Aggregate Demand Aggregate Supply 29 Mc. Graw-Hill/Irwin

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Aggregate Demand Aggregate Supply 29 Mc. Graw-Hill/Irwin   Copyright © 2012 by The Mc. Graw-HillAggregate Demand Aggregate Supply 29 Mc. Graw-Hill/Irwin Copyright © 2012 by The Mc. Graw-Hill Companies, Inc. All rights reserved.

Aggregate Demand • Real GDP desired at each price level • Inverse relationship • Real balancesAggregate Demand • Real GDP desired at each price level • Inverse relationship • Real balances effect • Interest effect • Foreign purchases effect LO 1 29 —

Aggregate Demand Real domestic output, GDPP rice le ve l AD LO 1 0 29 -Aggregate Demand Real domestic output, GDPP rice le ve l AD LO 1 0 29 —

Changes in Aggregate Demand Real domestic output, GDPP rice le ve l AD 1 AD 3Changes in Aggregate Demand Real domestic output, GDPP rice le ve l AD 1 AD 3 AD 2 LO 1 0 29 —

Consumer Spending • Consumer wealth • Household borrowing • Consumer expectations • Personal taxes LO 1Consumer Spending • Consumer wealth • Household borrowing • Consumer expectations • Personal taxes LO 1 29 —

Investment Spending • Real interest rates • Expected returns • Expectations about future business conditions •Investment Spending • Real interest rates • Expected returns • Expectations about future business conditions • Technology • Degree of excess capacity • Business taxes LO 1 29 —

Government Spending • Government spending increases • Aggregate demand increases (as long as interest rates andGovernment Spending • Government spending increases • Aggregate demand increases (as long as interest rates and tax rates do not change) • More transportation projects • Government spending decreases • Aggregate demand decreases • Less military spending LO 1 29 —

Net Export Spending • National income abroad • Exchange rates • Dollar depreciation • Dollar appreciationNet Export Spending • National income abroad • Exchange rates • Dollar depreciation • Dollar appreciation LO 1 29 —

Aggregate Supply • Total real output produced at each price level • Relationship depends on timeAggregate Supply • Total real output produced at each price level • Relationship depends on time horizon • Immediate short run • Short run • Long run LO 2 29 —

AS: Immediate Short Run Real domestic output, GDPP rice le ve l AS ISR Q f.AS: Immediate Short Run Real domestic output, GDPP rice le ve l AS ISR Q f. Immediate-short-run aggregate supply P 1 0 LO 2 29 —

Aggregate Supply: Short Run Real domestic output, GDPP rice le ve l 0 Q f ASAggregate Supply: Short Run Real domestic output, GDPP rice le ve l 0 Q f AS Aggregate supply (short run) LO 2 29 —

Aggregate Supply: Long Run Real domestic output, GDPP rice le ve l AS LR Q fAggregate Supply: Long Run Real domestic output, GDPP rice le ve l AS LR Q f 0 Long-run aggregate supply LO 2 29 —

Changes in Aggregate Supply • Determinants of aggregate supply • Shift factors • Collectively position theChanges in Aggregate Supply • Determinants of aggregate supply • Shift factors • Collectively position the AS curve • Changes raise or lower per-unit production costs LO 2 29 —

Changes in Aggregate Supply Real domestic output, GDPP rice le ve l AS 1 AS 3Changes in Aggregate Supply Real domestic output, GDPP rice le ve l AS 1 AS 3 AS 2 0 LO 2 29 —

Input Prices • Domestic resource prices • Labor • Capital • Land • Prices of importedInput Prices • Domestic resource prices • Labor • Capital • Land • Prices of imported resources • Imported oil • Exchange rates LO 2 29 —

Productivity • Real output per unit of input • Increases in productivity reduce costs • DecreasesProductivity • Real output per unit of input • Increases in productivity reduce costs • Decreases in productivity increase costs LO 2 Per-unit production cost = total input cost total output. Productivity = total output total inputs 29 —

Legal-Institutional Environment • Legal changes alter per-unit costs of output • Taxes and subsidies • ExtentLegal-Institutional Environment • Legal changes alter per-unit costs of output • Taxes and subsidies • Extent of government regulation LO 2 29 —

Equilibrium Real domestic output, GDP (billions of dollars)P rice level (index num bers)100 92 502 510Equilibrium Real domestic output, GDP (billions of dollars)P rice level (index num bers)100 92 502 510 514 a b ADAS Real Output Demanded (Billions) Price Level (Index Number) Real Output Supplied (Billions) $506 108 $513 508 104 512 510 100 512 96 507 514 92 502 0 LO 3 29 —

Increases in AD: Demand-Pull Inflation Real domestic output, GDPP rice level AD 1 AS P 1Increases in AD: Demand-Pull Inflation Real domestic output, GDPP rice level AD 1 AS P 1 P 2 Q 2 Q 1 Q f AD 2 0 LO 4 29 —

Decreases in AD: Recession Real domestic output, GDPP rice level AD 1 AS P 1 PDecreases in AD: Recession Real domestic output, GDPP rice level AD 1 AS P 1 P 2 Q 1 Q 2 Q f AD 2 c ab 0 LO 4 29 —

Decreases in AS: Cost-Push Inflation Real domestic output, GDPP rice level ADAS 1 P 1 PDecreases in AS: Cost-Push Inflation Real domestic output, GDPP rice level ADAS 1 P 1 P 2 Q 1 Q f AS 2 ab 0 LO 4 29 —

Increases in AS: Full-Employment Real domestic output, GDPP rice level AD 1 AS 2 P 1Increases in AS: Full-Employment Real domestic output, GDPP rice level AD 1 AS 2 P 1 P 2 Q 2 Q 1 AS 1 b AD 2 c. P 3 Q 3 a 0 LO 4 29 —




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