宏观经济学PPT课件第三章- 复制

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宏观经济学(第3章)

即黄金律的基本条件为：
MPK＝ δ
生产函数曲线的斜率为该点的边际产量MPK；折旧曲线的斜率为折旧率δ
用另外一方式求证黄金律基本条件？
§2 资本积累的黄金律
y
δk*
sgf (k*)
Kg*
Cg *
f (k*)
i g *
黄金律稳定状态下的储蓄率
K1*
K2*
一个经济会自动收敛于稳态K*，是否也会自动收敛于黄金律水平下的稳态Kg* ？
§1 资本积累
稳态的一个数字例子
假设生产函数Y＝√KL ，ｓ＝0.3， δ＝0.1，初始资本ｋ＝4.0，求稳定状态下的资本存量K*？
解： f (k)＝Y/L= √K/L
y= √ k
∆k=sf (k)- δk=0
0.3√ k－0.1k=0
K*＝9
1 资本积累
年份
k
y
c
i
δk
∆k
1 2 3 4 5 … 10 … 25 … 100 … ∞
§1 资本积累
资本积累和稳态
人均折旧δk
资本存量变动＝投资－折旧
∆k= i － δk=sf (k)- δk
当∆k＝0时（即新增投资正好与折旧相同）资本存量ｋ和产出f (k)一直是稳定的，我们称这个资本存量水平为资本存量的“稳定状态（Steady state），简称“稳态”，记作K*
在储蓄率S和折旧率δ一定的情况下，资本存量的变化只取决于资本存量ｋ本身和生产函数f (k)的形式。
要求减少最初消费以增加未来的消费。这种政策实施要在当前利益与将来利益间做出选择。
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04
01
03
05
02
3 人口增长与技术进步
§3 人口增长与技术进步

《宏观经济学》全套课件 PPT

19世纪末20世纪初，资本主义开始从自由竞争向垄断阶段过渡。在这一时期，随着资本主义基本矛盾的加深，市场经济体制的缺陷也日益明显，其中主要是垄断现象的出现以及周期性经济危机的加剧。垄断限制了竞争，市场无法自动最优地配置社会资源，造成资源浪费，市场效益低下，工厂倒闭，工人失业， “看不见的手”失灵了。此时，以马歇尔为代表的新古典经济学理论诞生了。
三庸俗经济学（十八世纪末～）

创始人萨伊（十九世纪初）
马歇尔新古典经济学（十九世纪末）
1890《经济学原理》

凯因斯主义经济学（二十世纪三十年代）
1936《就业、利息和货币通论》

新古典综合派萨谬尔森新自由主义经济学（七十年代后）货币学派、供给学派、新制度学派、理性预期学派
凯因斯强调，只有实行国家的调节，才能使现行的经济形态免于全面毁灭，才能使个人的动力得以有效地发挥作用。而国家调节的重心在于“有效需求”的管理。因此，凯因斯的理论又被称为需求管理理论。凯因斯的思想带来 30 年的繁荣第二次世界大战以后，凯因斯的需求管理理论和政策主张被西方许多国家所接受，从而加强了政府对经济的干预。凯因斯被称为宏观经济学之父返回
古典经济学派的另一代表人物是 18 世纪末 19 世纪初的法国经济学家萨伊。萨伊的市场均衡理论，即“供给能够自动创造其本身的需求”观点，也被称为 “萨伊定律”，是对斯密关于资本主义 “自动调节”观点的继承和发展。与斯密一样，萨伊确信供给和需求终将均衡，并把它上升为市场规律。
供给者一方面总是通过劳动创造效用及产品价值，另一方面他同时要作为需求者从市场上得到与供给价值相等的效用。因此他得出结论：生产给产品创造需求。从而萨伊主张，政府不应干涉市场的自发运动，不要限制价格和限制资本的流向；要发展对外贸易，不要对外封锁。萨伊的三位一体理论返回

宏观经济学第三章

北方工大经贸系郑春梅
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3.7.1 货币政策效果的一般分析
r
IS
LM0
LM1
E0
r0
r1
E1
Y0 Y1 Y3
Y
北方工大经贸系郑春梅
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3.7.2货币政策效果与IS曲线斜率
在LM曲线的斜率给定的情况下，货币政策有效性取决于IS曲线斜率
IS曲线越平坦，LM曲线移动对国民收入变动的影响就越大，货币政策效果越大；
北方工大经贸系郑春梅
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财政政策的效果
3.6.2 财政政策效果和IS曲线斜率
r
IS1
IS0 r1 r0
E1 E0
LM E3
r
IS0
r2
IS1 LM
E2
r0
E0
E3
Y0 Y1 Y3 （a）
Y
Y0
Y2 Y3
Y
（b）
北方工大经贸系郑春梅
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财政政策的效果
3.6.3 LM曲线斜率与财政政策效果
r
IS1
北方工大经贸系郑春梅
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7.托宾的“q”说
q =企业的股票市场价值/重置成本
北方工大经贸系郑春梅
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3.2 IS曲线
1.定义：反映利率和均衡收入之间函数关系的曲线，其所反映的收入是均衡收入，线上任何一点都满足i=s，故称为IS曲线。
北方工大经贸系郑春梅
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2.IS曲线的推导：
1)投资函数：i=i(r)=e-dr 2)均衡条件：i=s 3)储蓄函数：s=-α+(1-β)y
(2) 货币供给 m= L1 + L2
250 500 750 1000 L2 (1)

