中级宏观经济学Lecture09.consumption
中级宏观经济学 ppt 课件 第9章
CHAPTER 9
Introduction to Economic Fluctuations
slide 15
短期中的总供给
现实中，许多价格在短期中是粘性的.
从现在开始直到第12章，我们假设短期中所有价格
都停滞在以前决定的某一水平上… 购买的任意数量的商品.
…并且在这些价格上，企业愿意出售消费者所愿意 所以，短期总供给曲线(SRAS)是一条水平线.
正如模型所预测 的那样，通货膨 胀率与失业率下 降了.
Change in oil prices (left scale) Inflation rate-CPI (right scale) Unemployment rate (right scale)
CHAPTER 9
Introduction to Economic Fluctuations
CHAPTER 9
P
LRAS
P
P2
B
A C
SRAS
AD1 AD2
Y2
Y
Y
Introduction to Economic Fluctuations
slide 22
总供给冲击
总供给冲击改变生产成本，从而改变企业的定价（所以有时 又称为价格冲击）；
不利的总供给冲击的例子： 摧毁农作物的干旱，提高了食物价格. 公会力量的加强, 拉动了工资和工会工人生产的产品价格. 要求企业减少排污量的新环境保护法。导致企业以提高价
CHAPTER 9
Introduction to Economic Fluctuations
slide 6
总需求
总需求是产出需求量与物价水平之间的关系；
本章用货币数量论提供一个简单的总需求曲线
Chapter_13 Consumption and Saving(宏观经济学,多恩布什,第十版)ppt课件
[Insert Figure 13-3 here]
13-6
Life Cycle Theory
• The life cycle hypothesis views individuals as planning their consumption and savings behavior over long periods with the intention of allocating their consumption in the best possible way over their entire lifetimes
assets to current consumption
13-11
Permanent Income Theory
• Permanent income theory of consumption is like the life cycle hypothesis in that current consumption is not dependent upon current income, but on a longer-term estimate of income
• Different MPC out of permanent income, transitory income, and wealth compared to the Keynesian theory with a single MPC
(NEW)张延《中级宏观经济学》课后习题详解
目 录第一篇 宏观经济学导论第一章 宏观经济学概述第二章 宏观经济指标的度量第二篇 总需求分析第三章 产品市场均衡：收入-支出模型第四章 产品市场和货币市场的同时均衡：IS-LM模型第五章 宏观经济政策第三篇 总供给分析第六章 对劳动力市场状况的度量第七章 凯恩斯主义的总供给曲线第八章 新古典主义的总供给曲线第四篇 长期经济增长理论第九章 索洛经济增长模型第一篇 宏观经济学导论第一章 宏观经济学概述说明：作为教材的第一章，本章系统地介绍了宏观经济学的发展史、研究对象和研究方法。
考虑到宏观经济背景非常重要，建议读者予以重视。
本章无相关习题。
第二章 宏观经济指标的度量1假设某农业国只生产两种产品：橘子和香蕉。
利用下表的资料，计算2002年和2009年该国实际GDP的变化，但要以2002年的价格来计算。
根据本题的结果证明：被用来计算实际GDP的价格的确影响所计算的增长率，但一般来说这种影响不是很大。
答：（1）以2002年的价格为基期价格：2002年该国的实际GDP为：GDP2002＝50×0.22＋15×0.2＝14；2009年该国的实际GDP为：GDP2009＝60×0.22＋20×0.2＝17.2；实际GDP增长率为：（17.2－14）/14×100%＝22.9%。
（2）以2009年的价格为基期价格：2002年该国的实际GDP为：GDP2002＝50×0.25＋15×0.3＝17；2009年该国的实际GDP为：GDP2009＝60×0.25＋20×0.3＝21；实际GDP增长率为：（21－17）/17×100%＝23.5%。
由22.9%与23.5%只相差0.6%，由此可见，用来计算实际GDP的价格的确影响所计算的增长率，但一般来说这种影响不是很大。
2根据国民收入核算恒等式说明：（1）税收的增加（同时转移支付保持不变）一定意味着在净出口、政府购买或储蓄-投资差额上的变化。
宏观经济学之消费consumption(精品PPT课件共46页)
CHAPTER 16 Consumption
slide 7
The basic two-period model
Period 1: the present
Period 2: the future
Notation
Y1 is income in period 1 Y2 is income in period 2 C1 is consumption in period 1 C2 is consumption in period 2 S = Y1 - C1 is saving in period 1 (S < 0 if the consumer borrows in period 1)
CHAPTER 16 Consumption
slide 17
How C responds to changes in r
An increase in r
C2
pivots the budget
line around the
point (Y1,Y2 ).
B
As depicted here,
A
C1 falls and C2 rises.
consume more
MPC > 0
save more
MPC < 1
save a larger fraction of their income
APC as Y
Very strong correlation between income and
consumption income seemed to be the main determinant of consumption
中级宏观经济学讲义
中级宏观经济学讲义第一讲绪论一、宏观经济学研究经济问题的独特视角经济学：研究如何利用稀缺资源生产有价值的商品并分配给不同的个人的科学。
核心问题：资源配置设：(1)社会经济资源一定；(2)整个社会只生产X，Y两种产品。
社会生产可能线如图所示：思考：为什么生产可能线斜率递增？相对成本递增。
如果将社会资源全部用于生产产品，其产量为OA；如果将社会资源全部用于生产产品X，其产量为OB，用一条曲线连接AB，AB线为社会生产可能线。
线上的任意一点如n表明社会资源得到了充分利用，线内的任意一点如m，则表明社会资源未得到充分利用。
经济学所要解决的核心问题是如何合理地利用有限的资源以最大限度地满足人们的需要。
依据对这一问题研究角度的不同，我们可以将理论经济学分为三大块：1．制度经济学研究经济活动中的质的问题。
在本课程中，把资本主义市场经济当作既定的已知的制度前提。
2．微观经济学研究的假定前提：整个社会的资源已充分利用（资源配置点落在生产可能线）。
讨论的核心问题：在生产可能性边界上有无数个点，每一个点代表一种资源的配置方式(X，Y两种产品的不同组合)，哪一种资源配置方式是最优的，能最大限度地满足人们的需要?显然在生产可能线上的每一点所利用的资源的总量是相同的，所不同的是资源利用的结构问题。
要增加一种产品的产出，就必须相应地减少另外一种产品的产出，生产可能线上的点的移动只是资源利用结构的调整。
3．宏观经济学研究的假定前提：资源尚未充分利用（资源配置点落在生产可能性边界以内）。
讨的核心问题：如何将资源配置点从生产可能线以内调节到生产可能线之上，使社会资源得到充分利用?这就是宏观经济学与微观经济学所不同的研究经济问题的独特视角。
在资源配置点的移动过程中，社会对资源利用的总量在变化，社会总的产出水平在变化，但资源的利用结构和社会产出结构可以不变。
微观经济学宏观经济学创始人斯密，1776 凯恩斯,1936研究对象个别企业，个别家庭，个别市场国民经济整体研究前提完全信息，完全理性，市场出清资源未充分利用中心内容价格理论收入理论理论框架二、宏观经济模型的构造关于国民收入决定的原理，宏观经济学可以用一个简单的经济模型表示。
宏观经济学习题及答案 (2)
4.
Which of the following will be counted as an expenditure in the measurement of GDP? (Assume that none of the transactions is concealed from the relevant authorities.) a. b. c. d. e. Purchase of flour by a bakery. Purchase of a loaf of bread using food stamps. Purchase of a lamp at a neighborhood garage sale. Payment by a parent to her child for doing household laundry. The value of a used automobile that remains unsold on the dealer's lot.
3.
If C is consumption, I is investment, G is government purchases and NX is net exports, according to the expenditure approach, Y would stand for ________; and the national income identity could be written as ________. a. b. c. d. e. CPI; Y = C + I + G + NX GDP; Y - C - I = G + NX transfers; Y = C + I + G – NX income; Y = C - I - G + NX the real interest rate; Y = C + I + G + NX
中级宏观经济学课件
04
在经济过热时，政府可以通过增加税收、减少政府支 出等财政政策来抑制总需求，同时中央银行可以通过 提高利率等货币政策来抑制通货膨胀。
CHAPTER 04
总需求与总供给模型
总需求曲线
总结词
表示经济中商品和劳务的需求量与价格水平之间的关系。
详细描述
总需求曲线表示在某一价格水平上，整个经济社会能够并且愿意购买的商品和劳 务的数量。它反映了经济中货币和财政政策、预期等因素对经济活动的影响。
VS
详细描述
总需求与总供给模型是宏观经济分析的重 要工具，它可以用来分析经济波动的原因 和预测未来的经济走势。同时，通过总需 求与总供给模型，还可以评估不同政策对 经济的影响，为政策制定提供依据。
CHAPTER 05
经济周期与经济增长
经济周期的分类
01
02
03
04
正向周期
经济活动上升，失业率下降， 企业盈利增加。
财政政策与货币政策的配合使用
在宏观经济调控中，财政政策和货币政策需要相互配 合使用，以达到更好的调控效果。
输标02入题
财政政策主要在短期内发挥作用，而货币政策则具有 长期的效果。因此，在调控经济时需要根据经济形势 选择合适的政策组合。
01
03
在经济衰退时，政府可以通过减税、增加政府支出等 财政政策来刺激总需求，同时中央银行可以通过降低
汇率制度与汇率政策
总结词
详细描述
总结词
详细描述
汇率制度是一个国家规 定其货币对外价值的制 度，包括汇率的确定方 式、干预方式等。
汇率制度对一个国家的 经济发展和国际贸易具 有重要影响。常见的汇 率制度包括固定汇率制 度和浮动汇率制度。政 府可以通过汇率政策来 调节国际收支平衡和国 内经济活动。
(完整版)中级宏观经济学付费版题库4经济增长Ⅰ
Name: __________________________ Date: _____________1. Economists use the term money to refer to:A) income.B) profits.C) assets used for transactions.D) earnings from labor.2. Macroeconomists call assets used to make transactions:A) real income.B) nominal income.C) money.D) consumption.3. All of the following are considered major functions of money except as a:A) medium of exchange.B) way to display wealth.C) unit of account.D) store of value.4. People use money as a store of value when they:A) hold money to transfer purchasing power into the future.B) use money as a measure of economic transactions.C) use money to buy goods and services.D) hold money to gain power and esteem.5. People use money as a unit of account when they:A) hold money to transfer purchasing power into the future.B) use money as a measure of economic transactions.C) use money to buy goods and services.D) hold money to gain power and esteem.6. People use money as a medium of exchange when they:A) hold money to transfer purchasing power into the future.B) use money as a measure of economic transactions.C) use money to buy goods and services.D) hold money to gain power and esteem.7. When a pizza maker lists the price of a pizza as $10, this is an example of using moneyas a:A) store of value.B) unit of account.C) medium of exchange.D) flow of value.8. Money's liquidity refers to the ease with which:A) coins can be melted down.B) illegally obtained money can be laundered.C) loans can be floated.D) money can be converted into goods and services.9. To make a trade in a barter economy requires:A) currency.B) a check.C) scrip.D) a double coincidence of wants.10. Money that has no value other than as money is called ______ money.A) fiatB) intrinsicC) commodityD) government11. A country that is on a gold standard primarily uses:A) commodity money.B) fiat money.C) credit money.D) the barter system.12. In prisoner of war camps during World War II, the “currency” used was:A) chocolates.B) cigarettes.C) gold.D) IOUs.13. An important factor in the evolution of commodity money to fiat money is:A) a desire to reduce transaction costs.B) a desire to increase transaction costs.C) the fact that gold is no longer highly valued.D) a desire to use gold for jewelry.14. The use of fei as money on the island of Yap illustrates the idea of money as a socialconvention because:A) only fei physically in the possession of the owner is accepted in transactions.B) legal claim to a fei never seen by current generations was accepted in transactions.C) the central bank of Yap accepts fei in exchange for paper certificates.D) the government of Yap verifies the authenticity of fei used for transactions.15. In a country on a gold standard, the quantity of money is determined by the:A) government.B) central bank.C) amount of gold.D) buying and selling of government securities.16. The quantity of money in the United States is essentially controlled by the:A) President of the United States.B) Department of the Treasury.C) Federal Reserve.D) system of commercial banks.17. The central bank in the United States is the:A) Bank of America.B) U.S. Treasury.C) U.S. National Bank.D) Federal Reserve.18. In the United States, monetary policy is controlled by:A) the President.B) the Congress.C) the Federal Reserve.D) the Treasury Department.19. To increase the money supply, the Federal Reserve:A) buys government bonds.B) sells government bonds.C) buys corporate stocks.D) sells corporate stocks.20. To reduce the money supply, the Federal Reserve:A) buys government bonds.B) sells government bonds.C) creates demand deposits.D) destroys demand deposits.21. Open-market operations are:A) Commerce Department efforts to open foreign markets to international trade.B) Federal Reserve purchases and sales of government bonds.C) Securities and Exchange Commission rules requiring open disclosure of markettrades.D) Treasury Department purchases and sales of the U.S. gold stock.22. Currency equals:A) M1.B) the sum of funds in checking accounts.C) the sum of checking accounts and paper money.D) the sum of coins and paper money.23. Demand deposits are funds held in:A) currency.B) certificates of deposit.C) checking accounts.D) money markets.24. All of the following assets are included in M1 except:A) currency.B) demand deposits.C) traveler's checks.D) money market deposit accounts.25. Money market mutual fund shares are included in:A) M1 only.B) M2 only.C) both M1 and M2.D) neither M1 nor M2.26. Credit card balances are included in:A) M1 only.B) M2 only.C) both M1 and M2.D) neither M1 nor M2.27. Checking account balances that are linked to debit cards are included in:A) M1.B) M2 only.C) both M1 and M2.D) neither M1 nor M2.28. Credit cards:A) are part of the M1 money supply.B) are part of the M2 money supply.C) are part of both the M1 and M2 money supply.D) do not affect the money supply.29. Payment is deferred by using _______, but immediate access to funds occurs whenusing ______.A) currency; demand depositsB) credit cards; debit cardsC) demand deposits; savings depositsD) debit cards; credit cards30. In the United States, the money supply is determined:A) only by the Fed.B) only by the behavior of individuals who hold money and of banks in which moneyis held.C) jointly by the Fed and by the behavior of individuals who hold money and of banksin which money is held.D) according to a constant-growth-rate rule.31. The money supply consists of:A) currency plus reserves.B) currency plus the monetary base.C) currency plus demand deposits.D) the monetary base plus demand deposits.32. Bank reserves equal:A) gold kept in bank vaults.B) gold kept at the central bank.C) currency plus demand deposits.D) deposits that banks have received but have not lent out.33. In the United States, bank reserves consist of:A) currency and demand deposits.B) vault cash and deposits at the Federal Reserve.C) gold deposits at the Federal Reserve.D) the money supply.34. Assets of banks include:A) money market mutual funds.B) currency in the hands of the public.C) loans to customers.D) demand deposits.35. Liabilities of banks include:A) reserves.B) currency in the hands of the public.C) loans to customers.D) demand deposits.36. In a system with 100-percent-reserve banking:A) all banks must hold reserves equal to 100 percent of their loans.B) no banks can make loans.C) the banking system completely controls the size of the money supply.D) no banks can accept deposits.37. In a 100-percent-reserve banking system, if a customer deposits $100 of currency into abank, then the money supply:A) increases by $100.B) decreases by $100.C) increases by more than $100.D) remains the same.38. In a 100-percent-reserve banking system, banks:A) can increase the money supply.B) can decrease the money supply.C) can either increase or decrease the money supply.D) cannot affect the money supply.39. In a system with fractional-reserve banking:A) all banks must hold reserves equal to a fraction of their loans.B) no banks can make loans.C) the banking system completely controls the size of the money supply.D) all banks must hold reserves equal to a fraction of their deposits.40. Banks create money in:A) a 100-percent-reserve banking system but not in a fractional-reserve bankingsystem.B) a fractional-reserve banking system but not in a 100-percent-reserve bankingsystem.C) both a 100-percent-reserve banking system and a fractional-reserve bankingsystem.D) neither a 100-percent-reserve banking system nor a fractional-reserve bankingsystem.41. If there is no currency and the proceeds of all loans are deposited somewhere in thebanking system and if rr denotes the reserve–deposit ratio, then the total money supply is:A) reserves divided by rr.B) 1/rr.C) reserves times rr.D) reserves divided by (1 – rr).42. In a fractional-reserve banking system, banks create money when they:A) accept deposits.B) make loans.C) hold reserves.D) exchange currency for deposits.43. In a fractional-reserve banking system, banks create money because:A) each dollar of reserves generates many dollars of demand deposits.B) banks have the legal authority to issue new currency.C) funds are transferred from households wishing to save to firms wishing to borrow.D) the wealth of the economy expands when borrowers undertake new debtobligations.44. The difference between banks and other financial intermediaries is that only banks havethe legal authority to:A) transfer funds from savers to borrowers.B) pay interest on