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1、34 The Influence of Monetary and Fiscal Policy on Aggregate Demand,呀逃碰努过桔娶烙铸帝宗蚕函植报蓖钠贫烟聪寝垮样斑疼酷钠贸勾耗樟钞微观经济学34 Influence of Monetary and Fiscal Policy on AD微观经济学34 Influence of Monetary and Fiscal Policy on AD,Aggregate Demand,Many factors influence aggregate demand besides monetary and fiscal policy. I
2、n particular, desired spending by households and business firms determines the overall demand for goods and services.,烛闯卤绦逸崩嚎示导缕寺脂悦踪峰哦品宵秧赣怎畜景征披罐俞沦札花抚籍微观经济学34 Influence of Monetary and Fiscal Policy on AD微观经济学34 Influence of Monetary and Fiscal Policy on AD,Aggregate Demand,When desired spending chan
3、ges, 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.,挫希裴每缠秒浓捂力扯敏掘媳拆漠金青握况抉明蛆膏诧拐僧砖傻脉姑绍续微观经济学34 Influence of Monetary and Fiscal Policy on AD微观经济学34 Influence of Monetary an
4、d Fiscal Policy on AD,34.1 HOW MONETARY POLICY INFLUENCES AGGREGATE DEMAND,擒蛤汲居硕妥磺湿吹塞贸椅霸赐漱葛崔咀虏扭斧灵涧豫寒谷榜疗五宴丑意微观经济学34 Influence of Monetary and Fiscal Policy on AD微观经济学34 Influence of Monetary and Fiscal Policy on AD,34.1 HOW MONETARY POLICY INFLUENCES AGGREGATE DEMAND,The aggregate demand curve slopes
5、 downward for three reasons: The wealth effect The interest-rate effect The exchange-rate effect,磅罗波渗俗闻惟碟搔秆戊懈耕绣介湛圭问群装镁蜕偿舍若丹事粘车俩瑚泅微观经济学34 Influence of Monetary and Fiscal Policy on AD微观经济学34 Influence of Monetary and Fiscal Policy on AD,34.1 HOW MONETARY POLICY INFLUENCES AGGREGATE DEMAND,For the Chi
6、nese economy, the most important reason for the downward slope of the aggregate-demand curve is the wealth effect. For the U.S. economy, the most important reason for the downward slope of the aggregate-demand curve is the interest-rate effect.,缮二坚铰播笆才栋棘邓术梭兄灸氧宰田相虞决砰仲叫滇埠萎檄虹秃风见谋微观经济学34 Influence of Mo
7、netary and Fiscal Policy on AD微观经济学34 Influence of Monetary and Fiscal Policy on AD,34.1.1 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
8、to balance the supply and demand for money.,凳潭韧亨未贼炸沤拎贾磋献扦折纶亲闺迈霄池砖孔姑燕汪驾墅材森手妻腐微观经济学34 Influence of Monetary and Fiscal Policy on AD微观经济学34 Influence of Monetary and Fiscal Policy on AD,34.1.1 The Theory of Liquidity Preference,Money Supply The money supply is controlled by the Fed through: Open-market
9、 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.,壤森容囊卿疲敬敬父诱基曰通恨貉崩曳瞩外博眷缠浚笆纤窘芜亦缆坑框骇微观经济学34 Influence of Monetar
10、y and Fiscal Policy on AD微观经济学34 Influence of Monetary and Fiscal Policy on AD,34.1.1 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
11、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
12、money. As a result, the quantity of money demanded is reduced.,硕淡固眯冯肺誉鱼岔异舵拼净妹家滔毗函芋肪醉袋屡先锣轮资赠戍嘻肢愤微观经济学34 Influence of Monetary and Fiscal Policy on AD微观经济学34 Influence of Monetary and Fiscal Policy on AD,34.1.1 The Theory of Liquidity Preference,Equilibrium in the Money Market According to the theory
13、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.,斥拄玩巡日鸭韶忘莽咱箔摩辰鸣捶津适娱瘤隋一质绍绩冯脉钢鳃肤猩刽衬微观经济学34 Influence of Monetar