宏观经济学ppt课件

交易动机是企业和个人进行正常交易的需要。决定交易需求货币量的关键因素是收入。
由于收入和支出不同步，就得有足够的现金应付日常所需。这种交易动机的货币需要量，决定于收入水平、惯例和商业制度。
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谨慎动机（预防性动机）
谨慎动机是人们为了预防意外而持有一定数量货币。
它产生于未来收入和支出的不确定性。这种货币需求量也大致与收入成正比。
● 当 k 一定时，h 越大，即货币需求对利率的敏感度越高，则 LM 曲线越平缓；
● 当 h 一定时，k 越大，即货币需求对收入变动的敏感度越高，则 LM 曲线越陡峭。
货币的交易需求函数一般比较稳定。因此，LM曲线的斜率主要取决于货币的投机需求函数。
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LM 曲线的凯恩斯区域和古典区域
m1
内生变量（Endogenous Variable）、引致变量（Induced Variable），是由经济体系内在运行所决定的变量。
3
问题：厂商为什么会进行投资？
凯恩斯认为，是否要对新的实物资本（如机器、设备、厂房、仓库等）进行投资，取决于这些新投资的预期利润率与为购买这些资产而必须借入的款项（借款筹资的方式是多种多样的）所要求的利率的比较。
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四、投资边际效率（MEI）曲线
Marginal Efficiency of Investment 当利率下降时，如果每个企业都增加投资，则资本品的价格（？）会上涨；资本品价格的上涨会使得相同的预期收益条件下的贴现率缩小。被缩小的贴现率（r）的数值被称为是投资的边际效率。它小于资本的边际效率。
六、风险对投资的影响
• 投资与收益在时间上不一致； • 投资有风险，高收益伴随着高风险； • 风险的来源较为复杂和不确定。

宏观经济学第三章

满足投机需求的货币需求则与利率有关，用曲线表示为：
r
L1(y)
r
L2(r)
L
L=L1(y)+ L2(r)
L
货币需求曲线
货币需求曲线的变动
货币的供给
• 货币供给是一个存量概念： • 1）狭义货币，M1：硬币、纸币和银行活期
存款。
• 2）广义货币供给，M2：M1+定期存款。 • 3）更为广义的货币，M3：M2+个人和企业
持有的政府债券等流动资产+货币近似物。
• 宏观经济学中的货币供给主要指M1。 • 货币供给由国家货币政策控制，是外生变
量，与利率无关。供给曲线垂直于横坐标轴。
• 货币供给分为名义供给与实际供给。
六、货币供求均衡和利率的决定
1、货币的供给
–M1，垂直于横轴，与利率无关.包括硬币、纸币和银行活期存款的总和（狭义的货币供给）
例如:20C90S年代末中国央行8次降息，却没能促使人们增加消费和投资，存款反而增加； 2008年金融危机：美国及欧盟的财政救市资金和降息收效甚微
流动性陷阱
流动偏好陷阱（Liquidity preference trap）流动偏好陷阱：当利率极低时，人们不管有多少货币都愿意持有手中，这种情况称为陷入流动偏好陷阱。
债券价格
债券收益利率
→买进债券、抛出货币→L↓。反之亦然。
（4）结论：投机需求是利率的减函数。L2=－hr
–h—货币需求对利率的敏感度
（5）极端情况：
–A、现行利率过高→预期利率只能下降→预期债券价格只能上升→用所有货币去买债券→L2=0
–B、现行利率过低→预期利率只能上升→预期债券价格只能下跌→抛出所有债券而持有货币→L2=∞，此时出现“凯恩斯陷阱”

