AP宏观经济文档格式.docx

AP宏观经济文档格式.docx

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absoluteadvantage:

producemoregoods

4.economicsystem:

Commandeconomy计划经济Marketeconomy市场经济

5.supply，demand

DeterminantsthatcanshiftSorD

6.circularflowdiagram

D.TheMonetarySystemandMoneyMarket

Money:

thesetofassetsintheeconomythatpeopleregularlyusedtobuygoodsandservicesfromeachother.

3typesofmoney:

M0=currency（highliquidity）

M1=currency+checkabledeposit+traveler’scheck（mediumliquidity）

M2（lowliquidity）

Liquidity:

theeasewithwhichanassetcanbeconvertedintocash.

MoneyMultiplier:

M=1/R

THEMAXIMUMmoneymultiplieris1/RR

because:

①Publicpreferholdingsomemoney②Bankskeepexcessreserveswilldecreasemoneysupply

Threetoolsofmonetarypolicy:

1.RequiredReserveRatio（R）

↓R→moneysupply↑

↑R→moneysupply↓

2.Openmarketoperation（mostused）[TheFedbuys/sellsgovernmentsecurities/bonds]

buys→moneysupply↑sells→moneysupply↓

3.Discountrate[TheinterestratethattheFedchargescommercialbanks]

↓discountrate→moneysupply↑

↑discountrate→moneysupply↓

Federalfundsrate[Theinterestratethatbankschargeoneanotherforone-dayloansofreserves]

Thevalueoffedfundrateequalsequilibriuminterestrateinmonrymarket.

TheDemandofMoney:

Quantityofmoneydemandedistheamountofmoneythathouseholdsandfirmschoosetohold.

Nominalinterestrate=realinterestrate+inflationrate

WhatAffectsMoneyHoldings?

1.Pricelevel:

Pricelevelrisesmoremoneyisneededtomakeagiventransaction→peopletendtoincreasetheirholdingofmoney→MD↑

•2.realincome/realoutput:

Peoplehavemoreincometendtoholdmoremoneyasastoreofvalueandtocarryoutmoretransactionsusingmoney→MD↑

3.technology:

improvedtechnology（likecreditcard,ATMandetc.）→MDdecreases

MoneyMarket:

EquilibriumintheMoneyMarket：

LoanableFundMarket:

Financialmarkets:

institutionsthroughwhichsaverscandirectlyprovidefundstoborrowers.

Financialintermediary比如bank，去沟通borrower和saver，相当于借贷之间的桥梁。

TheBondMarket:

Abondisacertificateofindebtedness.（TheinterestRateandBondPriceMoveinOppositeDirections.）

TheStockMarket:

Astockisaclaimtopartialownershipinafirm.

LoanableFundMarket

Thesupplyofloanablefundscomesfromsaving:

·

Householdswithextraincomecanloanitoutandearninterest.

Publicsaving,ifpositive,addstonationalsavingandthesupplyofloanablefunds.（governmentbudgetsurplus）Ifnegative,itreducesnationalsavingandthesupplyofloanablefunds.（governmentbudgetdeficit）

例如，这个题目：

Abudgetsurplusincreasesthesupplyofloanablefunds,reducestheinterestrate,andstimulatesinvestment.Higherinvestment,inturn,meansgreatercapitalaccumulationandmorerapideconomicgrowth.曾在FRQ中出现，”drawagraphtoshowit”

Thedemandforloanablefundscomesfromborrow:

Crowdingouteffect:

Abudgetdeficitincreasestheinterestrate,（throughloanablefundmarket）therebycrowdingoutprivateborrowerswhorelyingonfinancialmarketstofundprivateinvestmentprojects.......G增加，挤出了

I

AggregateDemand:

Allthegoods&

services（realGDP）thatguysarewillingto/abletopurchaseatdifferentpricelevels.

Whydownwardslope?

1.RealBalanceEffect/wealtheffect

Pricelevel↑→purchasingpower↓→expenditure↓

2.Interest-rateEffect

Pricelevel↑→pricedemand↑→InterestRate↑→discourageexpenditure

3.ForeigntradeEffect/netexporteffect

U.S.Pricelevel↑→purchasingpower↓→export↓import↑→Xn↓

ShiftsofAD

GDP=C+I+G+Xn（改变其中任何一个就会shiftAD。

AggregateSupply:

Thesupplyforeverythingbyallfirms.AggregateSupplyhastwodifferentcurves.

•Short-runAggregateSupply:

stickywage

•Long-runAggregateSupply:

（flexiblewage.）WagesandResourcePriceswillincreasespricelevelsincrease.

ShiftsofAS:

1.inputprices

2.Productivity

3.wage

或者叫expansionarygapcontractionarygap

ShiftsofLRAScanaffectrealGDPfrom:

1.changeresources

2.productivity

SupplyShock（或者说shift,是一样的）:

E.FiscalPolicy

Fiscalpolicy:

thesettingofthelevelofgovernmentspendingandtaxationbygovernmentpolicymakers.

tools:

G,TAX,

DiscretionaryFiscalPolicy：

•changeADthroughgovernmentspendingortaxation.

•AutomaticStabilizers：

①Progressiveincometax②Unemploymentbenefits

TotalchangeinGDP:

Multiplier*InitialchangeinspendingMPC+MPS=1

11

SpendingMultiplier==

MPS

MPC

1-MPC

TaxMultiplier=-

=-

H.PhillipsCurve

SRPC:

shortrunPhillipsCurve

inverserelationshipbetweentheURandinflationrateinshortrun

movementalongtheSRPC:

ADshift

shiftsofSRPC

1.SRAS

2.expectationofinflation

EXP（inflation）increases,SRPCshiftsright

EXP（inflation）decreases,SRPCshiftsleft

F.OpenEconomy

1.ChangesinTastes:

E.g.DemandforU.S.dollarsincreases（shiftsright）Dollar-appreciatesSupplyofBritishpoundsincreases（shiftsright）Pound-depreciates

2.ChangesinRelativeIncomes（Resultinginmoreimports）

E.g.USgrowthincreaseUSincomes→U.S.buysmoreimports→U.S.Demandforpoundsincreases&

SupplyofU.S.dollarsincreases→Pound-appreciates&

Dollar-depreciates

3.ChangesinRelativePriceLevel（Resultinginmoreimports）

E.g.U.S.demandforcheaperimportsincreases→U.S.demandforpoundsincreases&

SupplyofU.S.dollarsincreases→Pound-appreciates&

4.ChangesinrelativeInterestRates-

E.g.UShasahigherinterestratethanBritain→BritishpeoplewanttoputmoneyinUSbanks→CapitalFlowincreasetowardstheUS→BritishdemandforU.S.dollarsincreases&

Britishsupplymorepounds→Pound-depreciates&

Dollar-appreciates

2modelscanshowtheecon.Growth:

a.PPF（shiftoutward）

b.LRAS