宏经总结.docx
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宏经总结.docx
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宏经总结
....................................名词解释
Multiplierthemultiplieristheamountbywhichequilibriumoutputchangeswhenautonomousaggregatedemandincreasesby1unit.
乘数:
外生变量每增加1美元引起的内生变量的增量。
Liquiditytrapasituationinwhichthepublicisprepared,atagiveninterestrate.toholdwhateveramountofmoneyissupplied.
流动性陷阱:
由于货币需求的极端利率弹性而形成的水平的LM曲线
Perfectcapitalmobilitycapitalisperfectlymobileinternationallywheninvestorscanpurchaseassetsinanycountrytheychoosequickly,withlowtransactioncostsandinunlimitedamounts.
资本完全流动性:
在资本完全流动的时候,资本有能力以最小的交易成本,在寻求最高收益过程中的跨国界立即流动。
IScurvetheiscurveshowscombinationsofinterestratesandlevelsofoutputsuchthatplannedspendingequalsincome.
IS曲线:
实际利率和收入水平的所有结合点的几何表示,该线上计划支出等于收入。
LMcurvetheLMcurveshowscombinationsofinterestratesandlevelsofoutputsuchthatmoneydemandequalsmoneysupply.
LM曲线:
实际利率和收入水平的所有结合点的几何表示,该线上货币需求等于货币供给。
GDPisthevalueofallfinalgoodsandservicesproducedinthecountrywithinagivenperiod.
GDP:
一年内,对一个国家范围内所产生的全部商品和服务的衡量。
CPImeasuresthecostofbuyingafixedbasketofgoodsandservicesrepresentativeofthepurchasesofurbanconsumers.
GDPdeflatoristheratioofnominalGDPinagivenyeartorealGDPofthatyear.
GDP缩减指数:
名义GDP被实际GDP除后的结果,它是对价格水平的衡量。
Aggregatesupplycurve(总供给曲线)describes,foreachgivenpricelevel,thequantityoutputfirmsarewillingtosupply.
Theaggregatedemandcurve(总需求曲线)showsthecombinationsofthepricelevelandlevelofoutputatwhichthegoodsandmoneymarketsaresimultaneouslyinequilibrium.
Fiscalpolicy(财政政策)isthepolicyofthegovernmentwithregardtothelevelofgovernmentpurchases,theleveloftransfersandthetaxstructure.
Monetarypolicy(货币政策)isaccommodatingwhen,inthecourseofafiscalexpansion,themoneysupplyisincreasedinordertopreventinterestratesfromincreasing.
Crowdingout(挤出)occurswhenexpansionaryfiscalpolicycausesinterestratestorise,therebyreducingprivatespendingparticularlyinvestment.
∙Iftheinterestsensitivityofinvestment(b)goesup,thenwehavemorecrowdingout.
∙Iftheinterestsensitivityofmoneydemand(h)goesup,thenwehavelesscrowdingout.
∙Iftheincomeelasticityofmoneydemand(k)goesup,thenwehavemorecrowdingout.
∙Ifthemultiplier()goesup,thenwehavemorecrowdingout.
问答题:
1.a.AccordingtoEquation
(2),thegrowthofoutputisequaltothegrowthinlabortimesthelaborshareplusthegrowthofcapitaltimesthecapitalshareplustherateoftechnicalprogress,thatis,
Y/Y=(1-)(N/N)+(K/K)+A/A,where
1-istheshareoflabor(N)andistheshareofcapital(K).Thusifweassumethattherateoftechnologicalprogress(A/A)iszero,thenoutputgrowsatanannualrateof3.6percent,since
Y/Y=(0.6)(2%)+(0.4)(6%)+0%=1.2%+2.4%=+3.6%,
.b.Theso-called"Ruleof70"suggeststhatthelengthoftimeittakesforoutputtodoublecanbecalculatedbydividing70bythegrowthrateofoutput.Since70/3.6=19.44,itwilltakejustunder20yearsforoutputtodoubleatanannualgrowthrateof3.6%,
.c.NowthatA/A=2%,wecancalculateeconomicgrowthas
Y/Y=(0.6)(2%)+(0.4)(6%)+2%=1.2%+2.4%+2%=+5.6%.
