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  2. Aggregate supply - Wikipedia

    en.wikipedia.org/wiki/Aggregate_supply

    Aggregate supply curve showing the three ranges: Keynesian, Intermediate, and Classical. In the Classical range, the economy is producing at full employment. In economics , aggregate supply ( AS ) or domestic final supply ( DFS ) is the total supply of goods and services that firms in a national economy plan on selling during a specific time ...

  3. AD–AS model - Wikipedia

    en.wikipedia.org/wiki/AD–AS_model

    where W is the nominal wage rate (exogenous due to stickiness in the short run), P e is the anticipated (expected) price level, and Z 2 is a vector of exogenous variables that can affect the position of the labor demand curve. A horizontal aggregate supply curve (sometimes called a "Keynesian" aggregate supply curve) implies that the firm will ...

  4. Lucas aggregate supply function - Wikipedia

    en.wikipedia.org/wiki/Lucas_aggregate_supply...

    A more complicated expression of the Lucas supply curve adds expectations to the model. Aggregate supply is a function of the “natural” level of output and the difference between actual prices and the expected price level given past information times a coefficient based on an economy's sensitivity to price surprises (): [11]

  5. Keynesian cross - Wikipedia

    en.wikipedia.org/wiki/Keynesian_cross

    The 45-degree line represents an aggregate supply curve which embodies the idea that, as long as the economy is operating at less than full employment, anything demanded will be supplied. Aggregate expenditure and aggregate income are measured by dividing the money value of all goods produced in the economy in a given year by a price index.

  6. IS–LM model - Wikipedia

    en.wikipedia.org/wiki/IS–LM_model

    A main example of this is the Aggregate Demand-Aggregate Supply model – the AD–AS model. [15] In the aggregate demand-aggregate supply model, each point on the aggregate demand curve is an outcome of the IS–LM model for aggregate demand Y based on a particular price level.

  7. Supply and demand - Wikipedia

    en.wikipedia.org/wiki/Supply_and_demand

    The aggregate demand-aggregate supply model may be the most direct application of supply and demand to macroeconomics, but other macroeconomic models also use supply and demand. Compared to microeconomic uses of demand and supply, different (and more controversial) theoretical considerations apply to such macroeconomic counterparts as aggregate ...

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  9. Phillips curve - Wikipedia

    en.wikipedia.org/wiki/Phillips_curve

    The Phillips curve equation can be derived from the (short-run) Lucas aggregate supply function. The Lucas approach is very different from that of the traditional view. Instead of starting with empirical data, he started with a classical economic model following very simple economic principles. Start with the aggregate supply function: