Macroeconomics¶
Mankiw, N. G. (2019). Macroeconomics. Worth Publishers.
Cited by¶
2 citations across 2 artifacts.
Each citation links to the sentence it supports in the citing article.
Domain-specific¶
- Aggregate Demand
- Aggregate demand is the total planned expenditure on final goods and services in an economy at a given overall price level over a given period, expressed as the sum of its four components: consumption (C), investment (I), government purchases (G), and net exports (X − M)
This sourceIntermediate-macro textbook definition of aggregate demand as the relationship between the quantity of output demanded and the aggregate price level, with expenditure decomposed into consumption, investment, government purchases and net exports. Textbook treatment of why the aggregate-demand curve slopes down, naming the Pigou wealth effect and the interest-rate channel among the mechanisms. Textbook framework distinguishing the long run, where prices are flexible, from the short run, where prices are sticky.
Supported in partVerified against the work's full text
“can divide [expenditure] on an open economy’s output Y into four [components]: = C%, [consumption] of domestic”
- Aggregate demand is the total planned expenditure on final goods and services in an economy at a given overall price level over a given period, expressed as the sum of its four components: consumption (C), investment (I), government purchases (G), and net exports (X − M)
- Aggregate Supply
- In the short run, wages and input prices are sticky: firms respond to a higher price level by expanding output because their input costs do not immediately adjust, making the short-run AS curve upward-sloping
This sourceMankiw's intermediate macroeconomics textbook, which analyses the long run with flexible prices and the short run with sticky prices.
Supported in partVerified against the work's full text
“long run when [prices] are flexible and then to examine the [short run] when [prices] are sticky”
- In the short run, wages and input prices are sticky: firms respond to a higher price level by expanding output because their input costs do not immediately adjust, making the short-run AS curve upward-sloping
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