宏观期末知识点总结

宏观知识点总结

Chapter26 the exchange rate and balance of payment

1. 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。

The quantity of labor employed The quantity of physical, human capital Q uantity of real GDP supplied The state of technology

AS Price level

2.2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 level

change by

the real wage rate the money wage the same percentage does not change rate

at the full-employment level real GDP=potential GDP potential GDP is independent of the price level LAS curve is vertical

2.2.2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 declines the 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。外

生

变

量内生变量

2.3总供给的变动

An increase in the

Full-employment

quantity of labor

An increase in the changes in both of LAS and SAS

quantity of capital potential GDP curve shift

An advance in

technology changes

in AS Departures from

full-employment

changes in

Expectations about the money wage only SAS curve shifts

inflation rate

3、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) aggregate

Price level demand

3.2 总需求曲线

Try to explain why the AD curve slopes downward.

Method 1

Price level

real wealth

saving Wealth Effect

current consumption

AD curve slopes downward

AD

Intertemporal substitution Substitution

International price Effcts

Method 2

To 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 GDP

Aggregate 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

①Consumption and saving

a. 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 P673

c. MPC, MPS, MPI:

MPC+MPS=1, MPI=changes in investment/ changes in real GDP

②Aggregate Planned Expenditure

a.Autonomous expenditure: I, G, X, 部分C, M

Induced expenditure: C, M

计算autonomous expenditure: real GDP=0时的aggregate p lanned expenditure

b.AE Curve P677

c.Actual aggregate expenditure= Real GDP

Aggregate planned expenditure≠ Real GDP（inventories的作用）

Aggregate planned expenditure＞Real GDP, inventories减少；

Aggregate planned expenditure＜Real GDP, inventories增加。

d. Equilibrium expenditure: Aggregate planned expenditure= Real GDP

③Multiplier

Multiplier= changes i n equilibrium expenditure/ changes i n autonomous expenditure = △Y/ △A

= 1/(1- the slope of AE)

Multiplier>1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，multiplier< 1/(1-MPC), 1/MPS

④AS-AD and Aggregate expenditure models

a.very short run（物价不变，SAS水平，P687）

investment增加→AE上移，Real GDP增加，AD右移

Multiplier= △Y/ △A

b.short run（物价改变，SAS倾斜，P688）

investment增加→AE上移，Real GDP增加，AD右移→物价上升→AE减少，Real GDP减少

Multiplier会小于当物价不变的情况

c.long run（物价改变，Real GDP= Potential GDP，P689）investment增加→AE上移，Real GDP增加，AD右移→物价上升→AE减少，Money wage rate增加→SAS左移并最终和AD相交回到Potential GDP水平，AE减少到原水平

Multiplier=0

Chapter 29

1. demand-pull inflation (Money Wage Rate调节)

An inflation that starts because aggregate demand increases

A Demand-Pull Inflation Process( P703图）

2. cost-push inflation（An increase i n cost: the money wage rate or the money price of raw materials）

A Cost-Push Inflation Process( P705图）

Stagflation: the combination of a rising price level and a decreasing real GDP

重点掌握两种类型的图

3. expected inflation. （作图）

影响AD和AS的因素

4.(重点) short-run Philips curve

(The expected inflation rate , the natural unemployment rate)

当expected inflation rate= actual inflation rate时，

unemployment rate = natural unemployment rate 5. (重点)long-run Philips curve(actual inflation rate=expected inflation rate)

P209的两个图，short-run和long-run分别怎么变动要掌握

6. business cycle 的各种理论(了解)

，Real business cycle theory Mainstream business cycle theory

Chapter30 fiscal policy

1. Fiscal policy is the use of the federal budget to achieve macroeconomic objectives, such as full employment, sustained economic growth, and price level stability.

2. The federal budget is the annual statement of the federal government outlays and tax revenues

3. Fiscal policy has important effects on employment, potential GDP, and aggregate supply—called s upply-side effects. (重点掌握如何作图)

(1)The effects of the income tax on aggregate supply。主要看课本Figure 30.5的两个图(重点注意tax wedge(税收楔形)

The supply-side effect of a rise in the income tax decreases potential GDP and decreases aggregate supply

Taxes on consumption expenditure add to the tax wedge.

The reason is that a tax on consumption raises the prices paid for consumption goods and services and is equivalent to a cut in the real wage rate

主要看课本上Figure 30.6 (2）the effects of a tax on capital income(interest)

A tax decreases the supply of loanable funds. And investment and saving decrease.

A tax wedge is driven between the real interest rate and the real after-tax interest rate.

(3)Tax Revenues and the Laffer Curve (拉弗曲线)

The relationship between the tax rate and the amount of tax revenue collected is called the Laffer curve.见课本Figure 30.7

了解)

4.generational accounting, fiscal imbalance, generational imbalance (

5.Fiscal Stimulus ：A fiscal stimulus is the use of fiscal policy to increase production and employment主要分为以下两种政策：

Automatic fiscal policy （自动稳定的财政政策）is a fiscal policy action triggered by the state of the economy with no government action. Discretionary fiscal policy（相机抉择的财政政策）is a policy action that is initiated by an act of Congress.

（1）在Automatic fiscal policy 这一块的知识点中主要掌握结构性平衡

和周期性平衡，弄清楚结构性盈余和赤字以及周期性盈余和赤字

The structural surplus or deficit is the budget balance that would occur if the economy were at full employment and real GDP were equal to potential

GDP.

The cyclical surplus or deficit is the actual surplus or deficit minus the structural surplus or deficit.（主要看课本上Figure30.9）

(2)在Discretionary fiscal policy这一块的知识中主要掌握government expenditure multiplier（政府支出乘数效应）the quantity effect of a change in government expenditure on real GDP.(要重点掌握如何作图表

现这一乘数效应，Figure30.11要特别注意以下几种情况：：

a. When government expenditure increases real GDP, incomes rise and a higher income bring a increase in consumption expenditure .If this were the only consequence of the increase in government expenditure, the multiplier would be >1

b. 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 i n taxes on aggregate demand

Chapter 31 Monetary Policy

1、掌握monetary policy的objective

Maximum 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759

3、Fed如何fight recession/inflation?

当经济处于recession的时候，Fed会降低federal funds rate使得

monetary base增加，从而使得interest rate减少，间接导致planned expenditure增加，由于乘数效应，real GDP会增长到potential GDP. （书上762-763这4个图要掌握）

当经济处于inflation的时候，Fed会增加Fed funds rate使得

monetary base减少，从而使得interest rate增加，间接导致planned expenditure减少，由于乘数效应，real GDP会减少到potential GDP. （书上764-765这4个图要掌握）.