VII-LM - AD-AS -Equilibria-5 Flashcards
货币需求分类
- transaction demand
- precautionary demand
- 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
Money Demand and Supply
in chart

quantity theory of money
equation
MV=PY
M: nominal money supply
V: velocity of money
P: price level
Y: real income/expenditure/output
PY=nominal value of output
LM curve equation
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
MS/P 代表什么
实际货币供给
实际=名义/价格水平
LM curve
分析
- 是什么:关于货币市场均衡。MS=MD
- 表达关系:Y与r的正向关系 : L1 (Y) + L2 (r) = Mnorminal / P常数
- 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
AD curve
in chart
AD curve
与
LM curve
的联系
AD curve
是
价格水平变化时,
LM curve
在IS curve上的移动轨迹
AD曲线的分析
- 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)
- 关系: P价格水平与Y real income之间的反向关系
- 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
AD曲线
P与Y的关系
推导(逻辑推导)
解读总需求曲线的三种方式
- wealth effect
- savings/interest rate effect
- foreign exchange effect

what makes an AD curve
flatter?
- investment expenditure highly sensitive to interest rate
- saving insensitive to income (consumption sensitive to income)
- money demand insensitive to interest rates
- money demand insensitive to income (income sensitive to money demand)
不同因素引起AD curve平移时,
Interest rate如何变动
- 货币供应(货币政策)增加,r降低
- 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
When AD curve gets flatter, it means
the monetary policy
is more effective, because an increased M has greater impact on Y
AS Curve
in chart
LRAS curve 特点
- 垂直,弹性为0
- 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)
SRAS curve 特点及成因
- P与Y总产出正相关
- 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
使SRAScurve平移的因素
cost:
- nominal wages
- input prices,
- taxes and subsidies
- exchange rate
- future expectation of price level(相对概念)
+LONG RUN FACTORS
使LRAS平移的因素
Productivity:
human capital (education)
supply of physical capital
technology
supply of labor (pupolation)
supply of natural resources
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
GDP的四种均衡水平
long-run equilibrium
recessionary gap
inflationary gap
stagflation
GDP long-run equilibrium
chart
equilibrium GDP=potential GDP
