约克大学summer math 宏观经济lecture 2.pptx

Macroeconomics;The Components of Expenditure of GDP;The Components of Expenditure of GDP;The Components of Expenditure of GDP;The Components of Expenditure of GDP;The Components of Expenditure of GDP;The Demand for Goods;The Demand for Goods;Consumption;Consumption;3-2 The Demand for Goods;The Keynesian Consumption Function;The Keynesian Consumption Function;Exogenous variables;Investment;Investment;Investment and real interest rates;Investment observations;Government expenditure;UK Public Sector Spending;Government Spending observations;Determination of Equilibrium Output;Determination of Equilibrium Output;Determination of Equilibrium Output;Determination of Equilibrium Output;3-3 Graphical Presentation;An increase in autonomous spending has a more than one- for-one effect on equilibrium output. ;Initial increase in autonomous expenditure entails A→B→C (increase = $1bn) At C demandproduction hence production increases C→D→E (increase = c1$1bn) At E demandproduction (increase = $1bn … Full increase in Y is given by ;The multiplier;How long does it take?;Is the government omnipotent?;Application: the US Fiscal stimulus;Moody’s estimates;UK approach;Conclusions