macro14supplyshoc宏观经济学(南开大学,龚刚)k

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1、MacroeconomicsLecture14SupplyShockIntroductionObjectiveIntroducingthesupplyshockanditsimpactontheeconomyDiscussthepolicyfromthesupplysideeconomicsthatdealswiththestagflationDiscusstheempiricalwageandpriceequation,thedualPhilipscurves.SupplyshockanditsimpactontheeconomyWhatisthes

2、upplyshockTheshock(oraneconomicchange)thatmaketheaggregatesupplycurvetoshift.Thenegativesupplyshockistomaketheaggregatesupplytoshifttheleft.Thepositivesupplyshockistomaketheaggregatesupplycurveshifttotheright.SupplyshockanditsimpactontheeconomyTheimpactofthe(negative)supplyshock

3、shifttheaggregatesupplycurvetotheleftandthereforedecreasetheoutput,increasetheprice(seethefigure)SupplyshockanditsimpactontheeconomyTheimpactofthe(negative)supplyshock(continued)SupplyshockanditsimpactontheeconomyTheimpactofthe(negative)supplyshock(continued)Whenoutputdecreases,

4、theemploymentwillalsodecrease.Thisindeedgeneratesthestagflation.ShiftthePhilipscurvetotheright(seethefigure).SupplyshockanditsimpactontheeconomyTheimpactofthe(negative)supplyshock(continued)SupplyshockanditsimpactontheeconomyThecasestudy,theoilcrisisSupplyshockanditsimpactonthee

5、conomyThecasestudy,theoilcrisis(continued)Between1973and1981,theinternationaloilpricehasbeenincreasedalmostbythreetimescomparingtothepricein1960’s.Suchasharpincreaseisbroughtbytwooilcrisisthathaveoccurredin1973and1980.ItistheOPECthatmayresponsetothesetwooilcrisis.Supplyshockandi

6、tsimpactontheeconomyThecasestudy,theoilcrisis(continued)Manyhavearguedthatthestagflationsoccurredin1970’sand1980’sareduetotheoilcrisis.ThebreakdownoftheOPEC.ThetechnicalprocessasasupplyshockWhatisthetechnicalprogress?Thenewtechnologythatmaketheoutputincreaseatthesameinputsorinpu

7、tdecreaseatthesameoutputLaborsaving,capitalsavingorneutraltechnicalprogress.ThetechnicalprocessasasupplyshockWhatisthetechnicalprogress(continued)?Considerthefollowingtheproductionfunctions:Y=LYp=KY=AK1-LTheincreasein,andAcanbeunderstoodasthetechnicalprogressrespectivelyin

8、laborsaving,capitalsavingandneutral.Thetechnica