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Aggregate Supply and Aggregate Demand: Lecture 13

This lecture covers the concepts of aggregate supply and aggregate demand, as well as various shocks that can impact the economy such as monetary expansion, fiscal expansion, and oil shocks.

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Aggregate Supply and Aggregate Demand: Lecture 13

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  1. Lecture 13: Aggregate Supply and Aggregate Demand • Aggregate supply • Aggregate Demand • Shocks

  2. e P = P (1+ ) F(1-Y/L,z) AS P e P Y Y n e P (t) = P(t-1) [for now] => AS: P(t) = P(t-1) (1+ ) F(1-Y(t)/L,z)

  3. Aggregate Demand IS: Y = C(Y-T) + I(Y,i) + G LM: M = Y L(i) P LM’ [ P’ > P] i LM Y

  4. AD:Y = Y(M/P, G, T) + + - P AD Y

  5. Aggregate Demand - Aggregate Supply AS P AD Y

  6. AD-AS: Canonical Shocks AS P AD Y Monetary expansion; fiscal expansion; oil shock (figs 7-9/7-10/7-11/7-12/7-13)

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