曼昆宏观经济学mankiw7e-chap14课件.ppt

The derivation of the DAS curve was almost trivial. Not so for DAD. The next few slides walk students through (most of) the steps. See p.420 for more details. * * The notation “A” and “B” for the coefficients in the DAD equation is not in the textbook. I have introduced it here for two reasons. First, the equation would otherwise be too long to fit on the slide. Second, the notation makes it easy for students to see the relationship between output, inflation, and the demand shock. In general, the notation makes the DAD equation less intimidating and easier to work with. * * The vertical line drawn at Ybar is shown for reference: it allows us to see the gap between current output and its natural level, which, in turn, influences how the economy will evolve over subsequent periods. * This slide presents the experiment described on pp.423-424 of the text. Since this experiment concerns the long run, it is best to think of periods t and t+1 as representing decades rather than years. See the DAD and DAS equations to verify that the horizontal distance of the shifts in both curves are equal. To see that inflation remains unchanged in the new long-run equilibrium, refer to the model’s long-run solution values, which show that inflation in the long run does not depend on Ybar. * For this and the remaining experiments, we focus on the short run and should think of periods as representing a year rather than a decade. This slide presents the experiment described on pp.424-425 of the text. One difference: This slide shows the DAS curve for period t+2 (Figure 14-6 in the text stops at t+1), to give students a sense of the process that continues after the shock to bring the economy back toward full employment. * We have specific equations for DAD and DAS. If we plug in particular values for the parameters and exogenous variables, we can solve for output and inflation (and then use these solutions in the other equations to find the real and nomina