Chapter_15 The Demand for Money多恩布什宏观经济学(教学课件)PPT

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宏观经济学课件O.BlanchardMacro-economics6thchapter15

宏观经济学课件O.BlanchardMacro-economics6thchapter15Macroeconomics, 6e (Blanchard/Johnson)Chapter 15: Financial Markets and Expectations15.1 Multiple Choice Questions1) The length of time over which a bond promises to make payments to the holder is called which of the following?A) the term structure of interest ratesB) the face valueC) the yield to maturityD) the holding periodE) none of the aboveAnswer: EDiff: 12) A "junk bond" is a bond with aA) low yield to maturity.B) value of zero.C) low face value, but high coupon rate.D) high default risk.E) very low maturity.Answer: DDiff: 13) A bond has a face value of $10,000, a price of $12,000, and coupon payments of $2000 for two years. The coupon rate of this bond isA) 10%.B) 16.7%.C) 20%.D) 30%.E) none of the aboveAnswer: CDiff: 14) A discount bond is a bondA) with no coupon payments.B) where the price of the bond is greater than its face value.C) where the interest rate is zero.D) where the face value is zero.E) that never matures.Answer: ADiff: 15) For this question, assume that one-year and two-year bonds have the same risk; therefore, you can ignore risk here. Assuming that there is arbitrage between one-year bonds and two-year bonds, we know that the expected rate of return on two-year bondsA) will equal the expected rate of return from holding a one-year bond for one year.B) will equal the expected rate of return from holding a one-year bond for two years.C) will be larger than the expected rate of return from holding a one-year bond for one year.D) will be smaller than the expected rate of return from holding a one-year bond for one year.E) will be exactly half the rate of return on one-year bonds.Answer: ADiff: 26) A bond has a face value of $1,000, a price of $1,200, and coupon payments of $100 for two years. The "current yield" of this bond isA) 8.33%.B) 10%.C) 12%.D) 83%.E) none of the aboveAnswer: ADiff: 27) An upward-sloping yield curve suggests that financial market participants expect short-term interest rates willA) rise in the future.B) fall in the future.C) be unstable in the future.D) not change in the future.E) be equal to zero in the future.Answer: ADiff: 28) Suppose financial market participants expect short-term rates in the future to be less than current short-term interest rates. Given this information, we would expectA) an upward sloping yield curve.B) a downward sloping yield curve.C) an upward shifting yield curve.D) a downward shifting yield curve.E) a horizontal yield curve.Answer: BDiff: 29) Assume that the current one-year rate is 5% and the two-year rate is 7%. Given this information, the one-year rate expected one year from now isA) 5%.B) 6%C) 7%D) 9%E) 12%Answer: DDiff: 210) Suppose the current one-year interest rate is 4%, and financial markets expect the one-year interest rate next year to be 8%. Given this information, the yield to maturity on a two-year bond will be approximatelyA) 4%.B) 6%.C) 8%.D) 12%.E) none of the aboveAnswer: BDiff: 211) Suppose the current one-year interest rate is 4%. Also assume that financial markets expect the one-year interest rate next year to be 5%, and expect the one-year rate to be 6% the year after that. Given this information, the yield to maturity on a three-year bond will be approximatelyA) 4%.B) 5%.C) 6%.D) 15%.Answer: BDiff: 212) Which of the following bonds (of equal maturity) would have the largest risk premium?A) U.S. government bondsB) German government bondsC) the bonds of a financially stable corporation, like IBMD) Bondsbrated Aaa by Moody'sE) junk bondsAnswer: EDiff: 113) Suppose there is a decrease in the short-term interest rate. Give this reduction in the current short-term interest rate, which of the following will most likely occur?A) the long-term interest rate will increase.B) the long-term interest rate will remain the same.C) the long-term interest rate will decrease by more than the short-term rate.D) the long-term interest rate will decrease by the same amount as the short-term rate.E) the long-term interest rate will decrease, but by less than the short-term rate.Answer: EDiff: 214) Which of the following statements about indexed bonds is correct?A) they were relatively recently introduced in the United States.B) they exist in England.C) they have a nominal interest rate that rises when the inflation rate rises.D) all of the aboveE) none of the aboveAnswer: D15) Which of the following best explains why the long-term interest rate will generally change by less than 1% when the short-term interest rate changes by 1%?A) the mathematical calculations are more difficult for analysts in the case of long-term bonds.B) long-term rates are always lower than short-term rates, so there is less room for them to change.C) financial market participants will not expect this increase in the short-term interest rate to persist fully in the future.D) financial markets are often affected by bubbles and fads.E) none of the aboveAnswer: CDiff: 216) Equity finance is represented by which of the following?A) when a firm borrows money from banksB) when a firm sells bondsC) when a firm sells shares of stockD) when a firm draws down retained earningsE) when a firm sells off part of its capital stockAnswer: CDiff: 117) Among the following, which is the broadest measure of stock prices in the United States?A) Dow Jones IndexB) FT indexC) Nikkei IndexD) Term Structure IndexE) Standard and Poor's 500 Composite IndexAnswer: E18) The fundamental value of a share of stock is equal to which of the following?A) the sum of expected dividendsB) the present value of expected dividendsC) the sum of coupon paymentsD) the present value of coupon paymentsE) the present value of the expected yieldAnswer: BDiff: 119) A share of stock will pay a dividend of $25 in one year, and will be sold for an expected price of $500 at that time. If the current one-year interest rate is 5%, the current price of the stock will be approximately equal toA) $100.B) $475.C) $500.D) $525.E) none of the aboveAnswer: CDiff: 220) For this question, assume that there is perfect arbitrage in the stock market. Given this assumption, economists believe thatA) movements in stock prices can be easily predicted.B) movements in stock prices are largely unpredictable.C) most stocks will diverge from their fundamental value.D) stocks will generally earn a lower rate of return than bonds.E) the rate of return on stocks will be equal to the rate of return on bonds.Diff: 221) Suppose the central bank implements a monetary contraction that is fully expected by financial market participants. Given this information, we would expectA) stock prices to rise.B) stock prices to fall.C) stock prices to remain unchanged.D) an ambiguous effect on stock prices.E) stock prices to fall and the interest rate to rise.Answer: CDiff: 222) Suppose the central bank implements a monetary expansion that is NOT fully anticipated by financial markets. Given this information, we would expectA) stock prices to rise.B) stock prices to fall.C) stock prices to remain unchanged.D) an ambiguous effect on stock prices.E) none of the aboveAnswer: ADiff: 223) Suppose policy makers implement a fiscal expansion that is NOT fully anticipated by financial market participants. We know that this willA) always cause stock prices to fall.B) always cause stock prices to rise.C) tend to cause stock prices to rise if the LM curve is very flat.D) tend to cause stock prices to rise if the LM curve is vertical.Diff: 224) Suppose policy makers implement an unexpected fiscal expansion. Further assume that monetary policy is expected to keep interest rates constant in response to this unexpected fiscal expansion. Given this information, we would expect thatA) stock prices will rise.B) stock prices will remain constant.C) this policy will have an ambiguous effect on stock prices.D) the effect on stock prices will depend on the slope of the IS curve.Answer: ADiff: 225) Which of the following represents a stock's fundamental value?A) the price the stock would sell at in the midst of a rational bubbleB) the price the stock would sell at if the interest rate were zeroC) the present value of its expected future dividend paymentsD) the simple sum of its future dividend paymentsE) none of the aboveAnswer: CDiff: 126) Which of the following represents the ratio of coupon payments to the face value of a bond?A) the interest rateB) the discount rateC) the coupon rateD) the risk premiumE) the current yieldAnswer: CDiff: 127) Suppose a bond promises to make a single payment at maturity. These types of bond are calledA) junk bonds.B) indexed bonds.C) corporate bonds.D) discount bonds.E) constant maturity bonds.Answer: DDiff: 128) Which of the following does NOT represent a form of debt finance?A) bondsB) loansC) stockD) all of the aboveAnswer: CDiff: 129) Which of the following represents a form of equity finance?A) stockB) loansC) bondsD) all of the aboveE) none of the aboveAnswer: ADiff: 130) Which of the following variables would NOT influence the ex-dividend price of a share of stock at time t?A) i1e t+1B) i1tC) $D e t+1D) none of the aboveAnswer: DDiff: 131) An expected reduction in the money supply will tend to causeA) an increase in stock prices.B) a reduction in stock prices.C) no change in stock prices.D) an ambiguous effect on stock prices.Answer: CDiff: 232) An expected increase in the money supply will tend to causeA) an increase in stock prices.B) a reduction in stock prices.C) no change in stock prices.D) an ambiguous effect on stock prices.Answer: CDiff: 233) An expected tax cut will tend to causeA) an increase in stock prices.B) a reduction in stock prices.C) no change in stock prices.D) an ambiguous effect on stock prices.Answer: CDiff: 234) An expected tax increase will tend to causeA) an increase in stock prices.B) a reduction in stock prices.C) no change in stock prices.D) an ambiguous effect on stock prices.Answer: CDiff: 235) An unexpected reduction in the money supply will tend to causeA) an increase in stock prices.B) a reduction in stock prices.C) no change in stock prices.D) an ambiguous effect on stock prices.Answer: BDiff: 236) An unexpected increase in the money supply will tend to causeA) an increase in stock prices.B) a reduction in stock prices.C) no change in stock prices.D) an ambiguous effect on stock prices.Answer: ADiff: 237) Suppose households unexpectedly increase consumption. Which of the following will occur as a result of this unexpected increase in consumption?A) an increase in stock pricesB) a reduction in stock pricesC) no change in stock pricesD) an ambiguous effect on stock pricesAnswer: DDiff: 238) Suppose households unexpectedly decrease consumption. Which of the following will occur as a result of this unexpected reduction in consumption?A) an increase in stock pricesB) a reduction in stock pricesC) no change in stock pricesD) an ambiguous effect on stock pricesAnswer: DDiff: 239) Suppose there are two types of bonds (one-year bonds and two-year bonds) and that the yield curve is initially upward sloping in period t. Note: For this question assume that: (1) expected inflation is zero; and (2) the relevant interest rate on the vertical axis of the IS-LM model is the one-year interest rate. Based on our understanding of the IS-LM model, of the yield curve and of financial markets, we know with certainty that an announcement in period t of a partially unexpected future increase in taxes (to be implemented in period t+1) will have which of the following effects?A) stock prices will increase in period tB) stock prices will fall in period tC) the yield curve will become steeper in period tD) none of the aboveAnswer: DDiff: 240) Assume that the one-year interest rate is on the vertical axis of the IS-LM model and that the yield curve is initially upwardsloping. Suppose that financial market participants expect that the central bank will pursue a monetary contraction in the future. Given this information, we would expect which of the following to occur?A) the yield curve will become steeperB) the yield curve will become flatterC) the yield curve will become horizontalD) the yield curve will become downward slopingAnswer: ADiff: 241) Suppose that financial market participants expect that the central bank will pursue a monetary expansion in the future. Also assume that the yield curve is initially upward sloping. Given this information, we would expect which of the following to occur?A) the yield curve will become steeperB) i2t will increaseC) i2t will decreaseD) the yield curve will become downward slopingAnswer: CDiff: 242) Suppose that financial market participants now expect a future tax increase in one year. Also assume that the yield curve is initially upward sloping. Given this information, we would expect which of the following to occur?A) the yield curve will become steeperB) i2t will increaseC) i2t will decreaseD) the yield curve will become downward slopingAnswer: CDiff: 243) Suppose that financial market participants now expect a future tax cut and that the yield curve is initially upward sloping. Given this information, we would expect which of the following to occur?A) the yield curve will become steeperB) the yield curve will become flatterC) the yield curve will become horizontalD) the yield curve will become downward slopingAnswer: ADiff: 244) For this question, assume that the Fed is expected to respond to any event by keeping the interest rate constant (i.e., equal to its initial level). An unexpected tax increase will causeA) stock prices to fall.B) stock prices to rise.C) no change in stock prices.D) an ambiguous effect on stock prices.Answer: ADiff: 245) For this question, assume that the Fed is expected to respond to any event by keeping the interest rate constant (i.e., equal to its initial level). An unexpected tax cut will causeA) stock prices to fall.B) stock prices to rise.C) no change in stock prices.D) an ambiguous effect on stock prices.Answer: BDiff: 246) Suppose the yield curve is initially horizontal. Suppose the current one-year interest rate increases by 4% while theexpected future one-year interest rate does not change. Which of the following will tend to occur?A) i2t will increase by 4%B) i2t will increase by 2%C) i2t will increase by less than 2%D) i2t will decrease by 2%Answer: BDiff: 247) For this question, assume that the Fed is expected to respond to any event by keeping output constant (i.e., equal to its initial level). An unexpected increase in taxes will causeA) stock prices to fall.B) stock prices to rise.C) no change in stock prices.D) an ambiguous effect on stock prices.Answer: BDiff: 248) For this question, assume that the Fed is expected to respond to any event by keeping output constant (i.e., equal to its initial level). An unexpected increase in government spending will causeA) stock prices to fall.B) stock prices to rise.C) no change in stock prices.D) an ambiguous effect on stock prices.Answer: ADiff: 249) As the LM curve becomes steeper, an unexpected increase in consumer confidenceA) will cause a relatively large increase in output andrelatively large increase in the interest rate.B) will cause a relatively small increase in output and relatively small increase in the interest rate.C) is more likely to cause stock prices to rise.D) is more likely to cause stock prices to fall.Answer: DDiff: 250) As the LM curve becomes steeper, an unexpected decrease in consumer confidenceA) will cause a relatively large increase in output and relatively large increase in the interest rate.B) will cause a relatively small increase in output and relatively small increase in the interest rate.C) is more likely to cause stock prices to rise.D) is more likely to cause stock prices to fall.Answer: CDiff: 251) A bond has a face value of $10,000, a price of $12,000, and coupon payments of $2000 for two years. The current yield of this bond isA) 10%.B) 16.7%.C) 20%.D) 30%.E) none of the aboveAnswer: BDiff: 152) Assume that the current one-year rate is 3% and the two-year rate is 5%. Given this information, the one-year rate expected one year from now isA) 5%.B) 6%.C) 7%.D) 9%.E) 12%.Answer: CDiff: 253) Suppose the current one-year interest rate is 3%, and financial markets expect the one-year interest rate next year to be 5%. Given this information, the yield to maturity on a two-year bond will be approximatelyA) 4%.B) 6%.C) 8%.D) 12%.E) none of the aboveAnswer: ADiff: 254) Which of the following bonds (of equal maturity) would have the lowest risk premium?A) U.S. government bondsB) German government bondsC) the bonds of a financially stable corporation, like IBMD) Bonds rated Aaa by Moody'sE) junk bondsAnswer: ADiff: 155) A share of stock will pay a dividend of $20 in one year, and will be sold for an expected price of $500 at that time. If the current one-year interest rate is 5%, the current price of the stockwill be approximately equal toA) $100.B) $495.C) $500.D) $525.E) none of the aboveAnswer: BDiff: 256) Which of the following represents the ratio of coupon payments to the price of a bond?A) the interest rateB) the discount rateC) the coupon rateD) the risk premiumE) the current yieldAnswer: EDiff: 157) The yield curve isA) the term structure of interest rates.B) the relation between maturity and yield of a bond.C) maturity.D) both A and BE) all of the aboveAnswer: DDiff: 115.2 Essay Questions1) Explain what the term structure of interest rates represents.Answer: The term structure of interest rates illustrates the relationship between the yield to maturity on bonds (with the same risk characteristics) and maturity.2) When interpreting bond prices as present values, discuss what factors determine the price of a two-year discount bond. Include in your answer an explanation of how changes in each of these factors affects the price of a two-year discount bond.Answer: The price of the two-year bond will be a function of the face value, the currentone-year rate and the future expected one-year rate. An increase in either of the one-year rates will reduce the present value of the bond and, therefore, reduce its price. An increase in the face value (constant) would increase the price.3) The yield curve indicates that the two-year interest rate will be a function of what variables? Include in your answer an explanation of how changes in these variables will affect the two-year interest rate.Answer: The two-year rate will be a function of the current one-year rate and the future expected one-year rate. In fact, it will be approximately equal to the average of these two rates. So, an increase in either rate will cause the two-year rate to rise.4) Suppose the yield curve is downward sloping. How should one interpret this particular yield curve?Answer: Downward sloping yield curve implies that the future expected one-year rate is lower than the current one-year rate.5) Suppose the central bank implements a monetary expansion in the current period and is not expected to continue this policy in the future. Explain what effect this policy will have on the shape of the yield curve and on stock prices.Answer: The current one-year rate will fall with no change in the expected future rate. Thetwo-year rate, given that it is an average of the two one-yearrates, will fall. The change in the two-year rate will approximately equal half the change in the one-year rate. The yield curve will shift down and get steeper. What happens to stock prices depends on whether this was fully or partially expected? If fully anticipated, stock prices do not change. If at least partially unexpected, stock prices will rise because of the interest rate effect and the higher output (changes in which were unexpected).6) Suppose individuals expect an increase in future taxes. Explain what effect this expected increase in future taxes will have on the yield curve and on stock prices in the current period. Answer: The increase in future taxes will cause the future one-year rate to fall. This reduction in the expected one-year rate will cause the two-year rate to fall by approximately half the change in the future expected rate. The current one-year rate does not change. So, the yield curve pivots; it gets flatter (as the long-term rate falls). The effects on stock prices again depend on whether it is anticipated or not. If anticipated, stock prices do not change. If partially unexpected, the effect on stock prices is ambiguous: the drop in future i will increase stock prices while the drop in future Y will depress stock prices.。

