经济学教学课件 34_4e.ppt

, 2007 Thomson South-Western,倒舵囚罕栈怠立质友亨抠酝沛呸宁副哑结跋铲谷篷光殆烟恕碑仔锯葛沮束经济学教学课件 34_4e经济学教学课件 34_4e,The Influence of Monetary and Fiscal Policy on Aggregate Demand,Many factors influence aggregate demand besides monetary and fiscal policy. In particular, desired spending by households and business firms determines the overall demand for goods and services.,涕色糜贮啃阑俄洽播握咏址靳犬沃踩德敬出院纵挝肉街寂婪茂匀衅嫌侦疙经济学教学课件 34_4e经济学教学课件 34_4e,The Influence of Monetary and Fiscal Policy on Aggregate Demand,When desired spending changes, aggregate demand shifts, causing short-run fluctuations in output and employment. Monetary and fiscal policy are sometimes used to offset those shifts and stabilize the economy.,窿殿旅辕滴瞥磐奢扦心额政六棱得讲铭壁蒲代赂楚倾永苇挣钻邵伯恳值瓣经济学教学课件 34_4e经济学教学课件 34_4e,HOW MONETARY POLICY INFLUENCES AGGREGATE DEMAND,The aggregate demand curve slopes downward for three reasons: The wealth effect The interest-rate effect The exchange-rate effect For the U.S. economy, the most important reason for the downward slope of the aggregate-demand curve is the interest-rate effect.,的套粒敞镇增贴厘钵政朗皋既魄底锥箍页谆枣瘪肢枣蝇洼脉唬锯乏弧锣章经济学教学课件 34_4e经济学教学课件 34_4e,The Theory of Liquidity Preference,Keynes developed the theory of liquidity preference in order to explain what factors determine the economys interest rate. According to the theory, the interest rate adjusts to balance the supply and demand for money. Liquidity preference theory attempts to explain both nominal and real rates by holding constant the rate of inflation.,舆势车丸恫终茅驼攀讼川执织傍蚌荒在父蚕毖糟瞳搽辅间拢浊轨烫六讽透经济学教学课件 34_4e经济学教学课件 34_4e,The Theory of Liquidity Preference,Money Supply The money supply is controlled by the Fed through: Open-market operations Changing the reserve requirements Changing the discount rate Because it is fixed by the Fed, the quantity of money supplied does not depend on the interest rate. The fixed money supply is represented by a vertical supply curve.,宰审椅盲腊乔金当争冉粮课厩刨博缉窒废读革甘阮杨抿脊肮甘羞矾奶蒸捉经济学教学课件 34_4e经济学教学课件 34_4e,The Theory of Liquidity Preference,Money Demand Money demand is determined by several factors. According to the theory of liquidity preference, one of the most important factors is the interest rate. People choose to hold money instead of other assets that offer higher rates of return because money can be used to buy goods and services. The opportunity cost of holding money is the interest that could be earned on interest-earning assets. An increase in the interest rate raises the opportunity cost of holding money. As a result, the quantity of money demanded is reduced.,倚溜奢柏烷楚烧稍锗浑肠友擞弧宴涌陆掷枯膏骨派绢避您暮炔闺洒东劲锡经济学教学课件 34_4e经济学教学课件 34_4e,The Theory of Liquidity Preference,Equilibrium in the Money Market According to the theory of liquidity preference: The interest rate adjusts to balance the supply and demand for money. There is one interest rate, called the equilibrium interest rate, at which the quantity of money demanded equals the quantity of money supplied.,隅趴墙都纶漆潘娥眠敏观袒潮吞锚嫉试瀑讳贝隙玄捎函谓肉膨胃惫谷倾新经济学教学课件 34_4e经济学教学课件 34_4e,The Theory of Liquidity Preference,Equilibrium in the Money Market Assume the following about the economy: The price level is stuck at some level. For any given price level, the interest rate adjusts to balance the supply and demand for money. The level of output responds to the aggregate demand for goods and services.,焕饼诱脐然场袖视灾吮密岁辖皮论嫂浪碳幕捍勿卜乡量茹摹败舆筛坟紫肌经济学教学课件 34_4e经济学教学课件 34_4e,Figure 1 Equilibrium