【正文】 efers to the additional shifts in aggregate demand that result when expansionary fiscal policy increases ine and thereby increases consumer spending. 乘數(shù)效應(yīng) —— 當擴張性財政政策增加了收入，從而增加了消費支出時引起的總需求的額外移動。 2022 SouthWestern 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 demand for goods and services by more than a dollar. Copyright 169。 2022 SouthWestern 政府購買的變動 ? 當決策者改變貨幣供給或稅收水平時，它就通過影響企業(yè)或家庭的支出決策而間接地影響總需求。 ? 財政政策影響長期中的儲蓄、投資和增長。 ? 聯(lián)邦基金利率的目標是影響總需求的貨幣市場均衡 。 Copyright 169。 2. . . . 均衡 利率因此下 降 …. 貨幣供給時 … Copyright 169。 ? 貨幣供給增加使貨幣供給曲線向右移動。 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. 貨幣市場與總需求曲線的斜率 貨幣量 美聯(lián)儲固定的貨幣量 0 利率 物價水平 P2時 的貨幣需求 MD2 物價水平 P1時 的貨幣需求 MD 貨幣供給 (a) 貨幣市場 (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 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。 ? 較高的貨幣需求引起了較高的利率。 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. 貨幣市場的均衡 貨幣量 利率 0 貨幣需求 美聯(lián)儲固定的量 貨幣供給 r2 M2 d M d r1 均衡 利率 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 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。 ? 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。 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 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 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 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。 Copyright 169。Copyright 169。 ? 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(wù)的總需求。 Copyright 169。 Copyright 169。