Macroeconomics宏观经济学.docx

Macroeconomics宏观经济学.docx

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Macroeconomics宏观经济学

Macroeconomics

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PartIIntroduction

Chapter1TheScienceofMacroeconomics

【Mainpoints】

1.ExogenousVariablesandEndogenousVariables

Example:

Thetotalquantityandpricelevelofpizzainacountry.

Exogenousvariablesaregiveninamodel.[aggregateincome,priceofmaterials]

Endogenousvariablesarewhatamodelexplains.[pricelevelandtotalquantityofpizza]

2.FlexiblePriceandStickyPrice

Flexibleprice:

easytoadjust,inshortrun.

Stickyprice:

hardtoadjust,inlongrun.

===========================================

Chapter2TheDataofMacroeconomics

【Mainpoints】

1.GDP

（1）RealGDPandNominalGDP,GDPdeflator

（2）economy'sincome=economy'sexpenditure

（3）GDP=C+G+I+NX

2.CPI

（1）CPImeasuresthepriceofabasketofgoods

（2）CPI=∑PmQ/∑PnQ

（3）differencebetweenGDPdeflatorandCPI

3.TheUnemploymentRate

（1）LabourForce=NumberofUnemployment+NumberofEmployment

（2）UnemploymentRate=NumberofUnemployment/LabourForce×100%

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PartIIClassicalTheory:

TheEconomyintheLongRun----FlexiblePrice

Chapter3NationalIncome:

WhereItComesFromandWhereItGoes

【Mainpoints】

1.TotalProduction

（1）ProductionFunction:

Y=F（L,K）

（2）constantreturnstoscale:

zY=zF（L,K）

2.NationalIncomeDistribution

（1）FactorPrices----Labour:

MPL=F（L+1,K）-F（L,K）

ΔProfit=ΔRevenue-ΔCost=MPL×P-W

Inordertomaximizeprofit,makeΔProfit=0.SoMPL=W/P,RealWage

LabourIncome=MPL×L

（2）FactorPrices----Capital

MPK=F（L,K+1）-F（L,K）

ΔProfit=ΔRevenue-ΔCost=MPK×P-R

Inordettomaximizeprofit,makeΔProfit=0.SoMPK=R/P,RealRentalPriceofCapital

CapitalIncome=MPK×K

3）TheCobb-DouglasProductionFunction

LabourIncome=MPL×L=（1-α）Y

CapitalIncome=MPK×K=αY

→F（K,L）=AKαL（1-α）,Ameasurestheproductivityoftheavailabletechnology

3.

TotalDemand

1）Consumption:

Determinedbydisposableincome

C=C（Y-T）

MarginalPropensitytoConsume

MPC=C（Y-T+1）-C（Y-T）

2）Investment:

Determinedbyinterestrate

I=I（r）

Whenrishigh,investorswillgiveup

investmentbecausecostofloanishigher

thanrateofreturn.

3）GovernmentPurchases

GvsT,measuresgovernmentbudget

5.Equilibrium（inaclosedeconomy）

（1）MarketofGoodsandServices

Y=C（Y-T）+I（r）+G

（2）MarketofLoanableFunds

S

=Y-C（Y-T）-G=I（r）

investmentiscrowdedout

===========================================

Chapter4MoneyandInflation

【Mainpoints】

1.ConceptofMoney

（1）FuntionsofMoney:

1）StoreofValue.Example:

Youcanholdyourmoneyandtradeit

forgoodsandservicesatsometimeinthefuture.

2）UnitofAccount.Example:

Instorepeopleusemoneytoshow

price.

3）MediumofExchage.Example:

Peopleusemoneyastoolto

exchangegoods.

（2）TypesofMoney:

1）FiatMoney.Novalue,example:

PaperMoney.

2）CommodityMoney.Withvalue,example:

GoldandSilver.

（3）ControlofMoney:

1）Institution:

CentralBank.Example:

DeutscheBundesbank

2）Method:

Open-MarktOperation.Example:

Buygovernment

bondstoincreasemoneysupply.

2.TheQuantityTheoryofMoney

（1）QuantityEquation:

MV=PT→MV=PY

QuantityTheoryofMoney:

MV=PY

（2）RealMoneyBalances:

M/P,measuredinquantityofgoodsandservices.