debt obligations.C) manage portfolios of assets.D) create assets that are part of the money supply.45. Financial intermediation is the process of:A) settling disputes between borrowers and lenders.B) advising corporations on whether to expand using debt or equity.C) transferring funds from savers to borrowers.D) converting from a barter economy to a money economy.46. The banking system creates:A) liquidity.B) wealth.C) reserves.D) currency.47. The value of banks' owners' equity is called bank:A) deposits.B) reserves.C) capital.D) liquidity.48. A bank balance sheet consists of only the following items:Deposits $1,000Reserves $100Securities $400Debt $500Loans $2,000What is the value of bank capital?A) –$1,000B) +$500C) +$1,000D) +$1,50049. The minimum amount of owners' equity in a bank mandated by regulators is called a_____ requirement.A) reserveB) marginC) liquidityD) capital50. The use of borrowed funds to supplement existing funds for purposes of investment iscalled:A) arbitrage.B) leverage.C) convergence.D) intermediation.Use the following to answer questions 51-53:51. (Table: Bank Balance Sheet) Based on the table, what is the leverage ratio at the bank?A) 3B) 4.67C) 5D) 1052. (Table: Bank Balance Sheet) Based on the table, what is the reserve-deposit ratio at thebank?A) 3 percentB) 5 percentC) 10 percentD) 15 percent53. (Table: Bank Balance Sheet) Based on the table, owners' equity will fall to zero if loandefaults reduce the value of total assets by _____ percent.A) 10B) 20C) 30D) 4054. The amount of capital that banks are required to hold depends on the:A) amount of deposits held at a bank.B) riskiness of the bank's assets.C) reserve requirements set by the Fed.D) level of deposit insurance coverage.55. The monetary base consists of:A) currency held by the public, plus reserves held by banks.B) all outstanding currency, plus reserves held by banks.C) all outstanding currency, plus demand deposits.D) all bank reserves.56. The size of monetary base is determined by:A) the Federal Reserve.B) the Federal Reserve and banks.C) preferences of households about the form of money they wish to hold.D) business policies of banks and the laws regulating banks.57. If currency held by the public equals $100 billion, reserves held by banks equal $50billion, and bank deposits equal $500 billion, then the monetary base equals:A) $50 billion.B) $100 billion.C) $150 billion.D) $600 billion.58. If currency held by the public equals $100 billion, reserves held by banks equal $50billion, and bank deposits equal $500 billion, then the money supply equals:A) $100 billion.B) $150 billion.C) $600 billion.D) $650 billion.59. The reserve–deposit ratio is determined by:A) the Federal Reserve.B) business policies of banks and the laws regulating banks.C) preferences of households about the form of money they wish to hold.D) the Federal Deposit Insurance Corporation (FDIC).60. The currency–deposit ratio is determined by:A) the Federal Reserve.B) business policies of banks and the laws regulating banks.C) preferences of households about the form of money they wish to hold.D) the Federal Deposit Insurance Corporation (FDIC).61. The preferences of households determine the:A) reserve–deposit ratio.B) currency–deposit ratio.C) size of the monetary base.D) loan–deposit ratio.62. If the monetary base is denoted by B, rr is the ratio of reserves to deposits, and cr is theratio of currency to deposits, then the money supply is equal to ______ divided by______ multiplied by B.A) (rr + 1); (rr + cr)B) (cr + 1); (cr + rr)C) (rr + cr); (rr + 1)D) (rr + cr); (cr + 1)63. The ratio of the money supply to the monetary base is called:A) the currency–deposit ratio.B) the reserve–deposit ratio.C) high-powered money.D) the money multiplier.64. High-powered money is another name for:A) currency.B) demand deposits.C) the monetary base.D) M2.65. If the ratio of reserves to deposits (rr) increases, while the ratio of currency to deposits(cr) is constant and the monetary base (B) is constant, then:A) it cannot be determined whether the money supply increases or decreases.B) the money supply increases.C) the money supply decreases.D) the money supply does not change.66. If the ratio of currency to deposits (cr) increases, while the ratio of reserves to deposits(rr) is constant and the monetary base (B) is constant, then:A) it cannot be determined whether the money supply increases or decreases.B) the money supply increases.C) the money supply decreases.D) the money supply does not change.67. The money supply will increase if the:A) currency–deposit ratio increases.B) reserve–deposit ratio increases.C) monetary base increases.D) discount rate increases.68. The money supply will decrease if the:A) monetary base increases.B) currency–deposit ratio increases.C) discount rate decreases.D) reserve–deposit ratio decreases.69. If the reserve–deposit ratio is less than one, and the monetary base increases by $1million, then the money supply will:A) increase by $1 million.B) decrease by $1 million.C) increase by more than $1 million.D) decrease by more than $1 million.70. If the currency–deposit ratio equals 0.5 and the reserve–deposit ratio equals 0.1, then themoney multiplier equals:A) 0.6.B) 1.67.C) 2.0.D) 2.5.71. If the monetary base equals $400 billion and the money multiplier equals 2, then themoney supply equals:A) $200 billion.B) $400 billion.C) $800 billion.D) $1,000 billion.72. When the Fed makes an open-market sale, it:A) increases the money multiplier (m).B) increases the currency–deposit ratio (cr).C) increases the monetary base (B).D) decreases the monetary base (B).73. If you hear in the news that the Federal Reserve conducted open-market purchases, thenyou should expect ______ to increase.A) reserve requirementsB) the discount rateC) the money supplyD) the reserve–deposit ratio74. When the Federal Reserve conducts an open-market purchase, it buys bonds from the:A) public.B) U.S. Treasury.C) Internal Revenue Service.D) International Monetary Fund.75. For borrowing from the discount window, the Fed sets the _____ of borrowing,compared to borrowing using the Term Auction Facility, where the Fed sets the _____ of borrowing.A) maximum quantity; minimum quantityB) minimum price; maximum priceC) quantity; priceD) price; quantity76. When banks borrow through the Term Auction Facility, the price of borrowing isdetermined by:A) the Federal Reserve.B) a competitive bidding process.C) the difference between the discount rate and the interest rate on three-monthTreasury securities.D) open-market operations.77. The more funds that the Federal Reserve makes available for banks to borrow throughthe Term Auction Facility, the _____ the monetary base and the _____ the moneysupply.A) smaller; smallerB) smaller; greaterC) greater; greaterD) greater; smaller78. Two ways for banks to borrow reserves from the Federal Reserve are through:A) the discount window and the Term Auction Facility.B) open-market operations and excess reserve swaps.C) decreasing the reserve–deposit ratio and decreasing the currency–deposit ratio.D) fractional-reserve banking and financial intermediation.79. When the Fed decreases the interest rate paid on reserves, it:A) increases the reserve–deposit ratio (rr).B) decreases the reserve–deposit ratio (rr).C) increases the monetary base (B).D) decreases the monetary base (B).80. When the Fed decreases the interest rate paid on reserves, if the ratio of currency todeposits decreases also while the monetary base is constant, then:A) it cannot be determined whether the money supply increases or decreases.B) the money supply increases.C) the money supply decreases.D) the two changes exactly offset each other.81. When the Fed increases the discount rate, it:A) increases the reserve to deposit ratio (rr).B) decreases the reserve to deposit ratio (rr).C) is likely to increase the monetary base (B)D) is likely to decrease the monetary base (B).82. The interest rate charged on loans by the Federal Reserve to banks is called the:A) federal funds rate.B) prime rate.C) discount rate.D) Treasury bill rate.83. When the Fed increases the interest rate paid on reserves, it:A) increases the reserve–deposit ratio (rr).B) decreases the reserve–deposit ratio (rr).C) increases the monetary base (B).D) decreases the monetary base (B).84. If the Federal Reserve wishes to increase the money supply, it should:A) decrease the discount rate.B) increase interest paid on reserves.C) sell government bonds.D) decrease the monetary base.85. The most frequently used tool of monetary policy is:A) open-market operations.B) changes in the discount rate.C) changes in reserve requirements.D) changes in interest rate paid on reserves86. To increase the monetary base, the Fed can:A) conduct open-market purchases.B) conduct open-market sales.C) raise the interest rate paid on reserves.D) lower the required reserve ratio.87. To increase the money multiplier, the Fed can:A) conduct open-market purchases.B) conduct open-market sales.C) raise the interest rate paid on reserves.D) lower the interest rate paid on reserves.88. If the Federal Reserve increases the interest rate paid on reserves, banks will tend tohold _____ excess reserves, which will _____ the money multiplier.A) more; increaseB) more; decreaseC) fewer; increaseD) fewer; decrease89. Open-market operations change the ______; changes in interest rate paid on reserveschange the ______; and changes in the discount rate change the ______.A) monetary base; monetary base; monetary baseB) money multiplier; money multiplier; money multiplierC) monetary