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[answered] a) Why is the Aggregate Demand curve downward sloping? (No


a) Why is the Aggregate Demand curve downward sloping? (No math needed, economic intuition/reasoning is enough. You can do the math if it helps you explain better) b) Under what circumstances could the aggregate demand curve be completely vertical? [Hint: recall the derivation of the AD curve] c) Brie?y explain (using the IS-LM framework) how the relationship between fiscal policy and crowding out is largely dependent on the interest elasticity of the LM curve 4) 'There may exist a inverse relationship between in?ation and unemployment in the short run but in the long run there is no relationship between in?ation and unemployment and the economy has a tendency to move closer to the Natural rate of Unemployment? Explain the above statement in detail. Draw the requisite diagrams. 5) Part A) What is 'Classical Dichotomy'? What is the neutrality of money? Are the two related? If so,how are they related? What are the major economic and political conclusions of 'Classical Dichotomy'? 5) Part B) Do Classical Dichotomy and Neutrality of money exist in the Keynesian model? (Use the AD-AS or IS-LM models for the purpose of analysis). How do the economic and political conclusions of the Keynesian model differ from those of the classical model on account of this? Explain your answer in detail. [Hint: Explain the major changes in assumptions about the labour and money markets that lead to the lack of existence of the classical dichotomy and money neutrality in the Keynesian model and how they relate to economic and political conclusions of the Keynesian model]
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