Aggregate Supply and Potential Output

ENVIRONMENTAL IMPACTS OF ENERGY-EFFICIENT TECHNOLOGIES: POTENTIAL FOR INPUT-OUTPUT AND SUPPLY-CHAIN ANALYSES IN IRAN

Criticisms of Aggregate Demand and Aggregate Supply :

The Aggregate Demand – Aggregate Supply framework has dominated intermediate macroeconomics textbooks since the 1980s. However, there have been 2007). In spite of these criticisms, the ADAS framework had continued to dominate the textbooks, with little or no response to these criticisms. This paper reviews the main criticisms of the ADAS framework, and then focuses on Gregory Mankiw's presentat...

Aggregate demand and supply

This paper is part of a broader project that provides a microfoundation to the General Theory of J. M. Keynes. I call this project “old Keynesian economics” to distinguish it from new-Keynesian economics, a theory that is based on the idea that to make sense of Keynes we must assume that prices are sticky. I describe a multi-good model in which I interpret the definitions of aggregate demand an...

Aggregate Labor Supply

___________________________________________________________________ There have been tremendous advances in macroeconomics, following the introduction of labor supply into the field. Today it is widely acknowledged that labor supply matters for many key economic issues, particularly for business cycles and tax policy analysis. However, the extent to which labor supply matters for such questions ...

The Supply of Skills in the Labor Force and Aggregate Output Volatility

The volatility of US GDP suddenly declined during the early 1980’s and has remained low since. I develop a matching model with aggregate shocks and idiosyncratic productivity to explain how an increase in the supply of high-skill workers may have contributed to the ‘great moderation’. In the model, firms react to changes in the distribution of skills by creating jobs designed specifically for h...