第7章 非均衡分析的货币理论(货币理论与政策-上海外贸学院,王志伟).pdf

《当代货币金融理论》 金融学院系列课程 第7章 非均衡分析的货币理论 Dr.王志伟 Jerald_wang@163.com Economics Change 第一节 非均衡分析与凯恩斯经济学 第二节 货币经济的交易结构与货币经济理论 Mercer Human Resource Consulting 《当代货币金融理论》 7-2 © COPYRIGHT 2005 by Dr.王志伟 第一节 非均衡分析与凯恩斯经济学 1、传统经济学认为凯恩斯理论是一般均衡理论 希克斯商品市场和货币市场均衡的ISLM模型 两个市场的均衡决定均衡利率和产出的模型 帕廷金四个市场的均衡 The Goods Market and the IS Relation Equilibrium in the goods market exists when production, Y, is equal to the demand for goods, Z. In the simple model (in chapter 3), the interest rate did not affect the demand for goods. The equilibrium condition was given by: Y C(Y − T) + I + G Investment, Sales (Y), and the Interest Rate (i) Now, we no longer assume I (investment) is constant We capture the effects of two factors affecting investment: – The level of sales/income (+) – The interest rate (-) I I (Y, i) The Investment Demand Schedule Including interest rates in the model implies that investment spending is endogenous The investment spending function (9.1) is: I I − b i – where i is the rate of interest and b measures the responsiveness of investment spending to the interest rate – Autonomous investment is I The Determination of Output Taking into account the investment relation above, the equilibrium condition in the goods market becomes: Y C(Y − T) + I (Y, i) + G The Interest Rate and AD: The IS Curve With investment dependent upon interest rates the new A