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Lecture #1 chapter 24 Aggregate Demand and Supply Analysis

Lecture #1 chapter 24 Aggregate Demand and Supply Analysis. Monetarist View of AD. P  Y 2000 V = ——— = —–— = 2 M 1000 Modern Quantity Theory of Money M  V = P  Y Implication: M determines P  Y Deriving AD Curve M = 1000, V = 2  P  Y = 2000

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Dynamic Inconsistency and Self-Fulfilling Expectation Equilibrium

Dynamic Inconsistency and Self-Fulfilling Expectation Equilibrium. Maurice Obstfeld. Dynamic inconsistency and currency crises(Barro-Gordon Type). Government Objective:. Expectations-augmented Phillips Curve. =the change in the exchange rate(+ or -) =output target =natural output

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