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Teaching Aggregate Demand and Supply Models

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  • Graeme Wells

Abstract

The author analyzes the inflation-targeting model that underlies recent textbook expositions of the aggregate demand--aggregate supply approach used in introductory courses in macroeconomics. He shows how numerical simulations of a model with inflation inertia can be used as a tool to help students understand adjustments in response to demand and supply shocks of various kinds.

Suggested Citation

  • Graeme Wells, 2010. "Teaching Aggregate Demand and Supply Models," The Journal of Economic Education, Taylor & Francis Journals, vol. 41(1), pages 31-40, January.
    • Handle: RePEc:taf:jeduce:v:41:y:2010:i:1:p:31-40
    DOI: 10.1080/00220480903382313
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    1. GORDON De BROUWER & JAMES GILBERT, 2005. "Monetary Policy Reaction Functions in Australia," The Economic Record, The Economic Society of Australia, vol. 81(253), pages 124-134, June.
    2. David H. Romer, 2000. "Keynesian Macroeconomics without the LM Curve," Journal of Economic Perspectives, American Economic Association, vol. 14(2), pages 149-169, Spring.
    3. Taylor, John B., 1993. "Discretion versus policy rules in practice," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 39(1), pages 195-214, December.
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