Macroeconomics Intro and the IS-LM Model宏观经济学：介绍与IS-LM模型

《Macroeconomics Intro and the IS-LM Model宏观经济学：介绍与IS-LM模型》由会员上传分享，免费在线阅读，更多相关内容在学术论文-天天文库。

1、Macroeconomics:IntroandtheIS-LMModel14.02Notes1March3,20141TheseslidesareNOTasubstituteforchapters2-5ofthebook.TheyaremeanttogiveyouamorecoinciseandanalyticalpresentationoftheIS-LMmodelbutmanyaspectsofthemodelthatarediscussedinthebookarenotintheseslides,andweshallassumeyouhavereadthebook.14.02

2、Notes()Macroeconomics:IntroandtheIS-LMModelMarch3,20141/34MacroeconomicsTounderstandhowthe…nancialcrisishittherealeconomyhowthegovernment–throughitsmonetaryand…scalpolicies–wasabletoalleviatethee¤ectsofthe…nancialshockontheeconomyweneedamodeloftheeconomy.Notofasinglemarket,butofentireeconomy.T

3、hisiswhatmacroeconomicsisabout:constructingmodelsoftheaggregateeconomyandthenusingthemtounderstandthee¤ectsofexternalshockspoliciesWestartfromthede…nitionoftheeconomy’saggregateoutput14.02Notes()Macroeconomics:IntroandtheIS-LMModelMarch3,20142/34GDP:Theeconomy’saggregateoutput.Threewaystomeasu

4、reGDP:theexampleofaneconomyconsistingofonlytwo…rmsSteelcompanyCarcompanyRevenues100$Revenues200$ExpensesExpenseswages80$wages70$steel100$Pro…t20$Pro…t30$14.02Notes()Macroeconomics:IntroandtheIS-LMModelMarch3,20143/341.GDPisthevalueof…nalgoods(carsintheexample)producedintheeconomyinagivenperiod

5、.Valueofcarssold=200$.SeethismergingthetwocompaniesSteelcompany+CarcompanyRevenues200$Expenseswages150$Pro…t50$14.02Notes()Macroeconomics:IntroandtheIS-LMModelMarch3,20144/342.GDPisthesumofthevalueaddedintheeconomyinagivenperiod:200$SteelcompanyCarcompanyRevenues100$Revenues200$ExpensesExpense

6、swages80$wages70$steel100$Pro…t20$Pro…t30$-steelcompany:valueadded=100$-carcompany:valueadded=200$-100$(steelbought)=100$14.02Notes()Macroeconomics:IntroandtheIS-LMModelMarch3,20145/343.GDPisthesumofincomes(pro…tsplussalaries)intheeconomyinagivenperiod:200$SteelcompanyCarcompanyRevenues100$Rev

7、enues200$ExpensesExpenseswages80$wages70$steel100$Pro…t20$Pro…t30$-incomesinthesteelcompany:80$+20$=100$-incomesinthecarcompany:70$+30$=100$14.02Notes()Macroeconomics:IntroandtheIS-LMModelMarch3,20146/34NominalandrealGDPyearquantityofca