多恩布什宏观经济学第十版课件5总需求与总供给

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假定AD 增加至AD’:
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总需求政策与古典供应曲线
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总需求AD的增加引发的价格上升减少了实际货币存 M , 并引起支出的减量, P 少
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[Insert Figure 5-10 here]
经济将AD向上推进，直至价格上升到足够高的水平, 实际货币存量 M/P 降到足够低, 使支出减少到与充分就业产量相一致的水平在E’’, 总需求在更高的政府支出水平上，再次与总供给相等 AD = AS
[Insert Figure 5-6 here]
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如果产量高于潜在产量(Y>Y*), 价格将会上升，在下一个阶段还会更高如果产量低于潜在产量(Y<Y*), 价格将下降，在下一个阶段还会更低价格将继续随时间上升或者下降直至Y=Y*
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如果明天的价格水平等于今天的价格水平，产量等于潜在产量(忽略价格期望)
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供给学派经济学
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尽管有前面的例子，供给方面的政策还是有用的
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只有供给方面的政策才能永久性的提高产出需求方面的政策只在短期内有效
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很多经济学者强烈支持供给方面的减税政策, 但同时认为要削减政府支出
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税收降低, 政府支出也相应减少，对赤字的效应可能是接近中性的
第5章
总需求与总供给
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McGraw-Hill/Irwin Macroeconomics, 10e
© 2008 The McGraw-Hill Companies, Inc., All Rights Reserved. 5-1

