宏观经济学课件13PPT推荐.ppt

宏观经济学课件13PPT推荐.ppt

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macroeconomicsfiftheditionN.GregoryMankiwPowerPointSlidesbyRonCronovichmacro2002WorthPublishers,allrightsreservedCHAPTERTHIRTEENAggregateSupplyCHAPTER13CHAPTER13AggregateSupplyAggregateSupplyLearningobjectivesthreemodelsofaggregatesupplyinwhichoutputdependspositivelyonthepricelevelintheshortruntheshort-runtradeoffbetweeninflationandunemploymentknownasthePhillipscurve1CHAPTER13CHAPTER13AggregateSupplyAggregateSupplyThreemodelsofaggregatesupply1.Thesticky-wagemodel2.Theimperfect-informationmodel3.Thesticky-pricemodelAllthreemodelsimply:

@#@naturalrateofoutputapositiveparametertheexpectedpriceleveltheactualpricelevelagg.output2CHAPTER13CHAPTER13AggregateSupplyAggregateSupplyThesticky-wagemodelAssumesthatfirmsandworkersnegotiatecontractsandfixthenominalwagebeforetheyknowwhatthepricelevelwillturnouttobe.Thenominalwage,W,theysetistheproductofatargetrealwage,andtheexpectedpricelevel:

@#@3CHAPTER13CHAPTER13AggregateSupplyAggregateSupplyThesticky-wagemodelIfitturnsoutthatthenunemploymentandoutputareattheirnaturalratesRealwageislessthanitstarget,sofirmshiremoreworkersandoutputrisesaboveitsnaturalrateRealwageexceedsitstarget,sofirmshirefewerworkersandoutputfallsbelowitsnaturalrate4CHAPTER13CHAPTER13AggregateSupplyAggregateSupplyThesticky-wagemodelImpliesthattherealwageshouldbecounter-cyclical,itshouldmoveintheoppositedirectionasoutputoverthecourseofbusinesscycles:

@#@Inbooms,whenPtypicallyrises,therealwageshouldfall.Inrecessions,whenPtypicallyfalls,therealwageshouldrise.Thispredictiondoesnotcometrueintherealworld:

@#@6CHAPTER13CHAPTER13AggregateSupplyAggregateSupplyThecyclicalbehavioroftherealwagePercentagechangeinrealwagePercentagechangeinrealGDP1982197519931992196019961999199719981979197019801991197419901984200019721965-3-2-101237865443210-1-2-3-4-57CHAPTER13CHAPTER13AggregateSupplyAggregateSupplyTheimperfect-informationmodelAssumptions:

@#@allwagesandpricesperfectlyflexible,allmarketscleareachsupplierproducesonegood,consumesmanygoodseachsupplierknowsthenominalpriceofthegoodsheproduces,butdoesnotknowtheoverallpricelevel8CHAPTER13CHAPTER13AggregateSupplyAggregateSupplyTheimperfect-informationmodelSupplyofeachgooddependsonitsrelativeprice:

@#@thenominalpriceofthegooddividedbytheoverallpricelevel.Supplierdoesntknowpricelevelatthetimeshemakesherproductiondecision,sousestheexpectedpricelevel,Pe.SupposePrisesbutPedoesnot.Thensupplierthinksherrelativepricehasrisen,sosheproducesmore.Withmanyproducersthinkingthisway,YwillrisewheneverPrisesabovePe.9CHAPTER13CHAPTER13AggregateSupplyAggregateSupplyThesticky-pricemodelReasonsforstickyprices:

@#@long-termcontractsbetweenfirmsandcustomersmenucostsfirmsdonotwishtoannoycustomerswithfrequentpricechangesAssumption:

@#@Firmssettheirownprices（e.g.asinmonopolisticcompetition）10CHAPTER13CHAPTER13AggregateSupplyAggregateSupplyThesticky-pricemodelAnindividualfirmsdesiredpriceiswherea0.Supposetwotypesoffirms:

@#@firmswithflexibleprices,setpricesasabovefirmswithstickyprices,mustsettheirpricebeforetheyknowhowPandYwillturnout:

@#@11CHAPTER13CHAPTER13AggregateSupplyAggregateSupplyThesticky-pricemodelAssumefirmsw/stickypricesexpectthatoutputwillequalitsnaturalrate.Then,Toderivetheaggregatesupplycurve,wefirstfindanexpressionfortheoverallpricelevel.Letsdenotethefractionoffirmswithstickyprices.Then,wecanwritetheoverallpricelevelas12CHAPTER13CHAPTER13AggregateSupplyAggregateSupplyThesticky-pricemodelSubtract（1s）Pfrombothsides:

@#@pricesetbyflexiblepricefirmspricesetbystickypricefirmsDividebothsidesbys:

@#@13CHAPTER13CHAPTER13AggregateSupplyAggregateSupplyThesticky-pricemodelHighPeHighPIffirmsexpecthighprices,thenfirmswhomustsetpricesinadvancewillsetthemhigh.Otherfirmsrespondbysettinghighprices.HighYHighPWhenincomeishigh,thedemandforgoodsishigh.Firmswithflexiblepricessethighprices.Thegreaterthefractionofflexiblepricefirms,thesmallerissandthebiggeristheeffectofYonP.14CHAPTER13CHAPTER13AggregateSupplyAggregateSupplyThesticky-pricemodelFinally,deriveASequationbysolvingforY:

@#@15CHAPTER13CHAPTER13AggregateSupplyAggregateSupplyThesticky-pricemodelIncontrasttothesticky-wagemodel,thesticky-pricemodelimpliesaprocyclicalrealwage:

@#@Supposeaggregateoutput/incomefalls.Then,Firmsseeafallindemandfortheirproducts.Firmswithstickypricesreduceproduction,andhencereducetheirdemandforlabor.Theleftwardshiftinlabordemandcausestherealwagetofall.16CHAPTER13CHAPTER13AggregateSupplyAggregateSupplySummary&@#@implicationsEachofthethr