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Long-Run Aggregate Supply and Aggregate Demand

Long-Run Aggregate Supply and Aggregate Demand. Chapter 11. Outline. From Short Run to Long Run Long Run Equilibrium in the AD-AS Model Economic Growth and On-Going Inflation The Inflation-Unemployment Relationship Taxation and AS. From Short Run to Long Run. SRAS LRAS.

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Long-Run Aggregate Supply and Aggregate Demand

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  1. Long-Run Aggregate Supply andAggregate Demand Chapter 11

  2. Outline • From Short Run to Long Run • Long Run Equilibrium in the AD-AS Model • Economic Growth and On-Going Inflation • The Inflation-Unemployment Relationship • Taxation and AS

  3. From Short Run to Long Run • SRAS • LRAS

  4. LR Equilibrium in the AD-AS Model • Demand-pull inflation in the LR AD-AS model • Cost-push inflation in the LR AD-AS model • Recession in the LR AD-AS model

  5. Economic Growth and On-Going Inflation • Graphs

  6. The Inflation-Unemployment Relationship • SR trade-off: the Phillips curve • AS shocks and shifts of the Phillips curve • No LR inflation-unemployment trade-off

  7. Taxation and AS • The Laffer curve • Criticisms, rebuttal, and assessment

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