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