曼昆《宏观经济学》(第五版)课堂讲义PPT(英文)Ch19.pptVIP

* Chapter Nineteen * A PowerPoint?Tutorial to Accompany macroeconomics, 5th ed. N. Gregory MankiwMannig J. Simidian ? CHAPTER NINETEEN Advances in Business Cycle Theory Evaluation only. Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0. Copyright 2004-2011 Aspose Pty Ltd. Real Business Cycle New Classical Model Keynesian Model Rational Eions Monetodel Evaluation only. Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0. Copyright 2004-2011 Aspose Pty Ltd. The interpretation of the labor market: Do fluctuations in employment reflect voluntary changes in the quantity of labor supplied? The importance of technology shocks: Does the economy’s production function experience large, exogenous shifts in the short run? The neutrality of money: Do changes in the money supply have only nominal effects? The flexibility of wages and prices: Do wages and prices adjust quickly and completely to balance supply and demand? Evaluation only. Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0. Copyright 2004-2011 Aspose Pty Ltd. Real business cycle theory emphasizes the idea that the quantity of labor supplied at any given time depends on the incentives that workers face. The willingness to reallocate hours of work over time is called the intertemporal substitution of labor. Consider this example: Let W1 be the real wage in the first period. Let W2 be the real wage in the second period. Let r be the real interest rate. If you work in the first period, and save your earnings, you will have (1 + r)W1 a year later. If you work in period 2, you will have W2. Evaluation only. Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0. Copyright 2004-2011 Aspose Pty Ltd. Intertemporal Relative Wage = (1 + r) W1 W2 Working the first period is more attractive if the interest rate is high or if the wage is high relative to the wage expected to prevail in the future. According to real business cycle theory, all workers perform this cost-benefi