中級(jí)宏觀經(jīng)濟(jì)學(xué)上海財(cái)經(jīng)大學(xué)經(jīng)濟(jì)學(xué)院沈凌12money3nonneutral(36)(參考版)
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【正文】 F(κ K, L) Macroeconomics Chapter 15 15 The PriceMisperceptions Model ? Money is Neutral in the Long Run ? The expected price level, Pe, adjusts toward the actual price level, P, in the long run. Macroeconomics Chapter 15 16 The PriceMisperceptions Model ? Money is Neutral in the Long Run ? The effects of an increase in M on these real variables are only temporary. ? In the long run, an increase in M leaves the real variables unchanged. ? The price level, P, and the nominal wage rate, w, rise by the same proportion as the increase in M. We conclude that, in the long run, money is neutral. Macroeconomics Chapter 15 17 The PriceMisperceptions Model ? Only Unperceived Inflation Affects Real Variables ? Lucas hypothesis on moary shocks: the real effect of a given size moary shock is larger, the more stable the underlying moary environment. Macroeconomics Chapter 15 18 The PriceMisperceptions Model ? Predictions for Economic Fluctuations ? Now we can use the pricemisperceptions model to get alternative predictions of cyclical patterns for macroeconomic variables. ? In this analysis, we imagine that economic fluctuations result from moary shocks— that is, exogenous variations in the nominal quantity of money, M. Macroeconomics Chapter 15 19 The PriceMisperceptions Model Macroeconomics Chapter 15 20 The PriceMisperceptions Model ? Empirical Evidences ? Friedman and Schwartz’s Moary History ? Changes in the behavior of the money stock have been closely associated with changes in economic activity, money ine, and prices. ? The interrelation between moary and economic change has been highly stable. ? Moary changes have often had an independent origin。Macroeconomics Chapter 15 1 Money and Business Cycles I: The PriceMisperceptions Model C h a p t e r 1 5 Macroeconomics Chapter 15 2 Effects of Money in the Equilibrium BusinessCycle Model ? In our equilibrium businesscycle model： real quantity of money demanded, L(Y, i). Moary shocks = no effects on
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