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INDUCED SAVING: Household saving that depends on income or production (especially disposable, national income, or gross national product). An increase in household disposable income triggers an increase in induced saving. Induced saving is graphically depicted as the slope of the saving or propensity-to-save line, and is measured by the marginal propensity to save. The induced relation between income and saving, as well as induced expenditures, form the foundation of the multiplier effect triggered by changes in autonomous expenditures.

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Lesson 16: Aggregate Shocks | Unit 4: Complex Shifts Page: 16 of 21

Topic: SRAS <=PAGE BACK | PAGE NEXT=>

Shifts of the SRAS curve that move the aggregate market away of the long-run equilibrium also trigger the self-correcting mechanism that moves it back.
  • The initial shift of the SRAS curve is caused by any of the ceteris paribus determinants.
  • The self-correcting shift of the SRAS curve is caused by wage changes triggered by an imbalance in the labor market.

Once again, we have two alternatives:

  • Short run aggregate supply increases.
  • Short run aggregate supply decreases.

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INFLATIONARY GAP

The difference between the equilibrium real production achieved in the short-run aggregate market and full-employment real production that occurs when short-run equilibrium real production is more than full-employment real production. An inflationary gap, also termed an expansionary gap, is associated with a business-cycle expansion, especially the latter stages of an expansion. This is one of two alternative output gaps that can occur when short-run equilibrium generates production that differs from full employment. The other is a recessionary gap.

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