[There's a faint 'You heard him. Go away, nii-san.', before Micchy's voice sounds more clear.]
Yes. A lot of it's really boring...
[But maybe that's what he needs right now. He clears his throat and recites something as if he's reading it off of a page.]
'The aggregate demand–aggregate supply model has become the standard textbook model for explaining the macroeconomy. This model shows the price level and level of real output given the equilibrium in aggregate demand and aggregate supply. The aggregate demand curve's downward slope means that more output is demanded at lower price levels. The downward slope is the result of three effects: the Pigou or real balance effect, which states that as real prices fall, real wealth increases, so consumers demand more goods; the Keynes or interest rate effect, which states that as prices fall the demand for money declines causing interest rates to decline and borrowing for investment and consumption to increase; and the net export effect, which states that as prices rise, domestic goods become comparatively more expensive to foreign consumers and thus exports decline.'
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timeasmymeasure
[Audio]
Date: 2016-04-14 02:50 am (UTC)Yes. A lot of it's really boring...
[But maybe that's what he needs right now. He clears his throat and recites something as if he's reading it off of a page.]
'The aggregate demand–aggregate supply model has become the standard textbook model for explaining the macroeconomy. This model shows the price level and level of real output given the equilibrium in aggregate demand and aggregate supply. The aggregate demand curve's downward slope means that more output is demanded at lower price levels. The downward slope is the result of three effects: the Pigou or real balance effect, which states that as real prices fall, real wealth increases, so consumers demand more goods; the Keynes or interest rate effect, which states that as prices fall the demand for money declines causing interest rates to decline and borrowing for investment and consumption to increase; and the net export effect, which states that as prices rise, domestic goods become comparatively more expensive to foreign consumers and thus exports decline.'