Chapter_15 The Demand for Money(宏观经济学,多恩布什,第十版)

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The more money a person holds, the less likely he or she is to incur the costs of illiquidity
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The more money a person holds, the more interest he/she will give up → similar tradeoff encountered with transactions demand for money
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Standard of deferred payment
Money units are used in long term transactions (ex. loans)
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The Demand for Money: Theory
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The demand for money is the demand for real money balances → people hold money for its purchasing power
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As liquidity of an asset decreases, the interest yield increases
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A typical economic tradeoff: in order to get more liquidity, asset holders have to sacrifice yield
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At the end of 2005, M1 = $4,596 per person Debate whether broader measure, M2, might better meet the definition of money in a modern payment system

2024年多恩布什宏观经济学课件

多恩布什宏观经济学课件一、引言多恩布什宏观经济学是由美国经济学家鲁迪格·多恩布什提出的宏观经济学理论体系。

该理论以市场供需为基础，强调政府干预对经济波动的影响，并提出了“多恩布什曲线”来描述政府支出与税收政策对经济波动的影响。

本课件将简要介绍多恩布什宏观经济学的基本原理和核心观点，以帮助读者更好地理解和应用该理论。

二、多恩布什宏观经济学的基本原理1.市场供需与价格机制多恩布什宏观经济学认为，市场供需关系是决定价格和资源配置的关键因素。

当市场上的需求增加时，价格会上升，从而刺激生产者增加供给，以满足市场需求。

相反，当市场上的需求减少时，价格会下降，导致生产者减少供给。

通过价格机制的自我调节，市场能够实现资源的有效配置。

2.政府干预与经济波动多恩布什宏观经济学强调政府干预对经济波动的影响。

政府通过调整支出和税收政策，可以影响经济的总需求和总供给。

例如，政府增加支出可以刺激总需求，促进经济增长；而政府减少支出或增加税收则会抑制总需求，导致经济放缓。

政府干预的目的在于通过调整总需求和总供给，实现经济的稳定和可持续发展。

三、多恩布什曲线多恩布什曲线是多恩布什宏观经济学中的重要概念，用于描述政府支出与税收政策对经济波动的影响。

多恩布什曲线是一条向下倾斜的曲线，表示政府支出与税收政策对总需求的影响程度。

1.政府支出增加当政府增加支出时，总需求会增加，导致多恩布什曲线向右移动。

这种政策可以刺激经济增长，提高就业水平，但也可能导致通货膨胀和财政赤字的增加。

2.税收减少当政府减少税收时，个人和企业的可支配收入增加，总需求也会增加，导致多恩布什曲线向右移动。

这种政策可以刺激消费和投资，促进经济增长，但也可能导致财政赤字的增加。

四、多恩布什宏观经济学在实践中的应用多恩布什宏观经济学在实践中有着广泛的应用。

政府可以通过调整支出和税收政策，来应对经济波动和实现经济目标。

1.经济增长与就业政府可以通过增加支出来刺激总需求，促进经济增长和就业。

宏观经济学多恩布什第十版ppt课件

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是从最终使用的角度反映国内生产总值最终使用去向的一种方法。最终使用包括货物和服务的最终消费、资本形成总额和净出口三部分。
价格指数与通货膨胀率计算
价格指数
是反映不同时期一般价格水平的变化方向和变化程度的相对数。常见的价格指数有消费物价指数（CPI）、批发物价指数（WPI）和GDP折算指数。
宏观经济学多课恩件布什第十版ppt
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contents
目录
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• 宏观经济学导论 • 国民收入核算与衡量 • 失业、通货膨胀与货币政策 • 长期经济增长与经济发展 • 总供给与总需求模型及其应用 • 国际经济关系与全球化进程中的挑战
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宏观经济学导论
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技术进步是提高生产率和经济增长的重要途径。通过加强科技创新、促进科技成果转化、培养高素质人才等方式，可以推动技术进步和经济增长。
制度创新是经济增长的重要保障。通过深化经济体制改革、完善市场体系、加强法治建设等方式，可以推动制度创新和经济增长。
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经济发展战略和政策选择
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长期经济增长与经济发展
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长期经济增长源泉和影响因素剖析
劳动力
资本积累
技术进步
制度创新
劳动力的数量和质量是影响长期经济增长的重要因素之一。随着人口红利的逐渐消失，提高劳动力素质、促进劳动力流动和优化配置将成为未来经济增长的关键。
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资本积累是经济增长的重要源泉。通过增加投资、提高投资效率、促进资本市场发展等方式，可以推动资本积累和经济增长。
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通货膨胀定义、类型及成因探讨

宏观经济学第十五章

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父母为什么要留遗产？
李嘉图等价的核心问题：不同代人之间的联系；
父母为什么要为子女留下遗产：
利他主义；控制子女，以不留遗产来威胁他们；
经验证据：父母越富有，子女回家次数越多；而且，只有可以作为遗产留下的财富才能导致更经常的回家探望父母。
结论：不仅仅是“利他主义”。
27
15.3.3 政府债务的其它观点
1. 平衡预算与最优财政政策
一些政治家提议修改美国宪法，要求平衡每年的联邦政府预算。
许多经济学家反对这个建议，认为赤字可以用于：
稳定产出与就业在收入波动时，平稳化税收在适当的时机实现代际收入的再分配
28
政府债务的其它观点
2. 对货币政策的影响
• 政府赤字可以通过发行货币弥补 • 高额的政府赤字鼓励决策者创造通货膨胀 (以损害
据李嘉图等价定理，举债弥补税收的减少不会影响消费、国民储蓄、实际利率、投资、净出口或者实际GDP，即使是在短期内。
22
李嘉图等价定理的逻辑
消费者是向前看的，今天减税形成的债务意味着未来税收的增加（将来增加的税收的现值等于今天减少的税收）。
减税不会使消费者变富，因此他们不会增加消费。
1. 通货膨胀 2. 资本资产 3. 未计算的负债 4. 经济周期
12
衡量问题 1:
通货膨胀
为了理解通货膨胀何以成为问题，假定实际债务不变，这意味着零实际赤字。
在此情况下，名义债务按通货膨胀率增加：
D/D = or D = D
报告期的(名义)赤字为 D，即使实际赤字
为零。
因此，为校正通货膨胀，必须从报告期赤字中减去 D 。
二战一战
冷战反恐战
5

多恩布什《宏观经济学》复习资料(投资支出)【圣才出品】

第15章投资支出一、名词解释1．存货投资[中央财经大学2005研复试]答：存货投资指产量超过实际销售量时发生的存货积累，以及为保持生产连续性而准备的各种原材料等。

存货投资分为合意的存货投资和非合意的存货投资。

为确保生产顺利进行所持有的最低限度的原材料，为保证产品供应的连续性而持有的合适的产品，都属于合意的存货投资的范畴。

合意的存货水平可以用存货-销售比率来衡量，与产品生产速度、定货到来的快慢成正比，与利率水平成反比，与销售水平和社会需求的不确定性成正比。

如果实际存货超过了合意存货，超过的部分便被称为非合意存货。

存货投资往往无法预料，它在产量和不确定的销售量之间起缓冲的作用。

存货投资水平的变动与经济周期有关，二战以来的历次经济衰退被认为是公司存货普遍减少的结果。

2．资本存量调整的可变加速模型[中山大学2007研]答：资本存量调整的可变加速模型是投资理论中的一种，其基本观点是现有资本存量与合意资本存量之间的差距越大，企业投资速度就越快。

根据可变加速模型，企业在每一时期都打算填补合意资本存量与实际资本存量之间λ部分的差距，以便使当前时期结束时的实际资本存量K成为K0＝K－1＋λ（K*－K－1），其中上期结束时的资本存量表示为K－1，合意资本存量与实际资本存量之间的差距为（K*－K－1），资本存量调整速度为λ。

根据上述方程，净投资逐渐调整的表达式为：I＝K0－K－1＝λ（K*－K－1）。

上述净投资公式表明，当前投资支出取决于合意资本存量K*与上期实际资本存量K－1两者之差，二者之间的差额越大，企业投资速度越快。

3．投资的托宾q值[中央财经大学2016研；对外经济贸易大学2018研]答：投资的托宾q值是股票市场对企业资产相对于生产这些资产的成本进行的价值估算，q的最简单形式是企业的市场价值与资本重置成本之比。

