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Chapter 31 - Aggregate Demand and Aggregate Supply
Economic Models
The economic model developed in this chapter of the textbook is
considerably simpler than the economic models used by forecasters.
But the two sites listed here will give you a pretty good idea how
real-world models work.
The FAIRMODEL
site, developed by Professor
Ray Fair of Yale University, is an excellent resource for learning
how macroeconomic models can be used for forecasting and policy
analysis. At this site, you can work with either a U.S. model or a
multicountry model. You can change economic policy variables to see
how the model responds, you can forecast, or you can look at
historical episodes.
Another interesting site is the Institute for Fiscal
Studies. The site has a computer model
of the economy that's similar to that used by the British
Chancellor for preparing the government budget for the United
Kingdom. You can change certain variables and see how they affect the
overall economy.
Chairman Greenspan's Views on Aggregate Demand
In his testimony
before Congress in July 2000, Federal Reserve Chairman Alan
Greenspan noted that aggregate demand was expanding more rapidly
than the economy's "productive potential." His testimony discusses
his views about aggregate demand and aggregate supply, in light
of the tightening of monetary policy in 2000.
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