巴罗宏观经济学：现代观点第10章
巴罗《宏观经济学：现代观点》配套题库-章节题库-货币需求和物价水平【圣才出品】
7．货币可以将现在的购买力变成未来的购买力，这是货币交换媒介职能的表现。（ ） 【答案】× 【解析】货币可以将现在的购买力变成未来的购买力，这是货币作为价值储藏手段的表 现。
三、计算题 1．某国货币流通速度是不变的。实际 GDP 每年增长 3%，货币存量每年增长 8%，名 义利率是 9%。以下各个变量是多少？ a．名义 GDP 的增长率； b．通货膨胀率； c．实际利率。 解：a．根据 MV＝PY，PY 即为名义 GDP，那么有：M 变动%＋V 变动%＝名义 GDP 变动%。
2．计价单位（unit of account） 答：计价单位指货币提供了可以表示物价和记录债务的单位的职能。货币具有表现商品 价值、衡量商品价值量的功能作用。计价单位是货币的首要的基本职能。货币作为计价单位， 是将商品的价值表现为同名的量，使它们在质的方面相同，在量的方面可以比较。它是通过 将商品的价值表现为价格而实现的。
4/5
圣才电子书 十万种考研考证电子书、题库视频学习平台
通货数目增加了，由此导致了物价的上升。
3．某经济的货币需求函数为（M/P）d＝0.2Y/i1/2。 a．推导货币流通速度的表达式。货币流通速度取决于什么？解释为什么会有这种依赖 关系。 b．如果名义利率为 4%，计算货币流通速度。 c．如果产出 Y 为 1000 单位，货币供给 M 为 1200 美元，那么，价格水平 P 为多少？ 答：a．根据：（M/P）d＝kY，即 M/P＝kY，简单整理各项后，这个方程变为 M（1/k） ＝PY。上式也可以写为 MV＝PY，式中，V＝1/k，因此根据题意可以得出，V＝5i0.5。根据 公式可以看出，货币流通速度取决于名义利率 i。当名义利率越大时，人们对每一美元的收 入愿意持有的货币量越小（考虑到名义利率可以看成人们对持有货币而不是存入银行的机会 成本），而当人们只想持有少量货币时（k 小），货币转手就频繁（V 大），因此名义利率越 大时，货币流通速度也越大。 b．如果名义利率为 4%，即 i＝4，根据 V＝5i0.5，可得 V＝10。 c．由 MV＝PY，Y＝1000，M＝1200，V＝10，可得 P＝12。
巴罗《宏观经济学：现代观点》课后习题详解 第2章 国民收入核算：国内生产总值和物价水平【圣才出品】
第2章国民收入核算：国内生产总值和物价水平一、概念题1．链式加权的实际GDP（chain-weighted real GDP）答：链式加权的实际GDP是指利用链式加权法计算所得的实际国内生产总值。
链式加权是构建实际国内生产总值的一种方法，按此方法相对价格的权数不断根据变化中的生产构成做出调整。
链式加权的实际GDP可以更精确地度量实际GDP。
其具体计算步骤为：（1）计算相邻两年之间的平均价格；（2）利用计算出来的平均价格，将每年生产的商品的价值加总；（3）计算每一个总量相对于基年总量的比率；（4）将第三步计算所得的比率乘以基年的名义GDP。
2．封闭经济（closed economy）答：封闭经济是“开放经济”的对称，是指一个国家或地区范围内的经济活动中，生产要素的配置和产品的供求自我循环、自求平衡的状态。
封闭经济有两种情况：①在自然经济下，各个国家或地区基本上都是封闭经济。
②在商品经济下，一个国家或地区基本上没有对外贸易，或对外贸易在整个经济活动中所占的比例很小。
由于这种经济与外部市场或世界市场没有更多的联系，便构成了自身封闭式循环。
3．耐用消费品（consumer durables）答：耐用消费品是指能够在长时期内给家庭提供服务的商品。
耐用消费品既会在现在又会在将来产生服务流量。
例如，汽车、电视机和冰箱等都可以用上好多年，因此都属于耐用消费品。
4．非耐用消费品和服务（consumer non-durables and services）答：非耐用消费品和服务，与耐用消费品相对而言，是指只有在将它们使用完的过程中才产生消费服务的商品。
非耐用消费品和服务是家庭购买的使用持续时间很短的消费品，如牙膏、一张报纸、一次周末休假，都属于非耐用消费品和服务。
5．消费者价格指数（CPI，consumer price index）答：消费者价格指数也称零售物价指数和生活费用指数，是反映消费品（包括服务）价格水平变动状况的一种价格指数，一般用加权平均法来编制。
《宏观经济学现代观点》考研巴罗版考研复习笔记
《宏观经济学现代观点》考研巴罗版考研复习笔记第一部分导论
第1章思考宏观经济学
1.1 复习笔记
考点一：宏观经济学的含义及研究内容（见表1-1）★★
表1-1 宏观经济学的含义及研究内容
考点二：宏观经济学的微观经济基础（见表1-2）★★★★
表1-2 宏观经济学的微观经济基础
考点三：经济模型与现代宏观经济学的研究方法（见表1-3）★★★
表1-3 经济模型与现代宏观经济学的研究方法
考点四：浮动价格与粘性价格★★
市场出清的隐含条件是价格能够迅速调整使得市场上供求平衡，但在现实当中，价格粘性甚至价格刚性都是存在的。
正如凯恩斯所提出的，劳动力市场通常处于非均衡的状态，因此，短期中劳动力的需求量与供给量之间总是存在着差异，工资率是粘性的，它仅作缓慢调整以便在长期中使劳动力市场出清。
近年来，一些宏观经济学家强调有些商品市场出现不均衡状态，这种分析方法称为新凯恩斯模型。
很多时候，宏观经济学家认为长期中价格或工资是充分变动的，而在短期分析当中则存在粘性。
当然，将长期增长的分析方法运用在短期分析当中将有助于理解宏观经济的短期波动。
宏观经济学家们一致认为：经济始终是在向市场出清状态接近的。
因此，不管对短期内粘性价格显著性的最终判定如何，利用市场出清模型做宏观经济分析确实是一条最佳的途径。
2020版曼昆版宏观经济学(第十版)课件第10章
——约翰•贝茨•克拉克 (John Bates
● 经济波动给经济学家和政策制定者呈现了一个反复出现的问题。 ● 一些年份的增长高于另一些年份。有时候经济没有进展,增长变为负值。 经济中产出的这些波动与就业的波动紧密相连。当经济经历产出下降和 失业上升的时期时,经济被称为处于衰退(recession)中。 ● 经济学家把产出与就业的这些短期波动称为经济周期(business cycle)。虽然这个词表明经济波动是定期的和可以预测的,但实际并不是 这样。衰退就像它是常见的那样,是间隔不一的。有时衰退一次接着一次, 有时则相隔甚远。
为了理解短期与长期有什么不同,考虑货币政策变动的效应。 在长期,货币供给的变动并没有引起产出或就业的波动。 在短期,许多价格并不对货币政策作出反应。这种短期价格黏性意味着货币供给 变动的短期影响与长期影响并不相同。 经济波动模型必须考虑这种短期价格黏性。我们将看到,价格不能迅速和完全地 对货币供给变动(以及经济状况的其他外生变动)作出调整意味着,在短期,产出和就 业等实际变量必须作出某种调整。换言之,在价格为黏性的时间范围内,古典二分法 不再成立:名义变量会影响实际变量,经济会背离古典模型所预言的均衡。
图10—4 奥肯定律
该图是一个横轴表示失业率、纵轴表示实际GDP的百分比变动的散点图,使用
了美国经济的数据。每一点代表一年。这些变量之间的负相关关系显示,失业率的
上升往往与实际GDP低于正常水平的增长相联系。
2020/9/26
二、领先经济指标
许多经济学家,特别是那些在企业和政府中工作的经济学家,有着预测经 济的短期波动的任务。企业的经济学家对预测感兴趣是为了帮助公司对经 济环境的变化作出计划。政府的经济学家对预测感兴趣出于两个原因。第 一,经济环境影响政府;例如,经济状况影响政府的税收收入。第二,政府通过 使用货币政策和财政政策可以影响经济。因此,经济预测是政策制订计划所 需的一种投入。