当q＞1时，即企业资产的市场价值大于企业资产的重置成本时，企业就有扩张的愿望，企业就应该增加实物资本。

多恩布什宏观经济学第十版原版

可持续发展与经济
增长
在追求经济增长的同时，应注重环境保护和社会公平，实现可持续发展。
03
失业、通货膨胀与货币政策
失业类型、原因及影响
摩擦性失业
由于劳动力市场供需不匹配导致的短期失业。
结构性失业
由于经济结构变化或技术进步导致的长期失业。
失业类型、原因及影响
• 周期性失业：由于经济周期波动导致的失业。
经济增长是经济发展的基础，但经济发展还包括结构优化、社会进步和生态改善等方面。
经济增长因素与政策建议
经济增长因素
包括资本积累、劳动力投入、技术进步和制度变迁等，对经济增长具有重要影响。
政策建议
针对经济增长因素，提出相应的政策建议，如促进资本形成、提高劳动力素质、推动技术创新和深化制度改革等。
汇率政策选择
汇率政策是开放经济条件下宏观经济政策的重要组成部分。政府可以通过干预外汇市场、调整汇率制度等方式来影响国际贸易和资本流动。
国际合作与政策协调
在开放经济中，各国之间的经济政策相互影响，因此国际合作和政策协调变得尤为重要。通过国际合作，各国可以共同应对国际经济波动和金融危机等挑战，促进全球经济的稳定和繁荣。
总需求曲线形状及影响因素
总需求曲线形状
总需求曲线通常呈现向下倾斜的形状，表示随着价格的上升，消费者和投资者的需求会减少。
01
02
消费者支出
消费者信心、收入水平和预期等因素会影响消费者支出和总需求。
03
投资支出
企业盈利、利率和预期等因素会影响投资支出和总需求。
净出口
国际贸易状况和汇率等因素会影响净出口和总需求。
研究对象

多恩布什宏观经济学绪论

流动偏好利息率（货币需求数量）货币供给数量预期收益资本边际效率重置成本
B．凯恩斯主义理论的形成：
• 凯恩斯的追随者对凯恩斯经济学的补充和发展，主要有以下几方面：
a．希克斯—汉森提出“IS-LM”模型，着重解决收入变动影响货币需求从而也决定利率，而利率又影响投资从而影响收入，将商品市场和货币市场联系起来分析； b．汉森—萨缪尔森的“加速原理”，阐述收入增加会通过消费影响投资，使引致投资增加，从而有利于国民收入增加；
• 微观经济学与宏观经济学是互相补充的。
• 两者都采用了实证分析法，属于实证经济学。
• 两者都以市场经济制度为背景，都是市场经济的经济学。
• 微观经济学是宏观经济学的基础。但总体经济行为不是个体经济行为的简单加总。
5
宏观基本概念
• 增长和GDP
– 资源数量的变动；生产要素的效率变动
• 经济周期与产出缺口
B．凯恩斯主义理论的形成：
c．哈罗德—多马的经济增长模型：分析在生产技术不变、资本-劳动比例不变条件下的经济增长问题； d．索洛的新古典经济增长模型：资本—劳动比例可变条件下的经济增长问题； e．各种消费理论：凯恩斯的消费理论是现期收入、绝对收入和实际收入为函数条件的；发展的消费理论包括：杜生贝利的相对收入理论、弗里德曼的持久收入假说和莫迪利安尼的生命周期假说； f．罗宾逊等提出的开放型经济模型。
• 私人支出不足导致萧条和高失业 • 短期问题
3
宏观经济学和微观经济学（区别）
研究对象解决问题中心理论研究方法
微观经个体经济活动者资源最优配济学的行为及后果置
价格理论
个量分析法
宏观经社会总体经济行资源充分利国民收入决总量分析法济学为及其后果用定论

宏观经济学多恩布什ppt课件

货币政策和财政政策在工具选择和运用上应相互补充，形成合力，避免政策冲突和抵消效应。
时机选择协调性
信息沟通与协作机制建立
货币政策和财政政策在应对经济波动时应把握好政策出台的时机和力度，确保政策效果最大化并减少副作用。
加强货币政策和财政政策制定部门之间的信息沟通与协作，建立定期会晤机制和联合行动框架，提高政策协调性和有效性。
GDP核算方法
包括生产法、收入法和支出法三种。
收入法
GDP=劳动者报酬+生产税净额+固定资产折旧+营业盈余。
GDP定义
指一个国家或地区所有常住单位在一定时期内生产活动的最终成果。
生产法
GDP=各部门的总产出-各部门的中间消耗。
支出法
GDP=最终消费支出+资本形成总额+货物和服务净出口。
05 货币政策与财政政策
货币政策工具、传导机制及效果评估
公开市场操作
通过买卖政府债券等方式调节市场流动性。
存款准备金率
调整商业银行存款准备金率以影响信贷规模。
货币政策工具、传导机制及效果评估
• 利率政策：调整存贷款基准利率以引导市场利率变动。
货币政策工具、传导机制及效果评估
利率渠道
通过影响市场利率进而影响投资和消费。
宏观经济学多恩布什ppt课件
contents
目录
• 宏观经济学概述 • 国民收入核算与衡量 • 失业、通货膨胀与经济增长 • 总供给与总需求模型 • 货币政策与财政政策 • 开放经济下宏观经济政策选择
01 宏观经济学概述
宏观经济学定义与研究对象
宏观经济学定义
宏观经济学是研究整个经济体系的总体经济行为、经济表现及其变化规律的科学。

