中级宏观经济学Lecture09.consumption
中级宏观经济学 ppt 课件 第9章
CHAPTER 9
Introduction to Economic Fluctuations
slide 15
短期中的总供给
现实中，许多价格在短期中是粘性的.
从现在开始直到第12章，我们假设短期中所有价格
都停滞在以前决定的某一水平上… 购买的任意数量的商品.
…并且在这些价格上，企业愿意出售消费者所愿意 所以，短期总供给曲线(SRAS)是一条水平线.
正如模型所预测 的那样，通货膨 胀率与失业率下 降了.
Change in oil prices (left scale) Inflation rate-CPI (right scale) Unemployment rate (right scale)
CHAPTER 9
Introduction to Economic Fluctuations
CHAPTER 9
P
LRAS
P
P2
B
A C
SRAS
AD1 AD2
Y2
Y
Y
Introduction to Economic Fluctuations
slide 22
总供给冲击
总供给冲击改变生产成本，从而改变企业的定价（所以有时 又称为价格冲击）；
不利的总供给冲击的例子： 摧毁农作物的干旱，提高了食物价格. 公会力量的加强, 拉动了工资和工会工人生产的产品价格. 要求企业减少排污量的新环境保护法。导致企业以提高价
CHAPTER 9
Introduction to Economic Fluctuations
slide 6
总需求
总需求是产出需求量与物价水平之间的关系；
本章用货币数量论提供一个简单的总需求曲线
Chapter_13 Consumption and Saving(宏观经济学,多恩布什,第十版)ppt课件
[Insert Figure 13-3 here]
13-6
Life Cycle Theory
• The life cycle hypothesis views individuals as planning their consumption and savings behavior over long periods with the intention of allocating their consumption in the best possible way over their entire lifetimes
assets to current consumption
13-11
Permanent Income Theory
• Permanent income theory of consumption is like the life cycle hypothesis in that current consumption is not dependent upon current income, but on a longer-term estimate of income
• Different MPC out of permanent income, transitory income, and wealth compared to the Keynesian theory with a single MPC
(NEW)张延《中级宏观经济学》课后习题详解
目 录第一篇 宏观经济学导论第一章 宏观经济学概述第二章 宏观经济指标的度量第二篇 总需求分析第三章 产品市场均衡：收入-支出模型第四章 产品市场和货币市场的同时均衡：IS-LM模型第五章 宏观经济政策第三篇 总供给分析第六章 对劳动力市场状况的度量第七章 凯恩斯主义的总供给曲线第八章 新古典主义的总供给曲线第四篇 长期经济增长理论第九章 索洛经济增长模型第一篇 宏观经济学导论第一章 宏观经济学概述说明：作为教材的第一章，本章系统地介绍了宏观经济学的发展史、研究对象和研究方法。
考虑到宏观经济背景非常重要，建议读者予以重视。
本章无相关习题。
第二章 宏观经济指标的度量1假设某农业国只生产两种产品：橘子和香蕉。
利用下表的资料，计算2002年和2009年该国实际GDP的变化，但要以2002年的价格来计算。
根据本题的结果证明：被用来计算实际GDP的价格的确影响所计算的增长率，但一般来说这种影响不是很大。
答：（1）以2002年的价格为基期价格：2002年该国的实际GDP为：GDP2002＝50×0.22＋15×0.2＝14；2009年该国的实际GDP为：GDP2009＝60×0.22＋20×0.2＝17.2；实际GDP增长率为：（17.2－14）/14×100%＝22.9%。
（2）以2009年的价格为基期价格：2002年该国的实际GDP为：GDP2002＝50×0.25＋15×0.3＝17；2009年该国的实际GDP为：GDP2009＝60×0.25＋20×0.3＝21；实际GDP增长率为：（21－17）/17×100%＝23.5%。
由22.9%与23.5%只相差0.6%，由此可见，用来计算实际GDP的价格的确影响所计算的增长率，但一般来说这种影响不是很大。
2根据国民收入核算恒等式说明：（1）税收的增加（同时转移支付保持不变）一定意味着在净出口、政府购买或储蓄-投资差额上的变化。
宏观经济学之消费consumption(精品PPT课件共46页)
CHAPTER 16 Consumption
slide 7
The basic two-period model
Period 1: the present
Period 2: the future
Notation
Y1 is income in period 1 Y2 is income in period 2 C1 is consumption in period 1 C2 is consumption in period 2 S = Y1 - C1 is saving in period 1 (S < 0 if the consumer borrows in period 1)
CHAPTER 16 Consumption
slide 17
How C responds to changes in r
An increase in r
C2
pivots the budget
line around the
point (Y1,Y2 ).
