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1、MacroeconomicsLecture10TheAggregateSupplyandAggregateDemand(AS-AD)ModelI.IntroductionTheobjectiveistoputallmarketstogetherandconstructahypothetical“general”equilibriummodelinMacroeconomicsThemodelinthischapterisoftencalledtheaggregatesupplyandaggregatedema
2、nd(AS-AD)model.II.TheAS-ADModelTheStructuralFormoftheModelIScurve:Y=[C+f(i)+G]/[1－c(1－)]LMcurve:M=h·P·Y－k·itheproductionfunction:Y=F(Ld)thewageequation:W=W(Pe,N,z)thepriceequation:P=P(W,U,v)theexpectationequation:Pe=PthedefinitionofN:N=1-Ld/Lthedefinition
3、ofU:U=Y/AKII.TheAS-ADModelTheStructuralFormoftheModel(continued)Remark1:,,,,areallassumedtobegivenasexogenousvariables.c,h,k,Aarealltheparameters.Remark2:Wearedealingwithaneconomywithnogrowth.II.TheAS-ADModelTheAggregateDemand(AD)CurveThemodelcanbeexplaine
4、dbytwocurves,theaggregatedemand(AD)curveandtheaggregatesupply(AS)curve.Inparticular,theaggregatedemandcurveisderivedfromISandLMcurves.II.TheAS-ADModelTheAggregateDemand(AD)Curve(continued)Considernowapriceincrease(fromP0toP1)Inthemoneymarket.Thiswillshiftt
5、hemoneydemandcurvetotheright(seethefigureinthenextpage)II.TheAS-ADModelTheAggregateDemand(AD)Curve(continued)II.TheAS-ADModelTheAggregateDemand(AD)Curve(continued)ThisfurtherindicatesashifttotheleftoftheLMcurve(seethefigureinthenextpage).Wethusfindthattheo
6、utputwilldecreasefromY0toY1II.TheAS-ADModelTheAggregateDemand(AD)Curve(continued)II.TheAS-ADModelTheAggregateDemand(AD)Curve(continued)ThereforewhenpriceincreasefromP0toP1,theoutputwilldecreasefromY0toY1.Thisindicatesadownwardsloppedaggregatedemandcurve.II
7、.TheAS-ADModelTheAggregateDemand(AD)Curve(continued)II.TheAS-ADModelTheAggregateSupply(AS)CurvesTheaggregatesupplycurveisderivedfromtheother6equations.ConsidernowanincreaseofoutputfromY0toY1.II.TheAS-ADModelTheAggregateSupply(AS)Curves(continued)Fromthepro
8、ductionfunction,thedemandforemploymentLdwillincreaseandthereforebydefinitiontheunemploymentrateNwilldeclinefromN0toN1.Inthesametime,bydefinition,thecapacityutilizationwillincreasefromU0toU1.II.TheAS-ADModelTh
