We are given the function:
\[
f(x) = \frac{a^x + a^{-x}}{2}.
\]
Now, let's calculate \( f(x+y) \) and \( f(x-y) \):
\[
f(x+y) = \frac{a^{x+y} + a^{-(x+y)}}{2}, \quad f(x-y) = \frac{a^{x-y} + a^{-(x-y)}}{2}.
\]
By adding these two expressions together:
\[
f(x+y) + f(x-y) = \frac{a^{x+y} + a^{-(x+y)} + a^{x-y} + a^{-(x-y)}}{2}.
\]
Next, simplify this using the properties of exponents:
\[
f(x+y) + f(x-y) = \frac{a^x(a^y + a^{-y}) + a^{-x}(a^y + a^{-y})}{2}.
\]
Factor the expression:
\[
f(x+y) + f(x-y) = \frac{(a^x + a^{-x})(a^y + a^{-y})}{2}.
\]
Now, recognizing that \( f(x) = \frac{a^x + a^{-x}}{2} \) and \( f(y) = \frac{a^y + a^{-y}}{2} \), we substitute these back in:
\[
f(x+y) + f(x-y) = 2f(x)f(y).
\]
Final Answer:
\[
\boxed{2f(x)f(y)}
\]