《宏观经济学》第三章产品市场和货币市场的一般均衡

竞争市场
在竞争市场中，每个生产者和消费者都是价格接受者，无法通过自身行为改变市场价格。
产品市场的均衡变动
80%
需求变动
当需求增加时，市场价格上升，导致供给增加；当需求减少时，市场价格下降，导致供给减少。
100%
供给变动
当供给增加时，市场价格下降，导致需求增加；当供给减少时，市场价格上升，导致需求减少。
国际金融市场的变化，如汇率波动、资本流动等，也会对国内货币市场产生影响，从而影响其均衡状态。
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一般均衡理论
定义与概念
定义
一般均衡理论是指在所有市场都达到供求相等的状态时，整个经济系统的经济行为和表现。
概念
一般均衡理论是宏观经济学中的重要理论，它研究的是整个经济系统在所有市场上的供求关系和资源配置问题。
《宏观经济学》第三章产品市场和货币市场的一般均衡
目
CONTENCT
录
• 产品市场的一般均衡 • 货币市场的一般均衡 • 一般均衡理论 • 市场失灵与政府干预 • 宏观经济政策与实践
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产品市场的品市场的一般均衡是指商品和劳务的需求和供给在一定条件下相等，即市场处于出清状态。
消费者在购买产品时无法获得充分的信息，导致市场交易的不公平性。
政府干预的方式
反垄断政策
通过限制垄断企业的行为或拆分大型企业来促进市场竞争。
提供公共品
政府通过公共投资来提供公共品，例如公共交通、公共卫生等。
环境保护政策
制定排放标准、征收环保税等措施来减少环境污染。
信息披露政策
要求企业披露相关信息，以帮助消费者做出更明智的决策。
概念
在一般均衡状态下，所有商品和劳务的价格都是相等的，市场上的每个消费者和生产者都实现了效用最大化和利润最大化。

宏观经济学-03.ppt

从投资的主体上看，可以把投资区分为国内私人投资和政府投资两种不同的类型。
从投资的形态上看，可以把投资区分为固定资产投资和存货投资两种类型。
从投资的动机上看，还可以把投资分作生产性投资和投机性投资两种类型。
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4.投资函数
在影响投资的其他因素都不变，而只有利率发生变化时，投资与利率之间的函数关
无关。垂直。
2020年7月19日星期日8时20分10秒
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5、货币需求量变动与供给均衡的形成
1）利率较低，r2, 货币需求超过货币供给，人们感到持有的货币太少，就会出卖有价证券，证券价格下降，利率上扬；一直持续到货币供求相等为止。
2）利率水平较高时，r1, 货币供给量超过货币需求，人们感觉手中的货币太多，就把多余的货币购进有价证券。证券价格上升，利率水平下降。一直持续到货币供求相等为止。
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1、IS曲线推导
i= s, i= e-dr : 由于s= -a +(1-b)y 或者y =( a+i)/(1-b)
经整理有：
y a e dr 1 b
均衡的国民收入与利率之间存在反方向变化。
或者
r a e 1b y
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2020年7月19日星期日8时20分10秒
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2020年7月19日星期日8时20分10秒
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6、货币需求曲线的变动
当人们对于货币的交易需求、投机动机等增加时，货币需求曲线右移；反之左移。导致利率的变动。
图示
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2020年7月19日星期日8时20分10秒

宏观经济学第三章课件-消费与简单凯恩斯宏观经济模型

第二节凯恩斯的消费理论
❖ 边际消费倾向递减规律
收入消费 MPC APC
1 9000 9110
1.01
2 10000 10000 0.89 1.00 3 11000 10850 0.85 0.99 4 12000 11600 0.75 0.97
5 13000 12240 0.64 0.94
6 14000 12830 0.59 0.92
收入、消费品价格、消费者偏好、消费者预期、消费信贷、利率水平等等。
而用于购买消费品和劳 ➢ 其中最重要的是个人收入。
务的所有支出。
消费函数：指消费支出与决定消费诸因素之间的依存关系。
第二节凯恩斯的消费理论
➢ 凯恩斯消费函数：随着收入增加，消费也会增加，但是消费的增加不及收入增加的多。
➢ 消费和收入之间的这种关系，称为凯恩斯消费函数。又被直接称之为消费倾向。
9110 - 110
10000
0
0.11
10850 150 0.15
11600 400 0.25
12240 760 0.36
12830 1170 0.41
13360 1640 0.47
- 0.01 0
0.01 0.03 0.06 0.08 0.11
C
✓ C＝消费，Y＝收入：
✓ C＝ C（Y） ✓ 满足dC / dY ＞ 0
C=Y A
C=C(Y)
45°
普通消费函数
Y
第二节凯恩斯的消费理论
简单线性消费函数：
C = a + bY （1 ＞ b ＞ 0）
➢ a -- 常数，自发性消费： C 基本最低消费支出。不随收入变化而变动。 ➢ b -- 常数,斜率，边际消费倾向 ➢ bY -- 收入引致消费：消费中受收入水平影响的部 a 分。

