宏观经济管理学与财务知识分析规划英文版).ppt

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1、CHAPTER11ExtendingtheSticky-PriceModel:IS-LM,InternationalSide,andAS-AD1Copyright©2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.QuestionsWhatismoney-marketequilibrium?WhatistheLMcurve?WhatdeterminestheequilibriumlevelofrealGDPwhenthecentralbankpolicyistokeepthemoneysuppl

2、yconstant?WhatistheIS-LMframework?2Copyright©2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.QuestionsWhatisanISshock?WhatisanLMshock?WhatistherelationshipbetweenshiftsintheequilibriumontheIS-LMdiagramandchangesintherealexchangerate?3Copyright©2002byTheMcGraw-HillCompanies

3、,Inc.Allrightsreserved.QuestionsWhatistherelationshipbetweenshiftsintheequilibriumontheIS-LMdiagramandchangesinthebalanceoftrade?Whatistheaggregatesupplycurve?Whatistheaggregatedemandcurve?4Copyright©2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.TheDemandforMoneyThreefac

4、tsaboutbusinessandhouseholddemandformoneymoneydemandisproportionaltototalnominalincome(PY)moneydemandhasatimetrend,theresultofslowchangesinthebankingsectorstructureandtechnologymoneydemandisinverselyrelatedtothenominalinterestrate5Copyright©2002byTheMcGraw-HillCompanies,Inc.A

5、llrightsreserved.TheDemandforMoneyMoneydemandisinverselyrelatedtothenominalinterestrate(i=r+)becausethenominalinterestrateistheopportunitycostofholdingmoneymoneybalanceslosepurchasingpowerattherateofinflation()ifmoneybalanceswereplacedinsomeotherasset,theywouldearntheprevail

6、ingmarketrealinterestrate(r)6Copyright©2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.TheDemandforMoneyTokeepourmodelsimple,wewillignorethetimetrendinvelocityThedemandformoneycanbeexpressedasMoneydemandisproportionaltorealGDPandadecreasingfunctionofthenominalinterestrate7

7、Copyright©2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.MoneyMarketEquilibriumInasticky-pricemodel,thepricelevelispredetermineditcannotmoveinstantlytomakemoneysupplyequaltomoneydemandThenominalinterestratemustadjusttokeepthemoneymarketinequilibrium8Copyright©2002byTheMcG

8、raw-HillCompanies,Inc.Allrightsreserved.Figure11.1-MoneyDeman