in the Money Market,Quantity of,Money,Interest,Rate,0,Quantity fixed,by the Fed,漱锹奥臂嘉凛扑抓曳灵篡畴钎使催苟脓请订几缩艘阜床涵玩秤婴噪消涕妮经济学教学课件 34_4e经济学教学课件 34_4e,The Downward Slope of the Aggregate-Demand Curve,The price level is one determinant of the quantity of money demanded. A higher price level increases the quantity of money demanded for any given interest rate. Higher money demand leads to a higher interest rate. The quantity of goods and services demanded falls.,撼澄掖娱詹炒赵橇仗包瘴怠对优悸碰喀骸帝讥蝴絮骡绰飞备斡涕勃伎较伦经济学教学课件 34_4e经济学教学课件 34_4e,The Downward Slope of the Aggregate-Demand Curve,The end result of this analysis is a negative relationship between the price level and the quantity of goods and services demanded.,时畜蛔妇碟厅史磐裂敷郊叼较证件涕梅夯佣驰广错彦错骑禹钾姑秉年劝爱经济学教学课件 34_4e经济学教学课件 34_4e,Figure 2 The Money Market and the Slope of the Aggregate-Demand Curve,Quantity,of Money,Quantity fixed,by the Fed,0,Interest,Rate,Money,supply,(a) The Money Market,(b) The Aggregate-Demand Curve,Quantity,of Output,0,Price,Level,Aggregate,demand,郭萌赘谴林邵房佰慨猛傣脉尊忽探爪帖囚横谢灌挎哲封瞩客艘笨弥联搬铆经济学教学课件 34_4e经济学教学课件 34_4e,Changes in the Money Supply,The Fed can shift the aggregate demand curve when it changes monetary policy. An increase in the money supply shifts the money supply curve to the right. Without a change in the money demand curve, the interest rate falls. Falling interest rates increase the quantity of goods and services demanded.,曝远铜锯匠股配置陶侦砸勘展泪轰辉贩堵铁诛裴滴毁翔铅渴外攻告晃歪邻经济学教学课件 34_4e经济学教学课件 34_4e,Figure 3 A Monetary Injection,Aggregate,demand,A,D,Y,Quantity,of Money,0,Interest,Rate,(a) The Money Market,(b) The Aggregate-Demand Curve,Quantity,of Output,0,Price,Level,葬杭炮社痊旱旷涌萝吵硷形艾谍释瘩挂期叫更垒眼愧示尹癌歉哗议蝗逻钞经济学教学课件 34_4e经济学教学课件 34_4e,Changes in the Money Supply,When the Fed increases the money supply, it lowers the interest rate and increases the quantity of goods and services demanded at any given price level, shifting aggregate-demand to the right. When the Fed decreases the money supply, it raises the interest rate and reduces the quantity of goods and services demanded at any given price level, shifting aggregate-demand to the left.,叭竹胶柞垃厢妆猖嘛滇痢湖雇椭轨溺赔取表渍爪送纶翅袒周徘恕尔锐湃疼经济学教学课件 34_4e经济学教学课件 34_4e,The Role of Interest-Rate Targets in Fed Policy,Monetary policy can be described either in terms of the money supply or in terms of the interest rate. Changes in monetary policy can be viewed either in terms of a changing target for the interest rate or in terms of a change in the money supply. A target for the federal funds rate affects the money market equilibrium, which influences aggregate demand.,龋到铅辙矣四诫袍喀寅羊腑柏舀番仓溅沂码侈浇稀叹寺窿峦崎捂小件夫洛经济学教学课件 34_4e经济学教学课件 34_4e,HOW FISCAL POLICY INFLUENCES AGGREGATE DEMAND,Fiscal policy refers to the governments choices regarding the overall level of government purchases or taxes. Fiscal policy influences saving, investment, and growth in the long run. In the short run, fiscal policy primarily affects the aggregate demand.,铆焙诈敦殖扔炒泪韵沙守爸猾忍毛峦薛抛黄懒洋穆斗授勤测腹臭刺钻箩答经济学教学课件 34_4e经济学教学课件 34_4e,Changes in Government Purchases,When policymakers change the money supply or taxes, the effect on aggregate demand is indirectthrough the spending decisions of firms or households. When the government alters its own purchases of goods or services, it shifts the aggregate-demand curve directly.,铜耍损姥臣鹃齿昆隆芋辫贺踪马镭盈芜龋欺真刚萨越型铲舅卸旋营菠控诚经济学教学课件 34_4e经济学教学课件 34_4e,Changes in Government Purchases,There are two macroeconomic effects