Question #219767

Explain endogenous and exogenous variables in the IS-LM model as well as the labour markets, derive the AD-AS model.


Expert's answer

IS-LM

Exogenous variables are determined by outside model

Endogenous-interest rates

Exogenous-liquidity, investment and consumption


Labour market

Exogenous- employment rate

Endogenous-price and quantity


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Guyana #340795 on Jan 2024