This document provides an overview of the history and evolution of macroeconomic thought. It discusses classical macroeconomics, the Keynesian revolution in response to the Great Depression, and subsequent challenges to and developments in Keynesian theory including monetarism, rational expectations, and real business cycle theory. Modern macroeconomics incorporates elements of different schools of thought with an emphasis on the role of both aggregate demand and supply factors.
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Monetarism
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Monetarism
Monetarism is an economic theory formulated by Milton Friedman and mainly focuses on the macroeconomic effects and importance of the role of government in maintaining money supply in circulation. This theory proposes that the amount of money in circulation impacts the overall economy in terms of output, inflation and price level of commodities. The sources of information for this paper are secondary in nature. The secondary resources are websites, books, journal articles and opinion papers pertaining to the theoretical concepts. The scope of the paper confines to the academic application and should be used only in the consideration of the practical variables applicable to the industry.
The monetarists believe that monetary policy should be made by the government and should always be based on the targeting the growth rate rather than the discretionary monetary policy. This theory argues that the central bank plays an important role in maintaining the money supply and it should focus on the maintaining the price stability while making the monetary policy because that excessive money supply always results in inflation.
Monetarism is basically rooted into the hard money policies in 19th century and the monetary policies of John Maynard Keynes. Keyes mainly focused on the value stability of money according to which sufficient supply of money led to the alternate currency and collapse leading to panic. Friedman mainly focused on stability of price which is attained when there is equilibrium between demand and supply of money.
According to Friedman, the money supply should automatically be increased according to a fixed percentage per year which is also called as fixed monetary rule or Friedman k-percent rule. According to this rule, the increase in money supply could be determined by software application and that can anticipate all the money supply changes.
The active manipulation of money supply or increase will cause more destabilization than stabilize it. In 1965 Milton Friedman restated the quantity theory of money according to which demand for money is governed by the certain number of variables. When the money supply expands the people of the country do not hold the money in bank balances but would put that money into the economy which will increase the money spent on every commodity disturbing the price balance. This is because the commodity will hold less value as compared to when people had less money. The price of the commodity will rise and aggregate demand will increase. Similarly, when the money supply reduces people save the money and the overall spending decreases leading to decrease in demand and fall in price.
The application of theory of Monetarism was seen in 1979 when Federal Chief Paul Volker fought inflation by reducing the money supply and in result he was able to create price stability. The his ...
What led to the demise of ‘conventional Keynesian wisdom’ in the mid.pdfPRATIKSINHA7304
What are the pros and cons of using exFAT and ReFS on a Windows 2012 server? How do they
compare to NTFS?
Solution
ReFS:
Pros: 1.unique in private cloud manipulations
2.also in age of big data
3.storage space assits the mirroring and striping.
cons: 1.it is unable to utilize for booting drives.
2.seen only in case of windows server 2012
3.unable to format the removable drives.
Hence due to all the above prons and cons the REFS are used and prefered in widows server
2012 .
...........................................................................................................................................................
...........
NFTS
pros: 1.File compression
2.Advanced auditing
cons: The NFTS are unable to manipulate on REFS disks though several features operate on
REFS like bitlocker..
Macroeconomics is the branch of economics that deals with the structure, performance, behavior, and decision-making of the whole, or aggregate, economy. The two main areas of macroeconomic research are long-term economic growth and shorter-term business cycles.
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
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The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
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USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
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Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
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Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
Latino Buying Power - May 2024 Presentation for Latino CaucusDanay Escanaverino
Unlock the potential of Latino Buying Power with this in-depth SlideShare presentation. Explore how the Latino consumer market is transforming the American economy, driven by their significant buying power, entrepreneurial contributions, and growing influence across various sectors.
**Key Sections Covered:**
1. **Economic Impact:** Understand the profound economic impact of Latino consumers on the U.S. economy. Discover how their increasing purchasing power is fueling growth in key industries and contributing to national economic prosperity.
2. **Buying Power:** Dive into detailed analyses of Latino buying power, including its growth trends, key drivers, and projections for the future. Learn how this influential group’s spending habits are shaping market dynamics and creating opportunities for businesses.
3. **Entrepreneurial Contributions:** Explore the entrepreneurial spirit within the Latino community. Examine how Latino-owned businesses are thriving and contributing to job creation, innovation, and economic diversification.
