chapter10aggregatedemandibuildingtheis-lmmodel(曼昆宏观经济学,第七版(英

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1、CHAPTER10AggregateDemand1:BuildingtheIS-LMModel®MANKIW'SMACROECONOMICSMODULESAPowerPointTutorialToAccompanyMACROECONOMICS,7th.EditionN.GregoryMankiwTutorialwrittenby:MannigJ.SimidianB.A.inEconomicswithDistinction,DukeUniversityM.P.A.,HarvardUniversityKennedyS

2、choolofGovernmentM.B.A.,MassachusettsInstituteofTechnology(MIT)SloanSchoolofManagementTheGreatDepressioncausedmanyeconomiststoquestionthevalidityofclassicaleconomictheory(fromChapters3-6).Theybelievedtheyneededanewmodeltoexplainsuchapervasiveeconomicdownturnan

3、dtosuggestthatgovernmentpoliciesmighteasesomeoftheeconomichardshipthatsocietywasexperiencing.In1936,JohnMaynardKeyneswroteTheGeneralTheoryofEmployment,Interest,andMoney.Init,heproposedanewwaytoanalyzetheeconomy,whichhepresentedasanalternativetotheclassicaltheo

4、ry.Keynesproposedthatlowaggregatedemandisresponsibleforthelowincomeandhighunemploymentthatcharacterizeeconomicdownturns.Hecriticizedthenotionthataggregatesupplyalonedeterminesnationalincome.TheKeynesianModelIn2008and2009,astheUnitedStatesandEuropedescendedinto

5、arecession,theKeynesiantheoryofthebusinesscyclewasofteninthenews.Policymakersaroundtheworlddebatedhowbesttoincreaseaggregatedemandwithbothmonetaryandfiscalpolicy.“Keynesian”meansdifferentthingstodifferentpeople.It’susefultothinkofthebasictextbookKeynesianmodel

6、asanelaborationandextensionofthe“classicaltheory.”Itsvariablevelocityofmoneyand“sticky”pricesreflectsKeynes’sbeliefthattheClassicalmodel’sshortcomingsarosefromitsoverly-strictassumptionsofconstantvelocityandhighlyflexiblewagesandprices.Themodelofaggregatedeman

7、d(AD)canbesplitintotwoparts:ISmodelofthe“goodsmarket”andtheLMmodelofthe“moneymarket.”“ISstandsforInvestmentSaving,WhereasLMstandsforLiquidityMoney.”BackgroundontheModelPricelevel,PIncome,Output,YSRASADY*Y*'AD'AD''Y*''Intheshortrun,whenthepricelevelisfixed,shif

8、tsintheaggregatedemandcurveleadtochangesinnationalincome,Y.ThemodelofaggregatedemanddevelopedinthischaptercalledtheIS-LMistheleadinginterpretationofKeynes’work.TheIS-LMmodeltakesth