Aggregate Demand-Supply Analysis and Its Critics: An Evaluation of the Controversy Journal Articles uri icon

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abstract

  • While acknowledging that the AD-AS model is sometimes applied carelessly, this note defends this analytical framework against charges that it is internally inconsistent, empirically unrealistic, and unable to clarify major controversies in macroeconomic theory and policy. JEL classification: A22, B22, E10

publication date

  • September 2010