In the last half of the 1990s, the usual short-run trade-off between inflation and unemployment did not arise because:________

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11-08-2022
Social Studies

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In the last half of the 1990s, the usual short-run trade-off between inflation and unemployment did not arise because:________

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RajarshiG RajarshiG · Answer 1 · 2022-08-20T07:48:18+02:00

In the last half of the 1990s, the usual short-run trade-off between inflation and unemployment did not arise because productivity grew faster than previously.

Society faces a trade-off between unemployment and inflation in short term. Policy makers can lower unemployment and expand aggregate demand only at the cost of higher inflation. Inflation and unemployment are unrelated in the long run.

Inflation is the uneven increase in prices over a period of time. As inflation accelerates, workers may supply labor in the short term because of higher wages which leads to a decline in the unemployment rate.

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