TheMoneyDemandFunction:

（M/P）d=L（Y,i）=M/P←MoneySupply.Y↑,d↑;i↑,d↓

（3）MoneyandInflation:

ΔM%+ΔV%=ΔP%+ΔY%SoM↑,P↑

3.InflationandInterestRate

（1）FisherEquation:

i=r+π

===========================================

Chapter5TheOpenEconomy

【Mainpoints】

1.InternationalTradeinaSamllOpenEconomy

（1）Viewofgoodsandcapitalflow:

NX=Y-（C+G+I）

（2）Viewofcapitalflow:

NX=Y-C-G-I=S-I

=S-I（r*）

r*isWorldInteresRate

（3）TradePolicies:

1）DomesticFiscalPolicy,influence

G↑,T↓→S↓→NX↓

2）FiscalPolicyAbroad,influence

Ge↑,Te↓→Se↓→r*↑→NX↑

3）Shiftininvestmentdemand.Example:

Governmentprovidesan

investmenttaxcredit

2.ExchangeRates

（1）NominalExchangeRates（e）andRealExchangeRates（ε）

Nominalexchangeratesaremeasuredincurrency.Example:

100yen/1dollar

Realexchageratesaremeasuredingoodsandservices.Example:

2JapanCar/1USAcar

ε=e×（P/P*）,P*meanspricelevelofforeigncountries.

（2）TheRealExchangeRatesandTradeBalance:

NX=NX（ε）

ε↓,P/P*↓,meansdomesticgoodsandservices

arecheaperthanabroad.NX↑

WhenNX（ε）=S-I,εisequilibriumrealex.rate.

（3）TradePolicies:

1）DomesticFiscalPolicy:

G↑,T↓→S↓

（ExpansionaryFiscalPolicy）

2）FiscalPolicyAbroad:

Ge↑,Te↓→Se↓→r*↑→I↓

3）Shiftininvestmentdemand.

4）ShiftinNX（ε）Example:

ProtectionistTradePolicies

（4）Inflationandnominalexchangerates:

e=ε×（P*/P）→Δe%=Δε%+（π*-π）

（5）PPP（Purchasing-PowerParity）:

1Dollarcanbuythesamequantityofwheatinany

country.

===========================================

Chapter6Unemployment

【Mainpoints】

1.NatualRateofUnemployment

（1）Concept:

Therateofunemploymentwhichtheeconomygetclosedtointhelongrun.

（2）Calculation:

L-LabourFroce,E-NumberofEmployed,U-NumberofUnemployed,f-rateofjobfiding,s-rateofjobseperating.

L=E+U,fU=sE→U/L=1/（1+f/s）

2.CausesforUnemployment

（1）FrictionalUnemployment:

Unemployedpeopleneedtimetofindjobs.

e.g.sectoralshift,unemploymetninsurance.

（2）StructuralUnemployment:

WageRigidity.Wageisabovetheequlibriumlevel.

e.g.Minimum-WageLaws,Unions,EfficiencyWages.

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PartIIIGrowthTheory:

TheEconomyintheVeryLongRun----SolowGrowthModel

Chapter7EconomicGrowthI:

CapitalAccumulationandPopulationGrowth

Assumption:

ConstantReturntoScale

【Mainpoints】

1.CapitalAccumulation

（1）ProductionFunctionperworker:

zY=F（zK,zL）→Y/L=F（K/L,1）→y=f（k）,

MPK=f（k+1）-f（k）

（2）Outputandconsumptionperworker:

y=c+i→c=（1-s）y→i=sy→i=sf（k）

（3）TheSteadyState:

CapitalstockgrowthΔk=0

Δk=i-δk,δisdepreciationrate→Δk=sf（k）-δk=0→sf（k*）=δk*

（4）GoldenRulelevelofcapital:

k*goldwhichmaximizesc

c=y-i→c=f（k）-sf（k）→c*=f（k*）-δk*→cmax:

MPK=δ

2.PopulationGrowth（atrateofn）

（1）TheSteadyState:

Δk=i-k（δ+n）→Δk=sf（k）-k（δ+n）=0→sf（k*）=（δ+n）k*

（2）GoldenRulelevelofcapital:

k*gold,c=y-i→cmax:

MPK=δ+n

Chapter8EconomicGrowthI:

Technology,Empirics,andPolicy

1.TechnologicalProgressintheSolowModel

Assumption:

Technologygrowthisagivenexogenousvariableg

（1）EfficiencyofLabour:

Y=F（K,EL）

（2）TheSteadyState:

Δk=sf（k）-（g+n+δ）k=0→sf（k*）=（g+n+δ）k*

（3）GoldenRulelevelofcapital:

k*gold,c=y-i→MPK=g+n+δ

2.EndogenousGrowthTheory

Assupmtion:

Technolgygrowthisaendogenousfunctiong（μ）,capitalincludesknowledge

（1）2SectorModel:

Y=F[K,（1-μ）EL],ΔE=g（μ）E,ΔK=sY-δK

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PartIVBusinessCycleTheory:

TheEconomyintheShortRun----StickyPrice

Chapter9IntroductiontoEconomicFluctuations

【KeyConcepts】

Recession:

Aperiodoffallingoutputandrisingunemployment.

BusinessCycle:

Short-runfluctuationsinoutputandemployment.

【Mainpoints】

1.GDPandunemployment

（1）Okun'sLaw:

ΔRealGDP%=3%-2×ΔUnemploymentRate

（2）LeadingEconomicIndicators:

Forecasts.Example:

Averageworktime,Indexofstockprices,MoneySupply....

2.AggregateDemandandAggregateSupply（P=P（Y））

（1）TheQuantityTheoryofMoney→AD:

MV=PY→M/P=（M/P）d=kY

（2）AS:

SRAS---P=P,LRAS---Y=Y

（3）FromShortRuntoLongRun:

MchangesAD,Yisunchangedin

thelongrun,butPinthelongrunchanges.（A→B→C）

（4）ShockstoADandAP:

1）ShockstoAD.Example:

CreditCardmakesVrise.

Policy:

ReducetheMoneySupply.

2）ShockstoAP.Example:

Adroughtthatdestroyscrops.Cartel.Union.etc.P↑

Policy:

Wait!

Thenpricereturnsoriginalleveleventually（Butittakeslong

time）.OrexpandAD（Butpricelevelwillbehighinlongperiodoftime）

.

===========================================

Chapter10AggregateDemandI:

BuildingtheIS-LMModel（Y-r）

【Mainpoints】

1.ISCurve

（1）GoodandServiceMarket→TheKeynesianCross:

Y=C+I+G,PE=AE

（2）IScurve:

Y=C（Y-T）+I（r）+G1）r↑→I↓→Y↓2）FiscalPolicy:

G↑→Y↑→IS→,Governmetn-

purchasesmultiplier,taxmultiplier.

2.LMCurve

（1）MoneyMarket→TheTheoryofLiquidityPeference:

M/P=L（r）,Ms=Md

（2）LMCurve:

M/P=L（r,Y）.1）Y↑,Md↑,r↑2）Ms↑,r↓,LM←

3.TheShort-RunEquilibrium

===========================================

Chapter11AggregateDemandII:

ApplyingtheIS-LMModel（Y-P）

【Mainpoints】

1.IS-LMModelasaTheroyofAggregateDemand

（1）Derivation:

P↑,（M/P）s↓,r↑,LM↑→Y↓

（2）ShiftinAD:

G,T,M→IS/LM→Y

（3）Inlongrunandshortrun:

InlongrunY

===========================================

Chapter12TheOpenEconomyRevisited:

TheMundell-FlemingModelandtheExchange

RateRegime

【Mainpoints】

1.Mundell-FlemingModel

（1）IS*Curve:

Y=C（Y-T）+I（r*）+G+NX（ε）

（2）LM*Curve:

M/P=L（r*,Y）

2.UnderFloatingExchangeRates

（1）FiscalPolicy:

ShiftIS*,ineffectual;MonetaryPolicy:

ShiftLM*;TradePolicy:

ShiftNX（ε）→IS*

3.UnderFixedExchangeRates

（1）Theory:

ArbitrageurarbitragesothatMchanges.

（2）

FiscalPolicyshiftsIS*→LM*;MonetaryPolicy:

ShiftLM*,ineffectual;TradePolicy:

ShiftNX（ε）→IS*→LM*

4.PolicyChoice:

ImpossibleTri