宏观经济学ppt课件 (8).ppt

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1、MacroeconomicsLecture14SupplyShock1IntroductionObjectiveIntroducingthesupplyshockanditsimpactontheeconomyDiscussthepolicyfromthesupplysideeconomicsthatdealswiththestagflationDiscusstheempiricalwageandpriceequation,thedualPhilipscurves.2Supplyshockanditsimpac

2、tontheeconomyWhatisthesupplyshockTheshock(oraneconomicchange)thatmaketheaggregatesupplycurvetoshift.Thenegativesupplyshockistomaketheaggregatesupplytoshifttheleft.Thepositivesupplyshockistomaketheaggregatesupplycurveshifttotheright.3Supplyshockanditsimpacton

3、theeconomyTheimpactofthe(negative)supplyshockshifttheaggregatesupplycurvetotheleftandthereforedecreasetheoutput,increasetheprice(seethefigure)4SupplyshockanditsimpactontheeconomyTheimpactofthe(negative)supplyshock(continued)5Supplyshockanditsimpactontheecono

4、myTheimpactofthe(negative)supplyshock(continued)Whenoutputdecreases,theemploymentwillalsodecrease.Thisindeedgeneratesthestagflation.ShiftthePhilipscurvetotheright(seethefigure).6SupplyshockanditsimpactontheeconomyTheimpactofthe(negative)supplyshock(continued

5、)7SupplyshockanditsimpactontheeconomyThecasestudy,theoilcrisis8SupplyshockanditsimpactontheeconomyThecasestudy,theoilcrisis(continued)Between1973and1981,theinternationaloilpricehasbeenincreasedalmostbythreetimescomparingtothepricein1960’s.Suchasharpincreasei

6、sbroughtbytwooilcrisisthathaveoccurredin1973and1980.ItistheOPECthatmayresponsetothesetwooilcrisis.9SupplyshockanditsimpactontheeconomyThecasestudy,theoilcrisis(continued)Manyhavearguedthatthestagflationsoccurredin1970’sand1980’sareduetotheoilcrisis.Thebreakd

7、ownoftheOPEC.10ThetechnicalprocessasasupplyshockWhatisthetechnicalprogress?ThenewtechnologythatmaketheoutputincreaseatthesameinputsorinputdecreaseatthesameoutputLaborsaving,capitalsavingorneutraltechnicalprogress.11ThetechnicalprocessasasupplyshockWhatisthet

8、echnicalprogress(continued)?Considerthefollowingtheproductionfunctions:Y=LYp=KY=AK1-LTheincreasein,andAcanbeunderstoodasthetechnicalprogressrespectivelyinlaborsaving,capitalsavingandneutra