多恩布什宏观经济学答案

Chapter 2 national income accountingTechnical Problems1.The text calculates the change in real GDP in 1996 prices in the following way:[RGDP04 - RGDP96]/RGDP96 = [3.50 - 1.50]/1.50 = 1.33 = 133%.To calculate the change in real GDP in 2004 prices, we first have to calculate the GDP of 1996 in 2004 prices.Thus we take the quantities consumed in 1996 and multiply them by the prices of 2004, as follows:B eer 1 at $2.00 = $2.00Skittles 1 at $0.75 = $0.75_______________________________Total $2.75The change in real GDP can now be calculated as [6.25 - 2.75]/2.75 = 1.27 = 127%.We can see that the growth rate of real GDP calculated this way is roughly the same as the growth rate calculated above.2.a. The relationship between private domestic saving, private domestic investment, the budget deficit, and netexports is shown by the following identity:S - I ≡ (G + TR - TA) + NX.Therefore, if we assume that transfer payments (TR) remain constant, an increase in taxes (TA) has to be offset either by an increase in government purchases (G), an increase in net exports (NX), or a decrease in the difference between private domestic saving (S) and private domestic investment (I).2.b.From the equation YD ≡ C + S it follows that an increase in disposable income (YD) will be reflected in anincrease in consumption (C), saving (S), or both.2.c.From the equation YD ≡ C + S it follows that when either consumption (C) or saving (S) increases, disposableincome (YD) must increase as well.3.a. Since depreciation is defined as D = I g - I n = 800 - 200 = 600 ==>NDP = GDP - D = 6,000 - 600 = 5,400.3.b.From GDP = C + I g + G + NX ==> NX = GDP - C – I g - G ==>NX = 6,000 - 4,000 - 800 - 1,100 = 100.3.c.BS = TA - G - TR ==> (TA - TR) = BS + G ==> (TA - TR) = 30 + 1,100 = 1,1303.d.YD = Y - (TA - TR) = 6,000 - 1,130 = 4,8703.e. S = YD - C = 4,870 - 4,000 = 8704.a. S = YD - C = 5,100 - 3,800 = 1,3004.b.From S - I = (G + TR - TA) + NX ==> I = S - (G + TR - TA) - NX = 1,300 - 200 - (-100) = 1,200.2704.c.From Y = C + I + G + NX ==> G = Y - C - I - NX ==>G = 6,000 - 3,800 - 1,200 - (-100) = 1,100.Also: YD = Y - TA + TR ==> TA - TR = Y - YD = 6,000 - 5,100 ==> TA - TR = 900From BS = TA - TR - G ==> G = (TA - TR) - BS = 900 - (-200) ==> G = 1,100.5.According to Equation (2) in the text, the value of total output (in billions of dollars) can be calculated as: Y =labor payments + capital payments + profits = $6 + $2 + $0 = $8.6.a.Since nominal GDP is defined as the market value of all final goods and services currently produced in thiscountry, we can only measure the value of the final product (bread), and therefore we get $2 million (since 1 million loaves are sold at $2 each).6.b.An alternative way of measuring GDP is to calculate all the value added at each step of production. The totalvalue of the ingredients used by the bakeries can be calculated as:1,200,000 pounds of flour ($1 per pound) = 1,200,000100,000 pounds of yeast ($1 per pound) = 100,000100,000 pounds of sugar ($1 per pound) = 100,000100,000 pounds of salt ($1 per pound) = 100,000__________________________________________________________= 1,500,000Since $2,000,000 worth of bread is sold, the total value added at the bakeries is $500,000.7.If the CPI increases from 2.1 to 2.3, the rate of inflation can be calculated in the following way:rate of inflation = (2.3 - 2.1)/2.1 = 0.095 = 9.5%.The CPI often overstates inflation, since it is calculated by using a fixed market basket of goods and services.But the fixed weights in the CPI's market basket cannot capture the tendency of consumers to substitute away from goods whose relative prices have increased. Quality improvements in goods also often are not adequately taken into account. Therefore, the CPI will overstate the increase in consumers' expenditures.8.The real interest rate (r) is defined as the nominal interest rate (i) minus the rate of inflation (π). Therefore thenominal interest rate is the real interest rate plus the rate of inflation, ori = r + π = 3% + 4% = 7%.Chapter 3Growth theory, exogenous.1.a.According to Equation (2), the growth of output is equal to the growth in lab or times labor’s share ofincome plus the growth of capital times capital’s share of income plus the rate of technical progress, that is,∆Y/Y = (1 - θ)(∆N/N) + θ(∆K/K) + ∆A/A, where2711 - θ is the share of labor (N) and θ is the share of capital (K). Therefore, if we assume that therate of technological progress is zero (∆A/A = 0), output grows at an annual rate of 3.6 percent, since ∆Y/Y = (0.6)(2%) + (0.4)(6%) + 0% = 1.2% + 2.4% = + 3.6%,1.b.The so-called "Rule of 70" suggests that the length of time it takes for output to double can becalculated by dividing 70 by the growth rate of output. Since 70/3.6 = 19.44, it will take just under 20 years for output to double at an annual growth rate of 3.6%,1.c.Now that ∆A/A = 2%, we can calculate economic growth as∆Y/Y = (0.6)(2%) + (0.4)(6%) + 2% = 1.2% + 2.4% + 2% = + 5.6%.Thus it will take 70/5.6 = 12.5 years for output to double at this new growth rate of 5.6%.2.a.According to Equation (2), the growth of output is equal to the growth in labor times the labor shareplus the growth of capital times the capital share plus the growth rate of total factor productivity, that is,∆Y/Y = (1 - θ)(∆N/N) + θ(∆K/K) + ∆A/A, where1 - θ is the share of labor (N) and θ is the share of capital (K). In this example θ = 0.3; therefore,if output grows at 3% and labor and capital grow at 1% each, we can calculate the change in total factor productivity in the following way3% = (0.7)(1%) + (0.3)(1%) + ∆A/A ==> ∆A/A = 3% - 1% = 2%,that is, the growth rate of total factor productivity is 2%.2.b.If both labor and the capital stock are fixed, that is, ∆N/N = ∆K/K = 0, and output grows at 3%, thenall the growth has to be contributed to the growth in total factor productivity, that is, ∆A/A = 3%.3.a.If the capital stock grows by ∆K/K = 10%, the effect on output will be an additional growth rate of∆Y/Y = (0.3)(10%) = 3%.3.b.If labor grows by ∆N/N = 10%, the effect on output will be an additional growth rate of∆Y/Y = (0.7)(10%) = 7%.3.c.If output grows at ∆Y/Y = 7% due to an increase in labor by ∆N/N = 10% and this increase in labor isentirely due to population growth, then per-capita income will decrease and people’s welfare will decrease, since∆y/y = ∆Y/Y - ∆N/N = 7% - 10% = - 3%.2723.d.If the increase in labor is due to an influx of women into the labor force, the overall population doesnot increase, and income per capita will increase by y/y = 7%. Therefore people's welfare (or at least their living standard) will increase.4.Figure 3-4 shows output per head as a function of the capital-labor ratio, that is, y = f(k). Thesavings function is sy = sf(k) and it intersects the (n + d)k-line, representing the investment requirement. At this intersection, the economy is in a steady-state equilibrium. Now let us assume that the economy is in a steady-state equilibrium before the earthquake hits, that is, the capital-labor ratio is currently k*. Assume further, for simplicity, that the earthquake does not affect pe oples’ savings behavior.If the earthquake destroys one quarter of the capital stock but less than one quarter of the labor force, then the capital-labor ratio will fall from k* to k1 and per-capita output will fall from y* to y1.Now saving is greater than the investment requirement, that is, sy1 > (d + n)k1, and the capital stock and the level of output per capita will grow until the steady state at k* is reached again.However, if the earthquake destroys one quarter of the capital stock but more than one quarter of the labor force, then the capital-labor ratio will increase from k* to k2. Saving (and gross investment) now will be less than the investment requirement and thus the capital-labor ratio and the level of output per capita will fall until the steady state at k* is reached again.If exactly one quarter of both the capital stock and the labor stock are destroyed, then the steady state will be maintained, that is, the capital-labor ratio and the output per capita will not change.If the severity o f the earthquake has an effect on peoples’ savings behavior, the savings function sy = sf(k) will move either up or down, depending on whether the savings rate (s) increases (if people save more, so more can be invested in an effort to rebuild) or decreases (if people save less, since they decide that life is too short not to live it up). But in either case, a new steady-state equilibrium will be reached.k1k k2 k5.a.An increase in the population growth rate (n) affects the investment requirement. As n gets larger, the(n + d)k-line gets steeper. As the population grows, increases in saving and investment will be required to equip new workers with the same amount of capital that existing workers already have.273Since the population will now be growing faster than output, income per capita (y) will decrease anda new optimal capital-labor ratio will be determined by the intersection of the sy-curve and the new(n1 + d)k-line. Since per-capita output will fall, we will have a negative growth rate in the short run.However, the steady-state growth rate of output will increase in the long run, since it will be determined by the new and higher rate of population growth.y oy1k1k o k5.b.Starting from an initial steady-state equilibrium at a level of per-capita output y*, the increase in thepopulation growth rate (n) will cause the capital-labor ratio to decline from k* to k1. Output per capita will also decline, a process that will continue at a diminishing rate until a new steady-state level is reached at y1. The growth rate of output will gradually adjust to the new and higher level n1.yy*y1t o t1tkk*k1t o t1t6.a.Assume the production function is of the formY = F(K, N, Z) = AK a N b Z c==>274∆Y/Y = ∆A/A + a(∆K/K) + b(∆N/N) + c(∆Z/Z), with a + b + c = 1.Now assume that there is no technological progress, that is, ∆A/A = 0, and that capital and labor grow at the same rate, that is, ∆K/K = ∆N/N = n. If we also assume that all available natural resources are fixed, such that ∆Z/Z = 0, then the rate of output growth will be∆Y/Y = an + bn = (a + b)n.In other words, output will grow at a rate less than n since a + b < 1, and output per worker will fall.6.b.If there is technological progress, that is, ∆A/A > 0, then output will grow faster than before, namely∆Y/Y = ∆A/A + (a + b)n.If ∆A/A < cn, output will grow at a lower rate than n, in which case output per worker will still decrease.If ∆A/A = cn, output will grow at the same rate as n, in which case output per worker will remain the same.But if ∆A/A > cn, output will grow at a rate higher than n, in which case output per worker will increase.6.c.If the supply of natural resources is fixed, then output can only grow at a rate that is smaller than therate of population growth and we should expect limits to growth as we run out of natural resources.However, if the rate of technological progress is sufficiently large, then output can grow at a rate faster than population, even if we have a fixed supply of natural resources.7.a.If the production function is of the formY = K1/2(AN)1/2,and A is normalized to 1, we haveY = K1/2N1/2 .In this case, capital's and labor's shares of income are both 50%.7.b.This is a Cobb-Douglas production function.7.c. A steady-state equilibrium is reached when sy = (n + d)k.From Y = K1/2N1/2 ==> Y/N = K1/2N-1/2==> y = k1/2 ==> sk1/2 = (n + d)k==> k-1/2 = (n + d)/s = (0.07 + 0.03)/(.2) = 1/2 ==> k1/2 = 2 = y ==> k = 4 .7.d.At the steady-state equilibrium, output per capita remains constant, since total output grows at thesame rate as the population (7%), as long as there is no technological progress, that is, ∆A/A = 0. But275if total factor productivity grows at ∆A/A = 2%, then total output will grow faster than population, that is, at 7% + 2% = 9%, so output per capita will grow at 2%.8.a.If technological progress occurs, then the level of output per capita for any given capital-labor ratioincreases. The function y = f(k) increases to y = g(k), and thus the savings function increases from sf(k) to sg(k).8.b.Since g(k) > f(k), it follows that sg(k) > sf(k) for each level of k. Therefore, the intersection of thesg(k)-curve with the (n + d)k-line is at a higher level of k. The new steady-state equilibrium will now be at a higher level of saving and output per capita, and at a higher capital-labor ratio.8.c.After the technological progress occurs, the level of saving and investment will increase until a newand higher optimal capital-labor ratio is reached. The investment ratio will increase in the transition period, since more investment will be required to reach the higher optimal capital-labor ratio.9.The Cobb-Douglas production function is defined asY = F(N, K) = AN1-θKθ.The marginal product of labor can then be derived asMP N = (∆Y)/(∆N) = (1 - θ)AN-θKθ = (1 - θ)AN1-θKθ/N = = (1 - θ)(Y/N)== > labor's share of income = [MP N*N]/Y = [(1 - θ)(Y/N)](N/Y) = (1 - θ).Chapter 4Growth theory, endogenous1.a. A production function that displays both a diminishing and a constant marginal product of capital canbe displayed by drawing a curved line (as in an exogenous growth model), followed by an upward-sloping line (as in an endogenous growth model). Such a graph is depicted below.1.b.The first equilibrium (Point A in the graph below) is a stable low-income steady-state equilibrium.Any deviation from that point will cause the economy to eventually adjust again at the same steady-state income level (and capital-output ratio). The second equilibrium (Point B) is an unstable high-income steady-state equilibrium. Any deviation from that point will lead to either a lower income steady-state equilibrium back at Point A (if the capital-labor ratio declines) or