base; money multiplier; monetary baseD) money multiplier; monetary base; money multiplier90. Excess reserves are reserves that banks keep:A) in their vaults.B) at the central bank.C) to meet legal reserve requirements.D) above the legally required amount.91. Quantitative easing is most closely akin to:A) discount lending.B) open-market operations.C) fractional-reserve banking.D) capital requirements.92. Compared to typical open-market operations, when pursuing quantitative easing,Federal Reserve purchases tended to be _____ securities.A) safer and shorter-termB) tax-favored and foreignC) smaller-denomination and higher-gradeD) riskier and longer-term93. The quantitative easing operations conducted by the Federal Reserve between 2007 and2011 resulted in _____ increases in the monetary base and _____ increases in money supply.A) no; noB) large; largerC) large; smallerD) small; smaller94. The quantitative easing policy conducted by the Federal Reserve between 2007 and2011 resulted in a large increase in the monetary base that was partially offset by:A) a significant increase in the reserve–deposit ratio.B) a significant decrease in the reserve–deposit ratio.C) open-market purchases.D) open-market sales.95. To prevent banks from using excess reserves to make loans that would increase themoney supply, the Federal Reserve could conduct open-market ______ and _____ the interest rate paid on bank reserves.A) purchases; raiseB) purchases; lowerC) sales; raiseD) sales; lower96. Between August 1929 and March 1933, the money supply fell 28 percent. At that timethe monetary base ______ and the currency–deposit and reserve–deposit ratios both ______.A) fell; fellB) fell; roseC) rose; fellD) rose; rose97. If many banks fail, this is likely to:A) increase the ratio of currency to deposits.B) decrease the ratio of currency to deposits.C) have no effect on the ratio of currency to deposits.D) decrease the amount of currency in circulation, if the Fed takes no action.98. If many banks fail, this is likely to:A) cause surviving banks to lower their ratios of reserves to deposits.B) cause surviving banks to raise their ratios of reserves to deposits.C) have no effect on the ratio of reserves to deposits in surviving banks.D) cause surviving banks to hold less currency.99. In 1932, the U.S. government imposed a two-cent tax on checks written on deposits inbank accounts. This action would be expected to ______ the currency–deposit ratio and ______ the money supply.A) increase; increaseB) increase; decreaseC) decrease; increaseD) decrease; decrease100. If the monetary base fell and the currency–deposit ratio rose but the reserve–deposit ratio remained the same, then:A) the money supply would fall, but not by as much as it would have fallen if thereserve–deposit ratio had risen.B) the money supply would fall, but not by as much as it would have fallen if thereserve–deposit ratio had fallen.C) the money supply would fall more than it would have fallen if the reserve–depositratio had risen.D) it is impossible to be certain whether the money supply would fall or rise in thiscase.101. Assume that the monetary base (B) is $100 billion, the reserve–deposit ratio (rr) is 0.1, and the currency–deposit ratio (cr) is 0.1.a. What is the money supply?b. If rr changes to 0.2, but cr is 0.1 and B is unchanged, what is the money supply?c. If rr is 0.1 and cr is 0.2, but B is unchanged, what is the money supply?102. As the U.S. economy approached the millennium, January 1, 2000, many people cautiously began to hold larger than normal quantities of currency as protection againsta possible disruption of banking services that could result from computer glitches.a. How did this greater preference for currency affect the money supply?b. How could the Federal Reserve offset such an increase in currency preferences? 103. The Federal Reserve's tools to control the money supply include: open-market operations, the discount rate, and interest payments on reserves.a. How should each instrument be changed if the Fed wishes to decrease the money supplyb. Will the change affect the monetary base and/or the money multiplier?104. Some economists have advocated replacing government deposit insurance with 100-percent- reserve banking. Under this plan, banks would hold all deposits asreserves. Deposit insurance would no longer be necessary, because banks would always have the reserves to meet customer withdrawals.a. What would happen to the money supply (defined as currency and bank deposits) in thetransition from fractional-reserve to 100-percent-reserve, if this plan were implemented,holding other factors constant?b. What will be the value of the money multiplier?105. Why does the Federal Reserve not have complete control over the size of the money supply? Give at least two reasons.106. Construct a bank balance sheet with the following items: reserves, deposits, loans, securities, capital, and debt. Choose values so that the reserve–deposit ratio is 10 percent and the leverage ratio is 10. Give an example of a change in asset values that wouldpush bank capital to zero. What happens when bank capital is gone?107. As the 2008–2009 financial crisis unfolded, one major U.S. bank had a leverage ratio of54. In Canada regulators put a ceiling on bank leverage ratios of 20. Compare thechange in asset values that would push the capital in the U.S. bank to zero with thechange required to eliminate capital in a Canadian bank at the ceiling-leverage ratio.What is the implication of the differences in maximum leverage ratios for the stability of the banking system?108. Economists occasionally speak of “helicopter money” as a short-hand approach to explaining increases in the money supply. Suppose the Chairman of the Federal Reserve flies over the country in a helicopter dropping 10,000,000 in newly printed $100 bills (atotal of $1 billion). By how much will the money supply increase if, holding everythingelse constant:a. all of the new bills are held by the public?b. all of the new bills are deposited in banks that choose to hold 10 percent of their depositreserves (and no one in the economy holds any currency)?c. all of the new bills are deposited in banks that practice 100-percent-reserve banking?d. people in the economy hold half of their money as currency and half as deposits, while bchoose to hold 10 percent of their deposits as reserves?109. A macroeconomist threatens to call the Secret Service to have Mr. Biggy Rich arrested for counterfeiting because Mr. Rich claims he “makes a lot of money.”a. Carefully explain why the macroeconomist is making this threat based on themacroeconomic definition of money. Be sure to explain the macroeconomic functions omoney.b. Suggest an alternative phrase that Mr. Rich can use that will not result in a charge ofcounterfeiting.110. Explain at least three factors that will affect the quantity of reserves that a bank wishes to hold.111. The development of fiat money is quite perplexing, as people began to value something that is intrinsically useless. Explain why fiat money came into use.112. John withdraws $100 from his checking account and deposits it in his saving account.What will be the effect of this transaction on different measures of money, i.e. C, M1, and M2?113. How do credit card transactions affect the measurement of money?114. The monetary base of Moneyland is $500 million. The current-deposit ratio (cr) is 0.2 and reserve-deposit ratio (rr) is 0.2. Calculate the money multiplier and money supply.115. How much effect do the purchase and sale of bonds through open-market operations have on the money supply?116. “Some economists believe that the large decline in the money supply was the primary cause of the Great Depression of the 1930s.” Explain how this can be the case.117. Why can the Federal Reserve not control the money supply with complete accuracy?118. What is the effect of the following on the money supply?a. Increase in currency-deposit ratio, keeping all other things constantb. Decrease in reserve-deposit ratio, keeping all other things constant119. The table below represents the balance sheet of a bank. What is the leverage ratio of the bank, and what does it mean?。
曼昆《中级宏观经济学》课件02简单国民收入决定理论
基本公式：
n
i 内含报酬率（ IRR） i / Vt 0 i / P 0
s K
内含报酬率法（IRR）
i r NPV 0 Ka Kd I Kd Ka i r NPV 0 Ka Kd I 0
③合意资本存量的确定：i=r时的资本存 量。 实现利润最大化的条件：资本资产的需 求价格=资本资产的供给价格
0
L*
L
§2.1.1 总产出的决定因素
3.国民收入如何分配给生产要素 （1）厂商的要素需求： MPL=W/P W—工资率 MPK=R/P R—资本租赁价格
§2.1.1 总产出的决定因素
（2）国民收入的划分： Y=（MPL×L）+（MPK×K）+经济利润 ↑ ↑ 工资总额 利息总额
§2.1.2 总支出的决定因素
4.净出口（NX）
(3)净出口（NX）： ①NX=NX（Y，e，……） ②NX=NX0-MY×Y + XY×Yf +NXe×e×Pf/P 其中， NX0 =X0-M0 NXe=Xe + Me ③NX=NXa- MY×Y 其中，NXa= Xa-Ma
（4）实际汇率与实际利率的 关系
0 r (r rf )
影响消费和居民储蓄的其他因素
A.真实利率 B.财富水平 C.预期未来的收入
C C (Y T Tr , r ) C C0 Ca (Y T Tr ) Cr r S H Cr r C0 (1 Ca ) (Y T Tr )
2.投资支出（I）
Y
Y*
Y=F(K*，A×L）
0
宏观经济学课件(第四章)
消费是居民为满足当前需要 而对最终消费品和服务的购买
耐用 消费品 的消费
非耐用 消费品 的消费
服务 的
消费
（一）凯恩斯的消费理论
（1）消费边际倾向的假设： 边际消费倾向在0～1之间
基 本
（2）平均消费倾向的假设： 平均消费倾向是随收入的上升而下降的
假
设
（3）决定消费的基本力量是
现在的收入而不是利率
C1—第一时期消费者的消 费
Q1—第一时期的劳动收入
B1 S1
S2 Yd2 C2 Q2 r B1 C2
S1 S2 B2 0
S2 S1
B1 Q2 r B1 C2
B1
C2 Q2 1r
Q1
C1
C1
C2 1r
Q1
Q2 1r
A
或者
S1 Q1 C1
C 2 Q2 (1 r)S1
当期利率上升，消费者往往会减少当 前的消费，今后的消费就会增加，引 起预算约束线变动，从而使消费组合 决策发生变化。
C2
C2B
E2
C2A
E1
0 C2A
C1A
C1
利率变化对消费组合决策的影响
（二）相对收入假说——杜森贝利
▪ 基本观点：消费会受到自己过去消费习惯 和周围人消费水准的影响，从而消费是相 对地决定的。
▪ 消费长时期维持一个固定比率，长期消费 函数是一条从原点出发的直线，而短期消 费函数因为受人们消费习惯的影响，是一 条有正截距的曲线。
▪ 因为长期中，人们习惯将消费确定为收入 的一个固定比率，所以长期消费函数 CL=C’Y；但在短期，人们受过去消费习惯 的影响，消费会随收入的增加而增加，但 不易随收入的减少而减少。
曼昆中级宏观第二章_宏观经济学的数据
20
4、中间产品与增加值
-许多产品是分阶段生产的：原料被一家企业加工 成中间产品，然后被出售给另一家企业进行最后加工 。在计算GDP时我们应该如何处理这些产品呢?