巴罗宏观课后习题答案
二A 复习题1.隐含的价格平减指数是以生产的所有最终产品和服务的价格为基础确立的价格指数，基年的隐含的价格平减指数定为100，其表达式为名义GDP与实际GDP的比值乘以100。
隐含的价格平减指数不同于消费者价格指数，后者是指一篮子消费品的价格指数。
由于分配给各种商品的比重不同（他们在较长的时期内固定不变），消费者价格指数趋于表明比隐含的价格平减指数更高的通货膨胀率。
2.本章中讨论的三种测量GDP的方法能得到同样的结果，因为他们是从不同的角度看相同的问题。
支出法着眼于在最终商品和服务上的各类支出，但是这些支出包括了外国居民的消费，所以支出总额应等于收入扣除折旧和国外净要素收入所得后的金额。
产值法着眼于生产和销售的商品的价值。
最终，生产的一切商品被出售并产生收入来提供生产要素。
因此，三种方法估计的GDP总量没有区别。
3.名义GDP是以现在的价格计量的在一个国家内一段时期生产的最终产品和服务的价值。
实际GDP是以基年价格计算的GDP，也称为“不变美元的GDP”。
它们是流量的概念。
名义GDP没有排除物价变化的影响，可能会掩盖生产层面上及其巨大的差别，实际GDP排除了物价变化的影响，各年指标更有可比性。
B 讨论题4.略5.虽然较高的GDP与广泛接受的衡量福利的指标高度相关，例如教育水平，预期寿命，婴儿死亡率等等，但是官方估计的GDP并没有准确衡量福利。
GDP低估福利的真正变化的原因之一是没有考虑非市场商品，例如休闲。
也没有考虑商品质量的变化，因为这些不能用隐含的价格平减指数准确计量。
另外一方面，GDP可能高估福利的改变，因为它没有考虑生产对环境的影响。
砍伐一片长成的森林可能将一个宝贵的非市场商品转变为低价值的市场商品，但是此活动可能提高GDP，要考虑这些因素的方法是将像休闲和环境因素这样的非市场但有隐含价值的商品，纳入到广泛的福利量度中。
三2．由于报酬递减规律的作用，正的储蓄率不能保证y、k长期增长。
当资本存量增加时，资本的平均产品将继续下降并且折旧额会提高，最终资本存量将会达到用所有储蓄来代替资本存量的减少和维持劳动的增长而没有剩余来提高劳均资本这一状态。
曼昆《宏观经济学》第10章
一、凯恩斯理论诞生的背景
· 二十世纪三十年代的大萧条 · 古典经济理论的局限性暴露出来 · 凯恩斯《就业、利息和货币通论》引
发了一场经济学的革命
Байду номын сангаас
物价水平,P AD1 AD2 AD3
固定的物价水
平（SRAS）
Y1
Y2
Y3
总需求曲线的移动
收入,产出,Y
二、产品市场：凯恩斯交叉图和IS曲线
1．关于产品市场的假设 · 有剩余的要素 · 价格不变 · 需求约束：总需求大小决定实际
M P
d
L(r,Y )
L > 0，L < 0
Y
r
实际货币余额需求与收入水平正向相关，
与实际利率水平反向相关。
利率，r r1
1.货币供 给下降
r2
L(r)
2.提高 了利率
M2/P
M1/P 实际货币余
额，M/P
流动性偏好理论中的货币供给的减少
利率，r
利率，r
1.收入的增
加使货币需
r2
求上升
r2
L(r,Y2)
r1
r1
2.使 利率 上升
L(r,Y1)
MP
实际货币余
额，M/P
（a）实际货币余额市场
3.LM曲线 LM
概括了货 币市场均 衡的变化
YI Y2
收入，
产出，Y
（b）LM 曲线
推导出LM 曲线
·思考：
LM 曲线以外的点是什么含义？
r
货币市场 供过于求 的区域
A B
货币市场 供不应求 的区域
Y
四、IS-LM 模型短期中的均衡
· IS-LM模型
罗伯特·巴罗《宏观经济学：现代观点》CH08
Exercise for MacroeconomicsChapter 8TRUE/FALSE1. Intertemporal substitution effects are substitution effects over time.2. When the marginal product of labor increases due to a positive technology change, the real wage falls.3. The model predicts that in response to a permanent positive change in technology real consumptionwill be procyclical.4. An increase in the interest rate makes future consumption cheaper and future leisure more expensive.5. The income effect on labor supply is positive.MULTIPLE CHOICE1. The cyclical part of real GDP isa. trend real GDP less real GDP. c. real GDP/trend real GDP.b. real GDP less trend real GDP. d. trend real GDP/real GDP.2. Real GDP equals:a. trend real GDP plus the cyclical part ofGDP c. trend real GDP less the cyclical part ofGDP.b. trend real GDP times the cyclical part ofGDP. d. trend real GDP divided by the cyclicalpart of GDP.3. An equilibrium business-cycle model:a. uses shocks to GDP to find equilibriumconditions. c. uses equilibrium conditions to determinehow shocks affect real GDP and othermacroeconomic variables. .b. uses GDP to find equilibrium shocks tothe economy.d. uses GDP to find equilibrium conditions.4. An increase in the level of technology, A, causes:a. an increase in the MPL c. a movement along the MPL hiring morelabor.b. a decrease in the MPL d. a movement along the MPL hiring lesslabor.5. The model predicts that an economic expansion caused by an increase in technology, A, will:a. drive down the real wage. c. drive up the real wage.b. cause labor supply to be greater than labor d. lead to a relatively low real