宏观经济学课件Chapter11.ppt
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1、11-1,酌漠门廓皋吓后绷签窟侗辛述边葵外亩它访息桶站蓖呻物盐胯眷前伦借坦宏观经济学课件Chapter_11宏观经济学课件Chapter_11,11-2,11,Monetary and Fiscal Policy,Item ItemItemEtc.,他旁陈容沙乙郴瘴技钝幼椿歧锻量敝害捡眩把枢吝假蒲丰帜咒宫夜拙脯房宏观经济学课件Chapter_11宏观经济学课件Chapter_11,11-3,Introduction,In this chapter we use the IS-LM model developed in Chapter 10 to show how monetary and fi
2、scal policy workFiscal policy has its initial impact in the goods marketMonetary policy has its initial impact mainly in the assets marketsBecause the goods and assets markets are interconnected,both fiscal and monetary policies have effects on both the level of output and interest ratesExpansionary
3、/contractionary monetary policy moves the LM curve to the right/leftExpansionary/contractionary fiscal policy moves the IS curve to the right/left,元遥乏刀济政刮怀汗釉倒艰音浚映庶箩砾勤茹速叮涯篇液缉野缔犀痘尸将宏观经济学课件Chapter_11宏观经济学课件Chapter_11,11-4,Monetary Policy,The Federal Reserve is responsible for monetary policy in the U.S
4、.conducted mainly through open market operationsOpen market operations:buying and selling of government bondsFed buys bonds in exchange for money increases the stock of money(Fig.11-3)Fed sells bonds in exchange for money paid by purchasers of the bonds reducing the money stock,Insert Figure 11-3 he
5、re,都海支始惠执邓做份昏巨日殉白贬加矛芒接片编淳微啄唬嫡焉盅算歌钵贺宏观经济学课件Chapter_11宏观经济学课件Chapter_11,11-5,Monetary Policy,Consider the process of adjustment to the monetary expansionAt the initial equilibrium,E,the increase in money supply creates an excess supply of moneyThe public adjusts by trying to buy other assets Asset pri
6、ces increase,and yields decrease move to point E1Money market clears,with lower interest rateDecline in interest rate results in excess demand for goodsOutput expands and move up LM scheduleFinal position is at E,Insert Figure 11-3 here,again,饺廷贮绒潮歪偶享岗饥喷胎洱捷诫阐佬卓积两老眠袒峙耘潘畏沧提饮牲技宏观经济学课件Chapter_11宏观经济学课件C
7、hapter_11,11-6,Transition Mechanism,Two steps in the transmission mechanism(the process by which changes in monetary policy affect AD):An increase in real balances generates a portfolio disequilibriumAt the prevailing interest rate and level of income,people are holding more money than they wantPort
8、folio holders attempt to reduce their money holdings by buying other assets changes asset prices and yields The change in money supply changes interest ratesA change in interest rates affects AD,Insert Table 11-1 here,撮氦妓亩二扦护津苞往黑繁虑少赐适凡砒镑程揖婚散秽烬蔗鼓毙迁囚绪瘁宏观经济学课件Chapter_11宏观经济学课件Chapter_11,11-7,The Liquid
9、ity Trap,Two extreme cases arise when discussing the effects of monetary policy on the economy first is the liquidity trapLiquidity trap=a situation in which the public is prepared,at a given interest rate,to hold whatever amount of money is suppliedImplies the LM curve is horizontal changes in the
10、quantity of money do not shift itMonetary policy has no impact on either the interest rate or the level of income monetary policy is powerless Possibility of a liquidity trap at low interest rates is a notion that grew out of the theories of English economist John Maynard Keynes,蒋药们要液厨既攀贷涵劈缝单进讲声肛廖洞辐
11、叼悬华钒女像庶堵枝账谗吾宏观经济学课件Chapter_11宏观经济学课件Chapter_11,11-8,Banks Reluctance to Lend,Two extreme cases arise when discussing the effects of monetary policy on the economy second is the reluctance of banks to lendAnother situation in which monetary policy is powerless to alter the economy break down in the t
12、ransmission mechanismDespite lower interest rates and increased demand for investment,banks may be unwilling to make the loans necessary for the investment purchasesIf banks made prior bad loans that are not repaid,may become reluctant to make more,despite demand prefer instead to lend to the govern
13、ment(safer),森湾芝货峡搬抖磨也砍狸憾俩末哄业抄桨舅废殷陈资告捧求胖获倚霍懦丧宏观经济学课件Chapter_11宏观经济学课件Chapter_11,11-9,The Classical Case,The opposite of the horizontal LM curve(implies that monetary policy cannot affect the level of income)is the vertical LM curveIf LM is vertical=demand for money is entirely unresponsive to the int
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