chap货币和财政政策对总需求的影响实用.pptxVIP

Chap货币和财政政策对总需求的影响实用会计学总需求Aggregate Demand第1页/共43页当合意支出变动时，总需求就移动了，这引起产量与就业的短期波动。 When desired spending changes, aggregate demand shifts, causing short-run fluctuations in output and employment.货币与财政政策有时被用来抵消总需求的移动，以保持经济稳定。 Monetary and fiscal policy are sometimes used to offset those shifts and stabilize the economy.第2页/共43页货币政策如何影响总需求How Monetary Policy Influences Aggregate demand总需求曲线向右下方倾斜，因为三个原因： The aggregate demand curve slopes downward for three reasons:财富效应 The wealth effect利率效应 The interest-rate effect汇率效应 The exchange-rate effect第3页/共43页货币政策如何影响总需求How Monetary Policy Influences Aggregate demand对美国经济而言，总需求曲线向右下方倾斜的最重要原因是利率效应。For the U.S. economy, the most important reason for the downward slope of the aggregate-demand curve is the interest-rate effect.第4页/共43页流动偏好理论The Theory of Liquidity Preference凯恩斯提出了流动偏好理论来解释决定经济中利率的因素。 Keynes developed the theory of liquidity preference in order to explain what factors determine the economy’s interest rate.根据该理论，利率的调整使货币供给与需求平衡。 According to the theory, the interest rate adjusts to balance the supply and demand for money.第5页/共43页货币供给Money Supply美国经济的货币供给由联邦储备控制。The money supply is controlled by the Fed through:公开的市场操作 Open-market operations改变贮备进数量 Changing the reserve requirements改变贴现率 Changing the discount rate货币供给Money Supply第6页/共43页因为被美联储固定，货币的供应量不取决于利率。 Because it is fixed by the Fed, the quantity of money supplied does not depend on the interest rate.固定的货币供给用垂直的供给曲线表示。 The fixed money supply is represented by a vertical supply curve.货币需求 Money Demand第7页/共43页货币的需求由多个因素决定。 Money demand is determined by several factors.根据流动性偏好理论，一个最重要的因素是利率。 According to the theory of liquidity preference, one of the most important factors is the interest rate.第8页/共43页货币需求 Money Demand人们选择持有货币而不持有其他可以提供较高收益率的资产，是因为货币可以用来购买物品和劳务。People choose to hold money instead of other assets that offer higher rates of return because money can be used to buy goods and services.货币需求 Money Demand第9页/共43页持有货币的机会成本是利息，其能从有息资本中赚取。 The opportunit