鲁迪格·多恩布什-宏观经济学（第十三版）IPPTChap011.pptVIP

Money, Interest, and IncomeChapter #11Copyright ? 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. IntroductionMoney plays a central role in the determination of income and employmentInterest rates are a significant determinant of aggregate spending ? Fed controls the money supply in the United StatesThe stock of money, interest rates, and the Fed were noticeably absent from the model developed in the last chapterThis chapter:Introduces money and monetary policyBuilds an explicit framework of analysis within which to study the interaction of goods markets and assets marketWhat determines interest rates?What is the role of interest rates in the business cycle?11-2 IntroductionFigure 11-1 shows the interest rate on Treasury bills = the payment received by someone who lends to the U.S. governmentEx. At an interest rate of 5%, a $100 loan to the government will earn $5 in interest 11-3 IntroductionInterest rates: Are high just before a recessionDrop during the recessionRise during the recovery11-4 Introduction 11-5Figure 11-2 shows the strong link between money and output growthIS-LM model is the core of short-run macroeconomicsMaintains the details of earlier model, but adds the interest rate as an additional determinant of aggregate demandIncludes the goods market and the money market, and their link through interest rates and income Structure of the IS-LM Model 11-6 The Goods Market and the IS CurveThe IS curve shows combinations of interest rates and levels of output such that planned spending equals incomeDerived in two steps:Link between interest rates and investmentLink between investment demand and ADInvestment is no longer treated as exogenous, but dependent upon interest rates (endogenous)Investment demand is lower the higher are interest ratesInterest rates are the cost of borrowing moneyIncreased interest rates raise the price to firms of borrowing for capital equipm