曼昆经济学原理第五版答案英文ch32

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1、Chapter32—THEINFLUENCEOFMONETARYANDFISCALPOLICY21THEINFLUENCEOFMONETARYANDFISCALPOLICYONAGGREGATEDEMAND32WHAT’SNEW:Thesectionon“TheEconomyintheLongRunandtheShortRun”hasbeenshortenedandisnowanFYIbox.Theformulaforthemultiplierisnowinthetext,andanewsectio

2、nhasbeenaddedon“OtherApplicationsoftheMultiplierEffect.”ThereisanewCaseStudyon“WhytheFedWatchestheStockMarket(andViceVersa).”TherearealsotwonewintheNewsboxes:“EuropeanCentralBankersExpandAggregateDemand”and“JapanTriesaFiscalStimulus.”LEARNINGOBJECTIVES

3、:Bytheendofthischapter,studentsshouldunderstand:Øthetheoryofliquiditypreferenceasashort-runtheoryoftheinterestrate.Øhowmonetarypolicyaffectsinterestratesandaggregatedemand.Øhowfiscalpolicyaffectsinterestratesandaggregatedemand.Øthedebateoverwhetherpoli

4、cymakersshouldtrytostabilizetheeconomy.KEYPOINTS:1.Indevelopingatheoryofshort-runeconomicfluctuations,Keynesproposedthetheoryofliquiditypreferencetoexplainthedeterminantsoftheinterestrate.Accordingtothistheory,theinterestrateadjuststobalancethesupplyan

5、ddemandformoney.2.Anincreaseinthepricelevelraisesmoneydemandandincreasestheinterestratethatbringsthemoneymarketintoequilibrium.Becausetheinterestraterepresentsthecostofborrowing,ahigherinterestratereducesinvestmentand,thereby,thequantityofgoodsandservi

6、cesdemanded.Thedownward-slopingaggregate-demandcurveexpressesthisnegativerelationshipbetweenthepricelevelandaggregatequantitydemanded.3.Policymakerscaninfluenceaggregatedemandwithmonetarypolicy.Anincreaseinthemoneysupplyreducestheequilibriuminterestrat

7、eforanygivenpricelevel.Becausealowerinterestratestimulatesinvestmentspending,theaggregate-demandcurveshiftstotheright.Conversely,adecreaseinthemoneysupplyraisestheequilibriuminterestrateforanygivenpricelevelandshiftstheaggregatedemandcurvetotheleft.Har

8、court,Inc.itemsandderiveditemscopyrightÓ2001byHarcourt,Inc.Chapter32—THEINFLUENCEOFMONETARYANDFISCALPOLICY211.Policymakerscanalsoinfluenceaggregatedemandwithfiscalpolicy.Anincreaseingovernmentpurchasesoracutintaxesshiftstheaggregate-dem