ECSENOMICS Chapter 32 Ensuring Price Stability McGraw-Hilllrwin Copyright C 2001 The McGraw-Hill Companies, Inc. All rights reserved
McGraw-Hill/Irwin Copyright © 2001 The McGraw-Hill Companies, Inc. All rights reserved. Chapter 32 Ensuring Price Stability
ECSENOMICS Inflation Is a Fundamental S Constraint on Economic Policy T240 Figure 32-1 Prices McGraw-Hilllrwin Copyright C 2001 The McGraw-Hill Companies, Inc. All rights reserved
McGraw-Hill/Irwin Copyright © 2001 The McGraw-Hill Companies, Inc. All rights reserved. T-240 Figure 32-1 Inflation Is a Fundamental Constraint on Economic Policy
ECSENOMICS English Price Level and Real Wage 1270-1999(1270=1) T241 Figure 32-2 ce ievel Tell scale Rcal wage iright scale) 1200 McGraw-Hilllrwin Source: E.H. Phelps Brown and S V. Hopkins, Economica, 1956, updated by authors
McGraw-Hill/Irwin Copyright © 2001 The McGraw-Hill Companies, Inc. All rights reserved. English Price Level and Real Wage, 1270-1999 (1270 = 1) T-241 Figure 32-2 Source: E.H. Phelps Brown and S.V. Hopkins, Economica, 1956, updated by authors
ECSENOMICS U.S. Prices since the Civil War T242 Figure 32-3 1.500 1,500 Oil-price shocks 1,000 1.000 500 World War II 300 World 300 War I OlIVil 200 Great Depression 100 1860 1880 1900 1920 1960 1980 2000 Year McGraw-Hilllrwin Source: U.S. Department of Labor, Bureau of Labor Statistics
McGraw-Hill/Irwin Copyright © 2001 The McGraw-Hill Companies, Inc. All rights reserved. U.S. Prices since the Civil War T-242 Figure 32-3 Source: U.S. Department of Labor, Bureau of Labor Statistics
ECSENOMICS Inflation Has Remained Low and Stable in the 1990 T243 Figure 32-4 名2三 1945195019551960196519701975 19801985199019952000 McGraw-Hilllrwin SourceU.s.DepartmentofLaborStatisticswww.hls.gny
McGraw-Hill/Irwin Copyright © 2001 The McGraw-Hill Companies, Inc. All rights reserved. Inflation Has Remained Low and Stable in the 1990s T-243 Figure 32-4 Source: U.S. Department of Labor Statistics www.bls.gov. This graph shows the consumer price index