VII-LM - AD-AS -Equilibria-5

Question 1

货币需求分类

Answer 1

1. transaction demand
2. precautionary demand
3. speculative demand

前两者与Y有关(正)，为流动性需求

后者与r有关（负），为投资性需求

Question 2

Money Demand and Supply

in chart

Answer 2

Question 3

quantity theory of money

equation

Answer 3

MV=PY

M: nominal money supply

V: velocity of money

P: price level

Y: real income/expenditure/output

PY=nominal value of output

Question 4

LM curve equation

Answer 4

real MS = MD

MS_(norminal) / P= L₁ (Y) + L₂ (r)

MS_(norminal) / P 视为常数不变，仅等式右边内部变动

L₁: transaction & precautionery need

L₂: speculative need

Question 5

M_S/P 代表什么

Answer 5

实际货币供给

实际=名义/价格水平

Question 6

LM curve

分析

Answer 6

1. 是什么：关于货币市场均衡。MS=MD
2. 表达关系：Y与r的正向关系 ： L1 (Y) + L2 (r) = M_norminal / P常数
3. 移动：movement along: r
   shift: 货币供给，价格水平

结论：只有货币政策能影响LM曲线平移

Question 7

AD curve

in chart

Answer 7

Question 8

AD curve

与

LM curve

的联系

Answer 8

AD curve

是

价格水平变化时，

LM curve

在IS curve上的移动轨迹

Question 9

AD曲线的分析

Answer 9

1. 是什么： IS-LM曲线的一系列交点，商品市场与货币市场都达到均衡状态

Y = C + I + G + (X - M)

Ms / P = L₁ (Y) + L₂ (r)

2. 关系： P价格水平与Y real income之间的反向关系
3. 影响因素： movement along: P
   shift: 一切影响IS、LM曲线平移的因素：fiscal/monetary policy, household wealth, consumer/business expectation, capacity utilization, global economy, exchange rate

Question 10

AD曲线

P与Y的关系

推导（逻辑推导）

Answer 10

Question 11

解读总需求曲线的三种方式

Answer 11

1. wealth effect
2. savings/interest rate effect
3. foreign exchange effect

Question 12

Answer 12

Question 13

what makes an AD curve

flatter?

Answer 13

1. investment expenditure highly sensitive to interest rate
2. saving insensitive to income (consumption sensitive to income)
3. money demand insensitive to interest rates
4. money demand insensitive to income (income sensitive to money demand)

Question 14

不同因素引起AD curve平移时，

Interest rate如何变动

Answer 14

1. 货币供应（货币政策）增加，r降低
2. 其余因素引起AD右移，r增加

此时reduce the demand for money at each level of expenditure/income and, therefore, allows expenditure/income to increase without an increase in the money supply, velocity of money 上升

Y=MV

Question 15

When AD curve gets flatter, it means

the monetary policy

Answer 15

is more effective, because an increased M has greater impact on Y

Question 16

AS Curve

in chart

Answer 16

Question 17

LRAS curve 特点

Answer 17

1. 垂直，弹性为0
2. 在Y轴上的固定值，即potential GDP (所有capacity都用上时的最大产出)，此时full employment (但不代表没有失业)

Question 18

SRAS curve 特点及成因

Answer 18

1. P与Y总产出正相关
2. 原因：工资粘性。 P上升 – norminal wage不变 – real wage下降 – 生产成本下降 – 扩大生产 – Y上升

Question 19

使SRAScurve平移的因素

Answer 19

cost:

1. nominal wages
2. input prices,
3. taxes and subsidies
4. exchange rate
5. future expectation of price level(相对概念)

+LONG RUN FACTORS

Question 20

使LRAS平移的因素

Answer 20

Productivity:

human capital (education)

supply of physical capital

technology

supply of labor (pupolation)

supply of natural resources

Question 21

Answer 21

Question 22

分析in chart:

货币政策短期内增加总产出，但长期内对产出无影响只推高价格水平

Answer 22

Question 23

GDP的四种均衡水平

Answer 23

long-run equilibrium

recessionary gap

inflationary gap

stagflation

Question 24

GDP long-run equilibrium

chart

Answer 24

equilibrium GDP=potential GDP

Question 25

GDP equilibrium - recessionary gap

chart, characteristics and solution

Answer 25

caractor:

1. equilibrium GDP below potential GDP
2. 总需求不足

solution:

1. auto mechanism （新古典主义）: decrease in price leads to increase in real purchasing power, pushing AS right
2. Gov interference: 扩大支出，推动AD right

Question 26

GDP equilibrium - inflationary gap

chart, character, solution

Answer 26

character: 1.SR equilibrium GDP above potential GDP
2. 总需求过热

solution:

1. auto mechanisim: higher wages, higher costs, AS shifts left
2. GOV: fiscal/减少支出，增税。monetary/减少货币供给，加息

Question 27

GDP equilibrium - stagflation

chart, character, solution

Answer 27

Character: supply shock, 总供给减少，生产倒退价格通胀

solution: GOV (dilemma)
1. 增加开支，减税， 推动AD right – more inflation
2. 货币：减少供应，加息， – further recession

Question 28

How to interpret “GDP per capita”

Answer 28

Productivity.

how much output can be produced by one unit of labor

Question 29

Answer 29

Question 30

in recessionary gap, investment strategy:

1cyclical companies

2commodities

3defensive companies

4fixed income

5speculative equity

Answer 30

1. ↓，earning↓
2. ↓，price↓，profit↓
3. ↑，modest decline

4↑，interest rate↓

5.↓，low credit quality ratings↓

Question 31

in inflationary gap, investment strategy:

1. cyclical companies
2. defensive companies
3. commodities
4. fixed income

Answer 31

1. ↑，earnings↑
2. ↓，增长太慢
3. ↑，earnings↑
4. ↓，interest rate↑

Question 32

in stagflation, investment strategy:

1. fixed income
2. equity securities
3. commodities
4. AS↑回来

Answer 32

1. ↓，interest rate↑
2. ↓，output declines，profit squeezed
3. ↑，price likely to rise
4. commodities↓，其余↑

Question 33

In stagflaiton, how dose the economy reach equilibirum again

by itself?

Answer 33

in stagflation, the reduction in output and employment put downward pressure on wages and input prices, and shift AS curve back to right, without change in price level

Question 34

+

demand driven expansion

supply driven expansion

之下， inflation 和 利率r 如何？

Answer 34

=

inflation↑，r↑

inflation↓，r↓

Question 35

sources of economic growth

Answer 35

human capital

physical capital

technology

labor supply

natural resources

其中labor: total hours worked = labor forceXaverage hours worked per worker

Question 36

if wages were automatically adjusted for changes in the price level,

the SRAS curve would most likely be:

Answer 36

steeper