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 …

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

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 …

. 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 …

It has been argued that aggregate-supply/aggregate-demand (AS/AD) models suffer from an inconsistency because they …

Keynes. This article reviews his contributions to monetary theory, international economics, aggregate supply theory, and … environmental economics. …

By explicitly examining the symmetry assumption implicit in much of the efficiency wage literature, a plausible supply … with demand-side implications, but also with the additional supply-side consideration. …

the money view correctly. A change in the money supply can affect income both directly and indirectly through what we call …

supply path (for aggregate supply) to alert students to the difference between the aggregate curves and their micro …