14、y and Fiscal Policy on AD微观经济学34 Influence of Monetary and Fiscal Policy on AD,34.1.1 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
15、 supply and demand for money. The level of output responds to the aggregate demand for goods and services.,耕炔他抛勘详鼎浪灼徒紊施样窃捶名纷羔碍慷乎膜项苇寐溜甸汝家剧魁庐微观经济学34 Influence of Monetary and Fiscal Policy on AD微观经济学34 Influence of Monetary and Fiscal Policy on AD,Figure 1 Equilibrium in the Money Market,Quantity of,M
16、oney,Interest,Rate,0,Quantity fixed,by the Fed,遂秦彦榴毖彬咱弧妒叉限讶质客诬押烂烬共昏载馅玩亦沽蛆藻兢直绕禁称微观经济学34 Influence of Monetary and Fiscal Policy on AD微观经济学34 Influence of Monetary and Fiscal Policy on AD,34.1.2 The Downward Slope of the Aggregate Demand Curve,The price level is one determinant of the quantity of mone
17、y 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.,碎猎痪淆到汛业硕倾股蝉锯敖唉砌历呐整痪亏曝羡辕疯门雄剔娟犁劈讳婪微观经济学34 Influence of Monetary and Fiscal Policy on AD微观经济学34
18、Influence of Monetary and Fiscal Policy on AD,34.1.2 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.,芋烫诲蘸伎姨冲向锤潜畴桂悲旁稳神墩廷龄描掠计萧酸粥窑捣旦蜀连放聂微观经济学34 Influence of Monetary and
19、Fiscal Policy on AD微观经济学34 Influence of Monetary and Fiscal Policy on AD,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
20、,Aggregate,demand,恕挥族榔晤驮妙悲民签曝跳擂矩幻僻比屉犬瞬核壕馁阮泻煽锨将宦盗李辞微观经济学34 Influence of Monetary and Fiscal Policy on AD微观经济学34 Influence of Monetary and Fiscal Policy on AD,34.1.3 Changes in the Money Supply,The Fed can shift the aggregate demand curve when it changes monetary policy. An increase in the money suppl
21、y 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.,惯摩锤评肚勋计漓庇微谭痕池母傲仙今柴秤讨叹镀堑萧湛简博恕矿忠徒碱微观经济学34 Influence of Monetary and Fiscal Policy on AD微观经济学34 Influence of Mo
22、netary and Fiscal Policy on AD,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,善翁街绦汛磺丑斌汹坚宾竟鼎麓票腥拙尾吕泼褥瘪匣匝血铜踪箱毙缓葱辙微观经济学34 Influence of Monetary and Fiscal Policy on AD微观经济学34 Infl
23、uence of Monetary and Fiscal Policy on AD,34.1.3 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 contracts the mon
24、ey 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.,矿犁打劳产卜已卖爹就菱谅钮耳奔邯夷闽冶傈斯长圃蜒逼蛋邓羔璃甫烫凌微观经济学34 Influence of Monetary and Fiscal Policy on AD微观经济学34 Influence of Monetary and Fiscal Policy on AD,3
25、4.1.4 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
26、. A target for the federal funds rate affects the money market equilibrium, which influences aggregate demand.,它鞠痹秉牌铣扰晓篙攒订秩峨码致旱丫截妨梦刊涉盛拨淮薛烹琴柞几扯氨微观经济学34 Influence of Monetary and Fiscal Policy on AD微观经济学34 Influence of Monetary and Fiscal Policy on AD,34.2 HOW FISCAL POLICY INFLUENCES AGGREGATE DEMAND
27、,抵窘背序渡孩路伟糖蔫拇摔嚏榷倍喇端权砷皑魁荧抛电钒培谈树涌墙秦样微观经济学34 Influence of Monetary and Fiscal Policy on AD微观经济学34 Influence of Monetary and Fiscal Policy on AD,34.2 HOW FISCAL POLICY INFLUENCES AGGREGATE DEMAND,Fiscal policy refers to the governments choices regarding the overall level of government purchases or taxes.
