{
  "id": "recessionary-gap-nc",
  "name": "Recessionary (deflationary) gap — new classical",
  "unit": "macro",
  "unitName": "Unit 3 · Macroeconomics",
  "topic": "AD/AS model",
  "hl": false,
  "description": "Short-run equilibrium below potential output. In the long run, falling wages shift SRAS right back to Yp; alternatively expansionary policy shifts AD right.",
  "keywords": [
    "recessionary gap",
    "deflationary gap",
    "negative output gap",
    "self-correction",
    "new classical",
    "monetarist",
    "unemployment"
  ],
  "schemaUrl": "https://graphs.lectere.com/api/v1/templates/recessionary-gap-nc",
  "previewUrl": "https://graphs.lectere.com/thumbs/recessionary-gap-nc.svg",
  "editorUrl": "https://graphs.lectere.com/graph/recessionary-gap-nc/",
  "params": [
    {
      "key": "response",
      "label": "Adjustment",
      "default": "none",
      "type": "enum",
      "options": [
        {
          "value": "none",
          "label": "No adjustment shown"
        },
        {
          "value": "self",
          "label": "Long-run self-correction (SRAS shifts)"
        },
        {
          "value": "policy",
          "label": "Policy response (AD shifts)"
        }
      ]
    },
    {
      "key": "gap",
      "label": "Show the output gap",
      "default": true,
      "type": "boolean"
    },
    {
      "key": "size",
      "label": "Size of the gap",
      "default": 2,
      "group": "Shape",
      "type": "number",
      "min": 0.8,
      "max": 3,
      "step": 0.1
    }
  ],
  "defaults": {
    "response": "none",
    "gap": true,
    "size": 2
  },
  "panels": [
    {
      "id": "main",
      "title": null,
      "xLabel": "Real GDP",
      "yLabel": "Average price level",
      "xRange": [
        0,
        10
      ],
      "yRange": [
        0,
        10
      ],
      "axisKeys": {
        "x": "main:x",
        "y": "main:y"
      }
    }
  ],
  "labels": [
    {
      "key": "main:y",
      "default": "Average price level",
      "hint": "Vertical axis",
      "panel": "main"
    },
    {
      "key": "main:x",
      "default": "Real GDP",
      "hint": "Horizontal axis",
      "panel": "main"
    },
    {
      "key": "main.lras",
      "default": "LRAS",
      "hint": "Curve",
      "panel": "main"
    },
    {
      "key": "main.ad",
      "default": "AD",
      "hint": "Curve",
      "panel": "main"
    },
    {
      "key": "main.sras",
      "default": "SRAS",
      "hint": "Curve",
      "panel": "main"
    },
    {
      "key": "main.e1:y",
      "default": "PL_1",
      "hint": "Vertical-axis value",
      "panel": "main"
    },
    {
      "key": "main.e1:x",
      "default": "Y_1",
      "hint": "Horizontal-axis value",
      "panel": "main"
    },
    {
      "key": "main.yp",
      "default": "Y_p",
      "hint": "Axis mark",
      "panel": "main"
    },
    {
      "key": "main.gap",
      "default": "recessionary gap",
      "hint": "Arrow / line",
      "panel": "main"
    }
  ],
  "elements": [
    {
      "key": "main.lras",
      "kind": "curve",
      "label": "LRAS"
    },
    {
      "key": "main.ad",
      "kind": "curve",
      "label": "AD"
    },
    {
      "key": "main.sras",
      "kind": "curve",
      "label": "SRAS"
    },
    {
      "key": "main.e1",
      "kind": "point"
    },
    {
      "key": "main.yp",
      "kind": "tick",
      "label": "Y_p"
    },
    {
      "key": "main.gap",
      "kind": "line",
      "label": "recessionary gap"
    }
  ],
  "stats": null,
  "example": {
    "template": "recessionary-gap-nc",
    "params": {
      "response": "none",
      "gap": true,
      "size": 2
    }
  }
}