曼昆《宏观经济学》(第五版)课堂讲义PPT(英文)Ch11
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Chapter Eleven 5
Chapter Eleven
6
+M
Consider an increase in the money supply. r IS LM LM A B
Y The LM curve shifts downward and lowers the interest rate which raises income. Why? Because when the Fed increases the supply of money, people have more money than they want to hold at the prevailing interest rate. As a result, they start depositing this extra money in banks or use it to buy bonds. The interest rate r then falls until people are willing to hold all the extra money that the Fed has created; this brings the money market to a new equilibrium. The lower interest rate, in turn has ramifications for the goods market. A lower interest rate stimulates planned investment, which increases planned expenditure, production, and income Y.
LM(P2)
LM(P0)
P
LRAS
Y
P2 P0
C
B A SRAS AD´ AD
Chapter Eleven
Y Y´ Y 12 *
For the variables Y, P and r, you can read the effects right off the diagrams. Remember that LR is the movement from A to C. r Y 0, because rising P shifts LM to left, returning Y to Y* as required by long-run LRAS. P +, in order to eliminate the excess demand at P . 0 r +, reflecting the leftward shift in LM due to +P C 0, since both Y and T are back to their initial P levels (C=C(Y-T)) I – – , since r has risen even more due to the P2 +P. P0 IS IS´ C A B
Chapter Eleven
3
Chapter Eleven
4
+G
Consider an increase in government purchases. This will raise the level of income by G/(1- MPC)
r
IS IS´ A B
LM
Y
The IS curve shifts to the right by G/(1- MPC) which raises income and the interest rate.
Chapter Eleven 7
The IS-LM model shows that monetary policy influences income by changing the interest rate. This conclusion sheds light on our analysis of monetary policy in Chapter 9. In that chapter we showed that in the short run, when prices are sticky, an expansion in the money supply raises income. But, we didn’t discuss how a monetary expansion induces greater spending on goods and services--a process called the monetary transmission mechanism. The IS-LM model shows that an increase in the money supply lowers the interest rate, which stimulates investment and thereby expands the demand for goods and services.
+G
Suppose there is a +G.
Y = C (Y-T) + I(r) + G
This translates into a rightward shift of the IS and AD curves.
r In the short-run, we move along SRAS from point A to point B. But as the output market clears, in the long-run, the price level will increase from P0 to P2. This +P decreases the value of real money balances, which translates into a leftward shift of the LM curve. M/ P = L (r, Y) Finally, this leaves us at point C in both diagrams.
LM(P2)
LM(P0)
LRAS C B A
Y
SRAS AD´ AD
13
Y Y´ Y *
Chapter Eleven
Suppose there is a +M.
M/ P = L (r, Y)
Look at the appropriate equation that captures the M term: Notice that M\ was increased, thus increasing the value of the real money supply which translates into a rightward shift of the LM and AD curves. LM(P0) In the short-run, we move along SRAS from r IS LM point A to point B. A= C But as the output market clears, in the long-run, B the price level will increase from P0 to P2. This +P decreases the value of the real money supply which translates into a leftward shift of the LM curve. M/ P = L (r, Y) Finally, this leaves us at point C in both diagrams.
Chapter Eleven
IS IS´ C A B
LM (P2) LM(P0)
P P2 P0wk.baidu.com
LRAS C B A
Y
SRAS AD´ AD
11
Y
Remember that SR is the movement from A to B.
Now it’s time to determine the effects on the variables in the economy. For the variables Y, P, and r, you can read the effects right off the diagrams. Y +, because Y moved from Y* to Y´ P 0, because prices are sticky in the SR. r +, because a +Y leads to a rise in r as IS slides along the LM curve. C +, because a +Y increases the level of consumption (C=C(Y-T)). I – , since r increased, the level of investment decreased. r IS IS´ C A B
Chapter Eleven
8
Chapter Eleven
9
You probably noticed from the IS and LM diagrams that r and Y were on the two axes. Now we’re going to bring a third variable, the price level (P) into the analysis. We can accomplish this by linking both twodimensional graphs. LM(P2) To derive AD, start at point A in the top r IS LM(P1) graph. Now increase the price level from P1 to P2. B An increase in P lowers the value of real money A balances, and Y, shifting LM leftward to point B. Notice that r increased. Since r increased, we know Y that investment will decrease as it just got more P costly to take on various investment projects. This B P2 sets off a multiplier process since -I causes a –Y. A P1 The - Y triggers -C as we move up the IS curve. AD The +P triggers a sequence of events that end Y with a -Y, the inverse relationship that defines 10 Chapter Eleven the downward slope of AD.
®
A PowerPointTutorial to Accompany macroeconomics, 5th ed. N. Gregory Mankiw
CHAPTER ELEVEN Aggregate Demand II
Mannig J. Simidian
Chapter Eleven 1
Now that we’ve assembled the IS-LM model of aggregate demand, let’s apply it to three issues: 1) Causes of fluctuations in national income
2) How IS-LM fits into the model of aggregate supply and aggregate demand
3) The Great Depression
Chapter Eleven
2
The intersection of the IS curve and the LM curve determines the level of national income. When one of these curves shifts, the short-run equilibrium of the economy changes, and national income fluctuates. Let’s examine how changes in policy and shocks to the economy can cause these curves to shift.