B
As depicted here,
A
C1 falls and C2 rises.
consume more
MPC > 0
save more
MPC < 1
save a larger fraction of their income
APC as Y
Very strong correlation between income and
consumption income seemed to be the main determinant of consumption
中级宏观经济学讲义
中级宏观经济学讲义第一讲绪论一、宏观经济学研究经济问题的独特视角经济学：研究如何利用稀缺资源生产有价值的商品并分配给不同的个人的科学。
核心问题：资源配置设：(1)社会经济资源一定；(2)整个社会只生产X，Y两种产品。
社会生产可能线如图所示：思考：为什么生产可能线斜率递增？相对成本递增。
如果将社会资源全部用于生产产品，其产量为OA；如果将社会资源全部用于生产产品X，其产量为OB，用一条曲线连接AB，AB线为社会生产可能线。
线上的任意一点如n表明社会资源得到了充分利用，线内的任意一点如m，则表明社会资源未得到充分利用。
经济学所要解决的核心问题是如何合理地利用有限的资源以最大限度地满足人们的需要。
依据对这一问题研究角度的不同，我们可以将理论经济学分为三大块：1．制度经济学研究经济活动中的质的问题。
在本课程中，把资本主义市场经济当作既定的已知的制度前提。
2．微观经济学研究的假定前提：整个社会的资源已充分利用（资源配置点落在生产可能线）。
讨论的核心问题：在生产可能性边界上有无数个点，每一个点代表一种资源的配置方式(X，Y两种产品的不同组合)，哪一种资源配置方式是最优的，能最大限度地满足人们的需要?显然在生产可能线上的每一点所利用的资源的总量是相同的，所不同的是资源利用的结构问题。
要增加一种产品的产出，就必须相应地减少另外一种产品的产出，生产可能线上的点的移动只是资源利用结构的调整。
3．宏观经济学研究的假定前提：资源尚未充分利用（资源配置点落在生产可能性边界以内）。
讨的核心问题：如何将资源配置点从生产可能线以内调节到生产可能线之上，使社会资源得到充分利用?这就是宏观经济学与微观经济学所不同的研究经济问题的独特视角。
在资源配置点的移动过程中，社会对资源利用的总量在变化，社会总的产出水平在变化，但资源的利用结构和社会产出结构可以不变。
微观经济学宏观经济学创始人斯密，1776 凯恩斯,1936研究对象个别企业，个别家庭，个别市场国民经济整体研究前提完全信息，完全理性，市场出清资源未充分利用中心内容价格理论收入理论理论框架二、宏观经济模型的构造关于国民收入决定的原理，宏观经济学可以用一个简单的经济模型表示。
宏观经济学习题及答案 (2)
4.
Which of the following will be counted as an expenditure in the measurement of GDP? (Assume that none of the transactions is concealed from the relevant authorities.) a. b. c. d. e. Purchase of flour by a bakery. Purchase of a loaf of bread using food stamps. Purchase of a lamp at a neighborhood garage sale. Payment by a parent to her child for doing household laundry. The value of a used automobile that remains unsold on the dealer's lot.
3.
