中级宏观IS模型课件ch03PPT文件格式下载.ppt
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中级宏观IS模型课件ch03PPT文件格式下载.ppt
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TheGoodsMarketCopyright2009PearsonEducation,Inc.PublishingasPrenticeHallMacroeconomics,5/eOlivierBlanchardMOTIVATINGQUESTION1.Howisoutputdeterminedintheshortrun?
Outputisdeterminedbyequilibriuminthegoodsmarketbytheconditionthatsupplyequalsdemand.Thisconditionalwaysdeterminesoutput,butintheshortrun,weassumethatproductionadjustsautomaticallytooutputwithoutchangesinprice.intheshortrun,outputiseffectivelydeterminedbydemand.inthischapter,investmentisexogenous(andthereforeindependentoftheinterestrate),sothereisnoneedtoconsidersimultaneousequilibriuminthegoodsandfinancialmarkets.2of32Chapter3:
TheGoodsMarketCopyright2009PearsonEducation,Inc.PublishingasPrenticeHallMacroeconomics,5/eOlivierBlanchard9-3IntroductionOneofthecentralquestionsinmacroeconomicsiswhyoutputfluctuatesarounditspotentiallevelInbusinesscycleboomsandrecessions,outputrisesandfallsrelativetothetrendofpotentialoutputThischapteroffersafirsttheoryofthesefluctuationsinrealoutputrelativetotrendCornerstoneofthismodelisthemutualinteractionbetweenoutputandspending:
spendingdeterminesoutputandincome,butoutputandincomealsodeterminespendingTheKeynesianmodelofincomedeterminationdevelopsthetheoryofADAssumethatpricesdonotchangeatallandthatfirmsarewillingtosellanyamountofoutputatthegivenlevelofpricesAScurveisflatChapter3:
TheGoodsMarketCopyright2009PearsonEducation,Inc.PublishingasPrenticeHallMacroeconomics,5/eOlivierBlanchardTheKeynesianCrossKeynes:
intheshortrun,aneconomystotalincomewasdeterminedlargelybythespendingplansofhouseholds,businesses,andgovernment.Actualexpenditureistheamounthouseholds,firms,andthegovernmentspendongoodsandservicesPlannedexpenditureistheamounthouseholds,firms,andthegovernmentwouldliketospendongoodsandservices.actualexpendituredifferfromplannedexpenditure.Why?
firmsmightengageinunplannedinventoryinvestmentbecausetheirsalesdonotmeettheirexpectations4of32Chapter3:
TheGoodsMarketCopyright2009PearsonEducation,Inc.PublishingasPrenticeHallMacroeconomics,5/eOlivierBlanchardTheKeynesianCrossasimplemodelAsimpleclosedeconomymodelinwhichincomeisdeterminedbyexpenditure.(duetoJ.M.Keynes)Notation:
I=plannedinvestmentE=C+I+G=plannedexpenditureY=realGDP=actualexpenditureDifferencebetweenactual&
plannedexpenditure=unplannedinventoryinvestmentChapter3:
TheGoodsMarketCopyright2009PearsonEducation,Inc.PublishingasPrenticeHallMacroeconomics,5/eOlivierBlanchardElementsoftheKeynesianCrossconsumptionfunction:
fornow,plannedinvestmentisexogenous:
plannedexpenditure:
equilibriumcondition:
govtpolicyvariables:
actualexpenditure=plannedexpenditureChapter3:
TheGoodsMarketCopyright2009PearsonEducation,Inc.PublishingasPrenticeHallMacroeconomics,5/eOlivierBlanchardGraphingplannedexpenditureincome,output,YEplannedexpenditureE=C+I+GMPC1Chapter3:
TheGoodsMarketCopyright2009PearsonEducation,Inc.PublishingasPrenticeHallMacroeconomics,5/eOlivierBlanchardGraphingtheequilibriumconditionincome,output,YEplannedexpenditureE=Y45Chapter3:
TheGoodsMarketCopyright2009PearsonEducation,Inc.PublishingasPrenticeHallMacroeconomics,5/eOlivierBlanchardTheequilibriumvalueofincomeincome,output,YEplannedexpenditureE=YE=C+I+GEquilibriumincomeChapter3:
TheGoodsMarketCopyright2009PearsonEducation,Inc.PublishingasPrenticeHallMacroeconomics,5/eOlivierBlanchardTheKeynesianCrossmoredetails10of32Chapter3:
TheGoodsMarketCopyright2009PearsonEducation,Inc.PublishingasPrenticeHallMacroeconomics,5/eOlivierBlanchard11of323-1TheCompositionofGDPConsumption(C)referstothegoodsandservicespurchasedbyconsumers.Investment(I),sometimescalledfixedinvestment,isthepurchaseofcapitalgoods.Itisthesumofnonresidentialinvestmentandresidentialinvestment.GovernmentSpending(G)referstothepurchasesofgoodsandservicesbythefederal,state,andlocalgovernments.Itdoesnotincludegovernmenttransfers,norinterestpaymentsonthegovernmentdebt.Chapter3:
TheGoodsMarketCopyright2009PearsonEducation,Inc.PublishingasPrenticeHallMacroeconomics,5/eOlivierBlanchard12of323-1TheCompositionofGDPImports(IM)arethepurchasesofforeigngoodsandservicesbyconsumers,businessfirms,andtheU.S.government.Exports(X)arethepurchasesofU.S.goodsandservicesbyforeigners.Chapter3:
TheGoodsMarketCopyright2009PearsonEducation,Inc.PublishingasPrenticeHallMacroeconomics,5/eOlivierBlanchard13of323-1TheCompositionofGDPInventoryinvestmentisthedifferencebetweenproductionandsa
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