曼昆宏观经济学第三十三章学习指导书.pptVIP

* * For consistency, title this slide, “Why the Aggregate supply curves slopes upward in the short run” like the previous two slides. Then move “The sticky-price theory” in large print to the top bullet (like the previous two slides). * Should title be, “Why the short-run aggregate supply…” * Bullet three, move the misperceptions theory to the end. Why the Long-Run Aggregate-Supply Curve Might Shift Shifts arising Labor Capital Natural Resources Technological Knowledge Figure 5 Long-Run Growth and Inflation Quantity of Output Y 1980 AD 1980 AD 1990 Aggregate Demand, AD 2000 Price Level 0 Long-run aggregate supply, LRAS 1980 Y 1990 LRAS 1990 Y 2000 LRAS 2000 P 1980 1. In the long run, technological progress shifts long-run aggregate supply . . . 4. . . . and ongoing inflation. 3. . . . leading to growth in output . . . P 1990 P 2000 2. . . . and growth in the money supply shifts aggregate demand . . . Copyright ? 2004 South-Western Discussion Explain whether each of the following events will increase ,decrease or have no effect on long-run aggregate supply. The U.S. experiences a wave of immigration. Intel invents a new and powerful computer chip A severe hurricane damages factories along the East Coast. Congress raises the minimum wage to $10 per hour. A New Way to Depict Long-Run Growth and Inflation Short-run fluctuations in output and price level should be viewed as deviations from the continuing long-run trends. Why the Aggregate-Supply Curve Slopes Upward in the Short Run In the short run, an increase in the overall level of prices in the economy tends to raise the quantity of goods and services supplied. A decrease in the level of prices tends to reduce the quantity of goods and services supplied. Figure 6 The Short-Run Aggregate-Supply Curve Quantity of Output Price Level 0 Short-run aggregate supply 1. A decrease in the price level . . . 2. . . . reduces the quantity of goods and services supplied in the short run. Y P Y2 P2 Copyright ? 200