【正文】 Copyright 169。 2022 SouthWestern 21 The Influence of Moary and Fiscal Policy on Aggregate Demand 貨幣與財政政策對總需求的影響 Copyright 169。 2022 SouthWestern Aggregate Demand 總需求 ? Many factors influence aggregate demand besides moary and fiscal policy. 除了貨幣和財政政策之外，還有許多其他因素影響總需求。 ? In particular, desired spending by households and business firms determines the overall demand for goods and services. 特別是，家庭和企業(yè)的合意支出決定了物品與勞務的總需求。 Copyright 169。 2022 SouthWestern Aggregate Demand 總需求 ? When desired spending changes, aggregate demand shifts, causing shortrun fluctuations in output and employment. 當合意支出變動時，總需求移動，引起產(chǎn)量與就業(yè)的短期波動。 ? Moary and fiscal policy are sometimes used to offset those shifts and stabilize the economy. 貨幣與財政政策有時被用來抵消這種移動，從而穩(wěn)定經(jīng)濟。 Copyright 169。 2022 SouthWestern HOW MONETARY POLICY INFLUENCES AGGREGATE DEMAND ? The aggregate demand curve slopes downward for three reasons: ? The wealth effect ? The interestrate effect ? The exchangerate effect Copyright 169。 2022 SouthWestern 貨幣政策如何影響總需求 ? 總需求曲線由于以下三個原因而向右下方傾斜： ? 財富效應 ? 利率效應 ? 匯率效應 Copyright 169。 2022 SouthWestern HOW MONETARY POLICY INFLUENCES AGGREGATE DEMAND 貨幣政策如何影響總需求 ? For the . economy, the most important reason for the downward slope of the aggregatedemand curve is the interestrate effect. 對美國經(jīng)濟來講，總需求曲線向右下方傾斜的最重要原因是利率效應。 Copyright 169。 2022 SouthWestern The Theory of Liquidity Preference ? Keynes developed the theory of liquidity preference in order to explain what factors determine the economy’s interest rate. ? According to the theory, the interest rate adjusts to balance the supply and demand for money. Copyright 169。 2022 SouthWestern 流動偏好理論 ? 凱恩斯提出了流動偏好理論來解釋決定經(jīng)濟中利率的因素。 ? 根據(jù)這一理論，利率的調(diào)整使貨幣供給與貨幣需求平衡。 Copyright 169。 2022 SouthWestern The Theory of Liquidity Preference ? Money Supply ? The money supply is controlled by the Fed through: ? Openmarket 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. Copyright 169。 2022 SouthWestern 流動偏好理論 ? 貨幣供給 ? 貨幣供給由美聯(lián)儲通過以下方式控制 : ? 公開市場活動 ? 改變法定準備金 ? 改變貼現(xiàn)率 ? 由于貨幣供給量由美聯(lián)儲所固定，所以貨幣供給量不取決于利率。 ? 一條垂直的供給曲線代表固定的貨幣供給。 Copyright 169。 2022 SouthWestern 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 interestearning assets. ? An increase in the interest rate raises the opportunity cost of holding money. ? As a result, the quantity of money demanded is reduced. Copyright 169。 2022 SouthWestern 流動偏好理論 ? 貨幣需求 ? 貨幣需求有幾個因素所決定。 ? 根據(jù)流動偏好理論，最重要的因素之一是利率。 ? 人們選擇持有貨幣而不持有其他提供較高收益率的資產(chǎn)，是因為貨幣可以用于購買物品與勞務。 ? 持有貨幣的機會成本是本來可以在有利息的資產(chǎn)上賺得的利率。 ? 利率上升增加了持有貨幣的機會成本。 ? 結(jié)果是，貨幣需求量減少。 Copyright 169。 2022 SouthWestern 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. Copyright 169。 2022 SouthWestern 流動偏好理論 ? 貨幣市場的均衡 ? 根據(jù)流動偏好理論 : ? 利率的調(diào)整使貨幣的供求平衡。 ? 存在一種利率，即所謂的均衡利率，在這種利率時，貨幣的需求量正好與貨幣的供給量平衡。 Copyright 169。 2022 SouthWestern 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. Copyright 169。 2022 SouthWestern 流動偏好理論 ? 貨幣市場的均衡 ? 假設一個經(jīng)濟體如下 : ? 物價水平固定在某一水平。 ? 給定任一物價水平，利率調(diào)整使貨幣供給與需求平衡。 ? 產(chǎn)量水平根據(jù)對物品與勞務的總需求進行調(diào)整。 Figure 1 Equilibrium in the Money Market Quantity of Money Interest Rate 0 Money demand Quantity fixed by the Fed Money supply r2 M2 d M d r1 Equilibrium interest rate 圖 1.