巴罗宏观经济学：现代观点第15章.pptVIP

Macroeconomics Chapter 15 Effects of Money in the Equilibrium Business-Cycle Model In our equilibrium business-cycle model： Effects of Money in the Equilibrium Business-Cycle Model If M does not respond to changes in the real quantity demanded, P will move in the direction opposite to the change in L(Y, i). Effects of Money in the Equilibrium Business-Cycle Model If the monetary authority wants to stabilize the price level, P, it should adjust the nominal quantity of money, M, to balance the changes in the real quantity demanded, L(Y, i). The Price-Misperceptions Model The price-misperceptions model provides a possible explanation for the non-neutrality of money. The Price-Misperceptions Model A Model with Non-Neutral Effects of Money the important difference from before is that households have incomplete current information about prices in the economy. The Price-Misperceptions Model The Price-Misperceptions Model The price level, P, the relevant variable is the price of a market basket of goods. These goods will be purchased from many locations at various times. Therefore, a worker will typically lack good current information about some of these prices. The Price-Misperceptions Model The effects from an increase in the nominal quantity of money what happens when workers do not understand that an increase in the nominal wage rate, w, stems from a monetary expansion that inflates all nominal values, including the price level, P. The Price-Misperceptions Model Each worker may think instead that the rise in w constitutes an increase in his or her real wage rate, w/P. The perceived real wage rate is the ratio of w to the expected price level, Pe. This ratio, w/Pe, rises if the expected price level, Pe, increases proportionately by less than w. The Price-Misperceptions Model A Model with Non-Neutral Effects of Money w/Pe= ( w/P)·( P/Pe) for a given actual real wage rate, w/P, an increase in P/Pe raises the perceived real wage rate, w/Pe. if workers are under