曼昆经济学原理英文版文案加习题答案34章.docx
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曼昆经济学原理英文版文案加习题答案34章.docx
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曼昆经济学原理英文版文案加习题答案34章
THEINFLUENCEOFMONETARYANDFISCALPOLICYONAGGREGATEDEMAND
34
WHAT’SNEWINTHESEVENTHEDITION:
Therearenomajorchangestothischapter.
LEARNINGOBJECTIVES:
Bytheendofthischapter,studentsshouldunderstand:
Øthetheoryofliquiditypreferenceasashort-runtheoryoftheinterestrate.
Øhowmonetarypolicyaffectsinterestratesandaggregatedemand.
Øhowfiscalpolicyaffectsinterestratesandaggregatedemand.
Øthedebateoverwhetherpolicymakersshouldtrytostabilizetheeconomy.
CONTEXTANDPURPOSE:
Chapter21isthesecondchapterinathree-chaptersequencethatconcentratesonshort-runfluctuationsintheeconomyarounditslong-termtrend.InChapter20,themodelofaggregatesupplyandaggregatedemandisintroduced.InChapter21,weseehowthegovernment’smonetaryandfiscalpoliciesaffectaggregatedemand.InChapter22,wewillseesomeofthetrade-offsbetweenshort-runandlong-runobjectiveswhenweaddresstherelationshipbetweeninflationandunemployment.
ThepurposeofChapter21istoaddresstheshort-runeffectsofmonetaryandfiscalpolicies.InChapter20,wefoundthatwhenaggregatedemandorshort-runaggregatesupplyshifts,itcausesfluctuationsinoutput.Asaresult,policymakerssometimestrytooffsettheseshiftsbyshiftingaggregatedemandwithmonetaryandfiscalpolicy.Chapter21addressesthetheorybehindthesepoliciesandsomeoftheshortcomingsofstabilizationpolicy.
KEYPOINTS:
∙Indevelopingatheoryofshort-runeconomicfluctuations,Keynesproposedthetheoryofliquiditypreferencetoexplainthedeterminantsoftheinterestrate.Accordingtothistheory,theinterestrateadjuststobalancethesupplyanddemandformoney.
∙Anincreaseinthepricelevelraisesmoneydemandandincreasestheinterestratethatbringsthemoneymarketintoequilibrium.Becausetheinterestraterepresentsthecostofborrowing,ahigherinterestratereducesinvestmentand,thereby,thequantityofgoodsandservicesdemanded.Thedownward-slopingaggregate-demandcurveexpressesthisnegativerelationshipbetweenthepricelevelandthequantitydemanded.
∙Policymakerscaninfluenceaggregatedemandwithmonetarypolicy.Anincreaseinthemoneysupplyreducestheequilibriuminterestrateforanygivenpricelevel.Becausealowerinterestratestimulatesinvestmentspending,theaggregate-demandcurveshiftstotheright.Conversely,adecreaseinthemoneysupplyraisestheequilibriuminterestrateforanygivenpricelevelandshiftstheaggregate-demandcurvetotheleft.
∙Policymakerscanalsoinfluenceaggregatedemandwithfiscalpolicy.Anincreaseingovernmentpurchasesoracutintaxesshiftstheaggregate-demandcurvetotheright.Adecreaseingovernmentpurchasesoranincreaseintaxesshiftstheaggregate-demandcurvetotheleft.
∙Whenthegovernmentaltersspendingortaxes,theresultingshiftinaggregatedemandcanbelargerorsmallerthanthefiscalchange.Themultipliereffecttendstoamplifytheeffectsoffiscalpolicyonaggregatedemand.Thecrowding-outeffecttendstodampentheeffectsoffiscalpolicyonaggregatedemand.
∙Becausemonetaryandfiscalpolicycaninfluenceaggregatedemand,thegovernmentsometimesusesthesepolicyinstrumentsinanattempttostabilizetheeconomy.Economistsdisagreeabouthowactivethegovernmentshouldbeinthiseffort.Accordingtotheadvocatesofactivestabilizationpolicy,changesinattitudesbyhouseholdsandfirmsshiftaggregatedemand;ifthegovernmentdoesnotrespond,theresultisundesirableandunnecessaryfluctuationsinoutputandemployment.Accordingtocriticsofactivestabilizationpolicy,monetaryandfiscalpolicyworkwithsuchlonglagsthatattemptsatstabilizingtheeconomyoftenendupbeingdestabilizing.
CHAPTEROUTLINE:
I.HowMonetaryPolicyInfluencesAggregateDemand
StudentsareveryinterestedinthewayinwhichtheFedchangesinterestrates.ReviewwhattheylearnedabouttheFedanditstoolstochangethemoneysupply.
Theeffectsofmonetarypolicyareeasytoshowgraphically.Beginwithmoneysupply,moneydemand,andanequilibriuminterestrate.Showhowbothanincreaseandadecreaseinthemoneysupplyaffectinterestrates.
A.Theaggregate-demandcurveisdownwardslopingforthreereasons.
1.Thewealtheffect.
2.Theinterest-rateeffect.
3.Theexchange-rateeffect.
B.Allthreeeffectsoccursimultaneously,butarenotofequalimportance.
1.Becauseahousehold’smoneyholdingsareasmallpartoftotalwealth,thewealtheffectistheleastimportantofthethree.
2.BecauseimportsandexportsareasmallfractionofU.S.GDP,theexchange-rateeffectisalsofairlysmallfortheU.S.economy.