33
练习
2001
2002
2003
PQP
Q
是指一个国家(或地区)在一定时期 ( 通常为一年)内，在本国领土范围内所生 产的全部最终产品(包括产品和劳务)的市 场价值总和。
GDP是衡量和体现一个社会经济活动
状况的基本概念。
5
◎“……一个国家之内……”： GDP衡量的
生产价值是在一个国家的地理范围之内。
◎“……在一定时期内……”： GDP衡量一
22
❖一种计算所有最终产品和服务的价值的方法是把每 个生产阶段的增加值加总。
❖在汉堡包的例子中,牧场主的增加值是0.50美元(假定 牧场主没有购买中间产品),麦当劳店的增加值是(1.500.50)美元,即1.00美元。总增加值是(0.50+1)美元,等于 1.50最终产品与服务的价值。因此,GDP也是经 济中所有企业的总增加值。
29
二、名义GDP与实际GDP
• 名义国内生产总值（Nominal GDP)是 把用现期价格衡量的产品与服务的价值。名 义GDP变动的可能原因：①实际产量的变 动；②价格的变动。
-容易看出,用这种方法计算出的GDP并不是衡量经济福利的 好指标
-这种衡量指标没有确切反映出该经济可以在多大程度上满 足家庭、企业和政府的需求
-例如，假设一个养牛的牧场主以0.50美元的价格 把1/4磅牛肉卖给麦当劳店(McDonald’s)，然后，麦 当劳店以1.50美元的价格卖给你一个汉堡包。GDP是 应该既包括牛肉又包括汉堡包(总计2.00美元)，还是 只包括汉堡包(1.50美元)呢?
中级宏观经济学第九次讲义.pdf
货币、汇率和价格 （一般均衡分析）
• 本讲将在一般均衡分析的框架下，考察 两种主要的汇率体制下的货币均衡和价 格确定。
• 本讲继续假定产量是外生的并处在充分 就业水平上（古典模型） ；产品和资本 要素在国际间可自由流动
汇率制度
• 国际货币体系的演进
• 固定汇率制的运作
– 中央银行确定本币与一种外币的相对价格，这个固 定价格就是汇率（有时称为该货币的平价），用一 单位外币所需的本币数量表示（美、英例外）。
• 另一方面， E ↑⇒ P ↑⇒ M / P ↓ 直到m = mD
• 实质货币供给恢复到公开市场操作前的水平，超额 货币供给由消除。
• 结论：与资本自由流动时一样。贬值足够大使价格P 的上升与M 的上升同比例而M/P不变。 利率和经常 项目恢复到公开市场操作前的水平。
6
3。资本控制下的汇率政策：
• 所以，本币贬值政策对民间主体征了税！
资本控制与货币政策
• 利率平价不再成立，国内外利率不再相关。 此时上一节的分析会有什么变化？
• 分三个问题谈：
– 在固定汇率制度下的情形 – 在浮动汇率制度下的情形 – 资本控制下的汇率政策
• 从均衡状态开始。设中央银行实施公开市场 操作，购入国债（扩张性货币政策）：
• 实质货币供给 m 恢复到公开市场操作前的水平，
超额货币供给由价格上升消除。
• 重要结论：在资本自由流动的在浮动汇率制度下， 公开市场操作导致价格水平与货币供给同比例上升 ，而实质货币供给不变。
固定汇率制度下的汇率政策
• 假设经济一开始处于均衡状态 M = EP*Q /V（i*）
• 冲击：中央银行出人意料地将本币贬值（如为了刺 激出口）
山东省考研经济学复习资料宏观经济学的核心概念解析
山东省考研经济学复习资料宏观经济学的核心概念解析宏观经济学是经济学中的一个重要分支，研究的是整体经济现象和经济系统的运行规律。
它关注的是国家经济的总体状况，如国民收入、物价水平、就业和失业情况等，以及宏观经济政策对经济增长和稳定的影响。
要理解宏观经济学，首先需要了解其中的核心概念。
本文将对山东省考研经济学复习资料中涉及的宏观经济学核心概念进行解析，帮助考生深入理解和掌握这些概念。
1. 国民收入（National Income）国民收入指的是一个国家在一定时期内（通常是一年）所有居民的总收入。
它包括居民的工资、利润、红利和利息等收入。
国民收入是衡量一个国家经济发展水平和居民生活水平的重要指标。
2. 消费（Consumption）消费是指个人和家庭为满足物质和精神需求而进行的支出活动。
消费是经济增长的重要驱动力之一，在宏观经济学中占据重要地位。
消费支出的增加可以促进经济增长，而消费减少则可能导致经济不景气。
3. 投资（Investment）投资是指将资金用于购买生产设备、建设工厂、购买房地产等用于生产或资产增值的行为。
投资是推动经济增长和提高经济效益的关键因素之一。
增加投资可以促进产业升级和创造更多就业机会。
4. 通货膨胀（Inflation）通货膨胀是指货币流通量增加导致货币购买力下降的现象。
通货膨胀会导致物价上涨，进而影响居民的购买力和生活水平。
宏观经济学中研究通货膨胀的原因和控制手段，以保持经济的稳定和持续发展。
5. 失业（Unemployment）失业是指劳动力中有工作能力但没有找到工作的人数。
失业是一个社会问题，不仅影响个人的生活，也对整个经济体系造成不利影响。
宏观经济学研究失业率的变化和原因，并提出相应的政策措施以解决失业问题。
6. 经济增长（Economic Growth）经济增长是指一个国家或地区总体经济规模的扩大。
经济增长通常用国内生产总值（Gross Domestic Product，GDP）来衡量。
中级宏观_消费
C1
C2 (1r)
(1
r)B0
Q1
Q2 (1r)
W1
其中， (1r)B0为第 0 期留下的遗产。
其次，如果生命周期不只是两个时期，而是多个时期，那么，约束约束可扩展为：
C1
C2 (1 r)
......
CT (1 r)T1
(1r)B0
Q1
Q2 (1 r)
......