宏观经济学电子课件(完整版)pptx

资本市场的定义、功能与工具
• 促进经济结构调整和产业升级
资本市场的定义、功能与工具
工具股票债券
资本市场的定义、功能与工具
证券投资基金金融衍生工具
货币市场与资本市场的互动关系
联系
都是金融市场的重要组成部分，共同构成完整的金融市场体系。两者在资金供求、利率变动等方面相互影响、相互制约。
探讨当前全球经济增长面临的挑战，如人口老龄化、资源环境压力等，并分析未来经济增长的可能趋势和前景。
03
失业、通货膨胀与经济周期
BIG DATA EMPOWERS TO CREATE A NEW
ERA
失业的定义、类型与原因
• 失业的定义：失业是指具有劳动能力的个体在积极寻找工作的情况下，仍然无法获得就业机会的现象。
失业的定义、类型与原因
摩擦性失业
由于劳动力市场供需双方信息不对称或匹配不当导致的短期失业。
结构性失业
由于经济结构变化、技术进步或产业结构调整等原因导致的长期失业。
失业的定义、类型与原因
• 周期性失业：由于经济周期波动导致的失业，与经济总需求不足密切相关。
失业的定义、类型与原因
经济因素
经济增长放缓、产业结构调整、国际贸易冲击等。
财政政策与货币政策的协调配合
政策配合的必要性
松紧搭配
政策时滞的考虑
政策力度的把握
财政政策与货币政策作为宏观经济调控的两大手段，各自具有不同的特点和作用机制。为了实现宏观经济目标，需要二者相互配合、协调一致。
根据经济形势的需要，采取“ 双松”（扩张性财政政策和扩张性货币政策）或“双紧”（紧缩性财政政策和紧缩性货币政策）的政策组合。
BIG DATA EMPOWERS TO CREATE A NEW ERA

宏观经济学PPT课件第三章--复制

2021/2/6
பைடு நூலகம்
12
如果消费或投资下降,即支出环节发生 “漏泻”（leakage），有效需求不足，同样导致经济运行困难。在供给没有限制的条件下，支出决定产出。这样，总供给等于总需求宏观经济均衡条件，归结为总产出等于总支出条件:
Y =AE =C+S =C+I 即：I=S
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13
仅包括产品市场的理论称为简单的国民收入决定理论。
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3
核心内容:国民收入决定理论
☆ Y—AE模型 ☆ IS—LM模型 ☆ AD—AS模型
理论依据:凯恩斯定律
需求决定供给(非充分就业状态)
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教学目的和要求
通过本章学习,了解和掌握简单的国民收入决定的基本概念、基本原理，为了解和掌握整个宏观经济学的核心理论—国民收入决定论打下基础。
收入．A
支出
0
100
y
（a）支出等于收入的45度线
2021/2/6
E
100 IU＜0
B IU＞0 AE
0
100
y
（b）支出决定收入 IU:非计划意愿投资
16
六、投资等于储蓄
均衡产出或收入的条件E=y,也可用i=s表示，因为这里的计划支出等于计划消费加投资，即E=c+i。而生产创造的收入等于计划消费加计划储蓄，即 y=c+s，因此，E=y，就是c+i=c+s，则得:
其他消费函数理论
相对收入假说
生命周期假说
2021/2/6
持久收入假说
19
一、消费函数
(一)影响家户消费的因素
收入水平、商品价格水平、利率水平、收入分配状况、消费偏好、家庭财产状况、消费信贷状况、消费者年龄与制度、风俗习惯等

宏观经济学课件第3章 IS-LM模型

一货币需求
古典学派认为：投资与储蓄都只与利率相关；投资是利率的减函数，储蓄是利率的增函数；当投资与储蓄相等时，就决定了利率。
凯恩斯认为：储蓄不仅决定于利率，更重要的是受收入水平的影响；收入是消费和储蓄的源泉，只有收入增加，消费和储蓄才会增加。
利率不是由储蓄与投资决定的，而是由货币的供给量和对货币的需求量所决定的。
· III A
IS
y
区域
产品市场
货资币本市边场际效率
I
i<s 有有超效额需产求品供给引致投资L<M 有超额货币供给
II总收入 i<s 有超额产品供给
III
i>s 有交超易额需产求品需求
IV
i>s 有投超机额需产求品需求
L>M 有超利额率货币需求货币需L求>M 有超额货币需求
L<M 有超额货币供给
[案例] 减税还是加税？(2)
[案例] 减税还是加税？(2)
财政部公布数据显示， 2011 年前 8 个月全国财政收入74286.29亿元，同比增长30.9%。
在关注财政收入的同时要注重财政支出，未来减税是税改的目标。
当一国财政的民生支出规模较小时，民众往往觉得没有直接受益。
第三节货币与银行系统
O
L(m)
L=L1+ L2
L(m)
第三节货币与银行系统
一货币需求
货币需求量与收入的正向变动关系是通过货币需求曲线移动来表示的，而货币需求量与利率的反向变动关
系则是通过每一条需求 r 曲线都向右下方倾斜表示。
L = ky - hr
当利率相同时，由于
收入水平不同，实际
r1
货币需求量也不相同。 r2