wage.demand.6. The model predicts that in a recession caused by an decrease in technology, A, we would observe:a. a relatively low real wage. c. a relatively high real wage.b. an excess demand for labor. d. an increase in the MPL7. If technology, A, increases, then:a. the MPK and the demand for capitalservices increase. c. the MPK increases and the demand forcapital services decreases.b. the MPK and the demand for capitalservices decrease. d. the MPK decreases and the demand forcapital services increases.8. The model predicts that if there is a technology, A, shock, the real rental price of capital will:a. be relatively high during an economicexpansion or a recession. c. be relatively high during an economicexpansion and relatively low during arecession.b. be relatively low during an economicexpansion or a recession. d. be relatively low during an economicexpansion and relatively high during a recession.9. The model predicts that if there is a technology, A, shock, the interest rate, i, will be:a. relatively high during an economicexpansion or a recession. c. relatively high during an economicexpansion and relatively low during a recession.b. relatively low during an economicexpansion or a recession. d. relatively low during an economicexpansion and relatively high during a recession.10. During an economic expansion due to an increase in technology, A, consumption will:a. tend to rise due to the income effect. c. tend to fall due to the intertemporalsubstitution effect of the interest raterising.b. may rise or fall depending on whether theincome effect is greater than thesubstitution effect or not.d. all of the above.11. During an economic expansion due to an increase in technology, A, consumption will:a. tend to fall due to the income effect. c. tend to rise due to the intertemporalsubstitution effect of the interest raterising.b. may rise or fall depending on whether theincome effect is greater than thesubstitution effect or not.d. all of the above.12. During an economic expansion due to an increase in technology, A, consumption will:a. tend to rise due to the income effect. c. tend to rise due to the intertemporalsubstitution effect of the interest raterising.b. be unchanged. d. tend to fluctuate.13. During an economic expansion due to an increase in technology, A, consumption will:a. tend to fall due to the income effect. c. tend to fall due to the intertemporalsubstitution effect of the interest raterising.b. be unchanged. d. tend to fluctuate.14. If technology, A, increases permanently then we would expect:a. consumption to decrease as thesubstitution effect would be greater than the income effect of the change. c. consumption to increase as thesubstitution effect would be greater than the income effect of the change.b. consumption to increase as the incomeeffect would be greater than thesubstitution effect of the change. d. consumption to decrease as the incomeeffect would be greater than thesubstitution effect of the change.15. If there is a permanent increase in technology, A, then we expect consumption to:a. increase by more than real GDP. c. increase but by less than real GDP.b. increase by the same amount as real GDP. d. be unchanged.16. If there were