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This chapter deals with relationships between the price level and real output. A higher price level is linked with a reduced level of aggregate demand (AD), but with an increased level of aggregate supply (AS). The curves for AD and AS are first explained in conventional Keynesian terms, where a change in the price level causes a change in the quantity demanded and the quantity supplied; AD is shaped by the central bank’s response to inflation, while AS is driven by stories of sticky wages or worker misperceptions. These are followed by alternative explanations: AD is shaped by the uncertain transition from planned expenditure to achieved real demand. AS results from the varying degree of firms’ willingness and ability to respond to increased demand by increasing output. The chapter ends with a discussion of the Lucas critique and an extension of that insight to broader issues of how policy is perceived.
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Bradford deLong, J. (2002). Macroeconomics. Boston: McGraw-Hill/Irwin.
Forder, J. (2014). Nine views of the Phillips curve: Eight authentic and one inauthentic. University of Oxford Department of Economics Discussion Paper Series, September 2014. http://www.economics.ox.ac.uk/materials/papers/13451/paper724.pdf. Accessed September 5, 2015.
Froyen, R. T. (2001). Macroeconomics: theories and policies (7th ed.). Upper Saddle River: Prentice Hall.
Lucas, R. (1976). Econometric policy evaluation: A critique. Carnegie-Rochester Conference Series on Public Policy, 1, 19–46. CrossRef
Lucas, R. (2013). Macroeconomic priorities. American Economic Review, 93, 1–14. CrossRef
Phillips, A. W. H. (1958). The relation between unemployment and the rate of change of money wage rates in the United Kingdom, 1861–1957. Economica, 25, 283–299.
Schelling, T. C. (1982). Establishing credibility: Strategic considerations. American Economic Review, 72, 77–80.
Tesfatsion, L. (2013). Notes on the Lucas critique, time inconsistency, and related issues, November 2013. http://www2.econ.iastate.edu/tesfatsi/luccrit.pdf, Accessed April 1, 2016.
- Short-Run Aggregate Supply/Aggregate Demand and Policy
- Chapter 16
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