宏观经济学ppt课件--全

回答"应该是什么" 内容无客观性,结论无法用经验事实进行检验
实证经济学：试图超脱或排斥一切价值判断,只考虑建立经济事物之间关系的规律,并在这些规律的作用之下,分析和预测人们经济行为的效果.
回答"是什么"
内容有客观性,结论可通过经验事实进行检验
2、实证经济学的研究方法理论的形成：定义〔definition >：经济变量的含义变量 <variables>：可取不同数值的量假设<assumption>：理论适用条件假说<hypotheses>：变量关系的阐述即未经证
特点：不全面
重复
无法比较
2、国民帐户体系〔system of national accounts>
适应于：市场经济制度
目前使用国家：150多个国家和地区
核心指标：国民生产总值〔GNP gross of national products〕〔一国在一定时期内所生产和提供的最终产品与劳务的市场价值总和〕
动态分析
经济增长—总供求均衡下总供给的增长经济周期—总需求的扩张与收缩过程
一国的经济环境：四个主体：居民〔家庭 the household sector〕厂商〔企业 the firm sector 〕政府<the government sector> 国外部门<the foreign sector > 三个市场：产品与服务市场<the goods and service> 货币市场〔资本市场 the monetary market〕要素市场〔劳动力市场 the labor market〕
思考题：学习宏观经济学对企业管理有和作用？

