重点知识框架-cfa一级框架图上

MicroeconomicR13demandandsupply:R14demandandsupply:consumerdemandR15demandandsupply:theR16thefirmandthemarketMacroeconomicR17aggregateoutput,price,andeconomicR18understandbusinessR19monetaryandfiscalEconomicsinaGlobalR20internationaltradeandcapitalR21currencyexchangeReadingDemandDemandandSupply:本章知识点比较零TypesTypesofGoodsmarkets：finishedgoods&services，IntermediateTypesofCapitalmarkets：raiselong-termDemand&Supply:Demand&Qdx=f(pX,I,pMovementsalong：本商品价格pX发生 e&pY(其他商品价格)使得demand上升，曲线向右Qsx=f(PX,Movementsalong：本商品价格pX发生Shifts★：cost上升(比如wage)使得supply下降，曲线向左计算excessdemand&excessThereareforcesthatmovepriceandtybacktowards判断：当P>P*(均衡价格)supply>demandP下降，会自动回归Pricesabove(below)equilibriumwilltendtogetfurtherfrom)Surplus&Deadweight

★计算、定Whensupply=demand,thesumofconsumersurplusandproducessurplus 计算：consumersurplus&producerPPAEBOQDeadweightDeadweightLoss(续Price

Iftheceilingisabovetheequilibriumprice,itwillhavenoeffect.DeadweightLoss：UnderproductionorUnderproduction；DeadweightLoss：UnderproductionorIfthefloorisbelowtheequilibriumprice,itwillhavenoeffect.Overproduction；rswillnotbeabletosellalltheyproduce.

Externalcosts underproduction,••Actualincidence:••Actualincidence:sellersandTaxonproducerssupplycurve左移；Taxonbuyersdemandcurve左移IfthedemandcurveislessbuyerswillbearahighertaxPublic nationalSinglePriceSinglePriceAuctionforTreasurybondsell$115BidPrice($billions)Bids($billions)petitive($($billions)5Bidprice>成交价Bidprice=成交价Bidprice<成交价分具体类按标的Commonvalueauctionwinner'sPrivatevalue按拍卖方法Ascendingpriceauction(EnglishSealedbidauction:firstprice&seconddescendingpriceauction(Dutch计算：priceelasticityofdemand Q/P/分类:1.highlyelasticdemandcurverelativelyinelasticdemandcurveperfectlyelastic&perfectlyTotalrevenueisizedatuniRelativeamountof espentonthegood：花的越多，对价格越敏感Timesincethepricechange：longrun，弹性更大＋substitute crosselasticityofdemand QA/－complement P/ eelasticityofdemand Q/I/NormalGoods:(>0)Luxuries(>1);Necessities(betweenInferiorReadingDemandDemandandSupply:ConsumerDemandUtilityUtilityUtilityisanordinalmeasure,ratherthanacardinalCompletepreferences:A>BCompletepreferences:A>BorA<BorA=Transitivepreferences:A>BandB>CA>Non-satiation:“moreisbetter”,A+1>IndifferenceslopeconvextowardstheIndifferencecurvescannotMRS是无差异曲线斜率MRSXY△YMRSXY＝3，increase1unitofGoodX,havetogiveup3unitsofGoodY,holdingutilityconstant.DiminishingmarginalrateofMRSXYBudgetBudgetSlopeofBudgetconstraintisthepriceratioChangingprices：斜率e：平Consumer★Indifferencecurve&Budgetconstraint的切点-YMUXXMU MRSXYPX/PY减少X的消费，增加YMRSXYPX/PY增加X的消费，减少YGiffenGiffengoods&Veblengoods区别Giffengoodsareinferiorgoods,whileVeblengoodscertainlyareTheexistenceofGiffengoodsistheoreticallysupportedbyourrulesofconsumerchoice,whiletheexistenceofVeblengoodsisnot.SubstitutionSubstitutioneEffects注意：使得Q上升就是positivePositivee e上升QXNormalgoodQXNormalgoods一般的inferiorgood：Substitutioneffect> Giffengood(特殊的inferior)：Substitutioneffect> ReadingDemandDemandandSupply:theProfitProfit、Cost、ProductAccountingAccountingProfit,EconomicProfitandNormalAccountingAccountingcost=explicitcost

