The nature of the ADAS model based on the ISLM model
指出ADAS模型并非凯恩斯与新古典的综合，其总需求与总供给曲线不同于微观对应概念，且暗示价格变化失去传统负反馈功能，需要相机抉择政策。
The aggregate demand and supply model (ADAS) is interpreted as a synthesis of the Keynesian and neoclassical models. It uses the ISLM model, without explaining its nature, to derive aggregate demand (AD). It is combined with an aggregate supply (AS) curve to explain price-inflation and output dynamics. This paper argues that neither the AD nor the AS curve is conceptually the same as its microeconomic counterpart and that ADAS is not a synthesis. In fact, ADAS implies that discretionary policy is necessary and that price changes do not perform their traditional negative feedback function.