求助一个关于AD-AS model解释monetary policy对于产生stagflation的问题

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One of the central questions in recent macroeconomic history is to what extent
monetary policy, as opposed to oil price shocks, contributed to the stagflation1 of
the1970s. Understanding what went wrong in the 1970s is the key to learning from
the past. One . . . view is that the oil price shocks of the 1970s arose exogenously with
respect to global macroeconomic conditions, but were propagated by the reaction of
monetary policy-makers, causing stagflation in the process.

Using the aggregate demand-aggregate supply model, explain how “the reaction of
monetary policy-makers” to the oil price rises of the 1970s may have contributed to
the “Great Inflation”.
问题是： coherent description of the role of monetary policy in generating stagflation
Stagflation refers to the simultaneous occurrence of an increase in the unemployment rate and an
increase in inflation. The term was widely used in the 1970s to describe the apparent coincidence of
high inflation and a contractionary gap.

policy-makers 使用expantionary monetary policy 导致inflation 上升。 可是和unemployment的关系不太懂。。 求帮助。。

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关键词：stagflation Monetary flation Policy model learning history central policy recent

inflation和unemployment不就是phillips curve的关系嘛

在AD-AS model里，短期内有phillips curve关系的AS曲线是向右上方倾斜的。

1970s的石油价格上升是个supply shock，导致AS曲线左移，而扩张的财政政策导致AD右移，这两种曲线的移动都会造成交点（均衡点）的P上升，累加起来P上升的更高，所以是个great Inflation

2# [2.交易频道]

可是policy 对unemployment产生的影响怎么说？ 我只能看到supply shock 导致的unemployment增加。。 可是那个policy 只是让inflation更高了嘛。

3# supreme_cat 真的是拙见：实施的扩张性货币政策效果不够，所以没能完全抵消Price Shock导致的AS向左移动造成的国民收入Y减少，两个因素综合效果是P上升了而Y还是减少的，所以价格上涨而失业仍上升。
不过怀疑会不会这么简单，等更好的答案

这个问题，米什金的教材就有答案啊。看来还得好好看书啊！