[经济学]宏观经济学串讲.ppt

* * * * Explain each equation briefly before displaying the next. Here are the explanations: Equation (1) is the SRAS equation. Solve (1) for P to get (2). To get (3), add the supply shock term to (2). To get (4), subtract last year’s price level (P-1) from both sides. To get (5), write ? in place of (P- P-1) and ?e in place of (Pe- P-1). Note that the change in the price level is not exactly the inflation rate, unless we interpret P as the natural log of the price level. Equation (6) captures the relationship between output and unemployment from Okun’s law (Chapter 2): the deviation of output from its natural rate is inversely related to cyclical unemployment. Substituting (6) into (5) gives (7), the Phillips curve equation introduced on the preceding slide. * In this and the following sections (in which we analyze policies with the M-F model), we assume the price level is fixedjust as we did when we first used the closed economy IS-LM model to do policy analysis in Chapter 11. As we learned in Chapter 5, NX depends on the real exchange rate. However, with price levels fixed, the real nominal exchange rates move together. So, for simplicity, we write NX as a function of the nominal exchange rate here. (At the end of this chapter, when we use M-F to derive the aggregate demand curve, we go back to writing NX as a function of the real exchange rate, because the nominal real exchange rates may behave differently when the price level is changing.) Chapter 5 introduced the notation r* for the world interest rate, and explained why r = r* in a small open economy with perfect capital mobility. Perfect capital mobility means that there are no restrictions on the international flow of financial capital: the country’s residents can borrow or lend as much as they wish in the world financial markets; and because the country is small, the amount its residents borrow or lend in the world financial market has no impact on the world interest rate. Chapt