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Long Run Phillips Curve definitions

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  • Long Run Phillips Curve
    A vertical line showing that inflation can vary while unemployment remains at its natural rate when the economy is at potential GDP.
  • Unemployment
    A condition where individuals are without jobs but actively seeking work, including those switching fields or recently laid off.
  • Inflation
    A sustained increase in the general price level, which can fluctuate even when unemployment is stable in the long run.
  • Potential GDP
    The output level where all resources are used efficiently, with the economy operating at its natural unemployment rate.
  • Natural Rate of Unemployment
    The unemployment rate present when the economy is at potential GDP, typically around 4%, including frictional and structural factors.
  • Frictional Unemployment
    Joblessness arising from individuals transitioning between jobs or entering the workforce, even in a healthy economy.
  • Structural Unemployment
    Unemployment resulting from mismatches between workers' skills and job requirements, persisting even at full resource use.
  • NAIRU
    The unemployment rate at which inflation remains stable, with no tendency to accelerate or decelerate.
  • Long Run Aggregate Supply
    A vertical curve in the ADAS model indicating that output is fixed at potential GDP, regardless of price level changes.
  • Aggregate Demand
    The total demand for goods and services in an economy, which can shift price levels but not long-run unemployment.
  • Price Level
    A measure of the average prices of goods and services, which can change without affecting the natural unemployment rate in the long run.
  • ADAS Model
    A framework combining aggregate demand and aggregate supply to analyze price levels and output in the economy.
  • Long Run Equilibrium
    A state where the economy operates at potential GDP, with stable unemployment at its natural rate and variable inflation.