U.S. household wealth that induced most U.S residents to reduce their planned real spending at

U.S. household wealth that induced most U.S residents to reduce their planned real spending at

U.S. household wealth that induced most U.S.
residents to reduce their planned real spending at
any given price level. Explain, from a short-run
Keynesian perspective, the predicted effects of
this event on the equilibrium U.S. price level and
equilibrium U.S. real GDP. Be sure to discuss the
spending gap that the Keynesian model indicates
would result in the short run. (See page 240.)
in equilibrim planned spending = actual spending so that unplanned part = 0
a reduction in planned spending by consumers will cause a change in equilibrium as inventories start piling up.
this happens because coinsumers do not buy as mush as produced by firms.
this will cause firms to cut back on production so that GDP levels will fall.
this can also be seen as a spending gap = difference between aggregate spending and output at full employmnet or long run level of GDp

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