【正文】 /4) = 4 ? 在這個(gè)例子中，政府支出增加 200億美元就引起物品與勞務(wù)需求量增加 800億美元。 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(gè)公式中，一個(gè)重要的數(shù)字是邊際消費(fèi)傾向 (MPC)。 2022 SouthWestern 邊際消費(fèi)傾向?yàn)?b，政府支出增加△ G ， GDP增加多少？ Round Increase in AD Accumulative Increase in Y Car △ G △ G Food b△ G △ G+ b△ G Sightseeing b b△ G △ G+ b△ G+ b2△ G ……………………………………………………. N, Concert bn1△ G △ G+ b△ G+ b2△ G +…+b n1△ G …………………………………………………… △ Y = ( 1 + b2 + b3 + … + b n1 ) △ G =[ 1/(1b)] △ G Copyright 169。 2022 SouthWestern The Multiplier Effect 乘數(shù)效應(yīng) ? The multiplier effect refers 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(dāng)擴(kuò)張性財(cái)政政策增加了收入，從而增加了消費(fèi)支出時(shí)引起的總需求的額外移動。 ? 政府支出的每一美元可以增加的物品與勞務(wù)的總需求量大于一美元。 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。 Copyright 169。 2022 SouthWestern 政府購買的變動 ? 當(dāng)決策者改變貨幣供給或稅收水平時(shí)，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。 Copyright 169。 ? 財(cái)政政策影響長期中的儲蓄、投資和增長。 2022 SouthWestern HOW FISCAL POLICY INFLUENCES AGGREGATE DEMAND ? Fiscal policy refers to the government’s choices regarding the overall level of government purchases or taxes. ? Fiscal policy influences saving, investment, and growth in the long run. ? In the short run, fiscal policy primarily affects the aggregate demand. Copyright 169。 ? 聯(lián)邦基金利率的目標(biāo)是影響總需求的貨幣市場均衡 。 2022 SouthWestern 利率目標(biāo)在美聯(lián)儲政策中的作用 ? 既可以根據(jù)貨幣供給，也可以根據(jù)利率來描述貨幣政策。 Copyright 169。 2022 SouthWestern 貨幣供給的增加 ? 當(dāng)美聯(lián)儲增加了貨幣供給時(shí)，它降低了利率，并增加了任何一種既定物價(jià)水平時(shí)的物品與勞務(wù)需求量，使總需求曲線向右移動 。 2. . . . 均衡 利率因此下 降 …. 貨幣供給時(shí) … Copyright 169。 ? 利率下降增加了物品與勞務(wù)的需求量。 ? 貨幣供給增加使貨幣供給曲線向右移動。 2022 SouthWestern Changes in the Money Supply ? The Fed can shift the aggregate demand curve when it changes moary policy. ? An increase in the money supply shifts the money supply curve to the right. ? Without a change in the money demand curve, the interest rate falls. ? Falling interest rates increase the quantity of goods and services demanded. Copyright 169。 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(jià)水平 P2時(shí) 的貨幣需求 MD2 物價(jià)水平 P1時(shí) 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(jià) 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。 Copyright 169。 ? 較高的貨幣需求引起了較高的利率。 2022 SouthWestern 總需求曲線向右下方傾斜 ? 物價(jià)水平是貨幣需求量的一個(gè)決定因素。 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。 ? 給定任一物價(jià)水平，利率調(diào)整使貨幣供給與需求平衡。 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。 ? 存在一種利率，即所謂的均衡利率，在這種利率時(shí)，貨幣的需求量正好與貨幣的供給量平衡。 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.