HO_MB3e_IM_Ch17

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1、Chapter17MonetaryTheoryI259Chapter17MonetaryTheoryI:TheAggregateDemandandAggregateSupplyModelnBriefChapterSummaryandChapterObjectives17.1TheAggregateDemandCurve(pages581–587)Explainhowtheaggregatedemandcurveisderived.·Economistsanalyzethedemandforgoo

2、dsandservicesbyhouseholds,firms,andthegovernmentintermsofaggregateexpenditure.·Anincreaseinthepricelevelreducesrealmoneybalances,whichdrivesupinterestrates.Theresultisloweraggregateexpenditureandadownward-slopingaggregatedemandcurve.·Factorsthataffec

3、tconsumerspending,investment,orgovernmentpurchasescausetheaggregatedemandcurvetoshift.17.2TheAggregateSupplyCurve(pages587–595)Explainhowtheaggregatesupplycurveisderived.·Firmsdifferintheirreactiontochangesinthepricelevelintheshortrunandthelongrun.·T

4、herearetwoviewsastowhytheshort-runaggregatesupplycurveisupwardsloping.Oneviewisbasedonthemisperceptionstheoryandtheotherviewisbasedontheshort-runstickinessofprices.·Bothviewsagreethatthelong-runaggregatesupplycurveisverticalatpotentialGDP.·Changesinl

5、aborcosts,otherinputcosts,andtheexpectedpricelevelcausetheshort-runaggregatesupplytoshift.·TheLRAScurveshiftsovertimetoreflectgrowthinpotentialGDP,whichresultsfromincreasedinputsandhigherproductivity.17.3EquilibriumintheAggregateDemandandAggregateSup

6、plyModel(pages595–599)Demonstratemacroeconomicequilibriumusingtheaggregatedemandandaggregatesupplymodel.·Short-runequilibriumoccurswheretheaggregatedemandcurveintersectstheshort-runaggregatesupplycurve,andlong-runequilibriumoccurswheretheaggregatedem

7、andcurve,theshort-runaggregatesupplycurve,andthelong-runaggregatesupplycurveallintersect.·Theeconomywillself-correcttoreturntopotentialGDPinthelongrun.17.4TheEffectsofMonetaryPolicy(pages600–606)Usetheaggregatedemandandaggregatesupplymodeltoshowtheef

8、fectsofmonetarypolicyontheeconomy.·Thoughtheeconomywilleventuallyself-correctfromanadversedemandshock,theFedmayemployexpansionarymonetarypolicytospeeduptheprocess.Copyright©2018PearsonEducation,Inc.Chapter17MonetaryTheoryI259·Giventhedifficultiesinim