Brief Outline of Topics Covered in Lecture 16
Chapter 21 Output, Inflation, and Monetary Policy [cont.]
Aggregate Demand and Aggregate Supply
- SRAS
- Shifts in SRAS
- LRAS
- Shifts in LRAS
Equilibrium
Policy in the Short-Run and Long-Run
Chapter 22 Understanding Business Cycle Fluctuations
Aggregate Demand and Aggregate Supply
- Shifts in AD
- Shifts in SRAS
Using the AD-AS Framework
- How Do Policymakers Achieve Stabilization Objectives?
- The Opportunity Created by SRAS Shocks
LRAS Shocks
Video:
Additional Reading:
- Rational Expectations - William Hoffman
- Worries continue - Econbrowser
- Long-Term Unemployment Carries Risks U.S. - Robert Shiller
- The Failure to Forecast the Great Recession - Simon Potter
- Central Bank’s Message to Europe - ‘No’ Means ‘No’ - NYTimes.com
- A bridge over the macroeconomic divide - MacroMania
- The dual mandate - Nick Rowe
