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AS: The abbreviaion for aggregate supply, which is the total (or aggregate) real production of final goods and services available in the domestic economy at a range of price levels, during a given time period. Aggregate supply (AS) is one half of the aggregate market analysis; the other half is aggregate demand. Aggregate supply, relates the economy's price level, measured by the GDP price deflator, and aggregate domestic production, measured by real gross domestic product. The aggregate supply relation is generally separated into long-run aggregate supply, in which all prices and wages and flexible and all markets are in equilibrium, and short-run aggregate supply, in which some prices and wage are NOT flexible and some markets are NOT in equilibrium.

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Lesson 16: Aggregate Shocks | Unit 4: Complex Shifts Page: 17 of 21

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

The case of an increase in the SRAS curve. Let's start at long-run equilibrium, Po and Qf.
  • With a rightward shift of the SRAS curve, the aggregate market achieves short-run equilibrium at a lower price level and more real production.
  • The labor market imbalance causes wages and production cost to rise. The SRAS shifts leftward, returning to its original position. The price level and real production return to full employment levels.
From long run to long run, nothing changed. But before the long-run adjustment, we have more production at lower prices.

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IMPLEMENTATION LAG

The time lag that occurs after a government policy designed to correct an economic problem has been selected and the actual execution of the policy. The implementation lag is based the time it takes for government agencies, which can be slow and methodical, to carry out the designated policy. This "inside lag" is one of four policy lags associated with monetary and fiscal policy. The other two "inside lags" are recognition lag and decision lag, and one "outside lag" is implementation lag. All four policy lags can reduce the effectiveness of business-cycle stabilization policies and can even destabilize the economy.

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