Advanced Macroeconomics by Sanjay Rode

By Sanjay Rode

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Most of the traditional and modern theories have explained consumption function. The life cycle theory is associated with Franco Modigliani of MIT. He is Nobel Prize winner in economic science. The permanent income theory is primarily with Milton Friedman of the University of Chicago. He is winner of same price in 1976. Both theories are same in their nature and pay attention on microeconomic foundation. The other classical theories of consumption such as Ando-Modigliani approach which proposes that people make consumption decisions according to the stage of life they are in as well as the resources available during lifetime.

3 Aggregate demand and supply Aggregate demand depends on the goods and money market. Goods market shows the equilibrium of income and price level. The money market equilibrium shows the relationship between interest rate and income. If both markets are in equilibrium with interest rate and income then the aggregate demand is also in equilibrium. It shows the relationship between the interest rate and income. 13 shows the aggregate demand curve and IS-LM curve equilibrium. 13 exhibits that the IS-LM curves are intersecting at Point E.

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