高级宏观经济学课件Chapter-6.pptVIP

Chapter 6 Microeconomic Foundations of Incomplete Nominal Adjustment 周泳宏 tzhouyhjnu@jnu.edu.cn introduction The sluggish adjustment of nominal wages and prices is central to Keynesian models. Investigating the microeconomic foundations of that sluggish adjustment is necessary for making the models fully specified But simply introducing some departure from perfect markets is not enough to imply that nominal disturbances matter Any microeconomic basis for failure of the classical dichotomy requires some kind of nominal imperfection Classical Dichotomy Monetary disturbances cause all nominal prices and wages to change, leaving the real equilibrium unchanged We examine three nominal imperfections Part A Lucas(1972) and Phelps(1970) The nominal imperfection is that producers do not observe the aggregate price level Part B Monetary shocks have real effects because not all prices or wages are adjusted simultaneously Part C Small costs of changing nominal prices or wages Other small friction in nominal adjustment Part A The Lucas Imperfect-Information Model Introduction When a producer observes a change in the price of his or her product, he or she does not know whether it reflects a change in the good’s relative price or a change in the aggregate price level A change in the relative price alters the optimal amount to produce A change in the aggregate price level leaves optimal production unchanged 6.1 the case of perfect information （1）Producer Behavior Representative of a typical good i Qi: the amount he or she produces Li: the amount that the individual works Ci: the individual’s consumption P: the price of the market basket of goods —— an index of the prices of all goods Utility depends positively on consumption and negatively on the amount worked P is given （2）Demand The demand for a given good is assumed to depend on three factors: real income, the good’s relative price, and a random disturbance to preferences The demand for good i is: The aggregate demand side