QT (1 r)T1
W1
最后，如果家庭将部分遗产留给下一代，那么家庭在其寿命期就不能消费掉其全部财富。
3.1 家庭跨时期消费的基本理论
社会的消费总量由家庭的消费支出构成，因此，消费理论首先 需要解释一个家庭是怎样作出消费和储蓄决策的。
消费理论分析的基本单位是家庭而不是个人，因为许多消费数 据都是建立在家庭的基础上的。
加总的方法：宏观经济变量的微观基础。 一、模型假设： （1）假设经济中没有货币； （2）假设经济中只生产一种商品Q（在抽象的意义上它可代表
跨时期消费理论
2、杜森贝里的相对收入假说 杜森贝里（Duesenberry，1951）提出了相对收入假说
（relative income hypothesis）。基本观点体现在两个相对收 人的假设之中。 （1）家庭在决定其消费时，主要参考的是其他具有同等收入水平 家庭的消费，而不仅仅是自身的收入水平； （2）家庭在本期的消费不仅受本期收入的绝对水平和相对地位的 影响，还受它在以前时期已经达到的消费水平的影响。 3、跨时期消费理论或生命周期假说 该理论认为家庭的消费水平不仅取决于当期的收入水平，还取决 于未来的预期收入，或者说消费者终生的收入水平。 消费决策的一个基本问题是将收入在当期消费和未来消费（即储 蓄）进行合理配置，其中利率水平是一个重要的影响因素。 而这正是凯恩斯的消费理论所忽略的。
中级宏观经济学
Lecture 1 Keynesian theory of fluctuationsPart A. Traditional Keynesian Theories of Fluctuations● review of the textbook Keynesian model of aggregate demand1. introductionAS-AD modelIS-LM model2. the IS curvethe IS curve shows the combinations of output and the interest rate such that planned and actual expenditures on output are equal.Planned real expenditure:(),,,,01,0,0,0e eY i G T E E Y i G T E E E E ππ−=−<<<><Compared with a standard formulation:()()eE C Y T I i Gπ=−+−+Actual expenditure equal to the economy’s output Equilibrium: E=Y(),,,eY E Y i G T π=−figure 5.3 the Keynesian cross show that the IS curve slopes downslope of IS curve:1e i ISYE dY diE π−=−3. the LM curvethe LM curve shows the combinations of output and the interest rate that lead to equilibrium in the money market for a given price level.(),,0,0i Y ML i Y L L P=<>The slope of LM curve:0YLMiL di dYL =−>4. the AD curveAD curve: relationship of P and YFigrue5.4 show the effects of an increase in the price level in IS-LM modelThe slope of AD:()2/01/e ADY i Yi dYM P dPE L E L π−−=<⎡⎤−+⎣⎦Example: the effects of an increase in government purchases● the open economy1． The real exchange rate and planned expenditureε:nominal exchange rate(the price of a unit of foreign currency in terms of domestic currency)*/P P ε:real exchange rate(the price of foreign goods in units of domestic goods) IS curve in open economy:()*,,,,/e Y E Y P P i G T επ=− increasing in real exchange rateLM curve is unchangedDetermination of exchange rate: depending on the exchange rate regime(floating or fixed),capital mobility(perfect or imperfect),and exchange-rate expectations(static or rational)2． The mundell-fleming modelAssumptions: perfect capital mobility(no barriers to capital mobility and risk-neutral)Static exchange rate expectations(Investors do not expect the exchange rate to change)Expected rates of return are equal: *i i =Case 1: floating exchange rates()*,ML i Y P= ()**,,,,/e Y E Y P i T P G επ=−Figure5.6 plots the sets of points satisfying the above equations in output-exchange rate space.LM is vertical: aggregate demand for a given price level is determined entirely in the money market.Increasing government purchases leads only to appreciation of the exchange rate and has no effect on output.Case 2: fixed exchange rateTo fix the exchange rate, government must stand ready to buy or sell domestic currency in exchange for foreign currency at the rateε.()**,,,,/e Y E Y P i T P G επ=−εε=Figure5.8 depicts the solutions to these equations in output-exchange rate space.Changes in planned expenditure now affect aggregate demand. Disturbances in the money market have no effect on Y for given P. The exchange rate itself is a policy instrument.3． Rational exchange-rate expectations and overshootingAssumptions: perfect capital mobility, rational expectations of exchange rate, floating exchange rate()()*E t i i t εε•⎡⎤⎢⎥⎣⎦=+ (uncovered interest-rate parity)平价利率假说Under perfect capital mobility, interest-rate differences must be offset by expectations of exchange-rate movements.Exchange-rate overshootingOvershooting: the initial reaction of a variable to a shock is greater than its long-run response.Monetary expansion reduces the interest rate, investors will hold domestic assets only if they expect the domestic currency to appreciate, so it must have depreciated by so much at the time of shock.4． Imperfect capital mobilityAssumptions: imperfect capital mobility, static expectations, floating exchange rateCapital flow,CF: foreigners’ purchases of domestic assets minus domestic residents’ purchases of foreign assets.()*,0CF CF i i CF ′=−>Aggregate demand side:()**,,,,/eY E Y P i T P G επ=−(),ML i Y P= ()()**,/,,,0eCF i iNX Y G P i T P πε−+−=Graphical analysis: ()()**,,,,,,/,De e Y EY iG T NX Y i G T P P εππ=−+−01,0,0,e DDDDY G T i E E E E π−<<<> **IS : ()()**,,,De Y EY iG T CF i i π=−−−**IS is flatter than a conventional IS curve. The results for this case typically fall between those fora closed economy and those for perfect capital mobility.● Alternative assumptions about wage and price rigidity Nominal wage and price rigidity, nonvertical aggregate supply curveCase1: keynes’s modelAssumptions: rigid nominal wages and flexible pricesThe model: W W =(),0,0Y F L F F ′′′=>< ()W F L P′=Conclusions: upward-sloping AS curve Involuntary unemployment and real wages infigure5.11Fluctuations in aggregate demand lead to movements of employment and the real wage along the downward-sloping labor demand curveCountercyclical real wage in response to aggregate demand shocksCase 2: sticky prices, flexible wages, and a competitive labor market Assumptions: ……Imperfect competition in the goods market(firms meet demand at the prevailing price as long as it does not exceed the level where marginal cost equals price)The model: P P = ()Y F L = (),0SS W L L L P ⎛⎞′=•>⎜⎟⎝⎠Conclusions: the aggregate supply curve is horizontal, figure5.12Labor market, figure 5.13Effective labor demand(the quantity of labor demand Depends on the amount of goods that firms are able To sale)Procyclical real wage in the face of demand fluctuationsCountercyclical markup(ratio of price to marginal cost)in response to demand fluctuationsCase 3: sticky prices, flexible wages and real labor market imperfections Assumptions: ……The real wage remain above the level that equates demand and supply(eg, efficiency-wage)The model: P P = ()Y F L =()(),0Ww L w P′=•≥ realwage function Conclusions: flat aggregate supply curve Unemployment in figure 5.14Case 4: sticky wages, flexible prices, and imperfect competition Assumptions: …… The goods market is imperfectly competitive, price is a markup over marginal cost. The model: W W = ()Y F L =()()WP L F L μ=′Conclusions: ()L μis constant, the real wage is countercyclical, AS curve slopes up.()L μis sufficiently countercyclical, the real wage can be acyclical or procyclical;a particular simple case occurs when ()L μ is precisely as countercyclical as ()F L ′, the real wage isconstant; AS curve is horizontal.()L μ is more countercyclical than ()F L ′, then P must fall when L rises, and sothe aggregate supply curve is actually dowanward-sloping.● Output-inflation tradeoffs1. a permanent output-inflation tradeofffixed wages, flexible prices, and a competitive goods market wages are adjusted to make up for the previous period’s inflation()()()1,0,0,0t t t t t t tW AP A Y F L F F W F L P −=>′′′=><′=Figre5.16 show a permanent output inflation trade off2. the natural rateFriedman and Phelps’s arguments:A shift by policymakers to permanently expansionary policy would, sooner or later, change the way that prices or wages are set.Natural-rate hypothesis: there is some normal or natural rate of unemployment, and that monetary policy cannot keep unemployment below this level indefinitely.The empirical downfall of the stable unemployment-inflation tradeoff is illustrated by FigureReasons:Aggregate supply shockHigh inflation change how prices and wages were set 3. the expectations-augmented Phillips curvelong-run aggregate supply: vertical, disturbances on the demand side of the economy do not affect output in the long run. Natural rate of output, potential or full-employment output.Short-run aggregate supply:a typical modern Keynesian formulation of aggregate supply: (expectations-augmented Phillips curve)(1) upward-sloping (2) supply shocks(3) adjustment to past and expected future inflation is assumed to be more complicated()*1ln ln ln ln ,0S t t t t t t P P Y Y πλελ−=++−+>Or ()*ln ln St t t t t Y Y ππλε=+−+*t π is known as core or underlying inflation(equal to inflation when its natural rate and where are nosupply shocks) Case 1:*1t t ππ−= (5.37)With this formulation, there is a trade off between output and the change in inflation, but no permanent tradeoff between output and inflation. And any level of inflation is sustainable. Back to figure 5.17Drawbacks:Responding interval Economic environment:Could Policymakers push output