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Macroeconomics
Lecture 19
Aggregate Demand
Aggregate Supply
Model
Questions
Key Terms
recession
depression
natural rate of output
stagflation
Economic Cycle
Fluctuations
Economic Cycle
AD-AS Model
Aggregate Demand
and
Aggregate Supply
Recession
A period of declining real
incomes and rising
unemployment defined as
negative growth for two
quarters (six months)
Depression
Severe recession
Three Key Facts
Irregular and Unpredictable
Variables fluctuate together
Output falls - Unemployment
increases
Variables
GDP
Financial System
Interest Rates
Unemployment
Monetary System
Trade Balance
Real - Quantities
Nominal - Money
Nominal - always one dollar - fixed
Real - what it will buy - varies
Can you have a nominal change
but not a real change?
Price level changes but output
stays the same
Real - Quantity
Nominal - Price
ClassicalView
Real qualities matter
Amount of money does
not matter
NewView
Real qualities
interact with
nominal money
Long Run and Short Run
Good in the short run
Bad in the long run
Bad in the short run
Good in the long run
Lag
Time between cause
and effect
Price
Level
Quantity of Output
Equilibrium
price
level
Equilibrium
output
AD- AS Model
Aggregate
Demand
Aggregate
Supply
Price
Level
Quantity of Output
Why does the demand curve
slope downward?
Price
Level
Quantity of Output
Y1
Aggregate Demand
Y2
P1
P2
1. real wealth increases
2. interest rates fall
3. exchange rates depreciate
increase spending
increase investments
increase exports
Price Level
Consumption - Wealth Effect
Investment - Interest-Rate Effect
Net Exports - Exchange-Rate Effect
Wealth Effect
Lower prices
Buy more stuff
Increase output
Higher prices
Buy less stuff
Decrease output
Lower prices
Need less money
More money to loan
Lower rates
Borrow easy
Buy more stuff
Increase output
Interest Rate Effect
Higher prices
Need more money
Less money to loan
Higher rates
Borrow harder
Buy less stuff
Decrease output
Exchange-Rate Effect
Lower prices
Cause interest rates to decline
Causes currency to depreciate
Stimulates demand for local
currency
Stimulates exports
Increases local output
Higher prices
Cause interest rates to increase
Causes currency to appreciate
Stimulates demand for foreign
currency
Stimulates imports
Decreases local output
Price
Level
Quantity of Output
Demand Shift
change in consumption
change in investment
government purchases
net exports
Price
Level
Quantity of Output
P1
AD- AS Model
Aggregate
Demand
Short Run
Aggregate
Supply
Y1 Y2
P2
Long Run
Aggregate
Supply
P3
Quiz 1
1. Name three reasons why the Aggregate-
Demand Curve slopes downward.
2. Name four reasons why the Aggregate-
Demand Curve shifts
Wealth, Interest Rate, Exchange Rate
Consumption, Investment, Government, Net
Exports (C + I + G + NX)
Aggregate Demand Curve
Slopes Downward
Wealth
Interest Rate
Exchange Rate
Shifts
Consumption
Investment
Government
Net Exports
Aggregate Supply Curve
Two Curves
Short Run
Long Run
Two Supply Curves
Short Run
Long Run
Short Run
Adrenaline
Give 110%
Push to exceed normal
capacity
Long Run
Run out of Adrenaline
Fall back to normal
Cannot do 110% forever
unless.....
Long Run Supply Curve
New Capital
Human
Physical
Intellectual
Financial
Cultural
Price
Level
Real GDP orY
AD- AS Model
Aggregate
Demand
Short Run
Aggregate
Supply
Long Run
Aggregate
Supply
LRAS
Shape -Vertical
Capacity fixed
Shift
Physical
Financial
Human
Intellectual
Cultural
SRAS
Shape - Slope Up
Sticky Wages
Sticky Prices
Misperceptions
Shift
Physical
Financial
Human
Intellectual
Cultural
Expectations
AD
Shape - Slope Down
Wealth Effect
Interest Effect
Exchange Effect
Shift
Consumption
Investment
Government
Net Exports
Price
Level
Quantity of Output
Two Supply Curves
Short-Run
Aggregate
Supply
Long-Run
Aggregate
Supply
Price change
does not
affect the
quantity of
goods and
services
P
New Capital
Human
Physical
Intellectual
Financial
Cultural
Price
Level
Quantity of Output
Two Supply Curves
LRAS1
Y1
LRAS2
Y3
LRAS3
Y3
New Capital
Human
Physical
Intellectual
Financial
Cultural
Price
Level
Quantity of Output
Two Supply Curves
LRAS1
Y1
LRAS2
Y3
LRAS3
Y3
P1
P2
P3
1. Name three reasons why the Short-Run
Aggregate-Supply Curve slopes upward.
2. Name six reasons why the Short-Run
Aggregate-Supply Curve shifts
Sticky Wage, Sticky Price, Misperceptions
Capital (5 things) and Expected Price Level
Quiz
4 Step Analysis
1. Decide what curve the event affects.
2. Decide direction of the shift
3. Diagram impact
4. Analyze short-run to long-run
Stagflation
A period of falling output
and rising prices
Remember
1.Three curves:AD, SRAS, LRAS
2. Event can affect one or more of the
curves
3. Determine which curve and which
direction.
4. Diagram impact

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Lecture 19 aggregate demand and aggregate supply