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Chapter_5 - Warning The purpose of these lecture notes is...

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Warning: The purpose of these lecture notes is just to aid you in studying, and they are not designed to replace the textbook or the lectures. Technical problems with the web site do not absolve you of responsibility for lecture material. If you choose to skip a lecture and rely on the web site lecture notes, you do so at your own risk. For tests and exams you are responsible for all material covered in lecture, including material on the chalkboard and overhead projector. If you missed a lecture, be sure to get the complete lecture notes from another student. Chapter 5 Learning Outcomes This chapter explains: Short-run aggregate demand and supply Equilibrium output and potential output Changes in equilibrium output and income Business cycles and output gaps Okun’s Law: output gaps and unemployment rates Adjustments to output gaps The role for macroeconomic policy A Short-Run Aggregate Demand and Aggregate Supply Model Short run Constant prices for factors of production Fixed supply of labour, capital and technology
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