permanently above its natural rate if they are willing to accept ever increasing inflation?Case 2:()ln ln e S t t t t t Y Y ππλε=+−+ (5.38)This equation implies that unless expectations are grossly irrational, no policy can permanently raise output above its natural rate, since that requires that workers’ and firms’ forecasts of inflation are always too low.Limitations:Microeconomic foundations IrrationalityCase 3:()()11ln ln ,01e S t t t t t t Y Y πφπφπλεφ−=+−+−+≤≤Part B Microeconomic Foundations of incomplete nominal adjustmentReal disturbance and nominal disturbance Incomplete adjustment of nominal prices and wages Nominal imperfections: The nominal imperfection is that producers do not observe the aggregate price level; as a result, they make their production decisions without full knowledge of the relative prices they will receive for their goods.Monetary shocks have real effects because not all prices or wages are adjusted simultaneously. The real effects of monetary changes stem from small costs of changing nominal prices or wages or form some other small friction in nominal adjustments.the Lucas imperfection-information modelCentral idea:Two types of shocks: random shifts in preferences Money supply disturbances● the case of perfect informationproducer behavio r(representative producer of a typical good):production function:i i Q L = (6.1) consumption function: i ii PQ C P=(6.2) utility function: 1,1i i i U C L γγγ=−> (6.3)the individual chooses i L to maximize utility taking i P and P asgiven. f.o.c: ()1/1i i P L P γ−⎛⎞=⎜⎟⎝⎠or ()11i i l p p γ=−− (6.6) thus the individual’s labor supply and production are increasing in the relative price of his or her product.demandthe demand for a given good is assumed to depend on three factors: real income, the good’s relative price, and a random disturbance to preferences.(),0i i i q y z p p ηη=+−−> (6.7) i y q =,log aggregate real incomeη is the elasticity of demand for each goodsi z mean of zero across goods, purely relative demand shocksi p p =Thus, the equation state that the demand for a good is higher when total production is higher, when its price is low relative to other prices, and when individual have stronger preferences for it.Aggregate demand side: y m p =−equilibrium demand=supply()()11ii i p p y z p p ηγ−=+−−− Solving this expression for i p and then calculating the average of the i p 0y = p m =Money is neutral in this version of the model: an increase in m leads an equal increase in all i p ’s, and hence in the overall price index, p. no real variables are affected.● the case of imperfect informationdefining the relative price of good I by i i r p p =−, we can write i i p p r =+ certainty-equivalence, equation (6.6) becomes 11i i i l E r p γ=⎡⎤⎣⎦−i i E r p ⎡⎤⎣⎦is assumed to be the true expectation of i r given i p and given the actual jointdistribution of the two variables.Assumptions:Monetary shock: normal distribution, []E m , m VPreferences shocks: normal distribution, 0, z Vp : normal distribution, []E m ,p V i r : normal distribution, 0, r Vi i p p r =+: normal distribution, []0E m +,p r V V +……thus,[]ri i i p rV E r p p E p V V ⎡⎤⎡⎤=−⎣⎦⎣⎦+ (6.19) (1) if i p equals its mean, then the expectation of i r equals its mean.(2) The expectation of i r exceeds its mean if i p exceeds its mean, and is less than its mean ifi p is less than its mean.(3) The fraction of the departure of i p from its mean that is estimated to be due to thedeparture of i r from its mean isrp rV V V +; this is the fraction of the overall variance ofi p .Substituting (6.19) into (6.17) yields the individual’s labor supply:[][]11r i i p ri V l p E p V V b p E p γ⎡⎤=−⎣⎦−+⎡⎤≡−⎣⎦(6.20) And Lucas supply curve:[]y b p E p ⎡⎤=−⎣⎦ (6.21)The departure of output from its normal level is an increasing function of the surprise in the price level.The Lucas supply curve is essentially the same as the expectations augmented Phillips curve of chapter 5 with core inflation replaced by expected inflation.EquilibriumAggregate demand(6.10)= aggregate supply(6.21)[]111b p m E p b b =+++ (6.22) []11b b y m E p b b=−++ (6.23)Calculating []E p using equation (6.22) [][]()11p E m m E m b=+−+ (6.26) []()1by m E m b=−+ (6.27) Key implications of the model: the component of aggregate demand that is observed, []E m , affects only prices, but the component that is not observed, []m E m − has real effects.The expression of b (6.28)Confirmation of the assumptions● implications and limitations1. the Phillips curve and the Lucas critiquem is random walk with drift:1t t t m m c u −=++Observed term: 1t m c −+; unobserved term: t u Thus from (6.26) and (6.27), 111t t t p m c u b−=+++ (6.31) 1t t by u b=+ (6.32) The rate of inflation is thus1111t t t b c u u b bπ−=++++ (6.33) From equations (6.32) and (6.33), we get a positive relationship between output and inflation---aPhillips curve .Lucas critique : if policymakers attempt to take advantage of statistical relationships, effects operating through expectations may cause the relationships to break down. Egs: Phillips curve Temporary changes in taxes2. anticipated and unanticipated moneyMonetary policy can stabilize output only if policy-makers have information that is not available to private agents. Any portion of policy that is a response to publicly available information is irrelevant to the real economy.If the government observes variables correlated with disturbance that are not known to the public, itcan use this information to stabilize output.Staggered price adjustmentImportance of microeconomic foundations of nominal price and wage rigidity:(1) Aggregate demand policy can be stabilizing even under rational expectations if prices andwages are not flexible.(2) Nominal rigidity could be derived from optimizing behavior.(3) The models show that interactions among price-setters can either magnify or dampen theeffects of barriers to price adjustment.● A model of imperfect competition and price-settingAssumptions (variant of Lucas model):Imperfect competition in product market: everyone is the sole producer of that good and sets price of their goods.Competitive labor marketNo shocks to the demands for the individual goods: ()1i i q y p p ηη=−−>， Sellers are assumed not to ration customers Utility functions: ()1i i i i iP W Q WL U L Pγγ−+=−Aggregate demand: y m p =−Individual behavior (first order conditions): The price of her good:1i P W P Pηη=− Producer with market power sets price as a markup over marginal cost, with the size of markup determined by the elasticity of demand.Labor supply: ()1/1i W L P γ−⎛⎞=⎜⎟⎝⎠Labor supply is an increasing function of the real wage; the elasticity is ()1/1γ−.Equilibrium:Optimal prices:()*ln11i p p y c yηγηφ−=+−−=+ Equilibrium output: ()1/11Y γηη−⎛⎞=⎜⎟−⎝⎠Equilibrium price level: ()1/11M P γηη−=⎛⎞⎜⎟−⎝⎠Implications:1. When producers have market power, they produce less than the socially optimal amount.The gap is greater when producers have more market power and when labor supply is more responsive to the real wage.2. Equilibrium output is less than optimal, a boom therefore brings output close to the socialoptimum, where a recession pushes it farther away.3. Aggregate demand externality(operate through the overall demand for goods). Reduction inall prices and aggregate output rises.4. Imperfect competition alone does not imply monetary nonneutrality.5. Price-setter’s optimal relative price is increasing in aggregate output.()*1i p c p m φφ=+−+● Predetermined pricesAssumptions:In any given period, half of the individuals are setting their prices for the next two periods. Thus at any point, half of the prices in effect are those set the previous period, and half are those set two periods ago.The desired price of individual I in period t: ()*1it t t p m p φφ=+−The behavior of m is treated as exogenous and the information about the m may be revealed gradually.Solving the model: Average price: ()1212t t t p p p =+ Pricing behaviors: ()()1*1211112t t it t t t t p E p E m p p φφ−−==+−+ ()()2*12222112t t it t t t t t p E p E m E p p φφ−−−==+−+Solutions: ()121221t t t t t t t p E m E m E m φφ−−−=+−+ 22t t t p E m −= ()2121t t t t t t t p E m E m E m φφ−−−=+−+()()12111t t t t t t t t y E m E m m E m φ−−−=−+−+ Implications:(1) unanticipated aggregate demand shifts (1t t t m E m −−)have real effects.(2) Aggregate demand shifts that become anticipated ()12t t t t E m E m −−−after the first prices are setaffect output and price.11φ+ to output and 1φφ+to prices. The reason that the monetary is notneutral is that not all prices are completely flexible in the short run.