【正文】 ? 經(jīng)濟(jì)學(xué)家對政府應(yīng)該如何積極地進(jìn)行這種努力看法并不一致。 Copyright 169。 2022 SouthWestern 小結(jié) ? 政策制定者可以用貨幣政策影響總需求。 ? 根據(jù)這一理論，利率的調(diào)整使貨幣的供求平衡。 2022 SouthWestern 自動穩(wěn)定器 ? 自動穩(wěn)定器 — 當(dāng)經(jīng)濟(jì)進(jìn)入衰退時決策者不用采取任何有意的行動也會刺激總需求的財政政策變動。 ? 政府應(yīng)該對私人經(jīng)濟(jì)中的變動作出反應(yīng)以便穩(wěn)定總需求。 后代比自己過得好，不會關(guān)心。 Copyright 169。 ? 家庭也把一部分收入支出于消費(fèi)品。 2022 SouthWestern Copyright 169。 ? 政府購買增加引起利率上升。 2022 SouthWestern 如何看待一國儲蓄與消費(fèi)關(guān)系？ 節(jié)儉悖論：越節(jié)儉越貧窮（越儲蓄，儲蓄越少） 儲蓄多 —— 需求不足 —— 下一次產(chǎn)量減少 —— 收入減少 —— 儲蓄減少。 2022 SouthWestern A Formula for the Spending Multiplier ? The formula for the multiplier is: Multiplier = 1/(1 MPC) ? An important number in this formula is the marginal propensity to consume (MPC). ? It is the fraction of extra ine that a household consumes rather than saves. Copyright 169。 2022 SouthWestern Changes in Government Purchases 政府購買 ? There are two macroeconomic effects from the change in government purchases: 當(dāng)政府購買變化時，有兩種宏觀經(jīng)濟(jì)效應(yīng)： ? The multiplier effect 乘數(shù)效應(yīng) ? The crowdingout effect 擠出效應(yīng) Copyright 169。 2022 SouthWestern 財政政策如何影響總需求 ? 財政政策 —— 對政府購買或稅收總水平的政府選擇。 ? 當(dāng)美聯(lián)儲緊縮貨幣供給時，它提高了利率，并減少了任何一種既定物價水平時的物品與勞務(wù)需求量，使總需求曲線向左移動。 2022 SouthWestern 貨幣供給的變動 ? 當(dāng)美聯(lián)儲改變貨幣政策時，它可以使總需求曲線移動。 ? 較高的物價水平增加了任何一種既定利率時的需求量。 Copyright 169。 ? 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?yàn)樨泿趴梢杂糜谫徺I物品與勞務(wù)。 Copyright 169。 Copyright 169。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 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。 ? 持有貨幣的機(jī)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 ? 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。 ? 較高的貨幣需求引起了較高的利率。 ? 貨幣供給增加使貨幣供給曲線向右移動。 Copyright 169。 ? 財政政策影響長期中的儲蓄、投資和增長。 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 支出乘數(shù)的公式 ? 支出乘數(shù)的公式是 : 乘數(shù) = 1/(1 MPC) ? 在這個公式中，一個重要的數(shù)字是邊際消費(fèi)傾向 (MPC)。因此，節(jié)儉對個人是美德，對社會是不幸。 ? 較高的利率減少了投資支出。 2022 SouthWestern The CrowdingOut Effect ? When the government increases its purchases by $20 billion, the aggregate demand for goods and services could rise by more or less than $20 billion, depending on whether the multiplier effect or the crowdingout effect is larger. Copyright 169。 ? 家庭支出增加使總需求曲線向右移動。 2022 SouthWestern Changes in Taxes ? The size of the shift in aggregate demand resulting from a tax change is affected by the multiplier and crowdingout effects. ? It is also determined by the households’ perceptions about the permanency of the tax change. Copyright 169。 所以，公債也不是凈財富 短見，不會意識到增稅。 Copyright 169。 ? 自動穩(wěn)定器包括稅制和一些政府支出 (轉(zhuǎn)移支付 )。 Copyright 169。 ? 貨幣供給的增加最終導(dǎo)致總需求曲線向右移動。 2022 SouthWestern Summary ? When the government alters spending or taxes, the resulting shift in aggregate demand can be larger or smaller than the fiscal change. ? The multiplier effect tends to amplify the effects of fiscal policy on aggregate demand. ? The crowdingout effect tends to dampen the effects of fiscal policy on aggregate demand. Copyright 169。 ? 支持者認(rèn)為，如果政府不作出反應(yīng)，結(jié)果就是不合意的波動。 2022 SouthWestern 小結(jié) ? 由于貨幣與財政政策可以影響總需求，所以，政府有時用這些政策工具來努力穩(wěn)定經(jīng)濟(jì)。 ? 政府購買減少或增稅使總需求曲線向左移動。 2022 SouthWestern Summary ? Policymakers can influence aggregate demand with moary policy. ? An increase in the money supply will ultimately lead to the aggregatedemand curve shifting to the right. ? A decrease in the money supply will ultimately lead to the aggregatedemand curve shifting to the left. Copyright 169。 2022 SouthWestern 小結(jié) ? 凱恩斯提出了流動偏