Money, the Interest Rate, and Output Analysis and Policy货币，利率，和输出分析和政策.pptVIP

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Money, the Interest Rate, and Output Analysis and Policy货币，利率，和输出分析和政策.ppt

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Money, the Interest Rate, and Output Analysis and Policy货币，利率，和输出分析和政策.ppt

Chapter 12: Money, the Interest Rate, and Output: Analysis and Policy Outline The link between the goods market and the money market Combining the goods market and the money market (1) Expansionary policy (effects) (2) Contractionary policy (effects) Two Markets The goods market The money market I. The Links Between the GoodsMarket and the Money Market There is a value of output (income) (Y) and a level of the interest rate (r) that are consistent with the existence of equilibrium in both markets. I. The Links Between the GoodsMarket and the Money Market Link 1: Income and the Demand for Money Link 1: Income and the Demand for Money Link 2: Planned Investmentand the Interest Rate Link 2: Planned Investmentand the Interest Rate An increase in the interest rate from 3 percent to 6 percent lowers planned aggregate expenditure and thus reduces equilibrium income from Y0 to Y1. II. (1) Expansionary Policy Effects Expansionary fiscal policy Expansionary monetary policy (1) Expansionary Policy Effects The Crowding-Out Effect The crowding-out effect is the tendency for increases in government spending to cause reductions in private investment spending. The Crowding-Out Effect The crowding-out effect depends on the sensitivity or insensitivity of planned investment spending to changes in the interest rate. Fed Accommodation of an Expansionary Fiscal Policy If the money supply were unchanged following an increase in the demand for money, the interest rate would rise. Expansionary Monetary Policy An increase in the money supply decreases the interest rate and increases investment and income. II. (2) Contractionary Policy Effects Contractionary fiscal policy refers to a decrease in government spending or an increase in net taxes aimed at decreasing aggregate output (income) (Y). II. (2) Contractionary Fiscal Policy The decrease in Y is smaller when we take the money market into account. II (2) Contractionary Monetary Policy Contractionary monetary policy re