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I. Fixed Prices and Expenditure Plans

IV. The Global Loanable Funds Market | VII. Depository Institutions | VIII. The Federal Reserve System | MATHEMATICAL NOTE | I. The Foreign Exchange Market | II. Exchange Rate Fluctuations | III. Exchange Rate Policy | IV. Financing International Trade | I. Aggregate Supply | II. Aggregate Demand |


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  1. II. Real GDP with a Fixed Price Level

The Keynesian model applies to the very short run in which firms have fixed the prices of their goods and services. As a result, the price level is fixed and so aggregate demand determines real GDP.

Expenditure Plans

Consumption Function and Saving Function

Marginal Propensities to Consume and Save

Other Influences on Consumption Expenditure and Saving

A change in any other factor influencing consumption and saving besides disposable income (such as the real interest rate, wealth, and expected future income) shifts the consumption function and the saving function. An increase in wealth or expected future income and a decrease in the real interest rate increases consumption—and shifts the consumption function upward—and decreases saving—and shifts the saving function downward.

Consumption as a Function of Real GDP and the Import Function

 

 


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The Business Cycle| II. Real GDP with a Fixed Price Level

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