Figure 9.7: The Output Gap 1980-2015 
(Source: Federal Reserve Economic Data, St. Louis Federal Reserve)
-Figure 9.7 above shows the output gap for the years 1960-2015. Using the Phillips curve and Okun's law, discuss the impacts on inflation and unemployment for the years 1997-2000 and 2008-2015. From this analysis, what is the relationship between unemployment and inflation?
Definitions:
Primary Visual Cortex
The region of the brain responsible for processing visual information, located in the occipital lobe.
Thalamus
A major part of the brain's diencephalon, acting as a principal relay station for sensory information.
Optic Disc
The point in the eye where the optic nerve meets the retina, often referred to as the blind spot because it lacks photoreceptors.
Primary Visual Cortex
The region of the brain located in the occipital lobe that processes visual information.
Q9: Consider Figure 5.7. If K<sub>SK</sub> is the
Q29: In the Phillips curve, the term _
Q41: When a central bank targets the money
Q44: The Phillips curve in the text shows
Q51: According to the permanent-income and life-cycle hypotheses,
Q66: Which of the following is the mission
Q79: Europe's relatively high unemployment rates can be
Q80: The nominal interest rate is:<br>A) the interest
Q119: In March and April 1980, inflation in
Q120: Consider the yield curves in Figure 12.3.