宏观期末知识点总结.doc

宏观知识点总结Chapter26 the exchange rate and balance of payment1. 名义利率和实际利率的概念，要区分；二者的关系，那个公式。明白一国货币升值表示什么意思。（掌握）2. traded weighted index(了解)3. 对一国货币的供给和需求的分析一，供给和需求决定汇率，要知道哪些因素影响一国货币的供给和需求，相应的曲线在图上会怎么移动（重点）。二，对一种货币的需求是对另一种货币的供给，要清楚某一种货币供给需求变化后，另一种货币的供给和需求会如何变化。（重点）4. 利率平价和购买力平价（掌握）5. international trade (了解)6. 汇率政策。理解什么是浮动汇率、固定利率和crawling peg。注意区分。（掌握）Chapter 27 (AD-AS model)The main purpose of AD-AS model: explain changes in real GDP and price level, which leads to business cycle fluctuations around potential GDP.1、区分宏观中的长短期宏观中的长短期主要以价格行为加以区分：在长期中，价格是具有伸缩性的，价格水平能够调整到充分就业的均衡状态；在短期中，价格是具有粘性的（sticky），实际GDP可能等于、大于、小于潜在GDP.2、总供给（Aggregate Supply）2.1总供给是描述实际GDP供给量与价格水平的关系。外生变量The quantity of labor employedThe quantity of physical, human capital Quantity of real GDP suppliedThe state of technologyAS内生变量Price level2.2总供给关系取决于时间范围企业的产品服务价格具有伸缩性-长期总供给曲线企业的产品服务价格具有黏性短期总供给曲线2.2.1长期总供给（long-run aggregate supply）a、In the long run, the money wage rate changes in step with the price level;b、Try to explain why the LAS curve is vertical.（重点）the price levelchange by the real wage rate the money wage the same percentage does not changerateat the full-employment level real GDP=potential GDPpotential GDP is independent of the price level LAS curve is vertical2.2.2短期总供给（short-run aggregate supply）a、in the short run, the money wage rate, the prices of other resources and potential GDP remain constant;b、Try to explain why the SAS curve slopes upward.In the short run, when the price level rises real wage rate declinesthe cost of production decreases employ more labors increases production(real GDP) 黏性工资模型在超短期中，总供给曲线是水平的。2.3总供给的变动An increase in theFull-employment quantity of laborAn increase in the changes in both of LAS and SASquantity of capital potential GDPcurve shiftAn advance in technologychangesin ASDepartures fromfull-employmentchanges in Expectations about the money wage only SAS curve shiftsinflationrate3、总需求（Aggregate demand）3.1 总需求是描述实际GDP需求量与价格水平的关系Basic formula: Y（实际GDP需求量）= C+I+G+(X-M) aggregatePrice level demand3.2 总需求曲线Try to explain why the AD curve slopes downward.Method 1 Price levelreal wealthsavingWealth EffectAD curve slopes downwardcurrent consumption ADIntertemporal substitution SubstitutionInternational priceEffctsMethod 2To analysis the relationship between the price level and real GDP by using the quantity theory of money.3.3影响总需求变动的因素Expectation ，Fiscal and monetary policy，The world economic（这部分的变化分析要求理解掌握，课本上有具体的总结解释）4、短期均衡与长期均衡短期均衡：SAS=AD（attention: the money wage rate is fixed）长期均衡：货币工资率的不断调整使得经济处于充分就业状态。（重点）In the long-run equilibrium, potential GDP determines real GDP, and potential GDP and AD determine the price level.凯恩斯主义：强调短期均衡；新古典主义：强调长期均衡5、AS-AD模型的运用（重点）5.1 解释经济增长，经济增长的过程中伴随通货膨胀5.2解释经济周期（短期经济波动）5.3总需求变动带来的短期和长期效应（通胀缺口和萧条缺口）5.4总供给负方向波动会引发滞胀，思考可以通过何种调整可以使经济回归充分就业状态。6、三大宏观经济学的思想流派古典主义：经济能够自我调节，回归充分就业状态（长期）；新古典认为技术的变化是造成经济波动的主要原因。凯恩斯主义：强调政府干预，经济不能自身调节货币主义：在货币政策稳定且货币稳定增长的情况下，经济能够自我调节，处于充分就业的均衡状态Chapter 28 Expenditure Multipliers: The Keynesian Model凯恩斯模型前提假设：1. Price-level is fixed 2. Aggregate demand determines real GDPAggregate planned expenditure: C+I+G+X-M（注意均为planned的情况而非实际情况，C,M有部分是自发性的 Consumption and savinga. Factors influence consumption and saving: 1. Disposal income增加（减少），c,s增加（减少）；2. Real interest rate增加（减少），c减少（增加），s增加（减少）；3. Wealth增加（减少），c增加（减少），s减少（增加）；4. Expected future income增加（减少），c增加（减少），s减少（增加） b. Consumption, saving functions P673c. MPC, MPS, MPI: MPC+MPS=1, MPI=changes in investment/ changes in real GDP Aggregate Planned Expenditurea. Autonomous expenditure: I, G, X, 部分C, MInduced expenditure: C, M计算autonomous expenditure: real GDP=0时的aggregate planned expenditureb. AE Curve P677c. Actual aggregate expenditure= Real GDPAggregate planned expenditure Real GDP（inventories的作用） Aggregate planned expenditureReal GDP, inventories减少； Aggregate planned expenditureReal GDP, inventories增加。d. Equilibrium expenditure: Aggregate planned expenditure= Real GDP MultiplierMultiplier= changes in equilibrium expenditure/ changes in autonomous expenditure = Y/ A = 1/(1- the slope of AE)Multiplier1的原因：autonomous expenditure的增加会带来real GDP增加，进而增加induced expenditure。当无income tax, imports时，multiplier= 1/(1-MPC)=1/MPS当有income tax, imports时，multiplier1b. when government expenditure increases, government borrowing increase and raises the real interest rate. With the higher cost of borrowing, investment decreases, which will partly offsets the increase in government spending. If this were the only consequence of the increase in government expenditure, the multiplier would be 1.c The actual multiplier depends on which above effect is stronger.(3)The tax multiplier is the quantity effect a change in taxes on aggregate demandChapter 31 Monetary Policy1、掌握monetary policy的objectiveMaximum employment、Moderate long-term interest rates、Stable prices(主要目标）2、如何conduct monetary policy?Fed通过open market operation首先影响federal funds rate，接着影响interest rate，然后影响quantity of money，最后影响aggregate demand.注意：federal funds rate 是bank持有reserve的cost具体的process of transmission见书上7593、Fed如何fight recession/inflation?l 当经济处于recession的时候，Fed会降低federal funds rate使得