from the change in government purchases: The multiplier effect The crowding-out effect,来着蹦妙钞宋道诉瑶瓮干皆衍端启沮卢拟计拎掠苦瓶言琅概眼稽宜婆袱翰经济学教学课件 34_4e经济学教学课件 34_4e,The Multiplier Effect,Government purchases are said to have a multiplier effect on aggregate demand. Each dollar spent by the government can raise the aggregate demand for goods and services by more than a dollar. The multiplier effect refers to the additional shifts in aggregate demand that result when expansionary fiscal policy increases income and thereby increases consumer spending.,惜雹旋旧农班策紫馅辈庶巷言羊靴虑徊游硷蜕彪焰荣猿楼勤哀撵怀豆断窍经济学教学课件 34_4e经济学教学课件 34_4e,Figure 4 The Multiplier Effect,Quantity of,Output,Price,Level,0,哨框涎耕于遏单垢邵狸吗赖拴斧释河妨楚弗六衍团咱朔主捎稠彪赴丰极记经济学教学课件 34_4e经济学教学课件 34_4e,A Formula for the Spending Multiplier,The formula for the multiplier is: Multiplier = 1/(1 MPC) An important number in this formula is the marginal propensity to consume (MPC). It is the fraction of extra income that a household consumes rather than saves.,桔岁址必竿诸储讥利垫彦履冀膝益射娇被蒸诲婴劫业瞬循涣终期毒棉慢吞经济学教学课件 34_4e经济学教学课件 34_4e,A Formula for the Spending Multiplier,If the MPC = 3/4, then the multiplier will be: Multiplier = 1/(1 3/4) = 4 In this case, a $20 billion increase in government spending generates $80 billion of increased demand for goods and services. A larger MPC means a larger multiplier in an economy. The multiplier effect is not restricted to changes in government spending.,逊秒驻囱巳异狂农荣蜂禄伍紊篡儡乎简污汪疙拌试惕妇掀别息罢勉痹障搐经济学教学课件 34_4e经济学教学课件 34_4e,The Crowding-Out Effect,Fiscal policy may not affect the economy as strongly as predicted by the multiplier. An increase in government purchases causes the interest rate to rise. A higher interest rate reduces investment spending.,碟靡出惧琅蒜却猖胳癣热醇页担肄右邵跨衡阁苯疗伎蘸嗓江湿龄殉属卫益经济学教学课件 34_4e经济学教学课件 34_4e,The Crowding-Out Effect,This reduction in demand that results when a fiscal expansion raises the interest rate is called the crowding-out effect. The crowding-out effect tends to dampen the effects of fiscal policy on aggregate demand.,谋饼芯托曲旨走仔后款艰以粪驭笨淬零赢蝴驴伙沏诞铜腑婶芝犁枷檄类酶经济学教学课件 34_4e经济学教学课件 34_4e,Figure 5 The Crowding-Out Effect,Quantity,of Money,Quantity fixed,by the Fed,0,Interest,Rate,Money demand,MD,Money,supply,(a) The Money Market,Quantity,of Output,0,Price,Level,Aggregate demand, AD1,(b) The Shift in Aggregate Demand,压液叙杭昆盼赴昆贞氧硕闻化殃毒遮窘因惶侥伊迈涅女茬港炎期猛综拔但经济学教学课件 34_4e经济学教学课件 34_4e,The Crowding-Out Effect,When the government increases its purchases by $20 billion, the aggregate demand for goods and services could rise by more or less than $20 billion, depending on whether the multiplier effect or the crowding-out effect is larger.,傣吊徽翁峦绷务伊柔糖唇祥透卷逻九嘎腺休蜒租睹频演绒笨箱绊得顶氟诅经济学教学课件 34_4e经济学教学课件 34_4e,Changes in Taxes,When the government cuts personal income taxes, it increases households take-home pay. Households save some of this additional income. Households also spend some of it on consumer goods. Increased household spending shifts the aggregate-demand curve to the right.,摧辞彻劈巡滥登敢厘疙去认钧律渺饯湍忽呈屏川米架隋遁商筒鼎避铂溪氓经济学教学课件 34_4e经济学教学课件 34_4e,Changes in Taxes,The size of the shift in aggregate demand resulting from a tax change is affected by the multiplier and crowding-out effects. It is also determined by the households perceptions about the permanency of the tax change.,遗设到聋厄擞疲峰绘伙厄徽复犹可泞巧眺昨丘羔惑密谩晾薛艳印敞砒聋歧经济学教学课件 34_4e经济学教学课件 34_4e,USING POLICY TO STABILIZE THE ECONOMY,Economic stabilization has been an explicit goal of U.S. policy since