chapter多恩布什第十（26页）.pptxVIP

Advanced Topics • Item • Item • Item • Etc. ©2008TheMcGraw-HillCompanies, Inc., AllRightsReser McGraw-Hill/Irwin Macroeconomics, 10e • This chapter offers advanced material presenting th revolution in macroeconomics that has developed over the last 30 years • We look at four theories in this chapter: • Rational expectations • The random walk of GDP • Real business cycle theory • New Keynesian models of price stickiness These models yield contrasting conclusions about the conduct of moon po licy , but they are alike in their emphasis on the importance of consistency between macroeconomic and micro economic theory . Introduction 21-3 Rational Expectations Equilibrium Models • In a rational expectations equilibrium model, marke clear and there is nothing systematic that monetary p can do to affect output or unemployment • The term “rational expectations equilibrium ” identifi features of this approach • It places weight on the role of expectations (rational ones) • Economic agents do not know the future with certainty base their plans/decisions on their forecasts or expectations about the future • If agents are rational, they will use all available information when f those expectations • The rational expectations model insists on equilibrium • Markets clear immediately 21-4 • The full neoclassical theory of AS asserts that : ➢ Unemployment is always at the natural rate ➢ Output is always at the full-employment level ➢ Any unemployment is purely frictional ® Neither monetary nor fiscal policy changes will have any systematic effect on output • The rational expectations equilibrium approach offe deviation from that model : Somepeople do notknow theaggregateprice levelbut do kno thenominalwage or priceatwhich they can buy or sell. Rational Expectations Equilibrium Models 21-5 • Assume a simple AD schedule : m+v=p+y (1) • Assume a simple short run AS