1002-ch21曼昆-宏观经济学.ppt

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1002-ch21曼昆-宏观经济学.ppt

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TheInfluenceofMonetaryandFiscalPolicyonAggregateDemandEconomicsPRINCIPLESOFN.GregoryMankiwPremiumPowerPointSlides

byRonCronovich21

Inthischapter,

lookfortheanswerstothesequestions:HowcantheCentralBankusemonetarypolicytoshifttheaggregatedemandcurve?Inwhattwowaysdoesfiscalpolicyaffectaggregatedemand?Whataretheargumentsforandagainst

usingpolicytotrytostabilizetheeconomy?11ECON1002C/D(2011)Ch21:INFLUENCEOFMONETARYFISCALPOLICY

IntroductionEarlierchapterscovered:thelong-runeffectsoffiscalpolicy

oninterestrates,investment,economicgrowththelong-runeffectsofmonetarypolicy

onthepricelevelandinflationrateThischapterfocusesontheshort-runeffects

offiscalpolicyandmonetarypolicy,

whichworkthroughaggregatedemand(AD).02ECON1002C/D(2011)Ch21:INFLUENCEOFMONETARYFISCALPOLICY

(1)HowMonetaryPolicyInfluencesAggregateDemand03ECON1002C/D(2011)Ch21:INFLUENCEOFMONETARYFISCALPOLICY

AggregateDemandRecall,theADcurveslopesdownwardforthreereasons:ThewealtheffectTheinterest-rateeffectTheexchange-rateeffectNext:

Asupply-demandmodelthathelpsexplaintheinterest-rateeffectandhowmonetarypolicyaffectsaggregatedemand.themostimportantoftheseeffectsfortheU.S.economy04ECON1002C/D(2011)Ch21:INFLUENCEOFMONETARYFISCALPOLICY

(A)TheTheoryofLiquidityPreferenceAsimpletheoryoftheinterestrate(denotedr)radjuststobalancesupplyanddemand

formoneyMoneysupply:assumefixedbytheCentralBank(CB),doesnotdependoninterestrate05ECON1002C/D(2011)Ch21:INFLUENCEOFMONETARYFISCALPOLICY

TheTheoryofLiquidityPreferenceMoneydemandreflectshowmuchwealthpeoplewanttoholdinliquidform.Forsimplicity,supposehouseholdwealthincludesonlytwoassets:Money–liquidbutpaysnointerestBonds–payinterestbutnotasliquidAhousehold’s“moneydemand”reflectsitspreference