宏观经济管理学与财务知识分析英文版)0002).ppt

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1、CHAPTER6BuildingBlocksoftheFlexible-PriceModel1Copyright©2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.QuestionsWhatisafull-employmentanalysis?Whatkeepstheeconomyatfullemploymentwhenwagesandpricesareflexible?Whatdeterminesthelevelofconsumptionspending?Whatdeterminesthelevelofinvestmentspending

2、?2Copyright©2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.QuestionsWhatdeterminesthelevelofnetexports?Whatdeterminestheleveloftheexchangerate?3Copyright©2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.Full-EmploymentAnalysisWewillnowlookattheeconomyovertheshort-runaperiodinwhichitsproducti

3、veresourcesarefixedWewillassumethatwagesandpricesareflexiblesothatallmarketsclearsupplyequalsdemandinthelabormarketfull-employmentanalysis4Copyright©2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.Flexible-PriceModelTwosetsoffactorsdeterminethelevelsofpotentialoutputandrealwagestheproductionfunc

4、tionthebalanceofsupplyanddemandinthelabormarket5Copyright©2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.TheProductionFunctionPotentialoutput(Y*)isdeterminedbythesizeofthelaborforce(L)theeconomy’scapitalstock(K)theefficiencyoflabor(E)aparameterindicatinghowquicklyreturnstoinvestmentdiminish()6

5、Copyright©2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.Figure6.1-TheProductionFunction7Copyright©2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.Flexible-PriceModelTheassumptionthatwagesandpricesareflexiblewascommonlymadeby“classical”economistsThus,thisassumptionisoftencalledtheclassicala

6、ssumptionguaranteesthatmarketsworkguaranteesfullemploymentguaranteesthatactualoutputisequaltopotentialoutput8Copyright©2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.Flexible-PriceModelTheflexible-priceassumptionisnotalwaysagoodoneamarketeconomydoesnotalwaysproducefullemploymentThe“Keynesian”mo

7、delassumesthatwagesandpricesarestickythiswillbecoveredinSectionIIIoftextTheClassicalassumptionsimplifiestheanalysisoftheeconomy9Copyright©2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.Table6.1-C