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What is Constructing Aggregate Demand in Keynesian Model about?

1. The document outlines the Keynesian model of aggregate supply and demand. It explains how to construct the AD and AS curves based on the IS-LM model and assumptions about wage and price rigidities. 2. The AD curve is derived from the IS-LM model by observing how changes in the price level shift the LM curve inward, raising interest rates and reducing investment and output. 3. The AS curve is constructed by considering a fixed nominal wage that adjusts slowly to price changes, so that rising prices lowe

Author

Genevra1994

Language

EN