中级宏观经济学Aggregate Demand IPPT.pptVIP

CHAPTER 10 Experiment: An increase in taxes (note: the book does a decrease in taxes) Suppose taxes are increased by ?T. Because I and G are exogenous, they do not change. However, C depends on (Y?T). So, at the initial value of Y, a tax increase of ?T causes disposable income to fall by ?T, which causes consumption to fall by MPC ? ?T. Because consumption falls, the change in C is negative: ?C = ? MPC ? ?T C is part of planned expenditure. The fall in C causes the E line to shift down by the size of the initial drop in C. At the initial value of output, there is now unplanned inventory investment: Sales have fallen below output, so the unsold output adds to inventory. In this situation, firms will reduce production, causing total output, income, and expenditure to fall. The new equilibrium is at Y2, where planned expenditure once again equals actual expenditure/output, and unplanned inventory investment is again equal to zero. Increasing Government Purchases to Stimulate the Economy: As we learned in chapter 4, the nominal interest rate is the opportunity cost of holding money (instead of bonds). Here, we are assuming the price level is fixed, so ? = 0 and r = i. 流动性偏好理论 due to John Maynard Keynes. 一个简单的理论－关于货币供给和货币需求如何决定利息率. 凯恩斯认为：人们之所以要持有货币，是因为持有货币可以使得人们十分方便地从事商品和劳务的交易和债务的支付。货币给人们带来的“流动性” Money Supply 实际货币供给余额是不变的: M/P real money balances r interest rate Money Demand 实际货币需求余额: M/P real money balances r interest rate L (r ) assuming the price level is fixed, so ? = 0 and r = i. Equilibrium 利息率调整使得货币供给和货币需求相等: M/P real money balances r interest rate L (r ) r1 the Fed 如何提高利息率？ 为了提高 r, Fed 减少 M M/P real money balances r interest rate L (r ) r1 r2 案例研究 Volcker’s 紧缩货币政策 1970s后期: ? 10%（recall chapter 9） 1979年10月: Fed Chairman Paul Volcker 宣布用货币政策来降低通货膨胀. Aug 1979-April 1980: Fed 减少M/P 8.3% Jan 1983: ? = 3.7% 你来考虑该政策如何影响利息率? Volcker’s 紧缩货币, cont. ?i 0 ?i 0 8/1979: i =10.4% 1/1983: i = 8.2% 8/1