EconomicImplicit

> Normalprofit Economic FirmAccountingprofit= =0 NormalprofitAccountingAccountingprofitNormal<EconomicEconomic定定义：apaymenttoafactorofproductionaboveitsopportunity＝producerTR,TR,AR&★d(TR)/d(Q) 1pUnderimperfectAR&MRwilldeclineasQARisnotequaltoMRforanytiesgreaterthanThedecreaseinMRismorethanthedecreaseinpriceorTotalrevenue(TR)izedwhenUnderperfecthorizontaldemandcurveTP,TP,AP&★公TP=Q,AP=TP/L,MP=d(TP)/dLawofdiminishingreturns边际产量递减TC,TC,AC&★MarginalMarginalcostchangeintotalcost或variablecost)changeinAveragecost=totalcost/ Shortterm：someresourcesarefixed,suchasbuildings,technologyand•• •

MCdeclinesinitially,thenMCintersectsAVCandATCattheirminimumMinimumpointontheATCcurverepresentsthelowestcostperunit,butitisnotnecessarilytheprofit- izingpoint.TheMCcurveaboveAVCisthefirm’sshort-runsupplycurveinaperfectlycompetitiveProductProduct&Cost关系AP(MP)最大值时，AC(MC)AP(MP)上升时，AC(MC)下Revenue-CostShort-RunLong-RunTRStayinStayinTR<TFC+TVCbutTR>StayinExitTR<ShutdownproductiontoExitTR=TVC；AR=ProfitTR=TC；AR=ConclusionConclusionforpureIfP>ATC,thefirmcanrealizeeconomicEconomiclossoccursifIntheshortrun,economicprofitizedwhenmarginalrevenue=marginalcostDiseconomiesofscale：upwardsegmentoflong- agetotalcostsegmentofthislong- agetotalcostLong-RunSupplycurveLong-RunIndustrySupplyCurvesDecreasing-cost Long-RunSupplycurveConstant-costConstant-cost Long-RunSupplycurve水izingUtilizationofanCost 如果MP1/P1MP2/P2,应该增加对于第2个如果MRP1/P11应该增加这个风险因子ReadingFirmFirmandMarketNumberofofproductsDifficultytoShapeof对价格的控NoPriceSomePriceMorethanone,butnotmanyLittleornolesselasticPricenosubstituteNoPriceMonopolisticMonopolisticPerfectPerfect★Short-runlong-run(特Downward-slodemandThecurvesarehighlyShort-runoutputPriceisslightlyhigherthanunderperfectLong-runoutputNoeconomicprofitP=ATC(因为厂商可以自由进出ProductdevelopmentandBrandKinkeddemand特点：提价弹性大；降价弹性缺点：itis pletebecausewhatdeterminesthemarketprice(wherethekinkislocated)isoutsidethescopeofthemodel.NashPrisoners’Dilemma:合谋之后，市场就变成monopolyfewerfirms、moresimilarproduct、moresimilarcoststructure、relativelysmallandfrequentpurchases、moreseverepenaltyforcheating、lessactualorpotentialcompetitionDominantfirmDominantfirmhasasignificantlylargemarketgreaterscale&lowercostmarketpriceisessentiallydeterminedbythedominantConcentrationConcentrationMonopolyMonopolyThemonopolistswant izeprofits,notDownwardslodemandcurve(priceAtleasttwoidentifiablegroupsof结论：Pricediscriminationreducesthisinefficiencybyincreasingoutputtowardthetywheremarginalbenefitequalsmarginalcost,andthedeadweightlossissmaller.Averagecostpricing：P=ATCmorecommonMarginalcostpricing：P=MCincura名计ConcentrationRatioRelativelyinsensitivetomergersoftwofirmswithlargemarketshares.sumofthesquaresofthemarketsharesofallfirmBothofoursimpleconcentrationmeasuresisthatbarrierstoentryarenotconsideredineither帮助的朋友，可以搜索克、何旋的资料有复习资料文 学到的不仅是金融， ReadingAggregateAggregateOutput,PricesandEconomic定定marketvalue、finalgoodsandservices、produced、inacountry、atimePurchasesofnewlyproducedgoodsandFinalgoodsandGoodsandservicesprovidedbyThevalueofowner-occupiedThesaleorresaleofgoodsproduceinpreciousTransferpaymentsmadeby ThevalueoflabornotBy-productsofproduction(e.g.environmentalBartertransaction(e.g.neighborsexchangingIllegalGDP GDP