(3) Policy rules can stabilize the economy.(4) Interactions among prices-setters can either increase or decrease the effects of microeconomic pricestickiness. (5) Output dose not depend on 2t t E m −.● Fixed pricesAssumptions:An individual setting a price in period t does so for period t and t+1 and with the same price for those two periods.m is a random walk: 1t t t m m u −=+ price set in period t: ()**112t it t it x p E p +=+ solving for()()11121121t t t t tx A x E x A m A φφ−+=++−−=+the method of undetermined coefficients guess: 1t t t x x m μλυ−=++if 1t t x m −=, then t t x m =. So ()11t t t x x m λλ−=+−.λ=solves the model: if price-setters believe that others are using that rule to set their prices,they find it in their own interests to use that same rule.Behavior of output: 112t t t y y u λλ−+=+Implications:(1) Shocks to aggregate demand have long-lasting effect on output---effects that persist even after allprice-setters have changed their prices.(2) The economy exhibits price-level inertia.(3)1φ<=>, gradual/full/oscillatory adjustment.● The caplin-spulber modelTime-dependent pricing and state-dependent pricingSs pricing policym changes continuously and initial distribution of *i i p p − across price-setters is uniform between s and S.under these assumptions, money is completely neutral in the aggregate despite the price stickiness at the level of the individual price-setters.Part C new Keynesian economics● Are small frictions enough?General considerationsConstant nominal prices are thus an equilibrium if, when all other firms hold their prices fixed, the maximum gain to a representative firm from changing its price is less than then the menu cost of price adjustment.Figure 6.3 analyze the issue using the marginal revenue-marginal cost diagram. (fall in aggregate demand with other prices unchanged)The firm’s incentive to reduce its price may be small even if it is harmed greatly by the fall in demand. There is no contradiction between the view that recessions have large costs and the hypothesis that they are caused by falls in aggregate demand and small barriers to price adjustment.A quantitative exampleProfit income: ()()()()()()1/11//////i i i i i i i Y P P P P W P Y P P P P Y P P M M P P P P ηηνηηννπ−−−−+⎡⎤=−⎣⎦⎡⎤=−⎣⎦⎛⎞⎛⎞⎛⎞=−⎜⎟⎜⎟⎜⎟⎝⎠⎝⎠⎝⎠(6.88) νis the elasticity of labor supply. Profit maximizing real price: ()()1//1/i P M P P νηη⎡⎤=−⎣⎦. If the firm does not adjust its price, then we have i P P =. Substituting this into (6.88) yields()1/FIXED M M P P ννπ+⎛⎞=−⎜⎟⎝⎠If the firm does adjust its price, it sets it to the profit-maximizing value, ()()1//1/M P νηη⎡⎤−⎣⎦. Substituting this into (6.88) yields()1/111ADJ M P ηνηνηπηη−+−⎛⎞⎛⎞=⎜⎟⎜⎟−−⎝⎠⎝⎠0.1,5νη==, 3% fall in M, 0.253ADJ FIXED ππ−=.This calculation implies that the representative firm’s incentive to pay the menu cost in response to a 3 percent change in output is about a quarter of revenue. No plausible cost of price adjustment can prevent firms from changing their prices in the face of this incentive.A second quantitative example (labor-market imperfections, Ball and Romer, 1990): Efficient wage (real wage function): W AY Pβ= (compared to 1/Y ν) β is the elasticity of the real wage with respect to aggregate outputProfit income function: 11i i i P P M M A P P P P ηηβπ−−+⎛⎞⎛⎞⎛⎞=−⎜⎟⎜⎟⎜⎟⎝⎠⎝⎠⎝⎠ Profit maximizing real price:()/1i P AY Pβηη⎡⎤=−⎣⎦ 1FIXED M M P P βπ+⎛⎞=−⎜⎟⎝⎠ 11111ADJ M AP ηββηηηπηη−+−−⎛⎞⎛⎞=⎜⎟⎜⎟−−⎝⎠⎝⎠0.1β=… the gain from changing its price is approximately 0.0018 percent of the revenue0.25β=…………………………………………………… 0.03This example shows how real rigidity and small barriers to nominal price adjustment can produce a large amount of nominal rigidity.● Animal spirit。
宏观经济学之消费Consumption
Indifference curves A graphical representation of preferences that shows
different combinations of goods producing(产生,引起)the same level of satisfaction. Marginal rate of substitution (MRS)
A restriction on the amount a person can borrow from financial institutions, limiting that person's ability to spend his/her future income today; also called a liquidity constraint.
A Borrowing Constraint
lf the consumer cannot borrow, he faces the additional constraint that first-period consumption cannot exceed first-period income. The shaded area represents the combination of first-period and second-period consumption the consumer can choose.
Permanent income Income that people expect to persist(持续,存留)into the future;
normal income. Transitory income (暂时收入)
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Consumption
A simple notion of the the relationship between consumption and income (aggregate) ¯ + c (Y + TR ¯ − TA ¯ ) with Recall C = C
¯ = Autonomous Consumption,C ¯ >0 C c = Marginal Propensity to Consume (MPC), 0 < c < 1
Given an income stream, must decide how much to consume from current income and how much to save (or borrow)
y1 and y2 are income in periods 1 and 2 respectively. These are set exogenously. c1 and c2 are consumption in periods 1 and 2 respectively. The consumer gets to choose c1 and c2 subject to affordability constraints.
Y
X (1 + r ) =
⇒ ⇒ (1 + i ) = (1 + π )(1 + r ) which is closely approximated as i = π + r
Y 1+π X (1+i ) X (1 + r ) = 1+π
Goldbaum (UTS)
Lecture 9
Macro 2014
Period 2: period 2 income plus any savings are available for period 2 consumption (1 + r )s + y2 ≥ c2 (2) Intertemporal budget constraint (ITBC): Solve (1) for s , plug into (2) c1 + c2 y2 ≤ y1 + 1+r 1+r
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Outline
1
Consumption, Savings and Investment Discounting Simple Consumption Function 2-Period Consumption Decisions Advanced Notions of Consumption Firm’s Decision on Capital Cost and benefits of owning capital Market equilibrium源自Goldbaum (UTS)
Lecture 9
Macro 2014
9 / 26
Consumption
Want to explain savings as a conscious consumer decision Gain an understanding of consumer behavior through a 2-period model of lifetime consumption and income.
Intermediate Macroeconomics
Lecture 9 Lectured by Elham Pour Azarm
Economics Discipline Group University of Technology Sydney
Goldbaum (UTS)
Lecture 9
Macro 2014
¯ − NX ¯ so that in the goods market From NIPA, S = Y − C − G equilibrium I (r ) = S = Y − C (Y ) − G − NX Y adjust to maintain this equality
For r ↑⇒ I ↓, then Y ↓ so that (Y − C (Y )) ↓ and S ↓ For G ↑, then Y ↑ so that (Y − C (Y )) ↑ and S stays unchanged
Savings today is a decision to forgo consumption today in favor of consumption in the future Household savings represents the supply side of the investment market
The value today of a future payment t periods away is β t U (X )
Goldbaum (UTS)
Lecture 9
Macro 2014
6 / 26
Interest
Using interest to measure value across time Consider $Xt as a dollar amount today Consider $Yt +1 as a dollar amount available 1 year from today At nominal interest rate i , the market value of $Xt and $Yt +1 are equivalent if:
Normally, non-satiated consumers will use all resources on consumption c2 y2 c1 + = y1 + (3) 1+r 1+r Interpretation of ITBC: The total present discount value (PDV) of lifetime consumption is equal to the total PDV of lifetime income
There is some value Y > X such that Ut (Xt ) = Ut (Yt +1 )
β is a “discount factor” that converts future utility values to their present value equivalent so that Ut (Xt ) = Ut (Yt +1 ) = β Ut +1 (Yt +1 ) The time subscripts can be dropped from the utility function.
Firms determine how much capital they need in order to maximize profits.
Demand side of the investment market
Interest rates are determined by market forces in order to balance savings with investment.
Goldbaum (UTS)
Lecture 9
Macro 2014
7 / 26
Interest
Interest in the presence of inflation A lender lends $Xt today and receives back $Yt +1 one year from today where Yt +1 = Xt (1 + i ). Inflation reduces the purchasing power of the $Yt +1
Save s today. Next year will have (1 + r )s Borrowing is captured by s < 0. A household that borrows “earns” (1 + r )s next year. Since this is negative, it represents how much is owed.
2
3
Goldbaum (UTS)
Lecture 9
Macro 2014
2 / 26
Investment
Investment should be understood as the product two parties interacting in the market for savings/investment Households balances the value of consumption today against the value consumption at some future date
Goldbaum (UTS)
Lecture 9
Macro 2014
10 / 26
Consumption
Build on the notion of the consumer household A household can save or borrow at the same real interest rate of r .
Goldbaum (UTS) Lecture 9 Macro 2014 12 / 26
Yt +1 = Xt (1 + i ) or Xt =
Y t +1 1+i
Present Discounted Value (PDV): Xt =
Yt +1 1+i