determine the effect on either the aggregate demand curve (is it a rightward or a leftward shift), the aggregate short-term supply curve, and the long-term aggregate supply curve (does the upward sloping portions of the SAS curve shift left or right, or does the vertical portion of the LAS curve shift to the right or to the left). Also determine the effect on the price level, the real output level and employment/unemployment. Provide an explanation and express this graphically using the AS/AD macro model.

Russia has experienced hyperinflation in the 1990s. Other things equal, the expectations by Russians of worsening inflation in the future would probably shift the AD curve to the right.