a permanent increase in technology, A, we would expect real saving to:a. increase as the increase in realconsumption is less than real GDP. c. decrease as the increase in realconsumption is more than real GDP.b. increase as the increase in realconsumption is more than real GDP. d. decrease as the increase in realconsumption is less than real GDP.17. A variable that moves in the same direction as real GDP is known as:a. acyclical. c. countercyclical.b. procyclical. d. exogenous.18. A variable that has little tendency to move during a business cycle is known as:a. acyclical. c. countercyclical.b. procyclical. d. exogenous.19. A variable that moves in the opposite direction as real GDP is known as:a. acyclical. c. countercyclical.b. procyclical. d. exogenous.20. An acyclical variable is one that:a. moves the same direction as real GDP. c. moves the opposite direction as real GDP.b. has little tendency to move during abusiness cycle.d. determined outside the model.21. An procyclical variable is one that:a. moves the same direction as real GDP. c. moves the opposite direction as real GDP.b. has little tendency to move during abusiness cycle.d. determined outside the model.22. An countercyclical variable is one that:a. moves the same direction as real GDP. c. moves the opposite direction as real GDP.b. has little tendency to move during abusiness cycle.d. determined outside the model.23. US real consumer expenditure since 1954 has been:a. procyclical. c. a cyclical.b. countercyclical. d. exogenous.24. US real gross domestic private investment since 1954 has been:a. procyclical. c. a cyclical.b. countercyclical. d. exogenous.25. Since 1954, in the US:a. real gross private investment has variedmore than real GDP, while real consumerexpenditure has varied less than real GDP. c. real gross private investment has variedless than real GDP, while real consumer expenditure has varied more than realGDP.b. real gross private investment and realconsumer expenditure have varied more than real GDP. d. real gross private investment and realconsumer expenditure have varied less than real GDP.26. US real average earnings of production workers since 1954 has been:a. procyclical. c. a cyclical.b. countercyclical. d. exogenous.27. US real rental price of capital since 1954 has been:a. procyclical as the model predicts. c. procyclical rather countercyclical as themodel predicts.b. countercyclical as the model predicts. d. countercyclical rather procyclical as themodel predicts.28. An example of a temporary change in technology would be:a. a new discovery. c. a harvest failure.b. a new invention. d. all of the above.29. An example of a temporary change in technology would be:a. a new discovery. c. a new invention.b. a general strike. d. all of the above.30. With a temporary change in technology the model predicts:a. the interest rate will be procyclical. c. a higher interest rate will motivatehouseholds to increase current real saving.b. a lower interest rate will motivatehouseholds to increase current realconsumption.d. all of the above.31. With a temporary change in technology the model predicts:a. the interest rate will be procyclical. c. a higher interest rate will motivatehouseholds to