宏观经济学第11章总需求二辩析.ppt

* * * * * I-S，即投资-储蓄Investment-Saving LM 曲线指的是流动性偏好-货币供给Liquidity preference-Money supply * 投资水平与实际利率负相关 ?G ? ?E ? ?Y * * * * * * * 货币需求/货币余额，与r负相关，Y正相关 总产值包括消费投资政府购买，消费与收入正相关，税收负相关，I与r负相关，税收和政府购买为财政政策，假定不变 * * * * In item 2, I’m using the term “correction” in the stock market sense. * * * * * The textbook (from the bottom of p.299 through p.300) uses an “extended” IS-LM model, which includes both the nominal interest rate (measured on the vertical axis) and the real interest rate (which equals the nominal rate less expected inflation). Because money demand depends on the nominal rate, which is measured on the vertical axis, the change in expected inflation doesn’t shift the LM curve. However, investment depends on the real interest rate, so the fall in expected inflation shifts the IS curve: each value of i is now associated with a higher value of r, which reduces investment and shifts the IS curve to the left. Results: income falls, i falls, and r rises --- which is exactly what happened from 1929 to 1931 (see table 11-2 on pp.296-7). This slide gives the basic intuition, which students often can grasp more quickly and easily than the graphical analysis. After you cover this material in your lecture, it will be easier for your students to grasp the analysis on pp.299-300. * Examples of automatic stabilizers: the income tax: people pay less taxes automatically if their income falls unemployment insurance: prevents income - and hence spending - from falling as much during a downturn This is discussed in Chapter 14. * * slide * IS曲线斜率大小的决定因素 利率的系数为-d/(1-b)，这说明d和b的大小决定了IS曲线斜率的大小。 （1）如果投资对利率极为敏感，由投资函数知，d大，则收入对利率也极为敏感。这时利率的微小变动引起收入大的变动，IS曲线较为平坦；相反，如果投资对利率不敏感，d小，收入对利率也不敏感。这时利率的较大变动引起收入微小的变动，IS曲线较为陡峭。 （2）边际消费倾向b越大，既定的利率变动引起的收入变动越大，IS曲线越平坦；相反，b越小，IS曲线越陡峭。 slide * IS曲线水平移动距离的决定因素 财政政策变动使得IS曲线发生移动。 G前的系数1/(1-b) 是凯恩斯主义交叉图中的政府购买乘数。 T前的系数-b/(1-b)是凯恩斯主义交叉图中的税收乘数。 边际消费倾向b越大，乘数越大，财政政策变动引起的IS曲线水平移动的距离越大。 slide * LM曲线的简单代数式 LM曲线满足的方程式： 下面考虑货币需求函数为线性这一特例来更多地