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Oil prices and the macroeconomy
Assume that the economy starts at the natural level of output. Now suppose there is a permanent decrease in the relative price of oil.
[Remember that this decrease in the marginal production cost has similar effects to a reduction in the mark up rate, m.]
a. Using the wage-setting and price-setting diagram (explaining what lies behind the curves), show what happens to the unemployment rate in the medium run.
b. What happens to medium-run equilibrium output?
c. Assume the central bank has an inflation target. In an AS-AD diagram (explaining what lies behind the curves), show what happens to output and inflation in the short run and the medium run.
HC1072 Economics and International Trade Assignment Help and Solution, Holmes Institute - Assessment Writing Service - Develop a broad understanding
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