ongoing growth (if the capital-labor ratio increases). In the latter case, not only total output but also output per capita continues to grow.1.c. A model like the one in this question can be used to explain how some countries find themselves insituations with no growth and low income while others have ongoing growth and a high level of income. In the first case, a country may have invested mostly in physical capital, leading to some short-term growth at the expense of long-term growth. In the second case, a country may have invested not only in physical capital but also in human capital (education, skills, and training), reaping significant social returns.2762.a.If population growth is endogenous, that is, if a country can influence the rate of population growththrough government policies, then the investment requirement is no longer a straight line. Instead it is curved as depicted below.2.b.The first equilibrium (Point A) is a stable steady-state equilibrium. This is a situation of low incomeand high population growth, indicating that the country is in a poverty trap. The second equilibrium (Point B) is an unstable steady-state equilibrium. This is a situation of medium income and low population growth. The third equilibrium (Point C) is a stable steady-state equilibrium. This is a situation of high income and low population growth. In none of these three cases do we have ongoing growth. For any capital stock k < k B, the economy will adjust to k A, but for any capital stock k > k b (even for k > k c), the economy will adjust to k B. During the adjustment process to any of these two steady-state equilibria, the change in output per capita only will be transitory.2.c.To escape the poverty trap (Point A), a country has several possibilities: First, it can somehow find themeans to increase the capital-labor ratio above a level consistent with Point B (perhaps by borrowing funds or seeking direct foreign investment). Second, it can increase the savings rate such that the savings function no longer intersects the investment requirement curve at either Point A or Point B.Third, it can decrease the rate of population growth through specifically designed policies, such that the investment requirement shifts down and no longer intersects with the savings function at Points A or B.3.a.If we incorporate endogenous population growth into a two-sector model in Problem 2, we get acurved investment requirement line and a production function with first a diminishing and then a constant marginal product of capital as depicted below. (Note that the savings function has the same shape as the production function.)3.b. Here we should have four intersections of the savings function sf(k) and the investment requirement[n(y)+d]k. The first equilibrium (at Point A) is a stable low-income steady-state equilibrium. Any deviation from that point will cause the economy to eventually adjust again at the same steady-state income level (and capital-output ratio). The second equilibrium (at Point B) is an unstable low-income equilibrium. Any deviation from that point will lead to either a lower income steady-state equilibrium at Point A (if the capital-labor ratio declines) or a higher income steady-state equilibrium at Point C (if the capital-labor ratio increases). Since Point C is a stable equilibrium, the economy will settle back at that point again whether the capital stock increases or declines. Point D is again an unstable equilibrium but at a high level of income. Any deviation from that point will lead to either a lower income steady-state equilibrium at Point C (if the capital-labor ratio declines) or ongoing growth (if the capital-labor ratio increases).3.c.This model is more inclusive than either of the two models discussed previously and therefore hasgreater explanatory power. While the graphical analysis is far more complicated, we can now see more clearly that a poor country cannot escape the poverty trap at Point A unless it somehow succeeds in increasing the capital-labor ratio (and thus per-capita income) beyond the level at Point B.4.a.The production function is of the formY = K1/2(AN)1/2 = K1/2(4[K/N]N)1/2= K1/2(4K)1/2 = 2K.From this we can see that a = 2 since277Y = Y/N = 2(K/N) == > y = 2k.4.b.Since a = y/k = 2, it follows that the growth rate of output and capital is∆y/y = ∆k/k = g = sa - (n + d) = (0.1)2 - (0.02 + 0.03) = 0.15 = 15%.4.c.The term "a" in the equation above stands for the marginal product of capital. By assuming that thelevel of labor-augmenting technology (A) is proportional to the capital-labor ratio (k), it is implied that the level of technology depends on the amount of capital per worker that we have, which may not be realistic.4.d.In this model, we have a constant marginal product of capital and therefore we have an endogenousgrowth model.5.a.The production function is of the formY = K1/2N1/2==> Y/N = (K/N)1/2 ==> y = k1/2.From k = sy/(n + d) = sk1/2/(n +d) ==> k1/2 = s/(n + d)==> y* = s/(n + d) = (0.1)/(0.02 + 0.03) = 2==> k* = sy*/(n + d) = (0.1)(2)/(0.02 + 0.03) = 4.5.b.Steady-state consumption equals steady-state income minus steady-state saving (or investment), thatis,c* = y – sy = f(k*) - (n + d)k* .The golden-rule capital stock corresponds to the highest permanently sustainable level of consumption. Steady-state consumption is maximized when the marginal increase in capital produces just enough extra output to cover the increased investment requirement.From c = k1/2 - (n + d)k ==> (∆c/∆k) = (1/2)k-1/2 - (n + d) = 0==> k-1/2 = 2(n + d) = 2(.02 + .03) = .1==> k1/2 = 10 ==> k = 100.Since k* = 4 < 100, we have less capital at the steady state than the golden rule suggests.5.c.From k = sy/(n + d) = sk1/2/(n + d) ==> s = k1/2(n + d) = 10(0.05) = 0.5.5.d.If we have more capital than the golden rule suggests, we are saving too much and do not have theoptimal amount of consumption.Chapter 9Income and spending2781.a. AD = C + I = 100 + (0.8)Y + 50 = 150 + (0.8)YThe equilibrium condition is Y = AD ==>Y = 150 + (0.8)Y ==> (0.2)Y = 150 ==> Y = 5*150 = 750.1.b.Since TA = TR = 0, it follows that S = YD - C = Y - C. ThereforeS = Y - [100 + (0.8)Y] = - 100 + (0.2)Y ==> S = - 100 + (0.2)750 = - 100 + 150 = 50.As we can see S = I, which means that the equilibrium condition is fulfilled.1.c.If the level of output is Y = 800, then AD = 150 + (0.8)800 = 150 + 640 = 790.Therefore the amount of involuntary inventory accumulation is UI = Y - AD = 800 - 790 =10.1.d. AD' = C + I' = 100 + (0.8)Y + 100 = 200 + (0.8)YFrom Y = AD' ==> Y = 200 + (0.8)Y ==> (0.2)Y = 200 ==> Y = 5*200 = 1,000Note: This result can also be achieved by using the multiplier formula:∆Y = (multiplier)(∆Sp) = (multiplier)(∆I) ==> ∆Y = 5*50 = 250,that is, output increases from Y o = 750 to Y1 = 1,000.1.e.From 1.a. and 1.d. we can see that the multiplier is α = 5.2.a.Since the mpc has increased from 0.8 to 0.9, the size of the multiplier is now larger. Therefore weshould expect a higher equilibrium income level than in 1.a.AD = C + I = 100 + (0.9)Y + 50 = 150 + (0.9)Y ==>Y = AD ==> Y = 150 + (0.9)Y ==> (0.1)Y = 150 ==> Y = 10*150 = 1,500.2.b.From ∆Y = (multiplier)(∆I) = 10*50 = 500 ==> Y1 = Y o + ∆Y = 1,500 + 500 = 2,000.2.c.Since the size of the multiplier has doubled from α = 5 to α1 = 10, the change in output (Y) that resultsfrom a change in investment (I) now has also doubled from 250 to 500.3.a. AD = C + I + G + NX = 50 + (0.8)YD + 70 + 200 + 0 =320 + (0.8)[Y - TA + TR]= 320 + (0.8)[Y - (0.2)Y + 100] = 400 + (0.8)(0.8)Y = 400 + (0.64)YFrom Y = AD ==> Y = 400 + (0.64)Y ==> (0.36)Y = 400279==> Y = (1/0.36)400 = (2.78)400 = 1,111.11The size of the multiplier is α = 1/0.36) = 2.78.3.b.BS = tY - TR - G = (0.2)(1,111.11) - 100 - 200 = 222.22 - 300 = - 77.783.c.AD' = 320 + (0.8)[Y - (0.25)Y + 100] = 400 + (0.8)(0.75)Y = 400 + (0.6)YFrom Y = AD' ==> Y = 400 + (0.6)Y ==> (0.4)Y = 400 ==> Y = (2.5)400 = 1,000The size of the multiplier is now reduced to α1 = (1/0.4) = 2.5.3.d.The size of the multiplier and equilibrium output will both increase with an increase in the marginalpropensity to consume. Therefore income tax revenue will also go up and the budget surplus should increase. This can be seen as follows:BS' = (0.25)(1,000) - 100 - 200 = - 50 ==> BS' - BS = - 50 - (-77.78) = + 27.783.e.If the income tax rate is t = 1, then all income is taxed. There is no induced spending and equilibriumincome always increases by exactly the change in autonomous spending. In other words, the size of the expenditure multiplier is 1.From Y = C + I + G ==> Y = C o + c(Y - TA + TR) + I o + G o = C o + c(Y - 1Y + TR o) + I o + G o ==> Y = C o + cTR o + I o + G o = A o==> ∆Y = ∆A o4.On first sight, one may want to conclude that this is an application of the balanced budget theorem,since, as long as Y = 1,000, a change in the tax rate by 5% will cause total tax revenues to change by ∆TA = 50, which is the same as the change in government purchases, that is, ∆G = 50. As long as income (Y) stays the same, the budget surplus will not be affected. However, this combined fiscal policy change will have an effect on national income and, since national income goes up, so does the government’s tax revenue, due to the fact that we have income taxation. Therefore we should expect an increase in the budget surplus. This can easily be shown with a numerical example.For example, in Problem 3.d. we had a situation where the following was given:Y o = 1,000, t o = 0.25, G o = 200 and BS o = - 50.Assume now that t1 = 0.3 and G1 = 250 ==>AD' = 50 + (0.8)[Y - (0.3)Y + 100] + 70 + 250 = 370 + (0.8)(0.7)Y + 80 = 450 + (0.56)Y.From Y = AD' ==> Y = 450 + (0.56)Y ==> (0.44)Y = 450==> Y = (1/0.44)450 = 1,022.73280BS1 = (0.3)(1,022.73) - 100 - 250 = 306.82 - 350 = - 43.18 == > BS1– BS o = -43.18 - (-50) = + 6.82Therefore we see that the budget surplus has increased, since the increase in income tax revenue is larger than the increase in government purchases.5.a.While an increase in government purchases by ∆G = 10 will change intended spending by ∆Sp = 10,a decrease in government transfers by ∆TR = -10 will change intended spending by a smaller amount,that is, by only ∆Sp = c(∆TR) = c(-10). The change in intended spending equals ∆Sp = (1 - c)(10) and equilibrium income should therefore increase by∆Y = (multiplier)(1 - c)10.5.b.If c = 0.8 and t = 0.25, then the size of the multiplier isα = 1/[1 - c(1 - t)] = 1/[1 - (0.8)(1 - 0.25)] = 1/[1 - (0.6)] = 1/(0.4) = 2.5.The change in equilibrium income is∆Y = α(∆A o) = α[∆G + c(∆TR)] = (2.5)[10 + (0.8)(-10)] = (2.5)2 = 55.c.The budget surplus should increase, since the level of equilibrium income has increased and thereforethe level of tax revenues has increased, while the changes in government purchases and transfer payments cancel each other out. Numerically, this can be shown as follows:∆BS = t(∆Y) - ∆TR - ∆G = (0.25)(5) - (-10) - 10 = 1.25Chapter 10Money, interest, fiscal policy1.a. Each point on the IS-curve represents an equilibrium in the expenditure sector. (Note that this is aclosed economy, that is, NX = 0).The IS-curve can be derived by setting actual income equal to intended spending, orY = C + I + G = (0.8)[1 - (0.25)]Y + 900 - 50i + 800 = 1,700 + (0.6)Y - 50i ==>(0.4)Y = 1,700 - 50i ==> Y = (2.5)(1,700 - 50i) ==> Y = 4,250 - 125i.1.b.The IS-curve shows all combinations of the interest rate and output level such that the expendituresector (the goods market) is in equilibrium, that is, actual output equals intended spending. A decrease in the interest rate stimulates investment spending, making intended spending greater than actual output. The resulting unintended inventory decrease leads firms to increase their production until actual output is again equal to intended spending. This means that the IS-curve is downward sloping.1.c.Each point on the LM-curve represents an equilibrium in the money sector. Therefore the LM-curvecan be derived by setting real money supply equal to real money demand, that is,281M/P = L ==> 500 = (0.25)Y - 62.5i ==> Y = 4(500 + 62.5i) ==> Y = 2,000 + 250i.1.d.The LM-curve shows all combinations of the interest rate and level of output such that the moneysector is in equilibrium, that is, the demand for real money balances is equal to the supply of real money balances. An increase in income will increase the demand for real money balances. Given a fixed real money supply, this will lead to an increase in interest rates, which will then reduce the quantity of real money balances demanded until the money market clears again. In other words, the LM-curve is upward sloping.1.e.The level of income (Y) and the interest rate (i) at the equilibrium are determined by the intersectionof the IS-curve with the LM-curve. At this point, the expenditure sector and the money sector are both in equilibrium simultaneously.From IS = LM ==> 4,250 - 125i = 2,000 + 250i ==> 2,250 = 375i ==> i = 6==> Y = 4,250 - 125*6 = 4,250 - 750 ==> Y = 3,500Check: Y = 2,000 + 250*6 = 2,000 + 1,500 = 3,500i125 ISLM62,000 3,500 4,250 Y2.a.As we have seen in 1.a., the value of the expenditure multiplier is α = 2.5. This multiplier is derivedin the same way as in Chapter 9. But now intended spending also depends on the interest rate, so we no longer have Y = αA o, but ratherY = α(A o - bi) = (1/[1 - c + ct])(A o - bi) ==> Y = (2.5)(1,700 - 50i) = 4,250 - 125i.2.b.In the IS-LM model, an increase in government purchases (G) will have a smaller effect on outputthan in the model of the expenditure sector used in Chapter 9, in which interest rates are assumed to be fixed. This can be answered most easily with a numerical example. Assume that government purchases increase by ∆G = 300. The IS-curve shifts parallel to the right by==> ∆IS = (2.5)(300) = 750.Therefore, the equation of the new IS-curve is: Y = 5,000 - 125i.282。

