35 Extending the Analysis of Aggregate Supply Mc.

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35 Extending the Analysis of Aggregate Supply Mc. Graw-Hill/Irwin   Copyright © 2012 by The35 Extending the Analysis of Aggregate Supply Mc. Graw-Hill/Irwin Copyright © 2012 by The Mc. Graw-Hill Companies, Inc. All rights reserved.

From Short Run to Long Run • Short run • Input prices inflexible • Upsloping aggregateFrom Short Run to Long Run • Short run • Input prices inflexible • Upsloping aggregate supply • Long run • Input prices fully flexible • Vertical aggregate supply • The transition? LO 1 35 —

From Short Run to Long Run • Production above potential output:  • High demand forFrom Short Run to Long Run • Production above potential output: • High demand for inputs • Input prices rise • Short run aggregate supply shifts left • Return to potential output • Production below potential output • Graphical examples… LO 1 35 —

From Short Run to Long Run P 3 P 1 P 2 Real Domestic Output QFrom Short Run to Long Run P 3 P 1 P 2 Real Domestic Output Q f. Short-Run Aggregate Supply Long-Run Aggregate Supply a 1 a 2 a 3 b 1 c 1 P rice Level AS 3 AS 2 AS 1 AS LR Q f Q 2 Q 3 AS 1 a 2 a 3 LO 1 35 —

From Short Run to Long Run Real Domestic Output. Long Run Equilibrium. P rice L eFrom Short Run to Long Run Real Domestic Output. Long Run Equilibrium. P rice L e ve l P 1 Q f a AS 1 AS LR AD 1 LO 1 35 —

Extended AD-AS Model Real Domestic Output. Demand-Pull Inflation P rice L e vel P 1 QExtended AD-AS Model Real Domestic Output. Demand-Pull Inflation P rice L e vel P 1 Q f a AS 1 AS LR AD 1 AD 2 AS 2 c b P 2 P 3 Q 2 LO 2 35 —

Extended AD-AS Model Real Domestic Output. Cost-Push Inflation P rice L e ve l P 1Extended AD-AS Model Real Domestic Output. Cost-Push Inflation P rice L e ve l P 1 Q f a AS 1 AS LR AD 1 AD 2 AS 2 b c P 2 P 3 Q 2 LO 2 35 —

Extended AD-AS Model Real Domestic Output Recession. P rice L e vel P 1 Q fExtended AD-AS Model Real Domestic Output Recession. P rice L e vel P 1 Q f a AS 1 AS LR AD 1 AD 2 AS 2 b c. P 2 P 3 Q 1 LO 2 35 —

Extended AD-AS Model • Explaining ongoing inflation • Ongoing economic growth shifts aggregate supply  •Extended AD-AS Model • Explaining ongoing inflation • Ongoing economic growth shifts aggregate supply • Ongoing increases in money supply shift aggregate demand • Small positive rate of inflation LO 2 35 —

Price Level. Real GDP Capital Goods Consumer Goods. Economic Growth, Ongoing Inflation Productions Possibilities Long RunPrice Level. Real GDP Capital Goods Consumer Goods. Economic Growth, Ongoing Inflation Productions Possibilities Long Run Aggregate Supply Increase in production possibilities Increase in long-run aggregate supply LO 2 35 —

Inflation and Unemployment • Low inflation and unemployment • Fed’s major goals • Compatible or conflicting?Inflation and Unemployment • Low inflation and unemployment • Fed’s major goals • Compatible or conflicting? • Short-run tradeoff • Supply shocks cause both rates to rise • No long-run tradeoff LO 3 35 —

 • 1960 s economists believed in stable,  predictable tradeoff • Phillips curve shifts over • 1960 s economists believed in stable, predictable tradeoff • Phillips curve shifts over time • Adverse supply shocks 1970 s • OPEC oil price shock • Stagflation’s demise 1980 s The Phillips Curve LO 3 35 —

Alban William Phillips  Alban William Phillips

The Phillips Curve • No long-run tradeoff between inflation and unemployment • Short-run Phillips curve •The Phillips Curve • No long-run tradeoff between inflation and unemployment • Short-run Phillips curve • Role of expected inflation • Long-run vertical Phillips curve • Disinflation ( increase the purchasing power of the local currency that is shown in the reduction of the price index ) LO 4 35 —

The Phillips Curve LO 4 14 13 12 11 10 9 8 7 6 5 4The Phillips Curve LO 4 14 13 12 11 10 9 8 7 6 5 4 3 2 1 A nnual rate of inflation (percent) Unemployment rate (percent) 35 —

Taxes and Aggregate Supply • Supply-side economics • Tax incentives to work • Tax incentives toTaxes and Aggregate Supply • Supply-side economics • Tax incentives to work • Tax incentives to save and invest • The Laffer curve. Tax R ate (P ercent) Tax Revenue (Dollars)100 m 0 n l m. Laffer Curve Maximum Tax Revenue LO 5 35 —

Taxes and Aggregate Supply • Criticisms of the Laffer curve • Taxes, incentives, and time •Taxes and Aggregate Supply • Criticisms of the Laffer curve • Taxes, incentives, and time • Inflation and higher real interest rates • Position on the curve • Rebuttal and evaluation LO 5 35 —




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