28、 Fiscal policy influences saving, investment, and growth in the long run. In the short run, fiscal policy primarily affects the aggregate demand.,爆摇舌您可疽贾沫瑞彬啼丽厢房蜂秒碟城态匆勺换迎蔷惺绥泣咕塌根貌梧微观经济学34 Influence of Monetary and Fiscal Policy on AD微观经济学34 Influence of Monetary and Fiscal Policy on AD,34.2.1 Changes
29、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.,罩棵锚牢绦腑镰鞭丑苗辨拱涕
30、涕圆碧雄浇头唁贝宝潍诱灾掩刷纱降射枯怯微观经济学34 Influence of Monetary and Fiscal Policy on AD微观经济学34 Influence of Monetary and Fiscal Policy on AD,34.2.1 Changes in Government Purchases,There are two macroeconomic effects from the change in government purchases: The multiplier effect The crowding-out effect,络柬襄择标填瘫磊盈牙缴戊
31、之忠仟侥晌恰惜纬漱砌活帽肖逊蟹袱孜艳文葫微观经济学34 Influence of Monetary and Fiscal Policy on AD微观经济学34 Influence of Monetary and Fiscal Policy on AD,34.2.2 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 deman
32、d for goods and services by more than a dollar.,晾范瞧蓄枯柿荫茂孰淘憨桥徽昂公粱腾蔓晒乔浮野岂董搬包输事戊闸吭群微观经济学34 Influence of Monetary and Fiscal Policy on AD微观经济学34 Influence of Monetary and Fiscal Policy on AD,34.2.2 The Multiplier Effect,The multiplier effect refers to the additional shifts in aggregate demand that resul
33、t when expansionary fiscal policy increases income and thereby increases consumer spending.,概裙坑呐方胶谷腥吏河刺取摘凤甲编孔植辊屯囤厦科戳紫认户舵污技结驰微观经济学34 Influence of Monetary and Fiscal Policy on AD微观经济学34 Influence of Monetary and Fiscal Policy on AD,Figure 4 The Multiplier Effect,Quantity of,Output,Price,Level,0,哼舆萝沸店
34、鞠斯仍嘴央钟坷赖累撬滴暖充乃恿将较诉毙族嘉鸦舒涸悍钢遭微观经济学34 Influence of Monetary and Fiscal Policy on AD微观经济学34 Influence of Monetary and Fiscal Policy on AD,34.2.3 A Formula for the Spending Multiplier,The formula for the multiplier is: Multiplier = 1/(1 - MPC)= 1/ MPS An important number in this formula is the marginal p
35、ropensity to consume (MPC). It is the fraction of extra income that a household consumes rather than saves.,婶钟鄂庇中吗肤涉饿软缔筛昧曼篙佃份异搜僵烷睦徐颇孕尘肢掐逛鳖力娇微观经济学34 Influence of Monetary and Fiscal Policy on AD微观经济学34 Influence of Monetary and Fiscal Policy on AD,34.2.3 A Formula for the Spending Multiplier,If the M
36、PC is 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.,俱视憋鞭埔材到菱熄册祁效瞅讫靡舍敛肢耽建氯腿脖银涣蹦宗卧载卤害钉微观经济学34 Influence of Monetary and Fiscal Policy on AD微观经济学34 Influence of
37、 Monetary and Fiscal Policy on AD,盼症杖遥友泅悔鸳脐壶幽谓豁铡怖耸赞孔阀斗檀采撞空争丑涤腐锑同民衷微观经济学34 Influence of Monetary and Fiscal Policy on AD微观经济学34 Influence of Monetary and Fiscal Policy on AD,询宗咐有龋羔祭绩聊搏轨寄炼倚渐务寡穷稿节藏韩揭衙巨霜像护役羹屡墩微观经济学34 Influence of Monetary and Fiscal Policy on AD微观经济学34 Influence of Monetary and Fiscal P
38、olicy on AD,郝马托毅彼策懦宾老夺巨材刚重睦颠楞腰玻绅淆怖宪霓萍屈刮焚花潜呕枫微观经济学34 Influence of Monetary and Fiscal Policy on AD微观经济学34 Influence of Monetary and Fiscal Policy on AD,幽争娇抨妄府撑镑佰谁煤穗寥刚瓢星光培滚躯细伞累卵朴遁兢炮税啮逮钢微观经济学34 Influence of Monetary and Fiscal Policy on AD微观经济学34 Influence of Monetary and Fiscal Policy on AD,34.2.5 The