宏观经济学课件chapter03

宏观经济学课件chapter03Macroeconomics, 6e (Blanchard/Johnson)Chapter 3: The Goods Market3.1 Multiple Choice Questions1) For the U.S. economy, which of the following represents the largest component of GDP?A) importsB) investmentC) government spendingD) exportsE) none of the aboveAnswer: EDiff: 12) Which of the following types of government spending is included when calculating GDP?A) spending at the federal levelB) spending at the state levelC) spending at the municipal levelD) all of the aboveE) only A and BAnswer: DDiff: 13) Which of the following would NOT be considered part of fixed investment spending (I)?A) Toyota buys a new robot for its automobile assembly line.B) Apple computer builds a new factory.C) Exxon increases its inventories of unsold gasoline.D) An accountant buys a newly built home for herself and her family.E) all of the aboveAnswer: CDiff: 14) Which of the following is true for a "closed economy"?A) government spending equals taxesB) there are no imports or exportsC) exports equal importsD) there is no savingE) there is no government spending or taxesAnswer: BDiff: 15) Which of the following is an exogenous variable in our model of the goods market in Chapter 3?A) consumption (C)B) saving (S)C) disposable income (Y D)D) government spending (G)E) none of the aboveAnswer: DDiff: 26) Which of the following is an endogenous variable in our model of the goods market in Chapter 3?A) consumption (C)B) disposable income (Y D)C) saving (S)D) total income (Y)E) all of the aboveAnswer: EDiff: 27) Disposable income equalsA) income minus saving.B) income minus both saving and taxes.C) consumption minus taxes.D) the sum of consumption and saving.E) none of the aboveAnswer: DDiff: 18) The marginal propensity to consume representsA) the level of consumption that occurs if disposable income is zero.B) the ratio of total consumption to disposable income.C) total income minus total taxes.D) the change in output caused by a one-unit change in autonomous demand.E) the change in consumption caused by a one-unit change in disposable income.Answer: EDiff: 19) Let the consumption function be represented by the following equation: C = c0 + c1Y D. For this equation, we assume that c1 isA) negative.B) larger than c0.C) different at different levels of income.D) equal to one.E) none of the aboveAnswer: EDiff: 110) Suppose the consumption equation is represented by the following: C = 250 + .75Y D. The multiplier in this economy isA) .25.B) .75.C) 1.D) 4.E) 5.Answer: DDiff: 211) Suppose the consumption equation is represented by the following: C = 250 + .75Y D. Given this information, the marginal propensity to save isA) .25.B) .7.C) 1.D) 4.E) none of the aboveAnswer: ADiff: 212) Which of the following occurs when disposable income is zero?A) consumption must be zeroB) saving must be zeroC) saving must be positiveD) consumption is negativeE) none of the aboveAnswer: EDiff: 213) Equilibrium in the goods market requires thatA) production equals income.B) production equals demand.C) consumption equals saving.D) consumption equals income.E) government spending equals taxes minus transfers.Answer: BDiff: 114) An economy is in equilibrium when which of the following conditions is satisfied?A) consumption equals savingB) output equals consumptionC) total saving equals zeroD) total saving equals investmentE) all of the aboveAnswer: DDiff: 115) Which of the following is included in G?A) medicareB) social security paymentsC) interest payments on the government debtD) government purchasesE) all of the aboveAnswer: DDiff: 216) Suppose the consumption equation is represented by the following: C = 250 + .8Y D. The multiplier for the above economy equalsA) 2.B) 3.C) 4.D) 5.E) none of the aboveAnswer: DDiff: 217) Suppose the consumption equation is represented by the following: C = 250 + .75Y D. Now assume government spending increases by 100 for the above economy. Given the above information, we know that equilibrium output will increase byA) 200.B) 400.C) 800.D) 1000.E) none of the aboveAnswer: BDiff: 218) Which of the following will NOT increase equilibrium output in the short run?A) increases in R&DB) increases in consumer confidenceC) increases in investment demandD) increases in government spendingE) decreases in taxesAnswer: ADiff: 219) Which of the following would tend to make the multiplier smaller?A) an increase in the marginal propensity to consumeB) an increase in the marginal propensity to saveC) a reduction in taxesD) a reduction in government spendingE) none of the aboveAnswer: BDiff: 220) Which of the following represents total saving for an economy?A) the sum of private saving and fixed investmentB) the sum of private saving and consumptionC) the sum of taxes and government spendingD) the excess of taxes over government spendingE) none of the aboveAnswer: EDiff: 121) Based on our understanding of the paradox of saving, we know that a reduction in the desire to savewill causeA) an increase in equilibrium GDP.B) a reduction in GDP.C) an increase in the desire to invest.D) no change in equilibrium GDP.E) a permanent reduction in the level of saving.Answer: ADiff: 222) Which of the following events will cause a reduction in equilibrium output?A) an increase in the marginal propensity to saveB) an increase in taxesC) a reduction in the marginal propensity to consumeD) all of the aboveE) none of the aboveAnswer: DDiff: 223) Based on our understanding of consumption and saving, we know that the marginal propensity to consume and themarginal propensity to save mustA) be equal to each other.B) sum to exactly one.C) sum to less than one.D) sum to more than one.E) be equal to the multiplier.Answer: BDiff: 124) Suppose there is an increase in autonomous consumption. Specifically, suppose c0 increases where C = c0 + c1Y D. This increase in autonomous consumption will cause which of the following to increase?A) equilibrium incomeB) equilibrium disposable incomeC) demandD) all of the aboveE) none of the aboveAnswer: DDiff: 225) If C = 2000 + .9Y D, what increase in government spending must occur for equilibrium output to increase by 1000?A) 100B) 200C) 250D) 500E) 1000Answer: ADiff: 226) Which of the following equals demand in an open economy?A) C + I + G + XB) C + I + G + X - IMC) C + I + G + IM - XD) C + I + GAnswer: BDiff: 127) Which of the following equals demand in a closed economy?A) C + I + G + XB) C + I + G + X - IMC) C + I + G + IM - XD) none of the aboveAnswer: DDiff: 128) Suppose an open economy is in equilibrium. Given this information, we know with certainty thatA) G = T.B) X = IM.C) S = I.D) Y = Z.Answer: DDiff: 129) For a closed economy, which of the following conditions must be satisfied for equilibrium to be maintained?A) G = TB) X = IM = 0C) C = SD) none of the aboveAnswer: DDiff: 230) Autonomous spending in a closed economy equals which of the following?A) c0 + I + G - c1TB) C + I + GC) ZD) c0 + I + G + c1TAnswer: ADiff: 