macroeconomics. Keynesian economics nicely explained the 1970s stagflation that followed the world oil price hike with a shift up of … the supply curve in its AD/AS diagram. Lucas and Sargent ignored oil, could not explain the 1970s stagflation, and … business cycles was the same as Lucas' and Sargent's. New classical economics has been characterized by mathematical …

There are two generally accepted ways of plotting the aggregate demand (AD) and aggregate supply (AS) curves in the …

exponential. Yet many principles of economics books claim that the stable Phillips curve is a mapping of a stable aggregate supply …This essay shows that the stable Phillips curve cannot be mapped off an aggregate supply curve that is linear or … curve. Treating the stable Phillips curve mechanically as a mapping of the stable aggregate supply curve discourages the …

As presented in most undergraduate economics textbooks, the aggregate supply/aggregate demand apparatus (AS-AD) is not …

rationing refers to the occurrence of excess supply in a given labor market and unemployment to the job searching activity. The …

A supply-and-demand model of deregulated financial markets is compared to deposit-multiplier models, interest … effects on financial markets; and increased financial intermediation can be contractionary. …

This article uses multi-period ex ante anticipations of money supply growth to estimate the parameters of a model …

balances have been discussed in the literature. One functional form is obtained by regarding the money supply as exogenous and … the price level as endogenous and the other by regarding the money supply as endogenous and the price level as exogenous …

. The standard result is that movements in the money supply of the reserve currency country, the United States, leads to … movements in the money supply and nominal income of other countries, while the domestic money supply has no impact on domestic …