 Now, we have already derived IS curve and then monetary policy curve and then we looked at the factors that make a shift in these two curves. So, now we are in a position to derive aggregate demand curve. So, first of all, I would like to explain what is meant by aggregate demand curve. So, aggregate demand curve which is there is a relationship. Remember, we draw a curve in two-dimension, it will always have two-variable relationship. So, aggregate demand curve also has two-variable relationship. Now, what are these two-variables? Its variables are on one side, the inflation rate on the vertical axis and the horizontal axis or the x axis is called aggregate output. This means that the aggregate demand curve shows the relationship of inflation rate and aggregate output. Now, if you put inflation rate on one side and aggregate output on the other side and any line is put on the other side, then aggregate demand curve will be done. No, you have to remember that this is only made up of those points which have the equilibrium between IS and MPC, the monetary policy curve. That is, the IS curve represents the equilibrium of goods market and the monetary policy curve represents the endogenous response of central bank inflation. The point at which these two are met is the point where the aggregate demand curve is derived. Now, how is it necessary that we keep the equation of the IS curve in front of us? We keep the equation of the monetary policy curve in front of us. If we simultaneously solve these two equations, then the equation of the aggregate demand curve will come. Or, we can make the monetary policy curve and the IS curve on the other side. If we combine these two, then aggregate demand curve can be derived from that curve. So, when the curve is to be derived, then both of them will be derived from that curve. If we want to derive the equation of the aggregate demand curve, then the equation of the IS and the monetary policy curve will be derived from those two equations. So, what is the equation of the IS? The equilibrium condition of the goods market. This is what we studied in detail earlier. The two components of this equation are the one in front of us, the autonomous one and the other one is the interest rate induced. We have covered the rest of the details. The monetary policy curve is the equation of R is equal to R naught plus A multiplied by inflation rate. We have discussed this as well. What do we have to do at this point? It is very simple. If you look at the equation of the IS curve from the other side, the equilibrium condition of the goods market, then there is a variable R in it. And the monetary policy curve equation is written on the left side of it. This means that the value of the monetary policy curve of R or the value of the monetary policy function function can be substituted in the equation of the IS. When we substitute that value, then the value of R will be derived from the equation of the IS. What will be the value of the inflation rate? Because according to the monetary policy curve, the real interest rate is the function of the inflation rate. When R is substituted, then the inflation rate is derived. So, if you focus on the last equation, then the autonomous component is the one on the left side of it. If you look at the second component which is determined by a variable, then the real interest rate is not in that component, but the inflation rate. This means that this equation is telling us the relationship of the total output and inflation rate, but this relationship is telling us the specific points where the goods market is in equilibrium and where the endogenous response of the central bank is also incorporated in the inflation rate. So, we have derived the equation. Now, let us see how we can derive the equation from the curve. So, the curve derives from the fact that I have drawn three curves in front of you. If you look at the left side, then what is basically drawn on the left side? This is the monetary policy curve in which the interest rate and the inflation rate are positively responding. There are three points given in this, one, two, three, which are showing that if the inflation rate is I and F1, then the central bank's real interest rate will be R1. If the inflation rate is I and F2 in the market, then the central bank's real interest rate will be R2 and so on. Now, as the central bank's inflation rate is increasing, then you know that the real interest rate plays its role in the goods market. What does that role play? The central bank will increase the interest rate in the inflation rate, but in the goods market or in the real sector, what will be the effect of that? The autonomous investment expenditure will be reduced, net exports will be reduced and even the autonomous consumption expenditure will be reduced. Now, the expenditure that is being reduced is showing in the points above the IS curve in one, two, three. As the interest rate is increasing, compared to the point one, if we look at the two, then the interest rate has increased from R1 to R2, Y3 to Y2. So, the higher the interest rate, the higher the IS curve is telling you that the total output will be reduced and the reason for that is investment, net exports, and some part of the consumption. Now, we will gather the information of these two curves in the third curve. If you do more, then the left curve in the point one, two, three is the interest rate and inflation. If we pick the inflation variable values in front of the one, two, three in the second curve, then we pick the output values in the second curve. In the third curve, we pick the inflation values in the first curve and the output values in the second curve. In the third curve, we combine them together. In other words, the inflation values of INF1, 2, 3, and the output values of Y1, Y2, Y3, we will know that what is the relationship between these two curves. So, the relationship is also negative in terms of aggregate demand curve. The negative is that the less the inflation rate the demand or total output will be more. This means that the aggregate demand will be negatively sloped. Thank you.