231) Based on our understanding of the model presented in Chapter 3, we know that an increase in c1 (where C = c0 + c1Y D) will causeA) the ZZ line to become steeper and a given change in autonomous consumption (c0) to have a smaller effect on output.B) the ZZ line to become steeper and a given change in autonomous consumption (c0) to have a larger effect on output.C) the ZZ line to become flatter and a given change in autonomous consumption (c0) to have a smaller effect on output.D) the ZZ line to become flatter and a given change in autonomous consumption (c0) to have a larger effect on output.Answer: BDiff: 232) Based on our understanding of the model presented in Chapter 3, we know that a reduction in c1 (where C = c0 + c1Y D) will causeA) the ZZ line to become steeper and a given change in autonomous consumption (c0) to have a smaller effect on output.B) the ZZ line to become steeper and a given change in autonomous consumption (c0) to have a larger effect on output.C) the ZZ line to become flatter and a given change in autonomous consumption (c0) to have a smaller effect on output.D) the ZZ line to become flatter and a given change in autonomous consumption (c0) to have a larger effect on output.Answer: CDiff: 233) An increase in the marginal propensity to save from .3 to .4 will causeA) the ZZ line to become steeper and a given change in autonomous consumption (c0) to have a smaller effect on output.B) the ZZ line to become steeper and a given change in autonomous consumption (c0) to have a larger effect on output.C) the ZZ line to become flatter and a given change in autonomous consumption (c0)) to have a smaller effect on output.D) the ZZ line to become flatter and a given change in autonomous consumption (c0) to have a larger effect on output.Answer: BDiff: 234) A reduction in the marginal propensity to save from .4 to .3 will causeA) the ZZ line to become steeper and a given change in autonomous consumption (c0) to have a smaller effect on output.B) the ZZ line to become steeper and a given change in autonomous consumption (c0) to have a larger effect on output.C) the ZZ line to become flatter and a given change in autonomous consumption (c0) to have a smaller effect on output.D) the ZZ line to become flatter and a given change in autonomous consumption (c0) to have a larger effect on output.Answer: CDiff: 235) An increase in the marginal propensity to save from .1to .2 will causeA) an increase in the multiplier and a given change in autonomous consumption (c0) to have a smaller effect on output.B) an increase in the multiplier and a given change in autonomous consumption (c0) to have a larger effect on output.C) a reduction in the multiplier and a given change in autonomous consumption (c0) to have a smaller effect on output.D) a reduction in the multiplier and a given change in autonomous consumption (c0) to have a larger effect on output.Answer: CDiff: 236) When the economy is in equilibrium, we know with certainty thatA) public saving equals investment.B) private saving equals investment.C) G = T.D) none of the aboveAnswer: DDiff: 137) When a closed economy is in equilibrium, we know with certainty thatA) I = S + (T-G).B) I = S.C) I = S + (G-T).D) G = T and S = I.Answer: ADiff: 138) An increase in the desire to save by households will causeA) a reduction in output.B) a reduction in investment.D) no change in investment and no change in output.Answer: ADiff: 239) An increase in taxes will causeA) a reduction in investment.B) an increase in investment.C) no change in investment.D) no change in autonomous spending.Answer: CDiff: 240) A tax cut will causeA) a reduction in investment.B) an increase in investment.C) no change in investment.D) no change in autonomous spending.Answer: CDiff: 241) Based on our understanding of the model presented in Chapter 3, we know with certainty that an equal and simultaneous increase in G and T will causeA) an increase in output.B) no change in output.C) a reduction in output.D) an increase in investment.Answer: ADiff: 342) Based on our understanding of the model presented in Chapter 3, we know with certainty that an equal and simultaneous reduction in G and T will causeB) no change in output.C) a reduction in output.D) an increase in investment.Answer: CDiff: 343) Based on our understanding of the model presented in Chapter 3, a reduction in investment will causeA) an increase in the multiplier.B) a reduction in the multiplier.C) a reduction in the marginal propensity to save.D) a reduction in output.E) both B and DAnswer: DDiff: 244) Suppose business confidence decreases causing a reduction in investment. Based on our understanding of the model presented in Chapter 3, we know with certainty that a reduction in investment will causeA) an increase in the multiplier.B) a reduction in the multiplier.C) a reduction in the marginal propensity to save.D) a reduction in consumption as the economy adjusts to this decrease in investment. Answer: DDiff: 245) Suppose the marginal propensity to consume equals .8(i.e., c1 = .8). Given this information, which of the following events will cause the largest increase in output?A) G increases by 200B) T decreases by 200C) I increases by 150D) both A and BAnswer: ADiff: 346) Inventory investment refers toA) the difference between production and sales in a given year.B) fixed investment.C) nonresidential investment.D) the purchase by firms of new machines.Answer: ADiff: 347) Suppose the consumption equation is represented by the following: C = 250 + .75Y D, then private savings isA) -250+0.25Y D.B) -250+0.75Y D.C) -1000+0.25Y D.D) -1000+0.75Y D.Answer: ADiff: 348) Which of the following about IS relation is NOT correct?A) It is the the relation between interest rate and savings.B) It is the equilibrium condition for the goods market.C) It stands for "Investment equals saving."D) It shows what firms want to invest must be equal to what people and the government want to save.Answer: ADiff: 349) If C = 2000 + .9Y D, what decrease in taxes must occur for equilibrium output to increase by 1000?A) 111B) 100C) 1000D) 500Answer: ADiff: 33.2 Essay Questions1) Discuss what is meant by the paradox of saving.Answer: The paradox of saving refers to the effects of an increased desire to save on output and on the final level of saving. The increased desire to save is equivalent to a reduction in consumption. This drop in demand will cause a drop in output. Furthermore, in this simple economy, the final level of saving will equal the initial level of saving. So, an increased desire to save has a negative effect on the economy and has no permanent effect on the level of saving (because S = I in the simple model).2) Suppose the United States economy is represented by the following equations:Z = C + I + G C = 500 + .5Y D T = 600 I = 300Y D = Y - T G = 2000a. Given the above variables, calculate the equilibrium level of output. Hint: First specify (using the above numbers) the demand