米什金 货币银行学 课件.ppt

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1、Chapter25AggregateDemandandSupplyAnalysisMonetaristViewofADPY2000V===2M1000ModernQuantityTheoryofMoneyMV=PYImplication:MdeterminesPYifVunrelatedtoMDerivingADCurveM=1000,V=2PY=2000PointA:P=2Y=1000PY=21000PointB:P=1Y=2000PY=12000PointC:P=0.5Y=4000PY=0.54000Conclusion:PY

2、,downwardslopingADShiftinADCurveM:PY,soatgivenP,YADshiftsright2TheADCurve3KeynesianViewofADYad=C+I+G+NXDownwardSlopingADP,M/P,i,I,NX,Yad,YShiftinADM,M/P,i,I,NX,Yad,YADshiftsrightCorGorTorNX:Yad,YADshiftsrightCompleteCrowdingOutG,iC,I,NXC+I+G+NX=Yadunch

3、angedPartialcrowdingout:privatespendingdown,butnotfullyoffsettingG4AggregateSupplyinShortRunUpwardslopeofASInshort-runproductioncostsfixedP,profits,YproducedShiftinASProductioncosts:AtgivenP,profits,YASshiftsleft5EquilibriuminShortRunEquilibrium:AD=ASIfP>P*,AS>ADPtoP*IfP

4、ASYnWages:atgivenP,profits,YproducedASshiftsinuntilY=Ynatlong-runASPanel(b):Y

5、ry:FactorsthatShiftAD8EffectofShiftinADonY1.ADshiftsright:YPtopoint1'2.Y>Yn:wages,ASshiftsinuntilreachpoint2,whereY=YnConclusion:ADshiftsright,Yinshortrunonly;inlongrunonlyP9Summary:FactorsthatShiftAS10EffectofShiftinASonY1.Negativesupplyshock:ASshiftsin,YPtopoint22.Y

6、Sshiftsoutuntilreturntopoint1Conclusion:ASshiftsin,YPinshortrun,butinlongrunYandPareunchanged11ShiftsinLong-RunSupplyYngrowsovertime,butisshownasfixedinAD/ASdiagramRealBusinessCycleTheory1.Ynfluctuatesalotduetoaggregatesupply(real)shocks2.ShiftsinADsmall3.Conclusion:Businesscyclesduet

7、orealshocks4.SupportsnonactivismHysteresis1.ADshiftsin,naturalrateofunemployment,Ynshiftsin2.Unemploymentstayshigh3.Supportsactivism12VietnamWarBuildup:1964–7013NegativeSupplyShocks:1973–75and1978–8014PositiveSupplyShocks1995–9915