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Chapter 12. Aggregate Demand and Aggregate Supply

Chapter 12. Aggregate Demand and Aggregate Supply. Link to syllabus. Skip “Why the AD Curve is Downward Sloping;’ pp . 343-44 and Figures 12-2, 12-3. The AD-AS Model. Fig. 12-11, p. 361. Shifts of Aggregate Demand Fig. 12-4, p. 346. Factors that Shift Aggregate Demand, pp. 346-47.

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Chapter 12. Aggregate Demand and Aggregate Supply

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  1. Chapter 12. Aggregate Demand and Aggregate Supply Link to syllabus Skip “Why the AD Curve is Downward Sloping;’ pp. 343-44 and Figures 12-2, 12-3

  2. The AD-AS Model. Fig. 12-11, p. 361

  3. Shifts of Aggregate Demand Fig. 12-4, p. 346

  4. Factors that Shift Aggregate Demand, pp. 346-47. Expectations Wealth Investment (and physical capital) Fiscal Policy Monetary Policy

  5. Shifts of Aggregate Supply. Fig 12-6, p. 353.

  6. The Short Run AS Curve in the Depression. Fig 12-5 p. 352

  7. Factors Shifting Short Run Aggregate Supply. pp. 353-55 Commodity Prices, Nominal Wages, Productivity Book doesn’t specifically mention here, but could, ‘Supply side’ factors such as gov’t regulation and business taxes.

  8. The AD-AS Model. Fig. 12-11, p. 361

  9. Long Run Macroeconomic Model. Fig. 12-14, p. 365

  10. Long Run Aggregate Supply. Fig. 12-7, p. 356

  11. Actual and Potential Output. Fig 12-8 p. 357

  12. From the Short Run to the Long Run. Fig 12-9, p. 359 At A1, there is excess demand, eventually raising prices and wages, which will push the SRAS curve up and to the left. Opposite story. At this A1 there is unemployment, and eventually wages fall, pushing SRAS down and to the left.

  13. Figure 12.12, p. 362. Demand Shocks. These are the short run impacts. Long run impacts are treated later.

  14. Supply Shocks. Figure 12.13, p. 363.

  15. Short-Run vs. Long-Run Effects of a Negative Demand Shock. Fig 12-15, p. 365

  16. Short-Run versus Long Run Effects of a Positive Demand Shock. Figure 12.16 p. 367

  17. Global Comparison: Supply Shocks (p. 364)

  18. Global Comparison. P. 338 Previous Edition. The Supply Shock of 2007-08.

  19. Negative Supply Shocks are Rare, and Nasty. Fig 12-17, p. 368.

  20. Has Stabilization Policy been Stabilizing? Fig. 12-18, p. 371.

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