Thusitwilltake70/5.6=12.5yearsforoutputtodoubleatthisnewgrowthrateof5.6%.
应用题:
ExpenditureSectorMoneySector
Sp=C+I+G+NXM=700
C=100+(4/5)YDP=2
YD=Y-TAmd=(1/3)Y+200-10i
TA=(1/4)Y
I=300-20i
G=120
NX=-20
(a)Derivetheequilibriumvaluesofconsumption(C)andmoneydemand(md).
(b)Howmuchofinvestment(I)willbecrowdedoutifthegovernmentincreasesitspurchasesbyG=160andnominalmoneysupply(M)remainsunchanged?
(c)Byhowmuchwilltheequilibriumlevelofincome(Y)andtheinterestrate(i)change,ifnominalmoneysupplyisalsoincreasedtoM'=1,100?
答a.Sp=100+(4/5)[Y-(1/4)Y]+300-20i+120-20=500+(4/5)(3/4)Y–20i=500+(3/5)Y-20i
FromY=Sp==>Y=500+(3/5)Y-20i==>(2/5)Y=500-20i
==>Y=(2.5)(500-20i)==>Y=1,250-50iIS-curve
FromM/P=md==>700/2=(1/3)Y+200-10i==>(1/3)Y=150+10i
==>Y=3(150+10i)==>Y=450+30iLM-curve
IS=LM==>1,250-50i=450+30i==>800=80i==>i=10
==>Y=1,250-50*10==>Y=750
C=100+(4/5)(3/4)750=100+(3/5)750==>C=550
ms=M/P=700/2=350=md
Check:
md=(1/3)750+200-10*10=350
i
25ISoLMo
10
0
4507501,250Y
b.IS=(2.5)160=400==>IS'=1,650-50i
IS'=LM==>1,650-50i=450+30i==>1,200=80i==>i=15
==>Y=1,650-50*15==>Y=900
Sincei=+5==>I=-20*5==>I=-100
Check:
Sp=G+I=160–100=60==>Y=1(Sp)=2.5*60=150
深刻理解这段:
总收入的变化等于乘数乘以投资与政府购买的变化之和
iIS1
33
25LM
15
10
0
4507509001,2501,650Y
c.FromM'/P=md==>1,100/2=(1/3)Y+200-20i
==>(1/3)Y=350-20i==>Y=3(350-20i)==>Y=1,050+30i
IS1=LM1==>1,650-50i=1,050+30i==>600=80i==>i=7.5
==>Y=1,650-50(7.5)=1,275.
==>i=-7.5andY=375ascomparedto(b).
i
25IS1LMo
LM
10
7.5
0
4509001,0501,2751,650Y
问答题:
1.IfthegovernmentwantstochangethecompositionofGDPtowardsinvestmentandawayfromconsumptionwithoutchangingthelevelofaggregatedemand,itneedstoimplementacombinationofrestrictivefiscalpolicyandexpansionarymonetarypolicy.Anincreaseinpersonalincometaxesoradecreaseintransferpaymentswillreduceconsumptionandthusaggregatedemand.TheIS-curvewillshifttotheleft,leadingtoadecreaseinthelevelofoutputandtheinterestrate.Toincreaseoutputtoitsoriginallevel,theFedcanundertakeexpansionarymonetarypolicy.ThiswillshifttheLM-curvetotheright,leadingtoafurtherdecreaseintheinterestrate,thusstimulatinginvestment,and,inturn,aggregatedemand.IftheintersectionofthenewIS-andLM-curvesisatthesameincomelevelaspreviously,thenthedecreaseintheinterestratewillhavestimulatedinvestmentspendingsufficientlytoexactlyoffsetthedecreaseinconsumption.(Note:
Thetaxincreasecanbecombinedwithaninvestmentsubsidy.Inthiscase,theIS-curvewillnotshiftasfartotheleftasbefore.)
