A short-run Keynesian model of the COVID-19 recession for Econ 101

Peter N. Hess
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Advances in Economics Education, 2022, vol. 1, issue 1, 48-65

Abstract: Using a simple short-run macroeconomic model of aggregate supply–aggregate demand, an intuitive explanation is offered for the COVID-19 recession in the US in 2020 — one that is appropriate for an economic principles course. The model illustrates the aggregate supply and aggregate demand shocks, with shifts in the short-run aggregate supply and aggregate demand curves, and accounts for the changes in real national output and the aggregate price level over the relevant economic quarters of 2020.

Keywords: short-run macroeconomic model; aggregate demand; aggregate supply (search for similar items in EconPapers)
JEL-codes: A22 E10 E12 (search for similar items in EconPapers)
Date: 2022
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