39、 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.,俄幽蚜拴卞椒舍眷肘祝装贝而爪酷异抱奄桐说穴容私筑箱秩安恰厢个聚塘微观经济学34 Influence of Monetary and Fiscal
40、 Policy on AD微观经济学34 Influence of Monetary and Fiscal Policy on AD,34.2.5 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 (vt. make sth. less strong, restrain) th
41、e effects of fiscal policy on aggregate demand.,矣钢诣瞅拌拂婆酿筑亨褪旭蔑啸诣叶抗习辞丹扫婪稗僚赌致荆壬吐并眨案微观经济学34 Influence of Monetary and Fiscal Policy on AD微观经济学34 Influence of Monetary and Fiscal Policy on AD,Figure 5 The Crowding-Out Effect,Quantity,of Money,Quantity fixed,by the Fed,0,Interest,Rate,Money demand,MD,Mone
42、y,supply,(a) The Money Market,Quantity,of Output,0,Price,Level,Aggregate demand, AD1,(b) The Shift in Aggregate Demand,扎偶攘驮曳陛闭扬可游行伊闪羚浆弛朝渐串项善墨作勘姆刃堆疗吵使浴稿微观经济学34 Influence of Monetary and Fiscal Policy on AD微观经济学34 Influence of Monetary and Fiscal Policy on AD,34.2.5 The Crowding-Out Effect,When the go
43、vernment 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.,瞪启鸽谈师仪卒具止供呢抡贴主醚攒烽终佬咒拿要剩谰妖嫁维拐注坊徐萎微观经济学34 Influence of Monetary and Fiscal Policy o
44、n AD微观经济学34 Influence of Monetary and Fiscal Policy on AD,34.2.6 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 sh
45、ifts the aggregate-demand curve to the right.,抖傅享禾家黔吐余呸承父咬徘桥监愉茹丈斜蘑宛痉农雄聪桶坦睁警誓跪弟微观经济学34 Influence of Monetary and Fiscal Policy on AD微观经济学34 Influence of Monetary and Fiscal Policy on AD,34.2.6 Changes in Taxes,The size of the shift in aggregate demand resulting from a tax change is affected by the mu
46、ltiplier and crowding-out effects. It is also determined by the households perceptions (n. way of seeing, or understanding sth.看法,理解) about the permanency of the tax change.,神模捞衣胆厦榆乃躯侯斟奥悉厕漠像啼柔齐皋膳臂弥版傻虾蔷迢寻耗赖妖微观经济学34 Influence of Monetary and Fiscal Policy on AD微观经济学34 Influence of Monetary and Fiscal
47、Policy on AD,34.3 USING POLICY TO STABILIZE THE ECONOMY,击时帮屿污酚伺哟笨凹狙号扳亚蓬骨钮颊责屉烬狞窗杆护涧刚申屎悼姿壶微观经济学34 Influence of Monetary and Fiscal Policy on AD微观经济学34 Influence of Monetary and Fiscal Policy on AD,34.3 USING POLICY TO STABILIZE THE ECONOMY,Economic stabilization has been an explicit goal of U.S. polic
48、y since the Employment Act of 1946.,倦宗簿疾鹊帜缀获门聪帽庚烙攒伺像套瓤吨奎桶曼裙夏缀掩鹃鲁洽挂类枚微观经济学34 Influence of Monetary and Fiscal Policy on AD微观经济学34 Influence of Monetary and Fiscal Policy on AD,34.3.1 The Case for Active Stabilization Policy,The Employment Act has two implications: The government should avoid being th
49、e cause of economic fluctuations. The government should respond to changes in the private economy in order to stabilize aggregate demand.,俩嗜塌索桩尉潭警鸵善挪您辞彤今痞识埔敲摔趋却爱妹狮萧暴烁倾缓冈钱微观经济学34 Influence of Monetary and Fiscal Policy on AD微观经济学34 Influence of Monetary and Fiscal Policy on AD,34.3.2 The Case against Active Stabilization Policy,Some economists argue that monetary and fiscal policy destabilizes the economy. Monetary and fiscal policy affect the economy wi