第二讲I- LM曲线.pptVIP

商品市场与IS关系 货币市场与LM关系 IS-LM 模型与宏观经济政策 § 1、均衡产出的概念 §2、总需求 GDP 的组成 （C+I+G+X-M） Consumption and Disposable Income 2. 投资函数 Note: Distinction Exogenous , Endogenous 3. 政府购买 Government spending, G, together with taxes, T, describes fiscal policy—the choice of taxes and spending by the government. We shall assume that G and T are also exogenous. §4、均衡产出的决定 Equilibrium in the goods market requires that production, Y, be equal to the demand for goods Z , The equilibrium condition is that, Demand, production and income Using a Graph Equilibrium in the Goods Market Using a Graph The Effects of an Increase in Autonomous Spending on Output Is the Government Omnipotent?A Warning Changing government spending or taxes may be far from easy. The responses of consumption, investment, imports, etc, are hard to assess with much certainty. Anticipations are a likely matter. Achieving a given level of output may come with unpleasant side effects. Budget deficits and public debt may have adverse implications in the long run. §5、IS 关系 In this sector, we capture the effects of two factors affecting investment: The level of sales (+) The interest rate (-) Deriving the IS Curve Shifts of the IS Curve Income: A flow expressed per unit of time Saving: A part of after-tax income that is not spent. A flow Wealth: A stock variable at a given point in time. Equal to financial assets minus financial liabilities Investment: The purchase of new capital goods Financial investment: purchase of shares or other financial assets §1. 货币需求 Money: Used for transactions (currency and checkable deposits), good liquidity, no interest Bonds: Cannot be used for transactions and pays a positive interest rate (i), bad liquidity In equilibrium, the real money supply is equal to the real money demand, which depends on real income, Y, and the interest rate, i: Deriving the LM Curve An increase in income leads, at a given interest rate, to an increase in the demand for money. Given the money sup