宏观经济学原理与应用（第二版）教学配套课件罗伯特.E.霍尔aggregate_demand_supply.pdfVIP

Aggregate Demand and Aggregate Supply Slides by: John Pamela Hall ECONOMICS: Principles and Applications 3e HALL LIEBERMAN © 2005 Thomson Business and Professional Publishing Figure 1: The Two-Way Relationship Between Output and the Price Level 2 The Aggregate Demand Curve • First step in understanding how price level affects economy is an important fact – When price level rises, money demand curve shifts rightward • Shift in money demand, and its impact on the economy, is illustrated in Figure 2 • Imagine a rather substantial rise in price level—from 100 to 140 • Compared with our initial position, this new equilibrium has the following characteristics – Money demand curve has shifted rightward – Interest rate is higher – Aggregate expenditure line has shifted downward – Equilibrium GDP is lower • All of these changes are caused by a rise in price level • A rise in price level causes a decrease in equilibrium GDP 3 Figure 2: Deriving the Aggregate Demand Curve 4 Deriving the Aggregate Demand Curve • Panel (c) of Figure 2 shows a new curve – Shows negative relationship between price level and equilibrium GDP • Call aggregate demand curve – Tells us equilibrium real GDP at any price level 5 Understanding the AD Curve • AD curve is unlike any other curve you’ve encountered in this text – In all other cases, our curves have represented simple behavioral relationships • But AD curve represents more than just a behavioral