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Retiring the Short-Run Aggregate Supply Curve


  • S. Kirk Elwood


The author argues that the aggregate demand/aggregate supply (AD/AS) model is significantly improved—although certainly not perfected—by trimming it of the short-run aggregate supply (SRAS) curve. Problems with the SRAS curve are shown first for the AD/AS model that casts the AD curve as identifying the equilibrium level of output associated with each price level (as found in most intermediate macroeconomics textbooks). Problems are then shown for the AD/AS model in which the AD curve is more modestly assumed to capture the relationship between the price level and aggregate expenditures (as found in principles of economics textbooks).

Suggested Citation

  • S. Kirk Elwood, 2010. "Retiring the Short-Run Aggregate Supply Curve," The Journal of Economic Education, Taylor & Francis Journals, vol. 41(3), pages 314-325, June.
  • Handle: RePEc:taf:jeduce:v:41:y:2010:i:3:p:314-325 DOI: 10.1080/00220485.2010.486736

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    References listed on IDEAS

    1. Austin Nichols, 2007. "RD: Stata module for regression discontinuity estimation," Statistical Software Components S456888, Boston College Department of Economics, revised 30 Sep 2016.
    2. Ann L. Owen & Elizabeth J. Jensen, 2000. "Why Are Women Such Reluctant Economists? Evidence from Liberal Arts Colleges," American Economic Review, American Economic Association, vol. 90(2), pages 466-470, May.
    3. Imbens, Guido W. & Lemieux, Thomas, 2008. "Regression discontinuity designs: A guide to practice," Journal of Econometrics, Elsevier, vol. 142(2), pages 615-635, February.
    4. Karen E. Dynan & Cecilia Elena Rouse, 1997. "The Underrepresentation of Women in Economics: A Study of Undergraduate Economics Students," The Journal of Economic Education, Taylor & Francis Journals, vol. 28(4), pages 350-368, December.
    5. Charles Ballard & Marianne Johnson, 2005. "Gender, Expectations, And Grades In Introductory Microeconomics At A Us University," Feminist Economics, Taylor & Francis Journals, vol. 11(1), pages 95-122.
    6. Kevin N. Rask & Elizabeth M. Bailey, 2002. "Are Faculty Role Models? Evidence from Major Choice in an Undergraduate Institution," The Journal of Economic Education, Taylor & Francis Journals, vol. 33(2), pages 99-124, June.
    7. Austin Nichols, 2007. "Causal inference with observational data," Stata Journal, StataCorp LP, vol. 7(4), pages 507-541, December.
    8. John F. Chizmar, 2000. "A Discrete-Time Hazard Analysis of the Role of Gender in Persistence in the Economics Major," The Journal of Economic Education, Taylor & Francis Journals, vol. 31(2), pages 107-118, June.
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