decrease current real saving.b. a lower interest rate will motivatehouseholds to decrease current realconsumption.d. all of the above.32. With a temporary change in technology, we would expect:a. the income effect of consumption to belarger. c. the intertemporal substitution effect onconsumption to be larger.b. the income effect of consumption to besmaller. d. the intertemporal substitution effect onconsumption to be larger.33. With a temporary positive change in technology we would expect real current consumption:a. to increase a lot. c. to remain unchanged.b. to decrease a lot. d. to either increase or decrease a little.34. With a temporary change in technology, A, we expect little change in consumption because:a. the income effect on consumption islarger. c. the intertemporal-substitution effect islarger.b. the income effect on consumption issmaller. d. the intertemporal-substitution effect issmaller.35. The model predicts that an economic expansion caused by a temporary increase in technology, A,would lead to:a. high real GDP and investment. c. low real GDP and investment.b. low real GDP and high real investment. d. high real GDP and low real investment.36. Temporary changes in technology, A, conflict with the data in that:a. investment is clearly acyclical. c. the wage rate is clearly countercyclical.b. consumption is clearly procyclical. d. all of the above.37. A higher real wage:a. makes consumption more expensive. c. makes leisure less expensive.b. makes it a worse deal for households towork an extra hour.d. makes leisure more expensive.38. A higher real wage:a. increases the income of householdsinducing them to work more. c. increases the income of householdsinducing them to work less.b. decreases the income of householdsinducing them to work more. d. decreases the income of householdsinducing them to work less.39. The overall effect of a higher real wage is:a. to increase labor as the income andsubstitution effect reinforce each other. c. to decrease labor as the income andsubstitution effect reinforce each other.b. ambiguous on labor as the income andsubstitution effect work against eachother. d. ambiguous because the income andsubstitution effect reinforce each other.40. We expect that an increase in real wages will:a. increase labor supply, if temporary. c. increase labor supply, whether permanentor temporary.b. increase labor supply, if permanent. d. reduce labor supply, whether permanent ortemporary.41. An increase in the interest rate induces worker to:a. work more in the current period and lessin the future. c. work less in the current period and morein the future.b. work more in the current period and in thefuture. d. work less in the current period and in thefuture.42. A higher interest rate makes:a. future consumption cheaper. c. current consumption more expensive.b. future leisure cheaper. d. all of the above.43. A higher interest rate makes:a. future consumption and leisure moreexpensive.c. future consumption and leisure cheaper.b. future consumption cheaper and futureleisure more expensive. d. future consumption more expensive andfuture leisure cheaper.44. A higher interest rate makes:a. current consumption and leisure moreexpensive.c. current