Aggregate Demand Video Tutorial


Uploaded by micoschwartz on 17.10.2009

Transcript:
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_ _ _ _ _ _ _ Ü † b : _ _ _ This video is the first in a set
of four explaining the  Keynes'  theory of Aggregate Demand, specifically the IS-LM
interpretation. This model is very important to short run macroeconomics and attempts to
explain shifts in the aggregate demand curve and what determines national income for any
price level These topics are usually taught in an intermediate Macroeconomics class, and
these videos are intended as a visual aid to further your understanding of the models. 
This video reviews the components of aggregate demand, income, the consumption function.
taxes, finding equilibrium in this short run model, and the factors affecting the slope
and position of the aggregate demand curve. The second video covers the IS curve, regarding
the goods market, the third video covers the LM curve regarding the money market and the
final video puts the two together to find equilibrium in both markets
We begin our discussion of Aggregate Demand by looking at its components and their symbols.
You will likely be familiar with the concept of  HYPERLINK "http://en.wikipedia.org/wiki/Aggregate_demand"
\t "_blank" Aggregate Demand , the total demand for all finished goods in the economy. It
is usually broken down into the demand for the following factors: C for  HYPERLINK "http://en.wikipedia.org/wiki/Consumption_(economics)"
\t "_blank" Consumption , I for  HYPERLINK "http://en.wikipedia.org/wiki/Investment"
\t "_blank" Investment , G for Government Spending and NX for  HYPERLINK "http://en.wikipedia.org/wiki/Balance_of_trade"
\t "_blank" Net Exports . Some textbooks break it down into exports and imports but net exports
is simply exports minus imports.  Initially we will only consider changes in consumption,
making investment, government spending and net exports  HYPERLINK "http://en.wikipedia.org/wiki/Exogenous"
\t "_blank" exogenous  to our model which we designate by putting a horizontal bar over
top of them.  
To begin we're going to look at how consumption is related to income. We're going to break
down consumption into its separate components. Beginning with autonomous consumption. This
is the base level of consumption. In this model, consumption cannot fall below autonomous
consumption,  regardless of what people are making as income. Next we have disposable
income. This is the "after tax" income. Although "disposable income" is commonly used as the
money you have remaining after you've paid your rent and bills, that's now what it means
in economic terms.  Disposable income is multiplied by the coefficient c, the "marginal
propensity to consume". This tells us how much consumption increases for every $1 increase
in income. The MPC coefficient can be between zero and one. 
Graphically, the consumption function displays the relationship between consumption and disposable
income. Consumption, the dependent variable, is on the Y-axis. Disposable income, the
independent variable, is on the X-axis. The level ofautonomous consumption determines
the Y-intercept. As you recall, this is the level of consumption when disposable income is
zero. Marginal propensity to consumedetermines the slope of this curve. As disposable income increases
from left to right it is modified by the MPC. A high MPC of 0.9 would lead to a steep
curve. A lowerMPC would mean a more gradual slope.  
Now we're going to take a closer look at disposable income. This is an aggregate measure of all
the income paid to households plus government transfers (such as welfare of social security)
minus income taxes. As it's presented here, government transfers and taxes do not change
relative to our dependent variable, income. Again, this is shown by the horizontal bar
above the two exogenous variables. Generally income taxes are some percentage of income.
Although it's not that simple in practice, in this model we're going to think of taxes
as flat rate, denoted by the lower case t. The coefficient could be any number between
zero, meaning no tax, and one, meaning all income would be paid in taxes. This is then
multiplied by income. Now that our disposable income has taxes incorporated into it, we're
going to plug it back into the consumption function.
Here is the consumption function as previously shown. Disposable income is now replaced with
tax-rate formula. Some simple algebraic factoring will clean up this formula. The terms with
Income in them are grouped together, leaving the transfer payments to be multiplied by MPC.
To simplify the bottom term, Y is taken out the bracket, leaving one minus taxes,
all multiplied by MPC. Putting it all together we have the updated consumption function that
includes income tax. Consumption = autonomous consumption + transfer payments + MPC x
(1- taxes ) x income.
Next incorporate this updated consumption function into the aggregate demand equation.
The first step is to separate the factors into exogenous, and endogenous. Exogenous
demand is represented by A-bar. Investment, government spending and net exports are exogenous
because they aren't affected by national income in this model, so their value won't change
when income changes. These factors will be grouped at the bottom under A-bar. When we
substitute the consumption function in for C we can see that there are some exogenous
variables, such as exogenous consumption and transfer payments. These can be grouped down
below with the other external factors. We can bring two groups together with the simplified
A-bar to represent all of the exogenous factors and the c(1-t)Y representing the determining
factors. 
In this model, aggregate supply is equal to income at any point in time. Therefore,
supply=demand when aggregate demand= income. When we have aggregate demand on the y axis
and income on the x-axis, equilibrium is reached at any point on the 45° angle, where the
values for both axis are equal. The aggregate demand curve starts out on Y-axis at a value
equal to the exogenous demand (A bar) and then continues upward with increasing levels
of income. Equilibrium occurs when the two lines intersect, this indicates the equilibrium
income and equilibrium level of aggregate demand.
Moving forward we are going to see how equilibrium changes in reaction to a change in the Marginal
Propensity to Consume.  If a country becomes more inclined to spend their disposable income,
their MPC is larger. An increase in the marginal propensity to consume creates a steeper aggregate
demand curve. The point of origin is the same, but steeper line crosses the equilibrium line
at a higher point. This results in larger equilibrium values for aggregate demand and
national income.
If there is a change tax rate, say from 30% to 50%, the slope will be more gradual, resulting
in lower equilibrium levels of aggregate demand and national income.
A change in Exogenous Demand would result from a change in any of the following, autonomous
consumption, transfer payments, investment, government spending, or net exports. If there
was an increase in any of these components, the entire aggregate demand curve would shift
up. This leads to higher equilibrium values for aggregate demand and national income.
Note that the slope remains unchanged in this scenario. This concludes the introduction
on Aggregate Demand. Please watch the  HYPERLINK "http://macrotutor.weebly.com/2-is-curve.html"
second video , which explains how to find equilibrium in the goods market
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