宏观经济管理学与财务知识分析规范.pptx

ChapterMcGraw-Hill/IrwinMacroeconomics, 10e? 2008 The McGraw-Hill Companies, Inc., All Rights Reserved.5Aggregate Supply and DemandItem ItemItemEtc.IntroductionThe last few chapters have detailed models of long run economic growth ? now turn to short run fluctuations in the economy that constitute the business cycleThe AS/AD model is the basic macroeconomic tool for studying output fluctuations and the determination of the price level and the inflation rateCan be used to explain how the economy deviates from a path of smooth growth over time, and to explore the consequences of government policies intended to reduce unemployment and output fluctuations, and maintain stable pricesAS and ADAggregate supply curve describes, for each given price level, the quantity of output firms are willing to supplyUpward sloping since firms are willing to supply more output at higher pricesAggregate demand curve shows the combinations of the price level and the level of output at which the goods and money markets are simultaneously in equilibriumDownward sloping since higher prices reduce the value of the money supply, which reduces the demand for outputIntersection of AS and AD curves determines the equilibrium level of output and price levelAS, AD, and EquilibriumAS and AD intersect at point E in Figure 5-1? Equilibrium: AS = ADEquilibrium output is Y0 Observed level of output in the economy at particular point in timeEquilibrium price level is P0Observed price level in the economy at particular point in time[Insert Figure 5-1 here]AS, AD, and EquilibriumShifts in either the AS or AD schedule results in a change in the equilibrium level of prices and outputIncrease in AD ? increase in P and YDecrease in AD ? decrease in P and YIncrease in AS ? decrease in P and increase in YDecrease in AS ? increase in P and decrease in Y[Insert Figure 5-2 here]Figure 5-2 illustrates an increase in AD resulting from an increasein money supply.AS, AD, and Equilibrium? The amount of the increase/decr