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CASE STUDY:
The 1970s oil shocks
P
The oil price shock shifts SRAS up, causing output and
employment to fall. P2
In absence of further price shocks,
P1
prices will fall over
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The long-run aggregate supply curve
P
LRAS
The LRAS curve is vertical at the fullemployment level of output.
Y
Y
8
Long-run effects of an increase in
M
P
In the long run,
2、总供给函数表示总产量和一般价格水平 之间的关系,总供给函数的几何表示即为 总供给曲线。
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2、AS曲线的经济含义
(1)AS曲线是一条描述总供给达到宏观均衡时, 一个国家总产出水平与价格水平之间关系的曲线。
(2)AS曲线表明总产出Y与价格水平P之间存在 着成正向变化的关系。
(3)AS曲线反映了价格水平影响实际 工资,实 际工资供给影响就业水平,就业水平影响投资水 平,投资水平影响产出水平或收入水平这样一个 复杂而迂回的传导机制。
P
Over time, prices
fall and the
P2
economy moves
down its demand
curve toward full-
employment.
LRAS