11 Keynes's Theory p AS AD y Assumptions: 1. Imperfect Foresight in Labor Market2. Wage Downward Rigidity
12 Both Policies are effective. Keynes's TheorypASAD’ADyy0y1Both Policies are effective.Monetary policy has weaknesses ie., liquidity trap.
13 Monetarist Theory Assumptions: 1. AD มาจาก MV=Py yAssumptions:1. AD มาจาก MV=Py2. Imperfect Foresight ใน Labor Market
14 Monetary Policy is effective Monetarist Theory (2)PASAD’ADyMonetary Policy is effective
15 Ploicies are ineffective. Newclassical TheorypAS’(pe)AS(pe)AD’ADyAssumptions:1. Imperfect Foresight in Labor Market2. Rational ExpectationPloicies are ineffective.
16 New Keynesian Theory Ploicy is ineffective. p AS’(pe) AS(pe) AD’ AD y yAssumptions:1. Imperfect Foresight in Labor Market2. Rational Expectation3. Wage ContractPloicy is ineffective.
17 บทที่ 2 New Neoclassical Theory Monetary Business Cycle Theory Real Business Cycle TheoryModelling in Business Cycle TheoryLeading Indicator
18 New Neoclassical Theory (Verspagen 1993) 1. Neoclassical Growth assuming Perfect Competitionis no longer reasonable.2. A more reasonable assumption :Monopolistic Competition3. Endogenous Technological Innovation
19 Monetary Business Cycle Theory Sources of business fluctuationsMoneycredit
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