【正文】 貨幣市場(chǎng)的均衡 貨幣量 利率 0 貨幣需求 美聯(lián)儲(chǔ)固定的量 貨幣供給 r2 M2 d M d r1 均衡 利率 Copyright 169。 2022 SouthWestern 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. Copyright 169。 2022 SouthWestern 總需求曲線向右下方傾斜 ? 物價(jià)水平是貨幣需求量的一個(gè)決定因素。 ? 較高的物價(jià)水平增加了任何一種既定利率時(shí)的需求量。 ? 較高的貨幣需求引起了較高的利率。 ? 物品與勞務(wù)的需求量減少了。 Copyright 169。 2022 SouthWestern The Downward Slope of the Aggregate Demand Curve 總需求曲線向右下方傾斜 ? The end result of this analysis is a negative relationship between the price level and the quantity of goods and services demanded. 這種分析的最終結(jié)果是物價(jià)水平與物品和勞務(wù)需求量之間的負(fù)相關(guān)關(guān)系。 Figure 2 The Money Market and the Slope of the AggregateDemand Curve Quantity of Money Quantity fixed by the Fed 0 Interest Rate Money demand at price level P2 , MD2 Money demand at price level P , MD Money supply (a) The Money Market (b) The AggregateDemand Curve 3. . . . which increases the equilibrium interest rate . . . 2. . . . increases the demand for money . . . Quantity of Output 0 Price Level Aggregate demand P2 Y2 Y P 4. . . . which in turn reduces the quantity of goods and services demanded. 1. An increase in the price level . . . r r2 圖 2. 貨幣市場(chǎng)與總需求曲線的斜率 貨幣量 美聯(lián)儲(chǔ)固定的貨幣量 0 利率 物價(jià)水平 P2時(shí) 的貨幣需求 MD2 物價(jià)水平 P1時(shí) 的貨幣需求 MD 貨幣供給 (a) 貨幣市場(chǎng) (b) 總需求曲線 3. . . . 這引起均衡 利率的上升 2. . . . 貨幣需求增加 … 產(chǎn)量 0 物價(jià) 水平 總需求 P2 Y2 Y P 4. . . . 這又減少了物品與勞務(wù)的需求量。 平上升 … r r2 Copyright 169。 2022 SouthWestern Changes in the Money Supply ? The Fed can shift the aggregate demand curve when it changes moary 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. Copyright 169。 2022 SouthWestern 貨幣供給的變動(dòng) ? 當(dāng)美聯(lián)儲(chǔ)改變貨幣政策時(shí)，它可以使總需求曲線移動(dòng)。 ? 貨幣供給增加使貨幣供給曲線向右移動(dòng)。 ? 由于貨幣需求曲線未變，利率下降。 ? 利率下降增加了物品與勞務(wù)的需求量。 Figure 3 A Moary Injection MS2 Money supply, MS Aggregate demand, A D Y Y P Money demand at price level P AD2 Quantity of Money 0 Interest Rate r r2 (a) The Money Market (b) The AggregateDemand Curve Quantity of Output 0 Price Level 3. . . . which increases the quantity of goods and services demanded at a given price level. 2. . . . the equilibrium interest rate falls . . . 1. When the Fed increases the money supply . . . 圖 3. 貨幣注入 MS2 貨幣供給 MS 總需求 , A D Y Y P 在物價(jià)水平 P 時(shí)的貨幣需求 AD2 貨幣量 0 利率 r r2 (a) 貨幣市場(chǎng) (b) 總需求曲線 產(chǎn)量 0 物價(jià) 水平 3. . . . 這增加了既定物價(jià)水平時(shí)的物品與勞務(wù) 的需求量。 2. . . . 均衡 利率因此下 降 …. 貨幣供給時(shí) … Copyright 169。 2022 SouthWestern 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 aggregatedemand to the right. ? When the Fed contracts the money supply, it raises the interest rate and reduces the quantity of goods and services demanded at any given price level, shifting aggregatedemand to the left. Copyright 169。 2022 SouthWestern 貨幣供給的增加 ? 當(dāng)美聯(lián)儲(chǔ)增加了貨幣供給時(shí)，它降低了利率，并增加了任何一種既定物價(jià)水平時(shí)的物品與勞務(wù)需求量，使總需求曲線向右移動(dòng) 。 ? 當(dāng)美聯(lián)儲(chǔ)緊縮貨幣供給時(shí)，它提高了利率，并減少了任何一種既定物價(jià)水平時(shí)的物品與勞務(wù)需求量，使總需求曲線向左移動(dòng)。 Copyright 169。 2022 SouthWestern The Role of InterestRate Targets in Fed Policy ? Moary policy can be described either in terms of the money supply or in terms of the interest rate. ? Changes in moary 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. Copyright 169。 2022 SouthWestern 利率目標(biāo)在美聯(lián)儲(chǔ)政策中的作用 ? 既可以根據(jù)貨幣供給，也可以根據(jù)利率來描述貨幣政策。 ? 既可以根據(jù)利率目標(biāo)的變動(dòng)，也可以根據(jù)貨幣供給的變動(dòng)來說明貨幣政策的變動(dòng)。 ? 聯(lián)邦基金利率的目標(biāo)是影響總需求的貨幣市場(chǎng)均衡 。 Copyright 169。 2022 SouthWestern HOW FISCAL POLICY INFLUENCES AGGREGATE DEMAND ? Fiscal policy refers to the government’s choices regarding the overall level of government purchases or taxes. ? Fiscal policy influences saving, investmen