货币金融学7版本英文课程--ch25-大学课.pptVIP

Chapter 25 Aggregate Demand and Supply Analysis Monetarist View of AD P ??Y 2000 V = = = 2 M 1000 Modern Quantity Theory of Money M ??V = P ??Y Implication: M determines P ??Y if V unrelated to ?M Deriving AD Curve M = 1000, V = 2 ? P ??Y = 2000 Point A: P = 2 Y = 1000 PY = 2 ??1000 Point B: P = 1 Y = 2000 PY = 1 ??2000 Point C: P = .5 Y = 4000 PY =.5 ??4000 Conclusion: P ? Y ?, downward sloping AD Shift in AD Curve M ?: P?Y ?, so at given P, Y ? ? AD shifts right The AD Curve Keynesian View of AD Yad = C + I + G + NX Downward Sloping AD P ?, M/P ?, i ?, I ?, NX ?, Yad ?, Y ? Shift in AD M ?, M/P ?, i ?, I ?, NX ?, Yad ?, Y ? ? AD shifts right C ? or G ? or T ? or NX ?: Yad ?, Y ? ? AD shifts right Complete Crowding Out G ?, i ? ? C ?, I ?, NX ? ? C + I + G + NX = Yad unchanged Partial crowding out: private spending down, but not fully offsetting G ? Aggregate Supply in Short Run Upward slope of AS In short-run production costs fixed ? P ?, profits ?, Y produced ? Shift in AS Production costs ?: At given P, profits ??, Y ? ? AS shifts left Equilibrium in Short Run Equilibrium in Long Run Panel (a): Y Yn Wages ?: at given P, profits ?, Y produced ? ? AS shifts in until Y = Yn at long-run AS Panel (b): Y Yn Wages ?: at given P, profits ?, Y produced ? ? AS shifts out until Y = Yn at long-run AS Activist sees movement to long-run AS (self-correcting mechanism) as slow; nonactivist sees as fast Summary: Factors that Shift AD Effect of Shift in AD on Y Summary: Factors that Shift AS Effect of Shift in AS on Y Shifts in Long-Run Supply Yn grows over time, but is shown as fixed in AD/AS diagram Real Business Cycle Theory 1. Yn fluctuates a lot due to aggregate supply (real) shocks 2. Shifts in AD small 3. Conclusion: Business cycles due to real shocks 4. Supports nonactivism Hysteresis 1. AD shifts in, natural rate of unemployment ?, Yn shifts in 2. Unemployment stays high 3. Supports activism Vietnam War Buildup and Mac