consumption and leisure cheaper.b. current consumption cheaper and current.leisure more expensive. d. current consumption more expensive andcurrent leisure cheaper.45. A higher interest rate makes:a. current consumption and future leisuremore expensive. c. current consumption and future leisurecheaper.b. current consumption cheaper and future.leisure more expensive. d. current consumption more expensive andfuture leisure cheaper.46. Intertemporal substitution effects motivate households to:a. supply more labor when the wage rate istemporarily low. c. supply less labor when the wage rate istemporarily low.b. supply more labor when the wage rate ispermanently low. d. supply more labor when the wage rate ispermanently low.47. In the US since 1964 total hours worked and employment have been:a. acyclical. c. procyclical.b. countercyclical. d. exogenous.48. The measure of labor productivity used in the popular media is:a. Y/L c. procyclical.b. average product of labor. d. all of the above.49. In the model with an upward sloping supply curve of labor and increase demand for labor due to apositive technological, A, change:a. increases employment and the real wage. c. decreases employment and the real wage.b. decreases employment and increases thereal wage. d. decreases employment and increases thereal wage.50. When the labor supply of households is allowed to slope upward:a. the model predictions match the observeddata that employment and real wages arecountercyclical. c. the model predictions do not match theobserved data that employment and real wages are procyclical.b. the model predictions do not match theobserved data that employment and real wages are countercyclical. d. the model predictions match the observeddata that employment and real wages areprocyclical.SHORT ANSWER1. If there is a positive technological change, what happens in the labor market?2. What does the model predict about investment when technology increases and why and what do thedata show about investment in the US?3. What happens to consumption when there is a permanent and temporary increase in technology, A,and why?4. What is the relationship between real GDP and the cyclical part of GDP?5. What happens in the model, if a temporary technology change increase real wages temporarily?。
巴罗《宏观经济学：现代观点》笔记和课后习题(含考研真题)详解运用索洛增长模型【圣才出品】
第4章运用索洛增长模型4.1复习笔记1．索洛模型中的参数变化对稳态均衡的影响（1）储蓄率的变化储蓄率s 的上升意味着当期的消费必须下降，尽管长期内会带来更高的消费水平，但这是以牺牲当期消费为代价的。
总体上说，储蓄率的上升并不必然带来福利的增加，这涉及人们对当期和未来的权衡取舍。
在考虑是否采用政策方法来改变储蓄率时，政策制定者必须决定与下一代人的福利相比这一代人的福利有多大。
如图4-1所示，两条()/s y k ⋅曲线对应储蓄率分别是1s 和2s ，2s 大于1s 。
两条s n δ+水平线也对应储蓄率1s 和2s 。
当储蓄率较高时，在k 的任何水平上每个工人有更高的资本增长率/k k ∆。
也就是说，在短期内，当储蓄率s 上升时，储蓄率的增加提高了每个工人的资本增长率；此增长率在向稳态过渡期间仍保持较高的数值。
图4-1储蓄率提高的长期影响在长期内，每个工人的资本增长率对于任何储蓄率来说都为0；在长期或稳态情况下，更高的储蓄率导致每个工人有更高的稳态资本k *，而达到稳态时的增长率仍为0。
长期内，总体的实际GDP 增大到稳态值后以稳定的速度增长，这时候增长速度等于人口增长率n ，这是因为///Y yL Y Y y y L L =⇒∆=∆+∆，稳态时/0y y ∆=，所以就有//Y Y L L n ∆=∆=。
（2）技术水平的变化在索洛模型中，技术水平提高将导致更高的稳态均衡水平。
如图4-2所示，两条曲线()()/f k s y k sA k ⋅=对应于技术水平1A 和2A ，2A 大于1A 。
当技术水平提高时，在任何k 的水平上每个工人的资本增长率/k k ∆也会提高。
在稳态情况下，/k k ∆为0，不管技术水平如何。
更高的技术水平产生每个工人更高的稳态资本，即*2k 大于*1k 。
图4-2技术水平提高的长期影响数学证明如下：人均稳态资本应满足方程：()//A f k k n s δ**⋅=+。
技术水平A 的上升并不影响方程的右边。
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Concepts of Money