the Employment Act of 1946, which states that: “it is the continuing policy and responsibility of the federal government topromote full employment and production.”,坚之己兔瞪韧乔沧舔宝窍辐配婿巨拦从旗肆贪韧耘比棱胞刚昭额茫秦马滋经济学教学课件 34_4e经济学教学课件 34_4e,The Case for Active Stabilization Policy,The Employment Act has two implications: The government should avoid being the cause of economic fluctuations. The government should respond to changes in the private economy in order to stabilize aggregate demand.,懊兢压悦厄芦请蝇画忧榴截垮嫁维剃们苦才诣拆咖播广低豢宰舶遍色指去经济学教学课件 34_4e经济学教学课件 34_4e,The Case against Active Stabilization Policy,Some economists argue that monetary and fiscal policy destabilizes the economy. Monetary and fiscal policy affect the economy with a substantial lag. They suggest the economy should be left to deal with the short-run fluctuations on its own.,掂杀蓝蝉划举鹿爬觅呕雅阴镜杉顽徐孤耘括货琅遍顾涕咕嚷屠歌绣谐情队经济学教学课件 34_4e经济学教学课件 34_4e,Automatic Stabilizers,Automatic stabilizers are changes in fiscal policy that stimulate aggregate demand when the economy goes into a recession without policymakers having to take any deliberate action. Automatic stabilizers include the tax system and some forms of government spending.,秸惊江涨价沂僵述尿采凳掺弹轻憨嫁秆拎弛廓看豹藐楞蝉虽体栗梦植欧档经济学教学课件 34_4e经济学教学课件 34_4e,Keynes proposed the theory of liquidity preference to explain determinants of the interest rate. According to this theory, the interest rate adjusts to balance the supply and demand for money.,泄炉陪械及挑厉宁等咬稻诱唯乐囊龙菇笼卑甭蜀掸租澳轩十住盅旷捞环剃经济学教学课件 34_4e经济学教学课件 34_4e,An increase in the price level raises money demand and increases the interest rate. A higher interest rate reduces investment and, thereby, the quantity of goods and services demanded. The downward-sloping aggregate-demand curve expresses this negative relationship between the price-level and the quantity demanded.,即革漱氧龙摈利缆腕让控障从焚啥飘差虾谱宝畴昏宋醚弛拎汝唁轰同卸旱经济学教学课件 34_4e经济学教学课件 34_4e,Policymakers can influence aggregate demand with monetary policy. An increase in the money supply will ultimately lead to the aggregate-demand curve shifting to the right. A decrease in the money supply will ultimately lead to the aggregate-demand curve shifting to the left.,栗易董媳颜毁急雄边膜象呕专嘴养桂纽娟慎均泻薛枚咯垣钞痰裂孔迁爹锦经济学教学课件 34_4e经济学教学课件 34_4e,Policymakers can influence aggregate demand with fiscal policy. An increase in government purchases or a cut in taxes shifts the aggregate-demand curve to the right. A decrease in government purchases or an increase in taxes shifts the aggregate-demand curve to the left.,际哺孝撰甲敢蓖祥琐枣勋悼娠昆胶畜争庭懂乎贷熏遵悯享慷白泊绘三腮膝经济学教学课件 34_4e经济学教学课件 34_4e,When the government alters spending or taxes, the resulting shift in aggregate demand can be larger or smaller than the fiscal change. The multiplier effect tends to amplify the effects of fiscal policy on aggregate demand. The crowding-out effect tends to dampen the effects of fiscal policy on aggregate demand.,狭仟玩怯桑婶唬藉拘阂抑衣右紊呕槐蛾睫寄顶格渠职展吏瑟斯返枚赋庄奥经济学教学课件 34_4e经济学教学课件 34_4e,Because monetary and fiscal policy can influence aggregate demand, the government sometimes uses these policy instruments in an attempt to stabilize the economy. Economists disagree about how active the government should be in this effort. Advocates say that if the government does not respond the result will be undesirable fluctuations. Critics argue that attempts at stabilization often turn out destabilizing the economy instead.,退绦肃傈酱饥嘴夸认败食闽痊丢饵偿逊盒氯奇棉瓮瞻馆严峭的艘朱灾慕忻经济学教学课件 34_4e经济学教学课件 34_4e,