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1、Chapter 25Aggregate Demand and Supply Analysis 2005 Pearson Education Canada Inc.Monetarist View of ADP 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 2000Point C:P
2、=.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.2The AD Curve3 2005 Pearson Education Canada Inc.Keynesian View of ADYad=C+I+G+NXDownward Sloping ADP,M/P,i,I,NX,Yad,Y Shift in ADM,M/P,i,I,NX,Yad,Y AD shifts
3、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.4Aggregate Supply in Short RunUpward slope of ASIn short-run production costs fixed P,profits,Y p
4、roduced Shift in ASProduction costs:At given P,profits,Y AS shifts left5 2005 Pearson Education Canada Inc.Equilibrium in Short RunEquilibrium:AD=ASIf P P*,AS AD P to P*If P P*,AS YnWages:at given P,profits,Y produced AS shifts in until Y=Yn at long-run ASPanel(b):Y Yn:wages,AS shifts in until reach
5、 point 2,where Y=YnConclusion:AD shifts right,Y in short run only;in long run only P 2005 Pearson Education Canada Inc.9Summary:Factors that Shift AS 2005 Pearson Education Canada Inc.10Effect of Shift in AS on Y1.Negative supply shock:AS shifts in,Y P to point 22.Y Yn:wages,AS shifts out until retu
6、rn to point 1Conclusion:AS shifts in,Y P in short run,but in long run Y and P are unchanged 2005 Pearson Education Canada Inc.11Shifts in Long-Run SupplyYn 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.Shift
7、s in AD small3.Conclusion:Business cycles due to real shocks4.Supports nonactivismHysteresis1.AD shifts in,natural rate of unemployment,Yn shifts in2.Unemployment stays high3.Supports activism 2005 Pearson Education Canada Inc.12Vietnam War Buildup and Macroeconomic Activity in the United States:19647013 2005 Pearson Education Canada Inc.Negative Supply Shocks and Macroeconomic Activity in Canada:197375 and 19788014 2005 Pearson Education Canada Inc.Positive Supply Shocks and Macroeconomic Activity in the United States:19959915 2005 Pearson Education Canada Inc.