Describe the short run trade-off between inflation and unemployment. Why is there not a long-run trade-off? How long do you think the short-run lasts? (Or do you believe there is a trade-off at all – many economists don’t. Why?
When we try to decrease levels of inflation, the Fed slows the rate at which the money supply is growing, it contracts aggregate demand. The fall in aggregate demand, in turn, reduces the quantity of goods and services that firms produce, and this fall in production leads to a rise in unemployment. In the long run though, decreasing levels of inflation is good because unemployment will go back to its normal rate. the Short run probably lasts over a year. this is because it takes time for unemployment to go back to its natural rate.
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