TAILIEUCHUNG - Chapter: Aggregate supply, the price level, and the speed of adjustment

In discussing equilibrium within the IS-LM model, it has been assumed that –prices are fixed –the supply-side of the economy can be ignored. These assumptions must now be relaxed. | Chapter 26 Aggregate supply, the price level, and the speed of adjustment David Begg, Stanley Fischer and Rudiger Dornbusch, Economics, 6th Edition, McGraw-Hill, 2000 Power Point presentation by Peter Smith Introducing prices and the labour market In discussing equilibrium within the IS-LM model, it has been assumed that prices are fixed the supply-side of the economy can be ignored. These assumptions must now be relaxed. 26. The price level and aggregate demand The CLASSICAL model of macroeconomics analyses the economy when wages and prices are fully flexible. The real money supply is the key variable linking the aggregate demand for goods and the price level. The price level is the average price of all the goods produced in the economy. 26. The macroeconomic demand schedule (MDS) connects these points . MDS The macroeconomic demand schedule Real money supply is nominal money supply divided by the price level – it influences the position of LM. Income Income r P IS LM0 Y0 .

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