4. **Workforce Statistics:** Gain insights into the role of Latino workers in the American labor market. Review statistics on employment rates, occupational distribution, and the economic contributions of Latino professionals across various industries.
5. **Media Consumption:** Understand the media consumption habits of Latino audiences. Discover their preferences for digital platforms, television, radio, and social media. Learn how these consumption patterns are influencing advertising strategies and media content.
6. **Education:** Examine the educational achievements and challenges within the Latino community. Review statistics on enrollment, graduation rates, and fields of study. Understand the implications of education on economic mobility and workforce readiness.
7. **Home Ownership:** Explore trends in Latino home ownership. Understand the factors driving home buying decisions, the challenges faced by Latino homeowners, and the impact of home ownership on community stability and economic growth.
This SlideShare provides valuable insights for marketers, business owners, policymakers, and anyone interested in the economic influence of the Latino community. By understanding the various facets of Latino buying power, you can effectively engage with this dynamic and growing market segment.
Equip yourself with the knowledge to leverage Latino buying power, tap into their entrepreneurial spirit, and connect with their unique cultural and consumer preferences. Drive your business success by embracing the economic potential of Latino consumers.
**Keywords:** Latino buying power, economic impact, entrepreneurial contributions, workforce statistics, media consumption, education, home ownership, Latino market, Hispanic buying power, Latino purchasing power.
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
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Scope Of Macroeconomics introduction and basic theories
Module 35 history and alternative views of macroeconomics
1. HISTORY AND
ALTERNATIVE
VIEWS OF
MACROECONOMIC
S
MODULE 35
2. CLASSICAL MACROECONOMICS
The term “macroeconomics” was first used in
1933 by the Norwegian economist Ragnar
Frisch.
Before that, however, economists were already
analyzing the behavior of the aggregate price
level and the aggregate output.
3. MONEY AND THE PRICE LEVEL
Before the 1930’s the classical model
dominated economic thinking about the effects
of monetary policy.
According to the classical model, prices are
flexible, making the aggregate supply curve
vertical even in the short run, and any
increases in the money supply lead to inflation.
4. MONEY AND THE PRICE LEVEL
Classical economists probably did realize that
changes in the money supply affected
aggregate output as well as aggregate prices
in the short-run.
However, they regarded these short-run effects
as unimportant, stressing the long run instead.
For this reason, John Maynard Keynes said:
“in the long run, we are all dead.”
5. THE BUSINESS CYCLE
American economist Wesley Mitchell
pioneered the quantitative study of business
cycles, founding in 1920 the National Bureau
of Economic Research, which announces the
beginnings of recessions and expansions.
However, there was no widely accepted theory
of business cycles.
6. THE GREAT DEPRESSION AND THE
KEYNESIAN REVOLUTION
Since there were no clear theories, views of
policy makers were conflicting.
In 1930, John Maynard Keynes used the
metaphor of the economy as a car with a
defective alternator to describe the problems of
the US and British economies.
He said that to get the economy running would
require only a modest repair, not a complete
overhaul.
7. KEYNES´S THEORY
In 1936, Keynes wrote ¨The General Theory of
Employment, Interest, and Money¨
This book reflected two innovations:
1. Keynes emphasized the short-run effects of
shifts in AD on aggregate output, instead of
the long-run determination of the aggregate
price level. He focused the attention of
economists on situations in which the SRAS
curve slopes upward and shifts in the AD
curve affect aggregate output and
employment as well as aggregate prices.
9. KEYNES´S THEORY
2. Classical economists emphasized the role of
changes in the money supply in shifting the
AD curve. Keynes argued that other factors,
especially changes in “animal spirits” are
mainly responsible for business cycles.
10. POLICY TO FIGHT RECESSIONS
The main practical consequence of Keyne´s
work was that it legitimized macroeconomic
policy activism (the use of fiscal and
monetary policy to smooth out the business
cycle)
Today there is a broad consensus about the
useful role that monetary and fiscal policy can
play in fighting recessions.
However, Keynes´s ideas have not been fully
accepted by modern macroeconomists.
11. CHALLENGES TO KEYNESIAN
ECONOMICS
Keynes´s work suggested that monetary policy
wouldn´t be very effective in depression
conditions.
In fact, in the 1930´s interest rates were very
close to 0% (against the zero bound).
