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Macro 13
- 4. Quiz Master
- 5. Real GDP Growth Rate Inflation Rate Ï LRAS AD Adam Smith
- 6. What if people don't want to change prices? Recession - Unemployment
- 7. Father of Macroeconomics John Maynard Keynes (1883 - 1946) The GeneralTheory of Employment, Interest and Money The ideas of economists and political philosophers are more powerful than commonly understood; indeed the world is ruled by little else.
- 9. Real GDP Growth Rate Inflation Rate Ï AD LRAS SRAS
- 10. Supply In the short run: No matter the price you can only produce so much
- 11. AD Price Level LRAS Adam Smith Neo-Classical Model Real GDP SRAS John Keynes
- 12. Short-Run Supply Curve Adrenaline Give 110% Push to exceed normal capacity
- 13. Long Run Run out of Adrenaline Fall back to normal Cannot do 110% forever
- 14. Real GDP Growth Rate Inflation Rate Ï AD LRAS SRAS
- 17. Aggregate Supply Shift Left - Decreasing Demand Slower Money Supply Growth Fear Reduced Wealth Higher Personal Taxes Lower Government Spending Decreased Export Growth Increased Import Growth Shift Right - Increasing Demand Faster Money Supply Growth Confidence Increased Wealth Lower Personal Taxes Higher Government Spending Increased Export Growth Decreased Import Growth Left Shift Left - Losing Capitals Bad weather Higher oil price Tech slump Higher business taxes or regulations War, Earthquake, Pandemic Shift Right - Gaining Capitals Good weather Lower Oil Price Tech boom Lower business taxes or regulation Smooth production Aggregate Demand Right
- 18. Ï Y Quiz   ADAS Modeling Inflation Output Curve Direction Level Level 1. Good Weather 2. Slower Money Growth Rate 3. Lower Business Taxes 4. Decrease in Exports 5. New innovation 6. Lower electricity prices 7. Higher Personal Taxes 8. Earthquake AD Real GDP Growth Rate Inflation Rate Ï LRAS SRAS If AD shifts, equilibrium is a two-step process
- 19. Ï Y Quiz   ADAS Modeling Inflation Output Curve Direction Level Level 1. Good Weather 2. Slower Money Growth Rate 3. Lower Business Taxes 4. Decrease in Exports 5. New innovation 6. Lower electricity prices 7. Higher Personal Taxes 8. Earthquake
- 20. AD Real GDP Growth Rate Inflation Rate Ï LRAS SRAS
- 21. Mv = M + v = P
- 22. M V MV %âM + %âV 2012 100 3 300 2013 120 4 480 Chang e 20 1 180 Rate of 20% 33% 60% 53%
- 23. M + v = P M + v = Inflation + Real 5% + 0% = Inflation + 0%
- 24. 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% -2% 0% 2% 4% 6% Aggregate Demand AD = M +V = P Inflation Rate Y - Real GDP Growth Rate 5% = P +Y AD = 7%
- 25. 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% -2% 0% 2% 4% 6% Aggregate Demand P Inflatio n Y - Real GDP Growth
- 26. %âM + %âV = 6% = %âP + %âY 6% 6% 0% 0% %âP Inflation Ï %âY GDP Aggregate Demand
- 28. LRAS AD (M + v = 10%) P Inflation Rate Ï Y Real GDP growth rate M + v = P + Y M + v = 10% = 7% + 3% If Real growth is 3%, and M is 10%, what is inflation? 3% 7% 11% 3% 7% -1%
- 29. LRAS1 AD (M + v = 10%) P Inflation Rate Ï Y Real GDP growth rate M + v = P + Y 3% 7% 11% 3% 7% -1% LRAS2 LRAS3 New Capital Human Beings Ideas Human Physical Intellectual Financial Cultural Markets Entrepreneurs Innovations
- 30. LRAS1 AD (M + v = 10%) P Inflation Rate Ï Y Real GDP growth rate M + v = P + Y 3% 7% 11% 3% 7% -1% New Capital Human Beings Ideas Human Physical Intellectual Financial Cultural Markets Entrepreneurs Innovations
- 31. A D Real GDP Growth Rate Price Level AS Adam Smith Classical Model
- 32. A D 100 Price Level AS Adam Smith Classical Model Recession Unemployment Real GDP $6.50 $4.00 50