Monetary aggregate
M2 includes household holdings of savings deposits, small-time deposits, and retail money-market mutual funds.
For a given price level, P, we can also say that a higher i lowers the real demand for money, Md/P.
Macroeconomics Chapter 10
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The Demand for Money
The Price Level and the Demand for Money
Macroeconomics Chapter 10
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The Demand for Money
Money is hand-to-hand currency
Assume that the interest rate paid on money is zero.
Bonds and ownership of capital
Suppose that the price level, P, doubles. The nominal demand for money, Md, doubles. Since Md and P have both doubled, the ratio, Md/P, is the same.
The Interest Rate and the Demand for Money
A higher interest rate, i, provides a greater incentive to hold down average holdings of money, M, in order to raise average holdings of interest-bearing assets, B + PK. That is, with a higher i, households are more willing to incur transaction costs in order to reduce M
Interest-bearing assets These assets pay a positive return to
the holder.
Macroeconomics Chapter 10
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The Demand for Money
The household budget constraint in nominal terms
The average holding of money that results from the household’s optimal strategy for money management.
Macroeconomics Chapter 10
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The Demand for Money
The M2 definition goes beyond the concept of money as a medium of exchange.
In our model, it is best to use a narrower definition of money, for example, as currency held by the public.
At the Federal Reserve. Another name for high-powered money is the monetary base.
Macroeconomics Chapter 10
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Concepts of Money
Monetary aggregate
A monetary aggregate is the total dollar stock of a group of financial assets defined to be money. The most common definition, called M1
PC + ∆B + P·∆K = π + wL + i ·( B+ PK)
nominal consumption + nominal saving = nominal income
Macroeconomics Chapter 10
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The Demand for Money
“demand for money,” Md,
Commodity money, such as gold and silver coins, which do have intrinsic value.
High-powered money, which adds the deposits held by banks and other depository institutions
Checkable deposits issued by banks and other financial institutions.
Macroeconomics Chapter 10
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Macroeconomics Chapter 10
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Macroeconomics Chapter 10
6Hale Waihona Puke Chapter10The Demand for Money and the Price Level
Macroeconomics Chapter 10
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Macroeconomics Chapter 10
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Concepts of Money
Fiat money has value due to government fiat, rather than through intrinsic value.
Macroeconomics Chapter 10
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The Demand for Money
The Interest Rate and the Demand for Money
We predict, accordingly, that an increase in i reduces the nominal demand for money, Md.