中级宏观经济学lecture4_the_IS_LM_Model.pptVIP

* 紧缩性财政政策与扩张性货币政策 r O LM LM’ E’ y* E y0 r0 IS’ IS y r1 利率下降，收入不确定 * How does the IS-LMModel Fit the Facts? In the short run, an increase in the federal funds rate leads to a decrease in output and to an increase in unemployment, but has little effect on the price level. The Empirical Effects of an Increasein the Federal Funds Rate * How does the IS-LMModel Fit the Facts? The two dashed lines and the tinted space between them represents a confidence band, a band within which the true value of the effect lies with 60% probability. Panel 5-11(a) shows the effects of an increase in the federal