We show that a pairwise aggregation-based algebraic 2-grid method, applied to the linear system arising from a 1D model problem for Poisson's equation with Dirichlet boundary conditions, reduces the -norm of the error at each step by at least the factor . We then generalize this result to problems with the same eigenvectors but different eigenvalues from the model problem, and also to problems with different eigenvectors that are especially well-suited to the method. Finally, we discuss the reduction in the A-norm of the error when the 2-grid method is replaced by a multigrid V-cycle and indicate that conjugate gradient acceleration is required in order to improve the degraded performance of multigrid V-cycle.