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- (13) In the Keynesian Cross model, AE = Y is known as the __________________________ __________________________.If money demand does not depend on income then the IS/LM model predicts that there would be no crowding out of investment if government expenditure is increased. True or false?Assume that the general level of prices increases. Which of the following best describes what happens to the money market, AE model and AD curve?
- What are the pros and cons of studying the IS-LM Model?Why is the IS curve called the goods market equilibrium schedule?Why is the LM curve called the money market equilibrium schedule?Explain how the equilibrium levels of income and the interest rate change if there is an increase in autonomous investment ( or government spending).Derive the AD curve from the IS-LM model.Which of the following could shift the DAD (dynamic AD) curve to the right, all else equal? an increase in imports a higher real interest rate the Fed raising its target inflation rate a decrease in home purchasesIn an AD-AS model, one can distinguish between two broad types of macroeconomic policy measures, namely demand-side and supply-side measures. Use the AD-AS model above to explain and illustrate, from a theoretical perspective, that by choosing the right combination of measures (policies) it is possible for the economy to grow without it experiencing inflationary pressures. Which policy combination is critical in ensuring that the price level does not increase?
- Read the following excerpts. Identify whether the policy action is fiscal or monetary and expansionary or contractionary. Draw and label the change that would occur on the AD/AS graph as a result of the policy action described in each. Identify what will happen as a result of the policy to the price level, employment, and real GDP. Excerpt from FOMC Meeting Minutes Press Release February 6, 1981 “Shortly after the November 18 meeting, incoming data indicated that the monetary aggregates were growing considerably faster than the rates consistent with the Committee’s objectives for the September-to-December period… These developments were associated with additional upward pressures on the federal funds rate and other short-term interest rates; in the first statement week after the meeting, the funds rate was at about or somewhat above the upper limit of the range of 13 to 17 percent specified by the Committee, compared with an average of 14 ½ percent in mid-November. In a telephone…Assume an economy is currently operating at point A and answer the following question. Q. What key policy recommendations would you make for an economy like this one that is currently operating at point A? Illustrate using the IS-LM model how the policy recommendations you provide will impact the economy. On your diagram indicate the new point that the policy takes the economy to and label this as point B.The effect of Federal Reserve action (or inaction) in the AD-AS model The following graph shows an economy that is currently producing at point A (grey star symbol), which corresponds to the intersection of the AD1AD1 and SRAS1SRAS1 curves. According to the graph, the potential output of this economy is $16 trillion $12 trillion $11 trillion $14 trillion $10 trillion . Since real GDP is currently $12 trillion (as shown by point A), this level of potential output means there is currently a recessionary gap an expansionary gap of $3 trillion $4 trillion $1 trillion $5 trillion $2 trillion . Along SRAS1SRAS1, wages would have been negotiated based on an expected price level of 135 140` 145 . Since the actual price level at point A is 140, this means that real wages are lower than the same as higher than had been negotiated, which will decrease increase unemployment. If the Fed does not intervene, these labor market conditions…
- What is an effificiency wage? How might payment of an above-market wage reduce shirking by employees and reduce worker turnover? How might efficiency wages contribute to downward wage inflexibility, at least for a time, when aggregate demand declines?With the use of a graph explain the vertical and horizontal cases of the LM curve and show which policy is ineffective under each case.Derive the AD curve using the IS - LM framework with detailed explanation.