ASAD Models; Classical and Keynesian theory; Fiscal Policy阿萨德模型；古典主义和凯恩斯主义财政政策理论；.pptVIP

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ASAD Models; Classical and Keynesian theory; Fiscal Policy阿萨德模型；古典主义和凯恩斯主义财政政策理论；.ppt

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ASAD Models; Classical and Keynesian theory; Fiscal Policy阿萨德模型；古典主义和凯恩斯主义财政政策理论；

AS /AD Models:Classical and Keynesian Aggregate Demand: The demand for all goods and services in an economy. Like the microeconomic demand curve, it slopes down. Hereafter called AD. Aggregate Supply: The supply of all goods and services. In the short run, the AS curve slopes up because offering more to the market requires the use of more resources at a higher cost. “The Long Run” AS Curve In macroeconomics, we add a third curve to the graph, called the Long-Run Aggregate Supply Curve, or LRAS. It is vertical, and represents the output of an economy at the full potential use of our resources. We label this full potential point Yf. The AS/AD Graph Recessionary and Inflationary Gaps Recessionary gap: Occurs when an economy is at less than its full potential. Thus a gap appears between current and potential output. Inflationary gap: occurs when people are demanding goods and services faster than the economy can provide them, causing prices to rise. Recessionary Gap Inflationary Gap The Classical Theory An economy that produces goods also produces the income to buy those goods. Thus “supply creates its own demand.” This is Say’s Law Prices are flexible and will adjust to bring the economy back into equilibrium Consumption is a function of interest rates. As interest rates fall, households and firm will borrow money to consume and invest, which will push AD to the right, restoring equilibrium. Keynesian Theory Prices and wages are NOT flexible, they are “sticky,” meaning they don’t respond easily to downward changes in the price level. Consumption is a function of income, not interest rates. The economy in recession will therefore stall unless some other entity enters the picture and acts as the catalyst. That entity must be the government, which should spend liberally to get the economy back to long-run equilibrium. Keynesian Graph Keynes and the “Liquidity Trap” Keynes described the problem in a recession economy when expected returns are so low that peop