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Assesment - Essay Example

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The flexibility in the aggregate income of the population is calculated with the help of the sticky wage model in which the aggregate demand and the aggregate supply curve is being used. While in the long run the aggregate supply curve is a horizontal line prices being flexible…
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Download file to see previous pages... This is the chief functional form of the aggregate supply equation. The equation states that as the output undergoes a deviation from the natural rate the existing level of prices also undergoes a deviation from the expected price level of the economy. α is the percentage of the changes in the output as a response to adjust in the price level of the economy. 1/α represents the slope of the aggregate AS curve.
According to this model the workers and the firms undertake negotiation in order to decide on the nominal this. This negotiation is done irrespective of the expected price level of the economy. The nominal wage is the determined as the product of the target real wage rate and the expected level of price in the economy. Most of the economists are of the opinion that the nominal wage in the economy is sticky in the short run. With a sticky nominal wage in the economy, the prices would increase from P to P0. This would reduce the real wage rate in the economy.
Since the wages are the prices for labour the demand curve for labour would be a downward sloping curve and the supply curve would be an upward rising one. The now the labour market would comprise of the employed and the unemployed labour force. Thus the total labour in the economy would be
Therefore the level of unemployed in the economy would be L - N, where L is the total labour force, N is the employed and U is the unemployed. Therefore the natural rate of unemployment in the economy would be U* / L.
Now the wage setting relation establishes a negative relationship between the real wage that exists in the economy and the rate of unemployment existing in the economy. This relation can be represented by the downward sloping curve that is shown in the diagram below. As the rate of unemployment in the economy would increase the wages that the labourers would demand would be less (Broughton, 2009. pp. 3-5). This established the ...Download file to see next pagesRead More
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