多恩布什《宏观经济学》课件讲义

02
结构性失业
因经济结构变化、产业兴衰转移而造成的失业。
失业类型、原因及治理措施
• 周期性失业：经济周期波动所造成的失业，与经济总需求水平低下有关。
失业类型、原因及治理措施
总需求不足
经济中总需求减少，导致企业减产、裁员。
劳动力市场失衡
劳动力供求不匹配，如技能不匹配、地域不匹配等。
失业类型、原因及治理措施
AD-AS模型为政策制定者提供了分析和预测政策效应的工具。例如，当政府实施扩张性财政政策时，总需求曲线会向右移动，导致价格水平上升和产出增加；当政府实施紧缩性货币政策时，总需求曲线会向左移动，导致价格水平下降和产出减少。同时，AD-AS模型也可以用于分析供给冲击、汇率变动等外部因素对经济的影响。
加速数原理
指国民收入的变动对投资变动的影响程度。当国民收入增加时，企业会加速进行投资以扩大生产规模；反之，当国民收入减少时，企业会减缓或停止投资。加速数原理揭示了国民收入与投资之间的动态关系。
03
失业、通货膨胀与经济增长
失业类型、原因及治理措施
01
摩擦性失业
由于劳动力市场供求信息不完全导致的短期、局部性失业。
• 经济结构变化：技术进步、全球化等导致传统产业衰落，新兴产业发展不足。
失业类型、原因及治理措施
01 财政政策
增加政府支出，创造就业机会；实施减税政策，刺激总需求。
02 货币政策
降低利率，鼓励投资和消费，提高总需求。
03 劳动力市场政策
加强职业培训和再教育，提高劳动力技能水平；促进劳动力流动，减少地域性失业。
劳动力投入
劳动力数量和质量的提高是经济增长的重要因素。
资本积累
物质资本和人力资本的积累对经济增长具有关键作用。

多恩布什宏观经济学课后答案

多恩布什宏观经济学课后答案【篇一：宏观经济学课后习题答案】> 1、我们将本章阐述的收入决定模型叫做凯恩斯模型。

什么原因使得凯恩斯模型成为古典模型的对立面呢？在凯恩斯模型中价格水平是假定不变的，也就是说总供给曲线是水平的，产出由总需求唯一的决定。

而另一方面，在古典模型中，价格完全取决于充分就业下的产出水平，也就是说总供给曲线是竖直的。

而由于本章中的收入决定模型所做的假设是价格水平是固定的，与凯恩斯模型的假设相同，所以我们使用凯恩斯模型，凯恩斯模型也因此成为古典模型的对立面。

2、什么是自主性变量？在本章中，我们规定总需求中那些组成部分是自主性的？自主性变量是外生变量，由模型以外的东西决定。

本章中我们假设：总需求的自主性开支（autonomous spending—c*）、自主性投资（autonomous investment—i0）、政府购买（government purchases—g0）、税收（taxes—ta）、转移支付（transfer payments—tr）、净出口（net export—nx）是自主性的。

3、根据你对于联邦政府许多部门同意并实施政策变动所需时间的了解，你能想到有关财政政策稳定经济的任何问题么？对于经济学家和政客们来说，在某一经济问题上达成共识很困难，因此一项政策的决定常常需要很长时间。

