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Understanding Aggregate Supply, Demand, and Inflation: An Overview of Economic Interactions

margaret-duke avatar
margaret-duke
23 diapositives · 402 Views · Nov 07, 2014

This chapter delves into the intricate relationship between aggregate supply, aggregate demand, and inflation, illustrated by various figures and models. It examines the aggregate demand curve, effects of fiscal policies, and the wage-price spiral. The chapter also explores how inflationary expectations and supply shocks influence economic output and unemployment. By analyzing historical trends and data from the 1960s to the 2010s, it provides valuable insights into the dynamics of monetary policy and economic fluctuations, essential for understanding current economic conditions.

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  1. Chapter Thirteen: Aggregate Supply, Aggregate Demand, and Inflation: Putting it All Together

  2. Aggregate Demand and Inflation

  3. Figure 13.1: The Aggregate Demand Curve …the level of Aggregate Demand falls B π1 Inflation rate (π) A If inflation rises… π0 Aggregate Demand (AD) Y1 Y0 Output (Y )

  4. Figure 13.2: The Effect of Expansionary Fiscal Policy or Increased Confidence on the AD Curve Inflation rate (π) AD1 AD0 Output (Y )

  5. Aggregate Demand and Inflation

  6. Figure 13.3: The Aggregate Supply Curve Wage-Price Spiral Unemployment Aggregate Supply (AS) Inflation rate (π) Maximum Capacity Output (Y ) Y*

  7. Figure 13.4: The Effect of an Increase in Inflationary Expectations on the Aggregate Supply Curve Inflation rate (π) AS1 5 % - AS0 3 % - Output (Y )

  8. Figure 13.5: A Beneficial Supply Shock: Expansion of Output Capacity Inflation rate (π) AS0 AS1 Expansion of Maximum Capacity Output (Y )

  9. Putting the AS/AD Model to Work

  10. Figure 13.6: The Aggregate Demand and Supply Equilibrium in Recession Unemployment AS Inflation rate (π) E0 AD Output (Y ) Y*

  11. Figure 13.7: Expansionary Fiscal Policy in Response to a Recession Unemployment AS Inflation rate (π) E1 E0 AD0 AD1 Output (Y ) Y*

  12. Figure 13.8: A Greater Expansion of Aggregate Demand Unemployment AS Inflation rate (π) E1 AD1 E0 AD0 Output (Y ) Y*

  13. Figure 13.9: Excessively High Aggregate Demand Causes Inflation Wage-Price Spiral AS Inflation rate (π) E1 E0 AD1 AD0 Output (Y ) Y*

  14. Figure 13.10: The Phillips Curve in the 1960s 1969 1968 1967 Inflation (percent per year) 1966 1965 1964 1963 Unemployment Rate (percent)

  15. Figure 13.11: Contractionary Fiscal Policy and Rising Inflationary Expectations AS1 E1 Inflation rate (π) E0 AS0 AD0 AD1 Output (Y ) Y*

  16. Figure 13.12: The Effect of the Oil Price Shock of the 1970s AS1 E1 Inflation rate (π) AS0 E0 AD Lower Capacity Output (Y )

  17. Figure 13.13: The Effects of The Fed’s “Tight Money” Policies in the 1980s Unemployment AS0 AS1 Inflation rate (π) E0 E1 AD0 AD1 Output (Y ) Y*

  18. Figure 13.14: Unemployment Trends 1960-2012 (Percentage of Labor Force) 0 Source: Bureau of Labor Statistics, http://bls.gov/cps/cpsaat01.pdf

  19. Figure 13.15: Inflation Trends 1960-2012 Source: Bureau of Labor Statistics, ftp://ftp.bls.gov/pub/special.requests/cpi/cpiai.txt

  20. Figure 13.16: The Effects of Technological Innovation and Increased Efficiency Inflation rate (π) E0 AS0 E1 AS1 E2 AS2 AD Higher Capacity Output (Y )

  21. Competing Theories

  22. Figure 13.17: The Classical View of AS/AD Classical AS Inflation rate (π) AD Output (Y ) Y*

  23. Figure 13.18: A New Classical View of Economic Fluctuations Classical ASR E1 Inflation rate (π) AS1 E0 AE1 AD0 AS0 Y* Output (Y )