Aggregate Demand Curves: A Guide to Use and Abuse Revisited

Peter H. Hall and Malcolm L. Treadgold
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Peter H. Hall: Australian Defence Force Academy campus of the University of New South Wales
Malcolm L. Treadgold: U niversity of New England

Chapter 3 in Aggregate Demand and Supply, 1998, pp 25-43 from Palgrave Macmillan

Abstract: Abstract The negative sloped aggregate demand curve showing those combinations of the price level and real output at which the goods and money markets are simultaneously in equilibrium has become a popular analytical tool in introductory and intermediate-level macroeconomic textbooks.1 It has been widely used in combination with different forms of the aggregate supply function to illustrate the determination of the equilibrium price level and/or real output. At the time of our original paper (Hall and Treadgold (1982)) the by-then-conventional aggregate demand curve had already been subjected to expositional criticisms by at least two writers, Rowan (1975) and Corden (1978), who each offered an alternative construction serving the same ultimate purpose but in a manner which was claimed to be pedagogically superior.

Keywords: Price Level; Demand Curve; Aggregate Demand; Money Market; Real Output (search for similar items in EconPapers)
Date: 1998
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DOI: 10.1007/978-1-349-26293-9_3

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