在这段时间里，经济很可能发生巨大的变动。

如果在经济衰退过后已经出现快速增长趋势的时候才决定好通过减税改善前一段时间的经济状况，那么，毫无疑问，这一过时的政策会导致通货膨胀，起到完全相反的作用。

4、为什么将比例税所得与福利制度等机制成为自动稳定器？选择其中一个稳定器，详细解释它如何并且为什么会影响产出波动。

自动稳定器是经济中的一种机制，它会自动减少为适应自主性需求变动所需要的产出变动量而不需要政府一步步具体地加以干预。

当自动稳定器处于适当状态时，投资需求的变动对产出的影响会变小。

这意味着自动稳定器的存在使我们期望产出波动可以比没有这些自动稳定器时的幅度减小。

多恩布什宏观经济学ppt课件

一个国家或地区在一定时期内生产的所有最终商品和服务的市场价值总和。
国民收入（NI）
一个国家或地区在一定时期内，居民通过劳动所获得的收入总和。
国民生产总值（GNP）
一个国家或地区的居民在一定时期内生产的所有最终商品和服务的市场价值总和。
个人收入（PI）
居民个人从各种来源获得的收入总和，包括工资、租金、利息、利润等。
通货膨胀等。因此，政府需要合理控制债务规模，优化债务结构，降低
债务风险。
05 国际贸易与汇率制度
CHAPTER
国际贸易基本概念及理论
国际贸易定义
指不同国家（地区）之间商品和劳务的交换活动。
国际贸易理论
包括绝对优势理论、比较优势理论、要素禀赋理论等，解释国际贸易产生的原因和利益分配。
贸易政策
包括自由贸易政策和保护贸易政策，各国政府根据本国利益选择不同政策。
财政政策目标与工具
财政政策目标
包括经济增长、充分就业、物价稳定和国际收支平衡等宏观经济目标。
财政政策工具
主要包括税收、国债、政府投资和财政支出等，通过调整这些工具可以实现财政政策目标。
相机抉择的财政政策
指政府根据一定时期的经济社会状况，主动灵活地选择不同类型的反经济周期的财政政策工具，干预经济运行行为，实现财政政策目标。
国际收支平衡表内容
包括经常账户、资本与金融账户、错误与遗漏账户等。
国际收支平衡表解读方法
通过分析各项经济指标，了解一国对外经济往来的整体状况，评估汇率水平是否合理，预测未来经济走势。
06 宏观经济政策协调与效果评估
CHAPTER
宏观经济政策目标及工具选择
政策目标
经济增长、物价稳定、充分就业、国际收支平衡等

多恩布什宏观经济学第十二版课后答案完整版

多恩布什宏观经济学第⼗⼆版课后答案完整版多恩布什《宏观经济学》（第12版）笔记和课后习题详解内容简介知择学习⽹的多恩布什《宏观经济学》（第12版）笔记和课后习题详解严格按照教材内容进⾏编写，遵循教材第12版的章⽬编排，共分24章，每章由两部分组成：第⼀部分为复习笔记，总结本章的重难点内容；第⼆部分是课（章）后习题详解，对第12版的所有习题都进⾏了详细的分析和解答。

⽬录第1章导论1.1 复习笔记1.2 课后习题详解第2章国民收⼊核算2.1 复习笔记2.2 课后习题详解第3章增长与积累3.1 复习笔记3.2 课后习题详解第4章增长与政策4.1 复习笔记4.2 课后习题详解第5章总供给与总需求5.1 复习笔记5.2 课后习题详解第6章总供给和菲利普斯曲线6.1 复习笔记6.2 课后习题详解第7章失业7.1 复习笔记7.2 课后习题详解第8章通货膨胀8.1 复习笔记8.2 课后习题详解第9章政策预览9.1 复习笔记9.2 课后习题详解第10章收⼊与⽀出10.1 复习笔记10.2 课后习题详解第11章货币、利息与收⼊11.1 复习笔记11.2 课后习题详解第12章货币政策与财政政策12.1 复习笔记12.2 课后习题详解第13章国际联系13.1 复习笔记13.2 课后习题详解第14章消费与储蓄14.1 复习笔记14.2 课后习题详解第15章投资⽀出15.1 复习笔记15.2 课后习题详解第16章货币需求16.1 复习笔记16.2 课后习题详解第17章联邦储备、货币与信⽤17.1 复习笔记17.2 课后习题详解第18章政策18.1 复习笔记18.2 课后习题详解第19章⾦融市场与资产价格19.1 复习笔记19.2 课后习题详解第20章国家债务20.1 复习笔记20.2 课后习题详解第21章衰退与萧条21.1 复习笔记21.2 课后习题详解第22章通货膨胀与恶性通货膨胀22.1 复习笔记22.2 课后习题详解第23章国际调整与相互依存23.1 复习笔记23.2 课后习题详解第24章前沿课题24.1 复习笔记24.2 课后习题详解内容第2章国民收⼊核算2.2 课后习题详解⼀、概念题1.经过调整的GNP( ( adjusted GNP)答:经过调整的GNP指以具有不变购买⼒的货币单衡量的国民⽣产总值。

2024版年度多恩布什《宏观经济学》本科生课件

10
失业、通货膨胀与经济增长关系探讨
失业与经济增长关系
通货膨胀与经济增长关系
分析通货膨胀对经济增长的影响，探讨如何在保持经济增长的同时抑制通货膨胀。
分析失业对经济增长的影响，探讨如何通过促进经济增长来降低失业率。
失业、通货膨胀与经济增长的宏观调控
政府通过财政政策和货币政策等手段对失业、通货膨胀和经济增长进行宏观调控，实现经济平稳较快发展。
效益评价
通过成本-效益分析、最低费用选择法等，对公共支出效益进行科学评价。
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税收制度改革方向及影响预测
税收制度改革方向
简化税制、降低税率、拓宽税基、加强征管等。
VS
影响预测
对经济增长、社会公平、财政收入等方面的影响进行预测分析。
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政府间财政关系调整优化建议
2024/2/2
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可持续发展理念在经济增长中应用
可持续发展理念概述
强调在满足当代需求的同时不损害后代满足自身需求的能力，注重经济、社会和环境的协调发展。
可持续发展与经济增长关系
分析可持续发展对经济增长的要求，探讨如何在保持经济增长的同时实现可持续发展。
2024/2/2
可持续发展理念在经济增长中的实践
多恩布什《宏观经济学》本科生课件
2024/2/2
1
目录
CONTENTS
• 宏观经济学概述 • 国民收入与经济增长 • 货币银行与金融市场 • 财政政策与公共支出 • 国际经济关系与全球化趋势 • 宏观经济政策效果评价与调整建议
2024/2/2
2
2024/2/2
01
宏观经济学概述
CHAPTER

多恩布什《宏观经济学》课件讲义

●观察和衡量 ●假设 ●检验
2、模型分析方法 ▲经济模型的建立标准
●模型的假设条件是否合理？ ●模型是否具有可操作性？ ●模型的结论是否可以检验？ ●模型的结论与实际数据是否一致？
3、均衡分析方法
三、宏观经济学与微观经济学
1、宏观经济学与微观经济学的区别 ▲研究对象 ▲研究方法 ▲应用范围
2、宏观经济学与微观经济学的联系 ▲互为前提 ▲微观经济学是宏观经济学的基础
2、总供求模型
第二章国民收入核算
n 国民经济的收支循环流 n 国内生产总值的核算 n 国民经济的重要恒等式 n 国民收入核算中的其他指标 n 通货膨胀和失业的衡量
第一节国民经济的收支循环流
一、家庭：收入：要素报酬政府转移支付
收入的使用：向政府交税（TA）消费（C）储蓄（S）
二、企业收入：销售收入政府的补贴
教师简介
n 孙洛平 n 中山大学岭南学院经济学系，教授 n 办公室：岭南行政中心415室 n 办公室电话： n 电子邮件：
1
第一章导论
n 宏观经济学研究的问题 n 宏观经济学研究的方法 n 宏观经济学与微观经济学 n 宏观经济学的主要流派 n 宏观经济学的分析框架
一、宏观经济学研究的问题
1、宏观经济学的产生 ▲背景： 30年代大危机罗斯福新政 ▲标志：1936年凯恩斯的《就业、利息与货币通论》出版
▲私人储蓄小于私人投资：本国私人投资资金的不足要由
政府储蓄和举借外债来支持
第四节国民收入核算中的其他指标
一、国内生产净值（NDP） NDP=GDP-折旧（资本损耗）
二、国民收入（NI） NI=NDP-间接税三、个人收入（PI） PI=NI-未分配给个人的部分 +个人的其他收入（转移支付等）

多恩布什宏观经济学课件

u* u1*

u
w real wage g realwage g w g p p
grealwage gw e
菲利普斯曲线—发展
原始的Phillips曲线就可以变为
gw e (u u*)

gw e (u u*)
gW
如果u*不变，预期通货膨胀发生变化，比如增加，Phillips 曲线将会如何变化？
S-I=(G+TR-TA)+NEX
1. 经济增长的典型事实
预备知识当今世界的发展概况人类发展的历史经济增长的典型事实
增长分析中的常用技巧
时间的度量
离散的和连续的两种
导数：
K t Kt t dK lim ＝K t 0 t dt
d ln( K ) K ln( K ) ＝ dt K
D．短期内，通货膨胀率与失业率之间存在反向替代关系，菲利普斯曲线比较平坦；在长期内通货膨胀率与失业率之间不存在反向替代关系；菲利普斯曲线为垂直线； E．当沿着高预期通货膨胀的短期菲利普斯曲线上存在经济衰退时（实际失业率高于自然失业率），就会形成滞胀―― 高失业与高通货膨胀同时并存局面。
k sk (n d )k

2.3 索罗模型中的经济增长
索罗模型稳
k sk (n d )k 0
s k* n d
1 1

定状态的解
s y* n d
1
在稳定状态没有增长
– 长期没有增长
在经济体向稳定状态收敛的过程中有增长
短期有增长
ln Y ln K ln L1
两边对时间求导