The term liquidity trap was first used by the
British economist John Hicks in 1937.
However, many economists continued to
emphasize fiscal policy and downplay
monetary policy.
12. THE REVIVAL OF MONETARY
POLICY
In 1963, Milton Friedmand and Anna Schwartz
published “A Monetary History of the United
States”
In this book, the authors persuaded most
economists that monetary policy should pla a
key role in economic management.
This shifted the burden of managing the
economy away from fiscal policy, which meant
that economic management could be made
mor technical and less political.
13. MONETARISM
Milton Friedman led a movement, called
monetarism, which asserted that GDP will
grow steadily if the money supply grows
steadily.
This is carried out through targeting a constant
growth in the money supply, and maintain that
rate regardless of any fluctuations in the
economy.
Monetarism maintained many Keynesian
ideas, such as that the short run is important,
and tha short run changes in AD affect
aggregate output as well as aggregate prices.
14. MONETARISM
Milton Friedmand also agrued that policy
should have been much more expansionary
during the Great Depression.
However, Monetarists argued that most of the
efforts of policy makers to smooth out the
business cycle actually make things worse,
with concerns about the use of discretionary
fiscal policy, due to lags .
According to economists, discretionary
monetary policy also faces lags, but to a
lesser extent.
15. MONETARISM
Monetarists also point out fiscal policy is less
effective than Keynesians believe.
Friedman pointed out that if the money supply
is held fixed while the government pursues an
expansionary fiscal policy, crowding out will
limit the effect of the fiscal expansion on
aggregate demand.
As a result, the rightward shift of the AD curve
will be smaller than the multiplier analysis
indicates.
16. MONETARISM
However, Friedman didn´t favor activist
monetary policy either, arguing that the
problem of time lags that limit the ability of
discretionary fiscal policy to stabilize the
economy also apply to discretionary monetary
policy.
The solution, he argued, was to follow a
monetary policy rule, which is a formula that
determines its actions and leave relatively little
discretion.
17. THE QUANTITY THEORY OF
MONEY
Underlying the the monetary policy rule was
the Quantity Theory of Money, which relies
on the velocity of money (which is the ratio of
nominal GDP to the money supply) and is the
number of times an average dollar bill in the
economy turns over per year.
This concept gives rise to the velocity
equation:
MxV=PxY
Where M is the money supply, V is velocity, P is
the aggregate price level, and Y is real GDP.
18. THE QUANTITY THEORY OF
MONEY
Monetarists believed that the velocity of money
was stable in the short run and changed only
slowly in the long run.
As a result, steady growth in the money supply
by the central bank would ensure steady
growth in spending, and therefore in GDP.
19. THE QUANTITY THEORY OF
MONEY
Although monetarism strongly influenced
actual monetary policy in the late 1970´s and
early 1980´s, steady growth in the money
supply didn´t ensure steady growth in the
economy, as the velocity of money wasn´t
stable enough for such a simple policy rule to
work.
Traditional monetarists are rare in today´s
macroeconomics, although the concern that
too much discretional monetary policy can
destabilize the economy has become widely
accepted.
20. INFLATION AND
THE NATURAL RATE OF
UNEMPLOYMENT
In the 1940´s and 1950´s many Keynesian
economists believed that expansionary fiscal
policy could be used to achieve full
employment on a permanent basis.
In the 1960´s, Edmund Phelps (Columbia
University) and Milton Friedman, working
independently, proposed the concept of the
NRU.
21. INFLATION AND
THE NATURAL RATE OF
UNEMPLOYMENT
According to the natural rate hypothesis, to
avoid accelerating inflation over time, the
unemployment rate must be high enough that
the actual inflation rate equels the expected
rate of inflation.
Attempts to keep the unemployment rate
below the natural rae will lead to ever-rising
inflation rate.
Therefore, the task of government is not to
keep unemployment low, but to keep it stable,
preventing large fluctuations in either direction.
22. INFLATION AND
THE NATURAL RATE OF
UNEMPLOYMENT
The Friedman-Phelps hypothesis predicted
that once inflation was embedded in the
public´s expectation, inflation would continue
even in the face of high unemployment.
This was an accurate prediction that was
proved true in the1970s.
23. INFLATION AND
THE NATURAL RATE OF
UNEMPLOYMENT
This convinced most of the economists that
the natural rate hypothesis was correct, and
became almos universally accepted among
macroeconomists (although some believe that
at very low or negative rates of inflation the
hypothesis doesn´t work).
