产品市场和货币市场的一般均衡概述
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——MEI也被称为internal rate of return，它 更准确表达投资与利率之间的关系。
10.04.2020
8
第二节：IS 曲线
10.04.2020
从简单的国民收入决定理论得知，在两部门经济 中，产品市场的均衡条件是：S=I。根据这个条 件，可以推导出IS曲线，即产品市场均衡的曲线， 该曲线说明：在产品市场均衡条件下，收入水平 Y和利率水平r之间的关系：
PV
A(11i)
1 (1i)2
1 (1i)3
1 (1i)n
上式的PV代表现值，i代表利率（也就是投资者的预 期利润率），如果有一个i使得这个等式成立，这个i 就是MEC。（见课本P. 477的例子）
10.04.2020
7
资本的边际效率（MEC）与投资的边际效 率（Marginal efficiency of investment, MEI）的区别：
——The MEI takes specific account of the fact that the supply price of capital assets will rise in the short run as all firms simultaneously seek to increase the size of their capital stock.
9
一、IS曲线及其推导
1、用公式法推导IS曲线（The derivation of the IS curve）（参阅教材第481－482页）
假定：两部门经济、投资函数为：i=e－dr 均衡条件：y=(α＋e－dr)/1－β 从以上均衡条件可以看出，α、β、 e、d都是参数，只
产品市场和货币市场的一般均衡概述
路漫漫其悠远
少壮不努力，老大徒悲伤
Learning Objectives
In this chapter, you will learn about:
Determination of Investment The goods market and the IS relation Money market and the LM relation The IS—LM model A framework of Keynes’ theory
10.04.2020
2
第一节：投资的决定
10.04.2020
In chapter 2 and 3, we defined national income as the sum of consumption, investment , government spending, and net export. The main simplification of the identity was that the interest rate did not affect investment. Our first task in this chapter is to remove this simplification and discussion of the effect of the interest rate on investment.
An increase in the interest rate decrease investment. The decrease in investment leads to decrease in output, which further decrease consumption and investment. In other words, the initial decrease in investment leads to a larger decrease in output through the multiplier effect.
实际利率（real interest rate）：根据通货膨胀调 整之后的借贷的成本。
费雪方程式（Fisher equation）：r=i-π
(r代表实际利率，i代表名义利率，π代表通货膨胀 率）
投资大小取决于实际利率的高低：i=i(r)，投资与 实际利率成负相关。
10.04.2020
5
二、资本的边际效率
3
一、投资函数（Investment Function）
10.04.2020
Investment depends on primarily on two factors:
The level of sales. A firm facing an increase in sales needs to increase production. A firm facing low sales will feel no such need and spending little on investment
Rate of discount: The interest rate used to discount a sequence of future payments.
10.04.2020
6
一项投资未来收益的现值与利率高低有关：
PV
A1 (1i)
A2 (1i)2
来自百度文库
A3 (1i)3
An (1i)n
当未来每年收入相同时
The interest rate. The higher the interest rate, the less likely the firm is to borrow and buy the machine.
4
投资取决于实际利率
名义利率（nominal interest rate）：银行支付的 利率，即：没有根据通货膨胀调整的借贷的成本。
Marginal efficiency of capital: That unique rate of discount which would make the present value of the expected net returns from a capital asset just equal to its supply price when there is no rise in the supply price of the asset.
10.04.2020
8
第二节：IS 曲线
10.04.2020
从简单的国民收入决定理论得知，在两部门经济 中，产品市场的均衡条件是：S=I。根据这个条 件，可以推导出IS曲线，即产品市场均衡的曲线， 该曲线说明：在产品市场均衡条件下，收入水平 Y和利率水平r之间的关系：
PV
A(11i)
1 (1i)2
1 (1i)3
1 (1i)n
上式的PV代表现值，i代表利率（也就是投资者的预 期利润率），如果有一个i使得这个等式成立，这个i 就是MEC。（见课本P. 477的例子）
10.04.2020
7
资本的边际效率（MEC）与投资的边际效 率（Marginal efficiency of investment, MEI）的区别：
——The MEI takes specific account of the fact that the supply price of capital assets will rise in the short run as all firms simultaneously seek to increase the size of their capital stock.
9
一、IS曲线及其推导
1、用公式法推导IS曲线（The derivation of the IS curve）（参阅教材第481－482页）
假定：两部门经济、投资函数为：i=e－dr 均衡条件：y=(α＋e－dr)/1－β 从以上均衡条件可以看出，α、β、 e、d都是参数，只
产品市场和货币市场的一般均衡概述
路漫漫其悠远
少壮不努力，老大徒悲伤
Learning Objectives
In this chapter, you will learn about:
Determination of Investment The goods market and the IS relation Money market and the LM relation The IS—LM model A framework of Keynes’ theory
10.04.2020
2
第一节：投资的决定
10.04.2020
In chapter 2 and 3, we defined national income as the sum of consumption, investment , government spending, and net export. The main simplification of the identity was that the interest rate did not affect investment. Our first task in this chapter is to remove this simplification and discussion of the effect of the interest rate on investment.
An increase in the interest rate decrease investment. The decrease in investment leads to decrease in output, which further decrease consumption and investment. In other words, the initial decrease in investment leads to a larger decrease in output through the multiplier effect.
实际利率（real interest rate）：根据通货膨胀调 整之后的借贷的成本。
费雪方程式（Fisher equation）：r=i-π
(r代表实际利率，i代表名义利率，π代表通货膨胀 率）
投资大小取决于实际利率的高低：i=i(r)，投资与 实际利率成负相关。
10.04.2020
5
二、资本的边际效率
3
一、投资函数（Investment Function）
10.04.2020
Investment depends on primarily on two factors:
The level of sales. A firm facing an increase in sales needs to increase production. A firm facing low sales will feel no such need and spending little on investment
Rate of discount: The interest rate used to discount a sequence of future payments.
10.04.2020
6
一项投资未来收益的现值与利率高低有关：
PV
A1 (1i)
A2 (1i)2
来自百度文库
A3 (1i)3
An (1i)n
当未来每年收入相同时
The interest rate. The higher the interest rate, the less likely the firm is to borrow and buy the machine.
4
投资取决于实际利率
名义利率（nominal interest rate）：银行支付的 利率，即：没有根据通货膨胀调整的借贷的成本。
Marginal efficiency of capital: That unique rate of discount which would make the present value of the expected net returns from a capital asset just equal to its supply price when there is no rise in the supply price of the asset.