equation (Z) for this economy. Second, using the equilibrium condition, equate this expression with Y. Once you have done this, solve for the equilibrium level of output. Using the ZZ-Y graph (i.e., a graph that includes the ZZ line and 45-degree line with Z on the vertical axis, and Y on the horizontal axis), illustrate the equilibrium level of output for this economy.b. Now, assume that consumer confidence decreases causing a reduction in autonomous consumption (c0) from 500 to 400.What is the new equilibrium level of output? How much does income change as a result of this event? What is the multiplier for this economy?c. Graphically illustrate the effects of this change in autonomous consumption on the demand line (ZZ) and Y. Clearly indicate in your graph the initial and final equilibrium levels of output.d. Briefly explain why this reduction in output is greater than (in absolute terms) the initial reduction in autonomous consumption.Answer: a. Y = 5000. The graph is easy to show.b. Y = 4800; the multiplier is 2.c. Graph.d. When demand falls by 100, firms cut production by 100. As production falls by 100, income falls which causes a subsequent reduction in consumption and demand.This Y-induced fall in demand causes another reduction in production. This continues and we observe a final change in Y that exceeds the initial change in autonomous demand.3) Explain what the multiplier represents.Answer: The multiplier illustrates the extent to which equilibrium output will change as a result of a given change in autonomous demand.4) Discuss and explain what effect a reduction in the marginal propensity to consume has on the size of the multiplier.Answer: A reduction in the marginal propensity to consume will cause a reduction in the multiplier. When firms increase production in response to some initial change in demand, households will increase their consumption by a smaller amount when the mpc falls. So, the income-induced change in demandwill be that much smaller causing a smaller multiplier effect.5) Use the ZZ-Y model presented in chapter 3 to illustrate the effects of a reduction in consumer confidence on the economy. Also, explain what effect this reduction in consumer confidence has on the economy.Answer: The graph is easy. The reduction in consumer confidence will cause a reduction in consumption and demand. As demand falls, firms will cut production. So, this event will cause a lower level of equilibrium output.6) Suppose that, at a given level of disposable income, consumers decide to save more. Explain what effect this decision will have on equilibrium income. Also, explain what effect this decision will have on the level of saving once the economy has reached the new equilibrium.Answer: This is the paradox of saving. Here, consumption will fall causing a reduction in demand and a reduction in output. Despite the initial increase in saving at the initial level of income, saving will return to the initial level as income falls in order to maintain the alternative equilibrium condition: S = I. So, the initial increase in the desire to save will have no permanent effect on the level of saving.7) Explain the difference between endogenous and exogenous variables.Answer: Endogenous variables are determined by the model. Exogenous variables are taken as given and, for example in this model, do not change as income changes.8) Discuss the two components of fixed investment.Answer: Nonresidential investment represents the purchase of new equipment and structures. Residential investment represents the purchase by people of new homes, condos, andapartments.9) For this question, assume that taxes are independent of income (i.e., the income tax rate is zero). Now suppose that fiscal policy makers wish to decrease equilibrium output by $500 billion. Further suppose that policy makers can choose one of the following two options: (1) change in government spending; or (2) change in taxes. Compare and explain the relative size of the changes in government spending and taxes needed to obtain this desired change in output. Answer: The change in taxes will have to be larger because part of any tax increase will cause saving to fall. So, to cause the same reduction in demand, the size of the tax cut will have to be larger than the size of any reduction in government spending.10) Explain what factors cause shifts and changes in the slope of the ZZ curve presented in chapter 3.Answer: The ZZ curve is upward sloping. The ZZ curve illustrates the level of demand at each level of income. As Y increases, households consume more causing an increase in demand. So, as Y rises, so does demand. The marginal propensity to consume will determine the size of the slope. The ZZ curve will shift when any autonomous component of demand changes. This will include changes in T, G, I and c0.11) Why would consumer decrease consumption even if their disposable income has not changed?Answer: If consumers start worrying about the future and decide to save more, they will decrease c0 and hence consumption. This is what happened at the start of the most recent financial crisis.12) In the model discussed in Chapter 3, why do we assumeG and T are exogenous?Answer: It is based on two arguments: First, government do not behave with the same regularity as consumers or firms, so there is no reliable rule we could write for G or T. Second, treating G and T as exogenous help explore the implications of alternative spending and tax decisions.13) Suppose the United States economy is represented by the following equations:Z = C + I + G C = 500 + .5Y D T = 600 I = 300Y D = Y - T G = 2000a. Given the above variables, calculate the equilibrium level of output.b. Now, assume that government spending decreases from 2000 to 1900. What is the new equilibrium level of output? How much does income change as a result of this event? What is the multiplier for this economy?Answer: a. Y=5000b. Y=4800, multiplier=2.14) Suppose the United States economy is represented by the following equations:Z = C + I + G C = 500 + .5Y D T = 600 I = 300Y D = Y - T G = 2000a. Given the above variables, calculate the equilibrium level of output.b. Now, assume that taxes increase from 600 to 700. What is the new equilibrium level of output? How much does income change as a result of this event? What is the multiplier for this economy?Answer: a. Y=5000.b. Y=4900, multiplier =2.15) Graphically illustrate the effects of an increase inautonomous consumption on the demand line (ZZ) and Y. Clearly indicate in your graph the initial and final equilibrium levels of output. Briefly explain why this increase in output is greater than (in absolute terms) the initial change in autonomous consumption.Answer: ZZ line will shift upward and Y will increase. The increase in output is greater than the initial change in autonomous consumption is due to the multiplier effect.。

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