中级宏观IS模型课件ch03PPT文件格式下载.ppt

中级宏观IS模型课件ch03PPT文件格式下载.ppt

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TheGoodsMarketCopyright2009PearsonEducation,Inc.PublishingasPrenticeHallMacroeconomics,5/eOlivierBlanchardMOTIVATINGQUESTION1.Howisoutputdeterminedintheshortrun?

Outputisdeterminedbyequilibriuminthegoodsmarketbytheconditionthatsupplyequalsdemand.Thisconditionalwaysdeterminesoutput,butintheshortrun,weassumethatproductionadjustsautomaticallytooutputwithoutchangesinprice.intheshortrun,outputiseffectivelydeterminedbydemand.inthischapter,investmentisexogenous（andthereforeindependentoftheinterestrate）,sothereisnoneedtoconsidersimultaneousequilibriuminthegoodsandfinancialmarkets.2of32Chapter3:

TheGoodsMarketCopyright2009PearsonEducation,Inc.PublishingasPrenticeHallMacroeconomics,5/eOlivierBlanchard9-3IntroductionOneofthecentralquestionsinmacroeconomicsiswhyoutputfluctuatesarounditspotentiallevelInbusinesscycleboomsandrecessions,outputrisesandfallsrelativetothetrendofpotentialoutputThischapteroffersafirsttheoryofthesefluctuationsinrealoutputrelativetotrendCornerstoneofthismodelisthemutualinteractionbetweenoutputandspending:

spendingdeterminesoutputandincome,butoutputandincomealsodeterminespendingTheKeynesianmodelofincomedeterminationdevelopsthetheoryofADAssumethatpricesdonotchangeatallandthatfirmsarewillingtosellanyamountofoutputatthegivenlevelofpricesAScurveisflatChapter3:

TheGoodsMarketCopyright2009PearsonEducation,Inc.PublishingasPrenticeHallMacroeconomics,5/eOlivierBlanchardTheKeynesianCrossKeynes：

intheshortrun，aneconomystotalincomewasdeterminedlargelybythespendingplansofhouseholds,businesses,andgovernment.Actualexpenditureistheamounthouseholds,firms,andthegovernmentspendongoodsandservicesPlannedexpenditureistheamounthouseholds,firms,andthegovernmentwouldliketospendongoodsandservices.actualexpendituredifferfromplannedexpenditure.Why?

firmsmightengageinunplannedinventoryinvestmentbecausetheirsalesdonotmeettheirexpectations4of32Chapter3:

TheGoodsMarketCopyright2009PearsonEducation,Inc.PublishingasPrenticeHallMacroeconomics,5/eOlivierBlanchardTheKeynesianCrossasimplemodelAsimpleclosedeconomymodelinwhichincomeisdeterminedbyexpenditure.（duetoJ.M.Keynes）Notation:

I=plannedinvestmentE=C+I+G=plannedexpenditureY=realGDP=actualexpenditureDifferencebetweenactual&

plannedexpenditure=unplannedinventoryinvestmentChapter3:

TheGoodsMarketCopyright2009PearsonEducation,Inc.PublishingasPrenticeHallMacroeconomics,5/eOlivierBlanchardElementsoftheKeynesianCrossconsumptionfunction:

fornow,plannedinvestmentisexogenous:

plannedexpenditure:

equilibriumcondition:

govtpolicyvariables:

actualexpenditure=plannedexpenditureChapter3:

TheGoodsMarketCopyright2009PearsonEducation,Inc.PublishingasPrenticeHallMacroeconomics,5/eOlivierBlanchardGraphingplannedexpenditureincome,output,YEplannedexpenditureE=C+I+GMPC1Chapter3:

TheGoodsMarketCopyright2009PearsonEducation,Inc.PublishingasPrenticeHallMacroeconomics,5/eOlivierBlanchardGraphingtheequilibriumconditionincome,output,YEplannedexpenditureE=Y45Chapter3:

TheGoodsMarketCopyright2009PearsonEducation,Inc.PublishingasPrenticeHallMacroeconomics,5/eOlivierBlanchardTheequilibriumvalueofincomeincome,output,YEplannedexpenditureE=YE=C+I+GEquilibriumincomeChapter3:

TheGoodsMarketCopyright2009PearsonEducation,Inc.PublishingasPrenticeHallMacroeconomics,5/eOlivierBlanchardTheKeynesianCrossmoredetails10of32Chapter3:

TheGoodsMarketCopyright2009PearsonEducation,Inc.PublishingasPrenticeHallMacroeconomics,5/eOlivierBlanchard11of323-1TheCompositionofGDPConsumption（C）referstothegoodsandservicespurchasedbyconsumers.Investment（I）,sometimescalledfixedinvestment,isthepurchaseofcapitalgoods.Itisthesumofnonresidentialinvestmentandresidentialinvestment.GovernmentSpending（G）referstothepurchasesofgoodsandservicesbythefederal,state,andlocalgovernments.Itdoesnotincludegovernmenttransfers,norinterestpaymentsonthegovernmentdebt.Chapter3:

TheGoodsMarketCopyright2009PearsonEducation,Inc.PublishingasPrenticeHallMacroeconomics,5/eOlivierBlanchard12of323-1TheCompositionofGDPImports（IM）arethepurchasesofforeigngoodsandservicesbyconsumers,businessfirms,andtheU.S.government.Exports（X）arethepurchasesofU.S.goodsandservicesbyforeigners.Chapter3:

TheGoodsMarketCopyright2009PearsonEducation,Inc.PublishingasPrenticeHallMacroeconomics,5/eOlivierBlanchard13of323-1TheCompositionofGDPInventoryinvestmentisthedifferencebetweenproductionandsa