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Philips curve refers to the curve which shows the trade-off between inflation and unemployment. When there is a higher level of inflation, there will be a lower level of unemployment and vice versa. Therefore, inflation and unemployment have inverse relationship.
Trade-off Philips curve in the short run:
In the short run, the adjustment between the price and wages is relatively low. Therefore, when there is higher inflation than expected, then it increases the employment and output, which in turn decreases the level of unemployment and vice-versa.Trade-off Philips curve in the long run:
In the long run, price and wages are adjusted quickly. The increasing price leads to an increase in the wages. Therefore, there is no change in the output or unemployment level. Hence, the price increase leads to an increase in inflation rate and leaves the output as it is in the economy.
Shifts in the long-run Philips curve:
The Philips curve is determined by the potential level of output or at the point of natural rate of unemployment. If there is an increase in the factors of production such as raw materials and labor, then it leads to an increase in the production, which consequently shifts the long-run Philips curve rightward and vice-versa. Hence, change in the level of key resources shifts the long-run Philips curve.
Expansionary policy refers to the macroeconomic policy which increases the money supply in the economy with the intention of bringing economic growth. The expansionary policy creates the inflationary situation in the economy.
Expansionary policy increases the supply of money which helps the economy to grow. Even though expansionary policy creates the inflationary situation, inflationary situation can be bearable due to the economic growth at certain level. At the time of election, government implements the expansionary policy and gives assurance to people that their policy would take the country to a prosperous growth path. This would help to re-elect the political party.
Therefore, people expect the expansionary policy at the time of election. If the government fails to implement the expansionary policy, then it would lead to deflation and reduce the supply of money in to the economy, which in turn causes the economic growth to decline. This would lead to failure of the government in the election.
Hence, the government would implement the expansionary policy at the time of election.