Chapter-10-Aggregate-Demand-I-Building-the-IS-LM-Model(曼昆宏观经济学-第七版(英)).ppt

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1、CHAPTER10AggregateDemand1:BuildingtheIS-LMModel®MANKIW'SMACROECONOMICSMODULESAPowerPointTutorialToAccompanyMACROECONOMICS,7th.EditionN.GregoryMankiwTutorialwrittenby:MannigJ.SimidianB.A.inEconomicswithDistinction,DukeUniversityM.P.A.,HarvardUniversityKennedySchoolofGovernmentM.B.A.,MassachusettsIns

2、tituteofTechnology(MIT)SloanSchoolofManagementTheGreatDepressioncausedmanyeconomiststoquestionthevalidityofclassicaleconomictheory(fromChapters3-6).Theybelievedtheyneededanewmodeltoexplainsuchapervasiveeconomicdownturnandtosuggestthatgovernmentpoliciesmighteasesomeoftheeconomichardshipthatsocietywas

3、experiencing.In1936,JohnMaynardKeyneswroteTheGeneralTheoryofEmployment,Interest,andMoney.Init,heproposedanewwaytoanalyzetheeconomy,whichhepresentedasanalternativetotheclassicaltheory.Keynesproposedthatlowaggregatedemandisresponsibleforthelowincomeandhighunemploymentthatcharacterizeeconomicdownturns.

4、Hecriticizedthenotionthataggregatesupplyalonedeterminesnationalincome.TheKeynesianModelIn2008and2009,astheUnitedStatesandEuropedescendedintoarecession,theKeynesiantheoryofthebusinesscyclewasofteninthenews.Policymakersaroundtheworlddebatedhowbesttoincreaseaggregatedemandwithbothmonetaryandfiscalpolic

5、y.“Keynesian”meansdifferentthingstodifferentpeople.It’susefultothinkofthebasictextbookKeynesianmodelasanelaborationandextensionofthe“classicaltheory.”Itsvariablevelocityofmoneyand“sticky”pricesreflectsKeynes’sbeliefthattheClassicalmodel’sshortcomingsarosefromitsoverly-strictassumptionsofconstantvelo

6、cityandhighlyflexiblewagesandprices.Themodelofaggregatedemand(AD)canbesplitintotwoparts:ISmodelofthe“goodsmarket”andtheLMmodelofthe“moneymarket.”“ISstandsforInvestmentSaving,WhereasLMstandsforLiquidityMoney.”BackgroundontheModelPricelevel,PIncome,Output,YSRASADY*Y*'AD'AD''Y*''Intheshortrun,whenthepr

7、icelevelisfixed,shiftsintheaggregatedemandcurveleadtochangesinnationalincome,Y.ThemodelofaggregatedemanddevelopedinthischaptercalledtheIS-LMistheleadinginterpretationofKeynes’work.TheIS-LMmodeltakesth