Traditional monetarism declined in influence as
more evidence accumulated.
24. THE POLITICAL BUSINESS CYCLE
One more challenge to Keynesian economics
focused not on the validity of the economic
analysis but in its political consequences.
Economists believe that activist
macroeconomic policy lends itself to political
manipulation.
The result of this can be unnecessary
instability in the economy, a political
business cycle, caused by the use of
macroeconomic policy to serve political ends.
25. THE POLITICAL BUSINESS CYCLE
One way to avoid a political business cycle is
to place monetary policy in the hands of an
independent central bank.
A political business cycle is also a reason to
limit the use of discretionary fiscal policy to
extreme circumstances.
26. RATIONAL EXPECTATIONS, REAL
BUSINESS CYCLES, AND NEW
CLASSICAL MACROECONOMICS
Classical economists believed tha the SRAS
curve was verical, but Keynes emphasized that
it sloped upwards in the long run.
As a result, demand shocks, shifts in the AD
curve, can cause fluctuations in aggregate
output.
27. RATIONAL EXPECTATIONS, REAL
BUSINESS CYCLES, AND NEW
CLASSICAL MACROECONOMICS
In the 1970´s and 1980´s some economists
developed an approach to the business cycle
known as new classical macroeconomics,
which returned to the classical view that shifts
in the AD curve affect only affect the aggregate
price level and not the aggregate output.
28. RATIONAL EXPECTATIONS, REAL
BUSINESS CYCLES, AND NEW
CLASSICAL MACROECONOMICS
This evolved in two steps:
1. Some economists challenged the traditional
arguments about the slope of the SRAS
based on rational expectations
2. Some economists suggested that changes in
productivity caused economic fluctuations, a
view know as the real business cycle theory.
29. RATIONAL EXPECTATIONS, REAL
BUSINESS CYCLES, AND NEW
CLASSICAL MACROECONOMICS
In 1970, a theory known as rational
expectations had a strong impact on
macroeconomics.
This theory was introduced by John Muth in
1961.
This is a view that individuals and firms make
decisions optimally, using all available
information.
For example in negotiating wage contracts,
workers will incorporate not only expected
rates of inflation and the effects on inflation
30. RATIONAL EXPECTATIONS, REAL
BUSINESS CYCLES, AND NEW
CLASSICAL MACROECONOMICS
Rational expectations can make a major
difference to the effects of government policy.
In the 1970´s, Robert Lucas (University of
Chicago) used this logic to argue that
monetary policy can change the level of
unemployment only if it comes as a surprise to
the public.
So if his analysis is right, monetary policy is
not useful in stabilizing the economy after all,
although many macroeconomists believe that
his conclusions were overstated.
31. RATIONAL EXPECTATIONS, REAL BUSINESS
CYCLES, AND NEW CLASSICAL
MACROECONOMICS
New Keynesian economists (a set of ideas that
became influential in the 1990´s) provides an
explanation at to why the rational expectations
hypothesis doesn´t accurately describe how
the economy behaves.
It argues that market imperfections interact to
make many prices in the economy temporaril
sticky.
Over time, new Keynesian ideas combined
with actual experience have reduced the
practical influence of the rational expectations
concept.
32. REAL BUSINESS CYCLES
Total factor productivity is the amount of output
that can be generated wih a given level of
factor outputs.
Total factor productivity grows over time, but
not smoothly.
The real business cycle theory claims that
fluctuations in the rate of growth of total factor
productivity cause the business cycle.
They believe that the AS curve is vertical, so
they attribute the source of business cycles to
shifts of the AS curve.
33. REAL BUSINESS CYCLES
A recession occurs when a slowdown in
productivity growth shifts the AS curve
leftward, and a recovery occurs when an
increase in productivity growth shifts the AS
curve rightward.
This theory has made valuable contributions to
understanding the economy and serves as a
useful caution against too much emphasis on
aggregate demand.
34. REAL BUSINESS CYCLES
However, many real business cycle theorists
now acknowledge that their models need an
upward-sloping AS curve to fit the economic
data, and that gives AD a potential role in
determining aggregate output.
As seen policy makers stongly believe that
aggregate demand policy has an important
role to play in fighting recessions.