曼昆《经济学原理》(宏观经济学分册)英文原版PPT课件—.ppt

《曼昆《经济学原理》(宏观经济学分册)英文原版PPT课件—.ppt》由会员上传分享，免费在线阅读，更多相关内容在行业资料-天天文库。

1、34TheInfluenceofMonetaryandFiscalPolicyonAggregateDemandAggregateDemandManyfactorsinfluenceaggregatedemandbesidesmonetaryandfiscalpolicy.Inparticular,desiredspendingbyhouseholdsandbusinessfirmsdeterminestheoveralldemandforgoodsandservices.AggregateDemandWhendesiredspendingchanges

2、,aggregatedemandshifts,causingshort-runfluctuationsinoutputandemployment.Monetaryandfiscalpolicyaresometimesusedtooffsetthoseshiftsandstabilizetheeconomy.HOWMONETARYPOLICYINFLUENCESAGGREGATEDEMANDTheaggregatedemandcurveslopesdownwardforthreereasons:ThewealtheffectTheinterest-rate

3、effectTheexchange-rateeffectHOWMONETARYPOLICYINFLUENCESAGGREGATEDEMANDFortheU.S.economy,themostimportantreasonforthedownwardslopeoftheaggregate-demandcurveistheinterest-rateeffect.TheTheoryofLiquidityPreferenceKeynesdevelopedthetheoryofliquiditypreferenceinordertoexplainwhatfacto

4、rsdeterminetheeconomy’sinterestrate.Accordingtothetheory,theinterestrateadjuststobalancethesupplyanddemandformoney.TheTheoryofLiquidityPreferenceMoneySupplyThemoneysupplyiscontrolledbytheFedthrough:Open-marketoperationsChangingthereserverequirementsChangingthediscountrateBecausei

5、tisfixedbytheFed,thequantityofmoneysupplieddoesnotdependontheinterestrate.Thefixedmoneysupplyisrepresentedbyaverticalsupplycurve.TheTheoryofLiquidityPreferenceMoneyDemandMoneydemandisdeterminedbyseveralfactors.Accordingtothetheoryofliquiditypreference,oneofthemostimportantfactors

6、istheinterestrate.Peoplechoosetoholdmoneyinsteadofotherassetsthatofferhigherratesofreturnbecausemoneycanbeusedtobuygoodsandservices.Theopportunitycostofholdingmoneyistheinterestthatcouldbeearnedoninterest-earningassets.Anincreaseintheinterestrateraisestheopportunitycostofholdingm

7、oney.Asaresult,thequantityofmoneydemandedisreduced.TheTheoryofLiquidityPreferenceEquilibriumintheMoneyMarketAccordingtothetheoryofliquiditypreference:Theinterestrateadjuststobalancethesupplyanddemandformoney.Thereisoneinterestrate,calledtheequilibriuminterestrate,atwhichthequanti

8、tyofmoneydemandedequalsthequantityofmone