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ECON 1BB3 (535)
Lecture

1BB3 Notes chapter 14.docx

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Department
Economics
Course
ECON 1BB3
Professor
Bridget O' Shaughnessy
Semester
Winter

Description
Lecture # Chapter 14 Macroeconomics 1BB3 Date: 11/12/2012 Aggregate Demand andAggregate Supply Y=y^ + a(p-p^e) P^e is the expected price level SRAS: The slope is positive for three reasons: 1. Sticky wage theory (Pgoes down, w/p goes up, labour is expensive Ch.4 > price if an input goes up, firms cut productions> y goes downs 2. Sticky price theory 3. Misperceptions theory Shift: the SRAS curve will shift when the LRAS curve shifts or when people’s expectation of the price lev
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