Chapter Eleven
6
+M
Consider an increase in the money supply. r IS LM LM A B
Y The LM curve shifts downward and lowers the interest rate which raises income. Why? Because when the Fed increases the supply of money, people have more money than they want to hold at the prevailing interest rate. As a result, they start depositing this extra money in banks or use it to buy bonds. The interest rate r then falls until people are willing to hold all the extra money that the Fed has created; this brings the money market to a new equilibrium. The lower interest rate, in turn has ramifications for the goods market. A lower interest rate stimulates planned investment, which increases planned expenditure, production, and income Y.
LM(P2)
LM(P0)
P
LRAS
Y
P2 P0
C
B A SRAS AD´ AD
Chapter Eleven
Y Y´ Y 12 *
For the variables Y, P and r, you can read the effects right off the diagrams. Remember that LR is the movement from A to C. r Y 0, because rising P shifts LM to left, returning Y to Y* as required by long-run LRAS. P +, in order to eliminate the excess demand at P . 0 r +, reflecting the leftward shift in LM due to +P C 0, since both Y and T are back to their initial P levels (C=C(Y-T)) I – – , since r has risen even more due to the P2 +P. P0 IS IS´ C A B
Chapter Eleven
3
Chapter Eleven
4
+G
Consider an increase in government purchases. This will raise the level of income by G/(1- MPC)
r
IS IS´ A B
LM
Y
The IS curve shifts to the right by G/(1- MPC) which raises income and the interest rate.
Chapter Eleven 7
The IS-LM model shows that monetary policy influences income by changing the interest rate. This conclusion sheds light on our analysis of monetary policy in Chapter 9. In that chapter we showed that in the short run, when prices are sticky, an expansion in the money supply raises income. But, we didn’t discuss how a monetary expansion induces greater spending on goods and services--a process called the monetary transmission mechanism. The IS-LM model shows that an increase in the money supply lowers the interest rate, which stimulates investment and thereby expands the demand for goods and services.
+G
Suppose there is a +G.
Y = C (Y-T) + I(r) + G
This translates into a rightward shift of the IS and AD curves.
r In the short-run, we move along SRAS from point A to point B. But as the output market clears, in the long-run, the price level will increase from P0 to P2. This +P decreases the value of real money balances, which translates into a leftward shift of the LM curve. M/ P = L (r, Y) Finally, this leaves us at point C in both diagrams.
LM(P2)
LM(P0)
LRAS C B A
Y
SRAS AD´ AD
13
Y Y´ Y *
Chapter Eleven
Suppose there is a +M.
M/ P = L (r, Y)
Look at the appropriate equation that captures the M term: Notice that M\ was increased, thus increasing the value of the real money supply which translates into a rightward shift of the LM and AD curves. LM(P0) In the short-run, we move along SRAS from r IS LM point A to point B. A= C But as the output market clears, in the long-run, B the price level will increase from P0 to P2. This +P decreases the value of the real money supply which translates into a leftward shift of the LM curve. M/ P = L (r, Y) Finally, this leaves us at point C in both diagrams.
Chapter Eleven
IS IS´ C A B
LM (P2) LM(P0)
P P2 P0wk.baidu.com
LRAS C B A
Y
SRAS AD´ AD
11
Y
Remember that SR is the movement from A to B.
Now it’s time to determine the effects on the variables in the economy. For the variables Y, P, and r, you can read the effects right off the diagrams. Y +, because Y moved from Y* to Y´ P 0, because prices are sticky in the SR. r +, because a +Y leads to a rise in r as IS slides along the LM curve. C +, because a +Y increases the level of consumption (C=C(Y-T)). I – , since r increased, the level of investment decreased. r IS IS´ C A B
Chapter Eleven
8
Chapter Eleven
9
You probably noticed from the IS and LM diagrams that r and Y were on the two axes. Now we’re going to bring a third variable, the price level (P) into the analysis. We can accomplish this by linking both twodimensional graphs. LM(P2) To derive AD, start at point A in the top r IS LM(P1) graph. Now increase the price level from P1 to P2. B An increase in P lowers the value of real money A balances, and Y, shifting LM leftward to point B. Notice that r increased. Since r increased, we know Y that investment will decrease as it just got more P costly to take on various investment projects. This B P2 sets off a multiplier process since -I causes a –Y. A P1 The - Y triggers -C as we move up the IS curve. AD The +P triggers a sequence of events that end Y with a -Y, the inverse relationship that defines 10 Chapter Eleven the downward slope of AD.
®
A PowerPointTutorial to Accompany macroeconomics, 5th ed. N. Gregory Mankiw
CHAPTER ELEVEN Aggregate Demand II
Mannig J. Simidian
Chapter Eleven 1
Now that we’ve assembled the IS-LM model of aggregate demand, let’s apply it to three issues: 1) Causes of fluctuations in national income
2) How IS-LM fits into the model of aggregate supply and aggregate demand
3) The Great Depression
Chapter Eleven
2
The intersection of the IS curve and the LM curve determines the level of national income. When one of these curves shifts, the short-run equilibrium of the economy changes, and national income fluctuates. Let’s examine how changes in policy and shocks to the economy can cause these curves to shift.