Thefollowingdiagramshowstheeffectofadecreaseintransferpayments(TR)thatiscombinedwithanincreaseinmoneysupply(M/P).Theadjustmentprocessisasfollows:
1-->2:
TR==>C==>Y==md==>i==>I==>Y.Effect:
Yandi.
2-->3:
(M/P)up==>i==>I==>Y==>md==>iEffect:
Yandi.
Combinedeffect:
Yaboutthesameandi.
iIS1LM1
IS2LM2
1
i1
2
i2
3
i3
0
Y2Y1Y
a.Assumethegovernmentwantstoincreaseoutputwithoutchanginginterestrates.WhatkindofpolicymixwouldyourecommendandhowwouldyourpolicymixaffectthecompositionofGDP?
ExplainyouranswerandtheadjustmentprocessesthattakeplacewiththehelpofanIS-LMdiagram.
Acombinationofexpansionaryfiscalandmonetarypolicywillincreaseoutputwithoutaffectinginterestrates.ExpansionaryfiscalpolicywillshifttheIS-curvetotherightandincomeandinterestrateswillbothincrease.ExpansionarymonetarypolicywillshifttheLM-curvetotherightandinterestrateswilldecreasewhileincomeincreases.Thuswewillhaveanincreaseinincomewithoutachangeininterestrates.
Sinceincomewillincrease,consumptionwillalsoincrease,butsinceinterestrateswillnotchange,inducedinvestmentwillnotbeaffected(Note:
Inamoreadvancedmodel,anincreaseinsalesexpectationsmayactuallyincreasetheoverallinvestmentlevel.SeeChapter14).ThereforethelevelofinvestmentasafractionofGDPwilldecrease,whileconsumptionandgovernmentpurchaseswillhaveagreatershare.(Amorebalancedgrowthcanbeachievedifinvestmentsubsidiesaregiven.)
1-->2:
Gup==>Yup==>moneydemandup==>iup==>Idown==>Yup
Effect:
Yupandiup
2-->3:
(M/P)up==>idown==>Iup==>Yup==>moneydemandup==>iup.
Effect:
idownandYupOveralleffect:
Yupandiconstant.
iIS2LM1
IS1LM2
2
i2
i113
0
Y1Y2Y3Y
b.Assumemoneydemandisveryinterestinelasticandinvestmentisveryinterestelastic.Explainhowthelevelofsavings(S),moneydemand(md)andinvestment(I)wouldbeaffectedifthegovernmentincreasedwelfarespending.
Ifmoneydemandisveryinterestinelastic,theLMcurveisverysteep,andifinvestmentisveryinterestelastic,theIScurveisveryflat.WithasteepLMcurveandaflatIScurve,fiscalpolicyisnotveryeffective,sincemostofitiscrowdedout.Anincreaseingovernmenttransferpayments(TR)shiftstheIS-curvetotherightandincomeandtheinterestrateincrease.Sinceincomehasincreased,savinghasincreasedandsincetheinterestratehasincreased,investmenthasdecreased.Intheend,moneydemandcannotbeaffectedsincemoneysupplyhasnotchanged.Theincreaseinincomeincreasesmoneydemand,buttheincreaseintheinterestratebringsitbacktoitsoriginallevel,thatis,inequilibriumwithmoneysupply.Theadjustmentprocessthattakesplaceisasfollows:
TRYmdiIYEffect:
Yi
Sinceiincreasesalotalot,theeffectonIislarge,asistheoffsettingeffect(thecrowdingouteffect)onoutput(Y).ThismeansthattheoveralleffectonYissmall.
iLM
i1
io
IS1
ISo
0
YoY1Y
c“Ifinvestmentisveryinterestinelastic,thenmostofanincometaxratecutwillbecrowdedout;thereforetheFedshould
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