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【正文】 r real money balances with supplyCHAPTER 10 Aggregate Demand I slide 44Chapter Summary5. ISLM model167。 an increase in the money supply lowers the interest rate4. LM curve167。 servicesCHAPTER 10 Aggregate Demand I slide 43Chapter Summary3. Theory of Liquidity Preference167。 investment as exogenous167。 use the ISLM and ADAS models together to analyze the shortrun and longrun effects of shocks.167。 Use the liquidity preference model to show how these events shift the LM curve. slide 40CHAPTER 10 Aggregate Demand IThe shortrun equilibriumThe shortrun equilibrium is the bination of r and Y that simultaneously satisfies the equilibrium conditions in the goods amp。 An increase in ine raises money demand. 167。 Oct 1979: Fed Chairman Paul Volcker announces that moary policy would aim to reduce inflation167。 Due to John Maynard Keynes.167。 To restore equilibrium in the goods market, output (. actual expenditure, Y ) must increase. slide 22CHAPTER 10 Aggregate Demand IThe IS curve and the loanable funds modelS, IrI (r ) r1r2rYY1r1r2(a) The . model (b) The IS curveY2S1S2ISslide 23CHAPTER 10 Aggregate Demand IThe IS curve can also be derived from the (hopefully now familiar) loanable funds model from chapter 3. A decrease in ine from Y1 to Y2 causes a fall in national saving. (Recall, S = YCG)The fall in saving causes a reduction in the supply of loanable funds. The interest rate must rise to restore equilibrium to the loanable funds market. Now we can see where the IS curve gets its name:When the loanable funds market is in equilibrium, investment = saving. The IS curve shows all binations of r and Y such that investment (I) equals saving (S). Hence, “IS curve.” slide 24CHAPTER 10 Aggregate Demand IFiscal Policy and the IS curve167。 But ?Y ? ?C? further ?Y ? further ?C? further ?Y167。 Difference between actual amp。 We focus on the short run and assume the price level is fixed (so, SRAS curve is horizontal). 167。 prices fixed167。 output determined by factors of production amp。 how the ISLM model determines ine and the interest rate in the short run when P is fixed slide 3CHAPTER 10 Aggregate Demand IContext167。 the Keynesian cross167。 the IS curve, and its relation to167。 the theory of liquidity preference 16
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