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Aggregate demand curve
The curve that shows alternative combinations of the price level (P) and real income (Y) that result in simultaneous equilibrium in both the real goods and the money markets.
AD : Y = f(P, T p , CC, W, CR, D, T B , PR, CU, G, Y * , R, M S ) -,-,+，+，+，-，-，+，+，+，+，-，+
where
Y = real income
P = price level
T P = personal taxes
CC = consumer confidence
W = consumer wealth
CR = consumer credit
D = consumer debt
T B = business taxes
PR = expected profits and business confidence
CU = capacity utilization
G = government spending
Y * = foreign GDP or real income
R = currency exchange rate (foreign currency per dollar)
M S = nominal money supply (influenced by Federal Reserve policy)
Automatic stabilizers
Features of the U.S. federal government expenditure and taxation programs that tend to automatically slow the economy
during times of high economic activity and boost the economy during periods of recession.
Nondiscretionary expenditures
Federal government expenditures, for programs such as unemployment compensation, that increase or decrease simply as a
result of the number of individuals eligible for the spending programs.
Discretionary expenditures
Federal government expenditures for programs whose funds are authorized and appropriated by Congress and signed by the
president, where explicit decisions are made on the size of the programs.
Progressive tax system
An income tax system where higher tax rates are applied to increased amounts of income.
Crowding out
The decrease in consumption and investment interest-related spending that occurs when the interest rate rises as government
spending increases.
Aggregate supply curve
The curve that shows the price level at which firms in the economy are willing to produce different levels
of real goods and services and the resulting level of real income.
Aggregate production function
The function that shows the quantity and quality of resources used in production, the efficiency with which resources are used, and the existing production technology for the entire economy.
Potential output (gDP)
The maximum amounts of real goods and services or real income (GDP) that can be produced in the economy at any point in time based on the economy’s aggregate production function.
Aggregate demand– aggregate supply equilibrium
The equilibrium level of real income and output and the price level in the economy that occur at the intersection of the aggregate demand and supply curves.
Short-run aggregate supply curve
An aggregate supply curve that is either horizontal or upward sloping, depending on whether the absolute price level increases as firms produce more output.
Keynesian model
A model of the aggregate economy, based on ideas developed by John Maynard Keynes, with a horizontal short-run aggregate supply curve in which all changes in aggregate demand result in changes in real output and income.
Short@run AS: P = f (Y f , Resource costs) 0，+
where
P = price level
Y f = full-employment or potential output
Resource costs = costs of the resources or inputs of production
Long-run aggregate supply curve
A vertical aggregate supply curve that defines the level of full employment or potential output based on a given amount
of resources, efficiency, and technology in the economy.
Long-run AS: Y f = f (P, Resources, Efficiency, Technology) (0) (+) (+) (+)
where
Y f = full-employment or potential output
P = price level
Resources = amount of inputs in the economy used to produce final goods and services
Efficiency = means by which resources are combined to minimize the cost of production
Technology = state of knowledge in the economy on how to produce goods and services
Stagflation
Higher prices and price increases (inflation) combined with lower real output and income (stagnation), resulting from a major increase in input prices in the economy.
Leading indicators
Economic variables, such as manufacturing, employment, monetary, and consumer expectation statistics, that generally
turn down before a recession begins and turn back up before a recovery starts.
Coincident indicators
Economic variables, including employment, income, and business production statistics, that tend to move in tandem with the overall phases of the business cycle.
Lagging indicators
Economic variables, including measures of inflation and unemployment, labor costs, and consumer and business debt and
credit levels, that turn down after the beginning of a recession and turn up after a recovery has begun.
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