ch13 Aggregate Supply and the Equilibrium Price Level.pptVIP

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ch13 Aggregate Supply and the Equilibrium Price Level.ppt

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ch13 Aggregate Supply and the Equilibrium Price Level

Prepared by: Fernando Quijano Shelly Tefft;;aggregate supply The total supply of all goods and services in an economy.;In the short run, the aggregate supply curve (the price/output response curve) has a positive slope. At low levels of aggregate output, the curve is fairly flat. As the economy approaches capacity, the curve becomes nearly vertical. At capacity, Y*, the curve is vertical.;The Aggregate Supply Curve;cost shock, or supply shock A change in costs that shifts the short-run aggregate supply (AS) curve.;equilibrium price level The price level at which the aggregate demand and aggregate supply curves intersect.;When the AD curve shifts from AD0 to AD1, the equilibrium price level initially rises from P0 to P1 and output rises from Y0 to Y1. Wages respond in the longer run, shifting the AS curve from AS0 to AS1. If wages fully adjust, output will be back at Y0. Y0 is sometimes called potential GDP.;The simple “Keynesian” view of the aggregate supply curve holds that at any given moment, the economy has a clearly defined capacity, or maximum, output.;potential output, or potential GDP The level of aggregate output that can be sustained in the long run without inflation.;Aggregate demand can shift to the right for a number of reasons, including an increase in the money supply, a tax cut, or an increase in government spending. If the shift occurs when the economy is on the nearly flat portion of the AS curve, the result will be an increase in output with little increase in the price level from point A to point A?. ;If a shift of aggregate demand occurs while the economy is operating near full capacity, the result will be an increase in the price level with little increase in output from point B to point B?. ;It is important to realize that if the AS curve is vertical in the long run, neither monetary policy nor fiscal policy has any effect on aggregate output in the long run. The longer the lag time between wages and output prices, the greater the poten