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view source for macroeconomics wikipedia jump to content main menu main menu move to sidebar hide navigation main page contents current events random article about wikipedia contact us contribute help learn to edit community portal recent changes upload file special pages search search appearance donate create account log in personal tools donate create account log in view source for macroeconomics add languages article talk english read edit view history tools tools move to sidebar hide actions read edit view history general what links here related changes upload file page information get shortened url switch to legacy parser in other projects wikidata item appearance move to sidebar hide macroeconomics you do not have permission to edit this page for the following reason this ip address range has been globally blocked this does not affect your ability to read wikipedia pages most people who see this message have done nothing wrong some kinds of blocks restrict editing from specific service providers or telecom companies in response to recent abuse or vandalism and can sometimes affect other users who are unrelated to that abuse review the information below for assistance if you do not believe that you have done anything wrong this block affects editing on all wikimedia wikis the ip address or range 5 135 0 0 16 has been globally blocked by jon kolbert for the following reason s open proxy webhost visit the faq if you are affected this block will expire on 04 29 8 january 2027 your current ip address is 5 135 42 194 even while globally blocked you will usually still be able to edit pages on meta wiki if you believe you were blocked by mistake you can find additional information and instructions in the stewards block wizard other useful links global blocks help i have been blocked you can view and copy the source of this page ad as model file as ad graph svg thumb a traditional ad as diagram showing a shift in ad and the as curve becoming inelastic beyond potential output the ad as model is a common textbook model for explaining the macroeconomy sfn healey 2002 p 12 the original version of the model shows the price level and level of real output given the equilibrium in aggregate demand and aggregate supply the aggregate demand curve s downward slope means that more output is demanded at lower price levels sfn healey 2002 p 13 the downward slope can be explained as the result of three effects the pigou effect pigou or real balance effect which states that as real prices fall real wealth increases resulting in higher consumer demand of goods the keynes effect keynes or interest rate effect which states that as prices fall the demand for money decreases causing interest rates to decline and borrowing for investment and consumption to increase and the net export effect which states that as prices rise domestic goods become comparatively more expensive to foreign consumers leading to a decline in exports sfn healey 2002 p 13 in many representations of the ad as model the aggregate supply curve is horizontal at low levels of output it becomes inelastic near the point of potential output which corresponds with full employment sfn healey 2002 p 12 since the economy cannot produce beyond the potential output any ad expansion will lead to higher price levels instead of higher output in modern textbooks the ad as model is often presented slightly differently however in a diagram showing not the price level but the inflation rate along the vertical axis ref name romer rp 263 ref name mankiw rp 399 428 ref name sørensen rp 595 making it easier to relate the diagram to real world policy discussions ref name sørensen rp vii in this framework the ad curve is downward sloping because higher inflation will cause the central bank which is assumed to follow an inflation target to raise the interest rate which will dampen economic activity hence reducing output the as curve is upward sloping consistent with a standard modern phillips curve view in which higher economic activity lowers unemployment leading to higher wage growth and in turn higher inflation ref name romer rp 263 return to macroeconomics retrieved from https en wikipedia org wiki macroeconomics privacy policy about wikipedia disclaimers contact wikipedia legal safety contacts code of conduct developers statistics cookie statement mobile view search search view source for macroeconomics add languages add topic