Phillips curve is small and was small even during the early 1980s. Nonetheless, the Phillips curve remains the primary framework for understanding and forecasting inflation used in central banks. (Wikipedia).
The Phillips Curve- Macro Topic 5.2
Hey students. In this video I show you how to draw and shift the Phillips curve. Remember that there are two curves: the short-run Phillips curve and the long-run Phillips curve. The best way to understand them is to remember what you learned in Unit 3 about aggregate demand and supply.
From playlist Macro Unit 5: Long-Run Consequences of Stabilization Policies
Calculus: For a function f(x), we define the derivative f'(x) as the slope of the tangent line at x. Examples are given, and we show that differentiability implies continuity.
From playlist Calculus Pt 1: Limits and Derivatives
Using normal distribution to find the probability
👉 Learn how to find probability from a normal distribution curve. A set of data are said to be normally distributed if the set of data is symmetrical about the mean. The shape of a normal distribution curve is bell-shaped. The normal distribution curve is such that the mean is at the cente
From playlist Statistics
Learn how to use a normal distribution curve to find probability
👉 Learn how to find probability from a normal distribution curve. A set of data are said to be normally distributed if the set of data is symmetrical about the mean. The shape of a normal distribution curve is bell-shaped. The normal distribution curve is such that the mean is at the cente
From playlist Statistics
Find the probability of an event using a normal distribution curve
👉 Learn how to find probability from a normal distribution curve. A set of data are said to be normally distributed if the set of data is symmetrical about the mean. The shape of a normal distribution curve is bell-shaped. The normal distribution curve is such that the mean is at the cente
From playlist Statistics
How to find the probability using a normal distribution curve
👉 Learn how to find probability from a normal distribution curve. A set of data are said to be normally distributed if the set of data is symmetrical about the mean. The shape of a normal distribution curve is bell-shaped. The normal distribution curve is such that the mean is at the cente
From playlist Statistics
How to find the probability using a normal distribution curve
👉 Learn how to find probability from a normal distribution curve. A set of data are said to be normally distributed if the set of data is symmetrical about the mean. The shape of a normal distribution curve is bell-shaped. The normal distribution curve is such that the mean is at the cente
From playlist Statistics
Changes in the AD-AS Model and the Phillips curve | APⓇ Macroeconomics | Khan Academy
Keep going! Check out the next lesson and practice what you’re learning: https://www.khanacademy.org/economics-finance-domain/ap-macroeconomics/ap-long-run-consequences-of-stabilization-policies/the-phillips-curve/a/the-phillips-curve In this video, the long-run Phillips curve is introduc
From playlist Long-run consequences of stabilization policies | AP Macroeconomics | Khan Academy
Calculus 1: What is a Derivative? (2 of 9) A Derivative is the Slope of a Function
Visit http://ilectureonline.com for more math and science lectures! In this video I will explain the relationship between the tangent line at point P and the derivative at point P. Next video in the series can be seen at: http://youtu.be/kNwprrgfu_s
From playlist CALCULUS 1 CH 2 WHAT IS A DERIVATIVE?
Thank you for watching my econ videos. In an AP or introductory college macroeconomic course you must draw, shift, and explain different graphs, including: aggregate demand and supply, the money market, and foreign exchange. In this video I explain the key graphs you need and how they inte
From playlist Macro Unit 6: Open Economy- International Trade and Finance
Learning to find the probability using normal distribution
👉 Learn how to find probability from a normal distribution curve. A set of data are said to be normally distributed if the set of data is symmetrical about the mean. The shape of a normal distribution curve is bell-shaped. The normal distribution curve is such that the mean is at the cente
From playlist Statistics
Key Graphs of AP Macroeconomics
It's time to review the 5 key graphs of macroeconomics. Make sure to watch the videos explaining each graph. Need help? Check out the Ultimate Review Packet for FREE: https://www.acdcecon.com/review-packet
From playlist Macro Unit 6: Open Economy- International Trade and Finance
Phillips curve | Inflation - measuring the cost of living | Macroeconomics | Khan Academy
The observation that inflation and unemployment tend to be inversely correlated Watch the next lesson: https://www.khanacademy.org/economics-finance-domain/macroeconomics/aggregate-supply-demand-topic/aggregate-supply-demand-tut/v/aggregate-demand?utm_source=YT&utm_medium=Desc&utm_campaig
From playlist Long-run consequences of stabilization policies | AP Macroeconomics | Khan Academy
Review Activity- What's Wrong with this Picture?
This activity is designed to help you master the key graphs of macroeconomics or microeconomics. If you can spot what’s wrong with each graph you will be less likely to make those mistakes. The handout for the activity is free and is located in the Ultimate Review Packet in the “Final
From playlist Micro Unit 6: Market Failure and the Government
Jean-Frédéric Gerbeau: Fluid-structure interaction in the cardiovascular system. Lecture 2
Abstract: I will introduce the topic of computational cardiac electrophysiology and electrocardiograms simulation. Then I will address some questions of general interest, like the modeling of variability and the extraction of features from biomedical signals, relevant for identification an
From playlist Mathematics in Science & Technology
Learn how to create a normal distribution curve given mean and standard deviation
👉 Learn how to find probability from a normal distribution curve. A set of data are said to be normally distributed if the set of data is symmetrical about the mean. The shape of a normal distribution curve is bell-shaped. The normal distribution curve is such that the mean is at the cente
From playlist Statistics
A Language Whose Characters Are Triangles - Rob Phillips - 12/6/2021
A Language Whose Characters are Triangles CPET Annual Seminar by 2021 Feynman Prize for Excellence in Teaching Recipient, Professor Rob Phillips Jump to: Introductions - 00:07 Professor Phillips presentation - 1:58 Q&A - 45:31 The 2021 Feynman Prize for Excellence in Teaching, awarded
From playlist Caltech Center for Teaching, Learning, and Outreach