Macroeconomic Essentials. Understanding Economics in the by Peter E. Kennedy

By Peter E. Kennedy

This ebook used to be written to supply teachers with an introductory textual content appropriate for educating scholars useful macroeconomics invaluable for studying macroeconomic statement present in the enterprise sections of newspapers. the 1st edition's luck shows that many teachers are unsatisfied with the encyclopedic technique of the normal texts, with their emphasis on technical concerns and shortage of realization to real-world purposes. a few teachers used the 1st version as a textual content for a standard principles-of-macroeconomics classification, a few used it for an utilized path following a conventional macro-principles classification, a few used it as a supplementary textual content for a standard macro-principles direction, and a few used it as a textual content for an MBA macroeconomics direction. All used it to supply scholars able to examining media statement at the macroeconomy.

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Example text

The higher price lowers aggregate demand, and firms react by cutting back production, laying off workers, and moving the economy over to point C. At this stage the government may adopt a fiscal policy that shifts AD rightward to AD'. Care must be taken not to overstimulate and try to push the economy all the way back to the original LRASâ this response would create further price increases. 5 Reaction to a Supply-Side Shock The shock of higher energy costs shifts SRAS to SRAS' and LRAS to LRAS'.

Media Illustrations Example 1 All this frugality is producing a consumer-generated recession. What is needed is some policy action to stimulate consumer spending to move the economy out of its current lassitude. Consumer attitude surveys indicate that the time is ripe for such a move, and the high savings rate of recent years has led many economy watchers to predict an upturn. What is a consumer-generated recession? There has been a fall in consumer spending, decreasing aggregate demand and, through a contractionary multiplier process, causing a recession.

As we will see in chapter 9, this increase in money serves to increase aggregate demand through several channels. For example, a rise in the real supply of money causes its price, the interest rate, to fall. Lower interest rates, in turn, cause people to increase spending because borrowing costs have fallen. A fall in the price level causes an increase in aggregate demand. 1. 1 at the end of this chapter. Appendix A at the end of the book provides a more general overview of this curve and how it relates to other macroeconomic curves.

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