AP宏观经济.docx
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AP宏观经济.docx
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AP宏观经济
AP宏观经济
SyllabusofAPMacroeconomics
1.TheProductionPossibilitlesCurveorFrontier
PPF/PPC:
ThePPCmodelsscarcity,sincethereisonlyacertainamountofanytwogoodsthatcanbeproducedandconsumedduetothelimitednatureofresources.(maximumabilitytoproduce)
左边的图,反映了constantopp.cost右边的图,反映了increasingopp.cost
右图:
A,B,C,D-----attainableandefficient(productivelyefficient)
E-----attainablebutinefficient
F-----unattainable
parativeadvantageandabsoluteadvantage
comparativeadvantage:
withloweropp.cost
absoluteadvantage:
producemoregoods
4.economicsystem:
Commandeconomy计划经济Marketeconomy市场经济
5.supply,demand
DeterminantsthatcanshiftSorD
6.circularflowdiagram
D.TheMonetarySystemandMoneyMarket
Money:
thesetofassetsintheeconomythatpeopleregularlyusedtobuygoodsandservicesfromeachother.
3typesofmoney:
M0=currency(highliquidity)
M1=currency+checkabledeposit+traveler’scheck(mediumliquidity)
M2(lowliquidity)
Liquidity:
theeasewithwhichanassetcanbeconvertedintocash.
MoneyMultiplier:
M=1/R
THEMAXIMUMmoneymultiplieris1/RR
because:
①Publicpreferholdingsomemoney②Bankskeepexcessreserveswilldecreasemoneysupply
Threetoolsofmonetarypolicy:
1.RequiredReserveRatio(R)
↓R→moneysupply↑
↑R→moneysupply↓
2.Openmarketoperation(mostused)[TheFedbuys/sellsgovernmentsecurities/bonds]
buys→moneysupply↑sells→moneysupply↓
3.Discountrate[TheinterestratethattheFedchargescommercialbanks]
↓discountrate→moneysupply↑
↑discountrate→moneysupply↓
Federalfundsrate[Theinterestratethatbankschargeoneanotherforone-dayloansofreserves]
Thevalueoffedfundrateequalsequilibriuminterestrateinmonrymarket.
TheDemandofMoney:
Quantityofmoneydemandedistheamountofmoneythathouseholdsandfirmschoosetohold.
Nominalinterestrate=realinterestrate+inflationrate
WhatAffectsMoneyHoldings?
1.Pricelevel:
Pricelevelrisesmoremoneyisneededtomakeagiventransaction→peopletendtoincreasetheirholdingofmoney→MD↑
•2.realincome/realoutput:
Peoplehavemoreincometendtoholdmoremoneyasastoreofvalueandtocarryoutmoretransactionsusingmoney→MD↑
3.technology:
improvedtechnology(likecreditcard,ATMandetc.)→MDdecreases
MoneyMarket:
EquilibriumintheMoneyMarket:
LoanableFundMarket:
Financialmarkets:
institutionsthroughwhichsaverscandirectlyprovidefundstoborrowers.
Financialintermediary比如bank,去沟通borrower和saver,相当于借贷之间的桥梁。
TheBondMarket:
Abondisacertificateofindebtedness.(TheinterestRateandBondPriceMoveinOppositeDirections.)
TheStockMarket:
Astockisaclaimtopartialownershipinafirm.
LoanableFundMarket
Thesupplyofloanablefundscomesfromsaving:
·Householdswithextraincomecanloanitoutandearninterest.
·Publicsaving,ifpositive,addstonationalsavingandthesupplyofloanablefunds.(governmentbudgetsurplus)Ifnegative,itreducesnationalsavingandthesupplyofloanablefunds.(governmentbudgetdeficit)
例如,这个题目:
Abudgetsurplusincreasesthesupplyofloanablefunds,reducestheinterestrate,andstimulatesinvestment.Higherinvestment,inturn,meansgreatercapitalaccumulationandmorerapideconomicgrowth.曾在FRQ中出现,”drawagraphtoshowit”
Thedemandforloanablefundscomesfromborrow:
Crowdingouteffect:
Abudgetdeficitincreasestheinterestrate,(throughloanablefundmarket)therebycrowdingoutprivateborrowerswhorelyingonfinancialmarketstofundprivateinvestmentprojects.......G增加,挤出了
I
AggregateDemand:
Allthegoods&services(realGDP)thatguysarewillingto/abletopurchaseatdifferentpricelevels.
Whydownwardslope?
1.RealBalanceEffect/wealtheffect
Pricelevel↑→purchasingpower↓→expenditure↓
2.Interest-rateEffect
Pricelevel↑→pricedemand↑→InterestRate↑→discourageexpenditure
3.ForeigntradeEffect/netexporteffect
U.S.Pricelevel↑→purchasingpower↓→export↓import↑→Xn↓
ShiftsofAD
GDP=C+I+G+Xn(改变其中任何一个就会shiftAD。
AggregateSupply:
Thesupplyforeverythingbyallfirms.AggregateSupplyhastwodifferentcurves.
•Short-runAggregateSupply:
stickywage
•Long-runAggregateSupply:
(flexiblewage.)WagesandResourcePriceswillincreasespricelevelsincrease.
ShiftsofAS:
1.inputprices
2.Productivity
3.wage
或者叫expansionarygapcontractionarygap
ShiftsofLRAScanaffectrealGDPfrom:
1.changeresources
2.productivity
SupplyShock(或者说shift,是一样的):
E.FiscalPolicy
Fiscalpolicy:
thesettingofthelevelofgovernmentspendingandtaxationbygovernmentpolicymakers.
tools:
G,TAX,
DiscretionaryFiscalPolicy:
•changeADthroughgovernmentspendingortaxation.
•AutomaticStabilizers:
①Progressiveincometax②Unemploymentbenefits
TotalchangeinGDP:
Multiplier*InitialchangeinspendingMPC+MPS=1
11
SpendingMultiplier==
MPS
MPC
1-MPC
MPC
TaxMultiplier=-
=-
1-MPC
MPS
H.PhillipsCurve
SRPC:
shortrunPhillipsCurve
inverserelationshipbetweentheURandinflationrateinshortrun
movementalongtheSRPC:
ADshift
shiftsofSRPC
1.SRAS
2.expectationofinflation
EXP(inflation)increases,SRPCshiftsright
EXP(inflation)decreases,SRPCshiftsleft
F.OpenEconomy
1.ChangesinTastes:
E.g.DemandforU.S.dollarsincreases(shiftsright)Dollar-appreciatesSupplyofBritishpoundsincreases(shiftsright)Pound-depreciates
2.ChangesinRelativeIncomes(Resultinginmoreimports)
E.g.USgrowthincreaseUSincomes→U.S.buysmoreimports→U.S.Demandforpoundsincreases&SupplyofU.S.dollarsincreases→Pound-appreciates&Dollar-depreciates
3.ChangesinRelativePriceLevel(Resultinginmoreimports)
E.g.U.S.demandforcheaperimportsincreases→U.S.demandforpoundsincreases&SupplyofU.S.dollarsincreases→Pound-appreciates&Dollar-depreciates
4.ChangesinrelativeInterestRates-
E.g.UShasahigherinterestratethanBritain→BritishpeoplewanttoputmoneyinUSbanks→CapitalFlowincreasetowardstheUS→BritishdemandforU.S.dollarsincreases&Britishsupplymorepounds→Pound-depreciates&Dollar-appreciates
2modelscanshowtheecon.Growth:
a.PPF(shiftoutward)
b.LRAS
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