chapter11 Market-Clearing Models of the Business Cycle 中宏Williamson-PPT演示教学.pptVIP

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chapter11 Market-Clearing Models of the Business Cycle 中宏Williamson-PPT演示教学.ppt

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chapter11 Market-Clearing Models of the Business Cycle 中宏Williamson-PPT演示教学.ppt

Copyright ? 2008 Pearson Addison-Wesley. All rights reserved. Copyright ? 2008 Pearson Addison-Wesley. All rights reserved. Chapter 11 Market-Clearing Models of the Business Cycle Copyright ? 2008 Pearson Addison-Wesley. All rights reserved. Study Three Market-Clearing Business Cycle Models Real Business Cycle Model Segmented Markets Model Keynesian Coordination Failure Model Copyright ? 2008 Pearson Addison-Wesley. All rights reserved. Real Business Cycle Model Business cycles are caused by fluctuations in total factor productivity. There is no role for the government in smoothing business cycles – cycles are just optimal responses to the technology shocks. Model fits the data well. Copyright ? 2008 Pearson Addison-Wesley. All rights reserved. Figure 11.1 Solow Residuals and GDP Copyright ? 2008 Pearson Addison-Wesley. All rights reserved. Figure 11.2 Effects of a Persistent Increase in Total Factor Productivity in the Real Business Cycle Model Copyright ? 2008 Pearson Addison-Wesley. All rights reserved. Figure 11.4 Procyclical Money Supply in the Real Business Cycle Model with Endogenous Money Copyright ? 2008 Pearson Addison-Wesley. All rights reserved. Equation 11.1 Cobb-Douglas production function, with labor share of output of 64%: Copyright ? 2008 Pearson Addison-Wesley. All rights reserved. Segmented Markets Model Business cycles can be caused in this model by unanticipated shocks to the money supply. Model exhibits a liquidity effect – the interest rate falls in the short run when the money supply increases. Monetary policy can only improve the functioning of the economy if the central bank has an informational advantage over the private sector. Fit to the data is not as good as with the real business cycle model. Copyright ? 2008 Pearson Addison-Wesley. All rights reserved. Figure 11.5 Effects of an Unanticipated Increase in the Money Supply in the Segmented Markets Model Copyright ? 2008 Pearson Addison-Wesley. All rights reserved. Table 11.2 Data