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1、MoneyandBusinessCyclesI:ThePrice-MisperceptionsModelChapter151MacroeconomicsChapter15EffectsofMoneyintheEquilibriumBusiness-CycleModelInourequilibriumbusiness-cyclemodel：realquantityofmoneydemanded,L(Y,i).Monetaryshocks=>noeffectsonrealeconomytechnolog
2、yshocks2MacroeconomicsChapter15EffectsofMoneyintheEquilibriumBusiness-CycleModelIfMdoesnotrespondtochangesintherealquantitydemanded,PwillmoveinthedirectionoppositetothechangeinL(Y,i).ThemodelpredictsthatPwouldbecountercyclical—lowinboomsandhighinrecess
3、ions.3MacroeconomicsChapter15EffectsofMoneyintheEquilibriumBusiness-CycleModelIfthemonetaryauthoritywantstostabilizethepricelevel,P,itshouldadjustthenominalquantityofmoney,M,tobalancethechangesintherealquantitydemanded,L(Y,i).Inthiscase,Mwillbeprocycli
4、cal.4MacroeconomicsChapter15ThePrice-MisperceptionsModelTheprice-misperceptionsmodelprovidesapossibleexplanationforthenon-neutralityofmoney.Empiricalevidencesuggeststhatmoneyisnotasneutralaspredictedbyourequilibriumbusiness-cyclemodel.Householdssometim
5、esmisinterpretchangesinnominalpricesandwageratesaschangesinrelativepricesandrealwagerates.5MacroeconomicsChapter15ThePrice-MisperceptionsModelAModelwithNon-NeutralEffectsofMoneytheimportantdifferencefrombeforeisthathouseholdshaveincompletecurrentinform
6、ationaboutpricesintheeconomy.6MacroeconomicsChapter15ThePrice-MisperceptionsModel7MacroeconomicsChapter15ThePrice-MisperceptionsModelThepricelevel,P,therelevantvariableisthepriceofamarketbasketofgoods.Thesegoodswillbepurchasedfrommanylocationsatvarious
7、times.Therefore,aworkerwilltypicallylackgoodcurrentinformationaboutsomeoftheseprices.denotebyPethepricethataworkerexpectstopayforamarketbasketofgoods.8MacroeconomicsChapter15ThePrice-MisperceptionsModelTheeffectsfromanincreaseinthenominalquantityofmone
8、ywhathappenswhenworkersdonotunderstandthatanincreaseinthenominalwagerate,w,stemsfromamonetaryexpansionthatinflatesallnominalvalues,includingthepricelevel,P.9MacroeconomicsChapter15ThePrice-MisperceptionsModelEachworkermaythinkinsteadtha
