第7章 非均衡分析的货币理论(货币理论与政策-上海外贸学院,王志伟)

《当代货币金融理论》金融学院系列课程

第7章非均衡分析的货币理论

Dr.王志伟

Jerald_wang@

Economics & Change

第一节非均衡分析与凯恩斯经济学

第二节货币经济的交易结构与货币经济理论Mercer Human Resource Consulting

《当代货币金融理论》

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©COPYRIGHT 2005 by Dr.王志伟

第一节

非均衡分析与凯恩斯经济学

1、传统经济学认为凯恩斯理论是一般均衡理论

希克斯商品市场和货币市场均衡的ISLM模型

两个市场的均衡决定均衡利率和产出的模型

帕廷金四个市场的均衡

The Goods Market

and the IS Relation

Equilibrium in the goods market exists when production, Y, is equal to the demand for goods, Z.

In the simple model (in chapter 3), the interest rate did not affect the demand for goods. The equilibrium condition was given by:

()

Y C Y T I G

=−++

Investment, Sales (Y), and the Interest Rate (i)

Now, we no longer assume I (investment) is constant

We capture the effects of two factors affecting investment:–The level of sales/income (+)

–The interest rate (-)

=(,)

I I Y i

The Investment Demand Schedule

Including interest rates in the model implies that

investment spending is endogenous

The investment spending function (9.1) is:

I I b i

=−

–where i is the rate of interest and b measures the

responsiveness of investment spending to the

interest rate

–Autonomous investment is I

The Determination of Output

Taking into account the investment relation above, the equilibrium condition in the goods market becomes:

()(,)

=−++

Y C Y T I Y i G

With investment dependent upon interest rates the new AD function (9.2, 9.3) is:

()NX

G I cTR C A bi

Y t c A AD ++++=−−+≡1–A higher interest rate reduces investment spending which reduces AD for a given level of income –Autonomous investment is still a component of autonomous spending

A

We can derive the IS curve by using the goods market equilibrium condition AD = Y This gives the IS equation (9.5) ()

()1

11αα=−≡−−G G Y A bi c t

The Determination of Output

The demand for goods is

an increasing function of

output. Equilibrium

requires that the demand

for goods be equal to

output.

Equilibrium in the Goods

Market

Deriving the IS

Curve

An increase in the interest

rate decreases the demand

for goods at any level of

output.

The Effects of an Increase

in

the Interest Rate on

Output

Deriving the IS Curve

The Derivation of the IS

Curve

The IS Curve Shifts of the IS Curve

An increase in taxes...