Inflation and expected inflation are important determinants of economic activity.
(a) Draw a correctly labeled graph of a short-run Phillips curve.
（b) Using your graph in part (a), show the effect of an increase in the expected rate of inflation.
(c) What is the effect of the increase in the expected rate of inflation on the long-run Phillips curve?
(d) Given the increase in the expected rate of inflation from part (b),
(i) will the nominal interest rate on new loans increase, decrease, or remain unchanged?
(ii) will the real interest rate on new loans increase, decrease, or remain unchanged?
(e) Assume that the nominal interest rate is 8 percent. Borrowers and lenders expect the rate of inflation to be 3 percent, and the growth rate of real gross domestic product is 4 percent. Calculate the real interest rate.上海AP培训，请关注环球AP。
(a) 此题考查的是短期菲利普斯曲线。X轴为失业水平，Y轴的(b) expected inflation rate会使短期菲利普斯曲线移动，在预期通胀率增加时，曲线右移，这是因为短期内，预期水平较高，需要较高的名义通胀率来达到相同的失业率水平，即在同样的名义通胀率下，若预期通胀率较高，失业率会较高。
(d. i) 名义利率=预期通胀率+实际利率，所以预期通胀率增加会使名义利率增加。
(d. ii) 预期通胀率对实际利率不产生影响。