nominalGDPinyearNGDPdeflatorforyear i Ni

valueofyeartoutputatyeart-5((ExpenditureApproach：GDP=C+I+G+(X-Consumption：C=a+b(Y–Tax)eGDP= e+capitalconsumptionallowance+statistical e=compensationofemployees(wagesand+corporateandernmententerpriseprofitsbefore+ +unincorporatedbusiness e(business ++indirectbusinesstaxesless e=national e-indirectbusinesstax-corporate etax-undistributedcorporateprofit+Transferpaymental e e alSS=I+(G-T)+(X-M)ISIS&ISIS–Y和r之间的关系(inverseY增加IS向右shift扩张的财政政策)(X–M)增加IS向右shiftLMLMY和r之间的关系(positiverelationship★MS增加LM向右shift扩张的货币政策)Precautionarydemand和Y正相关Speculativedemand和r负相关M1:currencyinthehandsofthepublic;travelerschecks;demanddeposits;andotherdepositsagainstwhichcheckscanbewritten.M2:includesM1,plussavingsaccounts,timedepositsof$100,000,andbalancesinretailmoneymarketmutualADADADADADAD&定IS&LM交点equilibriumlevelsofpricesande(realhigherpricelevelsreducerealwealth,increaserealinterestratesreducethetyofdomesticoutputdemanded.GDPCI+G+NX使后面这四项增加的：ADcurve向右Increaseinconsumers‘wealth(Cincreases)：国民增Consumerexpectationsof e(CBusinessexpectations(IHighcapacityutilization(IExpansionarymonetarypolicy(CandIExpansionaryfiscalpolicy(Cincreasesfortaxcut,GincreasesforspendingExchangerates本币贬值，netXGlobaleconomicgrowth(netXThe curveisperfectly curveisperfectlyInthelongrun,wagesandotherinputpriceschangeproportionallytothepricelevel,sothepricelevelhasnolong-runeffectonaggregatesupply. curveisupwardsloShiftsShiftsSupplyofSupplyofnaturalSupplyofhumanNominalNoInputprices(e.g.,NoIncreasescostofNoAnticipationofhighercostsand/orNoIncreasescostofNoNo••••Stagflation：highunemploymentandincreasinginflation，AS向左growthinpotentialGDP=growthintechnology+WL(growthinlabor)+WC(growthinWLandWCarelabor'spercentageshareofnational eandcapital'spercentageshareof Totalfactorproductivityisamultiplierthat fiestheamountofoutputgrowththatcannotbeexplainedbytheincreasesinlaborandcapital.ReadingBusinessBusiness经济周期的表指表现(记住重要结论Whenanexpansionisapproachingitspeak,increaseintheinventory-salesratioaboveitsnormallevel.UtilizationoflaborandUtilizationoflabor公司一般不会裁员，可能一开始只是增加或减少工作小时数Duringcontractions,reducetheirphysicalcapacitybyspendinglessonmaintenanceorbydelayingthereplacementofequipmentGDPgrowthrate从负到Highunemploymentrate,increasinguseofovertimeandtemporaryworkers.SpendingModerateordecreasinginflationrateGDPgrowthratedecreasesbuthiring消费投资增长放GDPgrowthrateisunemploymentrate消费投资alag经济周期的原对政经济周期的原对政策的主Neoclassicalchangesineconomyhasastrongtendencytowardfull-employmentshiftsinaggregatedemandduetochangesindirectlyincreaseaggregatedemandthroughmonetarypolicyorthroughfiscalpolicyNewKeynesianMonetaristbyinappropriatedecreasesinthemoneytyTheoryofvelocityandtherealoutputchangemoneypolicyofsteadyandpredictableincreasesinthemoneysupplyAustrianernmentinterventionintheNewClassicalschoolRealbusinesscycletheory(RBC)★changesintechnologyandexternalshocks,asopposedtomonetaryvariablespolicymakersshouldnottrytocounteractbusinesscycles计名unemployment numberofunemployedlaborlaborforceparticipation labor WorkingageLaborforce经济周期的经济周期的原对政策的主方计缺Laspeyres用基期的消费NewQualitySubstitutionbiasedPaasche用现在的消费Substitutionbiased★InflationAnincreaseinmoneywageAnincreaseinthemoneypricesofrawIncreasein tyofIncrease ernmentIncreaseinNAIRU特NAIRU特 (非加速通胀下的失业率unemploymentatwhichinflationarypressuresarevaryfromoneeconomytoanotherandovertimeinasingleEconomicEconomicIndicatorsS&P500StockIndex(stockprice,500commonInterestratespreadbetween10-yeartreasuryyieldsandovernightborrowingIndexofConsumerExpectations,Universityof Inventory—salesChangeinunitlaborCommercialandindustrialloans ChangeinconsumerpriceindexforReadingMonetaryMonetaryandFiscalMonetaryHowDotheBanksCreateMoney?moneymultiplier reserveFisher Realratesarerelativelystable,andchangesininterestratesaredrivenbychangesinexpectedinflation.Thisisconsistentwithmoneyneutrality.Policy owerrate

