Controversies in Macroeconomics |
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actors adjustment aggregate demand aggregate supply curve analysis assets assumption balance of payments behaviour budget constraint business cycle capital changes Chapter Classical economics consumption crowding deficit demand and supply demand for money depends domestic money economy equation equilibrium excess demand exogenous expenditures exports figure fiscal policy fixed exchange rates floating exchange rates forecast Friedman full employment function government expenditure higher important incomes policy increase inflation and unemployment inflation rate interest rate investment IS-LM Keynes Keynesian economics labour supply LM curve Lucas macroeconomic market clearing ment Monetarist monetary approach monetary policy money demand money stock money supply money wages multiplier national income natural rate oil price rise P₁ period Phillips curve price level problem production public sector rate of inflation rational expectations real effects real income real money balances real wage relationship result shift short-run stabilisation policy sticky taxes theory trade unanticipated variables Y₁