Macroeconomics

Advanced Macroeconomics by Sanjay Rode

By Sanjay Rode

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The supply of land, labor, and capital is fixed in economy and it does not change. 16 shows the Classical and Keynesian aggregate supply curve. In the first diagram, AS curve is vertical straight line and in b part it is horizontal line. In Classical case, all the factors of production in the economy are fully employed. Therefore, there is no scope to increase the factors of production. The supply remains fixed for the long period. 4 The effects of monetary and fiscal policy on classical aggregate supply curve A.

Explain the equilibrium of aggregate demand in open and closed economy. 1 Introduction Consumption function is important because of number of reasons. Consumption is part of aggregate demand. If income is not consumed then saving rate rises. Consumption is an integral part of day today life. Most of the traditional and modern theories have explained consumption function. The life cycle theory is associated with Franco Modigliani of MIT. He is Nobel Prize winner in economic science. The permanent income theory is primarily with Milton Friedman of the University of Chicago.

2. Write short note on full-employment budget surplus. 3. Derive the fiscal and monetary policy effect on the IS-LM framework. 4. Bring out the relative effectiveness of fiscal and monetary policies under different conditions. com 42 Advanced Macroeconomics Introduction to Macroeconomics 5. Explain the following: a) Show the effect of monetary and fiscal policies on the Classical supply curve. b) Explain why the aggregate supply curve is vertical. How does it differ from the Keynesian aggregate supply curve?

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