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1、,Chapter 25,Aggregate Demand and Supply Analysis,2005 Pearson Education Canada Inc.,25-2,Monetarist View of AD,P Y2000V=2M1000Modern Quantity Theory of MoneyM V=P YImplication:M determines P Y if V unrelated to MDeriving AD CurveM=1000,V=2 P Y=2000Point A:P=2Y=1000PY=2 1000Point B:P=1Y=2000PY=1 2000
2、Point C:P=.5Y=4000PY=.5 4000Conclusion:P Y,downward sloping ADShift in AD CurveM:PY,so at given P,Y AD shifts right,2005 Pearson Education Canada Inc.,2005 Pearson Education Canada Inc.,25-3,The AD Curve,25-4,Keynesian View of AD,Yad=C+I+G+NXDownward Sloping ADP,M/P,i,I,NX,Yad,Y Shift in ADM,M/P,i,I
3、,NX,Yad,Y AD shifts rightC or G or T or NX:Yad,Y AD shifts rightComplete Crowding OutG,i C,I,NX C+I+G+NX=Yad unchanged Partial crowding out:private spending down,but not fully offsetting G,2005 Pearson Education Canada Inc.,2005 Pearson Education Canada Inc.,25-5,Aggregate Supply in Short Run,Upward
4、 slope of ASIn short-run production costs fixed P,profits,Y produced Shift in ASProduction costs:At given P,profits,Y AS shifts left,2005 Pearson Education Canada Inc.,25-6,Equilibrium in Short Run,Equilibrium:AD=ASIf P P*,AS AD P to P*If P P*,AS AD P to P*,25-7,Equilibrium in Long Run,Panel(a):Y Yn
5、Wages:at given P,profits,Y produced AS shifts in until Y=Yn at long-run ASPanel(b):Y YnWages:at given P,profits,Y produced AS shifts out until Y=Yn at long-run ASActivist sees movement to long-run AS(self-correcting mechanism)as slow;nonactivist sees as fast,2005 Pearson Education Canada Inc.,2005 P
6、earson Education Canada Inc.,25-8,Summary:Factors that Shift AD,25-9,Effect of Shift in AD on Y,1.AD shifts right:Y P to point 12.Y Yn:wages,AS shifts in until reach point 2,where Y=YnConclusion:AD shifts right,Y in short run only;in long run only P,2005 Pearson Education Canada Inc.,25-10,Summary:F
7、actors that Shift AS,2005 Pearson Education Canada Inc.,25-11,Effect of Shift in AS on Y,1.Negative supply shock:AS shifts in,Y P to point 22.Y Yn:wages,AS shifts out until return to point 1Conclusion:AS shifts in,Y P in short run,but in long run Y and P are unchanged,2005 Pearson Education Canada I
8、nc.,25-12,Shifts in Long-Run Supply,Yn grows over time,but is shown as fixed in AD/AS diagramReal Business Cycle Theory1.Yn fluctuates a lot due to aggregate supply(real)shocks2.Shifts in AD small3.Conclusion:Business cycles due to real shocks4.Supports nonactivismHysteresis1.AD shifts in,natural ra
9、te of unemployment,Yn shifts in2.Unemployment stays high3.Supports activism,2005 Pearson Education Canada Inc.,2005 Pearson Education Canada Inc.,25-13,Vietnam War Buildup and Macroeconomic Activity in the United States:196470,2005 Pearson Education Canada Inc.,25-14,Negative Supply Shocks and Macroeconomic Activity in Canada:197375 and 197880,2005 Pearson Education Canada Inc.,25-15,Positive Supply Shocks and Macroeconomic Activity in the United States:199599,