Reserverequirements：higherReserverequirementContractionaryOpenmarketoperations：CentralbankbuysecuritiesNeutralinterestrate=realtrendrateofeconomicgrowth+ Policyrate>Neutralrate:Policyrate<Neutralrate:Long-termratesmaynotriseandfallwithshort-termratesbecauseoftheeffectofmonetarypolicychangesonexpectedinflation.liquiditytrap:Increasinggrowthofthemoneysupplywillnotdecreaseshort-termDeflationismoredifficultforcentralbanksto tativeFiscalFiscalIndirecttaxes：Quickimplementation、loweradditionalFiscalFiscalmultiplier 计1MPC(1- 1b(1-DiscretionaryfiscalRecessionsInflationaryeconomicboomsRicardianEquivalence:IncreasesinthecurrentdeficitmeangreatertaxesintheDebtratioAggregatedebttoGDPCrowding-outeffect：ExpansionaryfiscalpolicymaycrowdoutprivateTimelag：Recognitionlag、Law-makinglag、ImpactReadingInternationalInternationaltradeandcapital产生原因：opportunitycosts判断如何国际贸易？A:1L10W=5C1W的机会成本是1/2个CB:1L=9W=3C1W的机会成本是1/3个CAbsoluteAbsoluteandComparativeAdvantage★ABAB10(个产品953RicardianDifferencesinlaborproductivity(reflectingunderlyingdifferencesintechnology)arethesourceofcomparativeadvantage.CapitalandlaborarevariablefactorsofThepriceoftherelativelylessscare(moreavailable)factorofproductionineachcountrywillincrease.国家间的合＋commonsetoftraderestrictionswithnon-membersCustoms＋laborand mon＋commoninstitutionsandeconomicpolicyEconomic＋adoptasinglecurrencyMonetaryEffectsEffectsofTradeImportExportImpactImportingImportingExportingImportingImportsImportsExportsImportsMixed基于Falls( spendingrises)Nochange(renttoDecreasesinDecreasesinsmall(alargerdeclineinlargecountry)increase