3.Thus,themostimportantreasonforthedownward-slopingaggregate-demandcurveistheinterest-rateeffect.
C.Definitionoftheoryofliquiditypreference:
Keynes’stheorythattheinterestrateadjuststobringmoneysupplyandmoneydemandintobalance.
D.TheTheoryofLiquidityPreference
1.Thistheoryisanexplanationofthesupplyanddemandformoneyandhowtheyrelatetotheinterestrate.
Pointoutthatwhenwediscussthe"interestrate"wearediscussingboththenominalinterestrateandtherealinterestratebecauseweareassumingthattheywillmovetogether.RemindthestudentsoftheFisherequation.
2.MoneySupply
a.ThemoneysupplyintheeconomyiscontrolledbytheFederalReserve.
b.TheFedcanalterthesupplyofmoneyusingopenmarketoperations,changesinthediscountrate,andchangesinreserverequirements.
c.BecausetheFedcancontrolthesizeofthemoneysupplydirectly,thequantityofmoneysupplieddoesnotdependonanyothereconomicvariables,includingtheinterestrate.Thus,thesupplyofmoneyisrepresentedbyaverticalsupplycurve.
Figure1
3.MoneyDemand
a.Anyasset’sliquidityreferstotheeasewithwhichthatassetcanbeconvertedintoamediumofexchange.Thus,moneyisthemostliquidassetintheeconomy.
b.Theliquidityofmoneyexplainswhypeoplechoosetoholditinsteadofotherassetsthatcouldearnthemahigherreturn.
c.However,thereturnonotherassets(theinterestrate)istheopportunitycostofholdingmoney.Allelsebeingequal,astheinterestraterises,thequantityofmoneydemandedwillfall.Therefore,thedemandformoneywillbedownwardsloping.
4.EquilibriumintheMoneyMarket
a.Theinterestrateadjuststobringmoneydemandandmoneysupplyintobalance.
b.Iftheinterestrateishigherthantheequilibriuminterestrate,thequantityofmoneythatpeoplewanttoholdislessthanthequantitythattheFedhassupplied.Thus,peoplewilltrytobuybondsordepositfundsinaninterest-bearingaccount.Thisincreasesthefundsavailableforlending,pushinginterestratesdown.
c.Iftheinterestrateislowerthantheequilibriuminterestrate,thequantityofmoneythatpeoplewanttoholdisgreaterthanthequantitythattheFedhassupplied.Thus,peoplewilltrytosellbondsorwithdrawfundsfromaninterest-bearingaccount.Thisdecreasesthefundsavailableforlending,pullinginterestratesup.
E.FYI:
InterestRatesintheLongRunandtheShortRun
1.Inanearlierchapter,wesaidthattheinterestrateadjuststobalancethesupplyanddemandforloanablefunds.
2.Inthischapter,weproposedthattheinterestrateadjuststobalancethesupplyanddemandformoney.
3.Tounderstandhowthesetwostatementscanbothbetrue,wemustdiscussthedifferencebetweentheshortrunandthelongrun.
4.Inthelongrun,theeconomy’slevelofoutput,theinterestrate,andthepricelevelaredeterminedbythefollowingmanner:
a.Outputisdeterminedbythelevelsofresourcesandtechnologyavailable.
b.Foranygivenlevelofoutput,theinterestrateadjuststobalancethesupplyanddemandforloanablefunds.
c.Givenoutputandtheinterestrate,thepriceleveladjuststobalancethesupplyanddemandformoney.Changesinthesupplyofmoneyleadtoproportionatechangesinthepricelevel.
5.Intheshortrun,theeconomy’slevelofoutput,theinterestrate,andthepricelevelaredeterminedbythefollowingmanner:
a.Thepricelevelisstuckatsomelevel(basedonpreviouslyformedexpectations)andisunresponsivetochangesineconomicconditions.
b.Foranygivenpricelevel,theinterestrateadjuststobalancethesupplyanddemandformoney.
c.Theinterestratethatbalancesthemoneymarketinfluencesthequantityofgoodsandservicesdemandedandthusthelevelofoutput.
F.TheDownwardSlopeoftheAggregate-DemandCurve
1.Whenthepricelevelincreases,thequantityofmoneythatpeopleneedtoholdbecomeslarger.Thus,anincreaseinthepricelevelleadstoanincreaseinthedemandformoney,shiftingthemoneydemandcurvetotheright.
2.Forafixedmoneysupply,theinterestratemustrisetobalancethesupplyanddemandformoney.
Figure2
3.Atahigherinterestrate,thecostofborrowingandthereturnonsavingbothincrease.Thus,consumerswillchoosetospendlessandwillbelesslikelytoinvestinnewhousing.Firmswillbelesslikelytoborrowfundsfornewequipmentorstructures.Inshort,thequantityofgoodsandservicespurchasedintheeconomywillfall.
4.Asthepricelevelincreases,thequantityofgoodsandservicesdemandedfalls.ThisisKeynes’sinterest-rateeffect.
Gothroughtheexampleaboveinreverseaswell.Makesurethatstudentsunderstandthatadeclineinthepricelevelwillleadtoadropinmoneydemandandtheinterestrateandthatthiswillcauseariseinaggregatequantitydemanded.
G.ChangesintheMoneySupply
Figure3
1.Example:
TheFedbuysgovernmentbondsinopen-marketoperations.
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