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Historical circumstances explained by AD/AS
In the last tutorial, we claimed that the aggregate demand and aggregate supply model (AD-AS) would be useful for analyzing macroeconomic events. Well, in this tutorial, we'll do exactly that.
Thinking about whether inflation in the late 1960s is consistent with the AD-AS model
Thinking about how high utilization could drive price as another justification for an upward sloping short-run aggregate supply curve
How an oil shock can slow the economy while causing inflation