If C is consumption, I is investment, G is government purchases and NX is net exports, according to the expenditure approach, Y would stand for ________; and the national income identity could be written as ________. a. b. c. d. e. CPI; Y = C + I + G + NX GDP; Y - C - I = G + NX transfers; Y = C + I + G – NX income; Y = C - I - G + NX the real interest rate; Y = C + I + G + NX
中级宏观经济学课件
04
在经济过热时，政府可以通过增加税收、减少政府支 出等财政政策来抑制总需求，同时中央银行可以通过 提高利率等货币政策来抑制通货膨胀。
CHAPTER 04
总需求与总供给模型
总需求曲线
总结词
表示经济中商品和劳务的需求量与价格水平之间的关系。
详细描述
总需求曲线表示在某一价格水平上，整个经济社会能够并且愿意购买的商品和劳 务的数量。它反映了经济中货币和财政政策、预期等因素对经济活动的影响。
VS
详细描述
总需求与总供给模型是宏观经济分析的重 要工具，它可以用来分析经济波动的原因 和预测未来的经济走势。同时，通过总需 求与总供给模型，还可以评估不同政策对 经济的影响，为政策制定提供依据。
CHAPTER 05
经济周期与经济增长
经济周期的分类
01
02
03
04
正向周期
经济活动上升，失业率下降， 企业盈利增加。
财政政策与货币政策的配合使用
在宏观经济调控中，财政政策和货币政策需要相互配 合使用，以达到更好的调控效果。
输标02入题
财政政策主要在短期内发挥作用，而货币政策则具有 长期的效果。因此，在调控经济时需要根据经济形势 选择合适的政策组合。
01
03
在经济衰退时，政府可以通过减税、增加政府支出等 财政政策来刺激总需求，同时中央银行可以通过降低
汇率制度与汇率政策
总结词
详细描述
总结词
详细描述
汇率制度是一个国家规 定其货币对外价值的制 度，包括汇率的确定方 式、干预方式等。
汇率制度对一个国家的 经济发展和国际贸易具 有重要影响。常见的汇 率制度包括固定汇率制 度和浮动汇率制度。政 府可以通过汇率政策来 调节国际收支平衡和国 内经济活动。
(完整版)中级宏观经济学付费版题库4经济增长Ⅰ
Name: __________________________ Date: _____________1. Economists use the term money to refer to:A) income.B) profits.C) assets used for transactions.D) earnings from labor.2. Macroeconomists call assets used to make transactions:A) real income.B) nominal income.C) money.D) consumption.3. All of the following are considered major functions of money except as a:A) medium of exchange.B) way to display wealth.C) unit of account.D) store of value.4. People use money as a store of value when they:A) hold money to transfer purchasing power into the future.B) use money as a measure of economic transactions.C) use money to buy goods and services.D) hold money to gain power and esteem.5. People use money as a unit of account when they:A) hold money to transfer purchasing power into the future.B) use money as a measure of economic transactions.C) use money to buy goods and services.D) hold money to gain power and esteem.6. People use money as a medium of exchange when they:A) hold money to transfer purchasing power into the future.B) use money as a measure of economic transactions.C) use money to buy goods and services.D) hold money to gain power and esteem.7. When a pizza maker lists the price of a pizza as $10, this is an example of using moneyas a:A) store of value.B) unit of account.C) medium of exchange.D) flow of value.8. Money's liquidity refers to the ease with which:A) coins can be melted down.B) illegally obtained money can be laundered.C) loans can be floated.D) money can be converted into goods and services.9. To make a trade in a barter economy requires:A) currency.B) a check.C) scrip.D) a double coincidence of wants.10. Money that has no value other than as money is called ______ money.A) fiatB) intrinsicC) commodityD) government11. A country that is on a gold standard primarily uses:A) commodity money.B) fiat money.C) credit money.D) the barter system.12. In prisoner of war camps during World War II, the “currency” used was:A) chocolates.B) cigarettes.C) gold.D) IOUs.13. An important factor in the evolution of commodity money to fiat money is:A) a desire to reduce transaction costs.B) a desire to increase transaction costs.C) the fact that gold is no longer highly valued.D) a desire to use gold for jewelry.14. The use of fei as money on the island of Yap illustrates the idea of money as a socialconvention because:A) only fei physically in the possession of the owner is accepted in transactions.B) legal claim to a fei never seen by current generations was accepted in transactions.C) the central bank of Yap accepts fei in exchange for paper certificates.D) the government of Yap verifies the authenticity of fei used for transactions.15. In a country on a gold standard, the quantity of money is determined by the:A) government.B) central bank.C) amount of gold.D) buying and selling of government securities.16. The quantity of money in the United States is essentially controlled by the:A) President of the United States.B) Department of the Treasury.C) Federal Reserve.D) system of commercial banks.17. The central bank in the United States is the:A) Bank of America.B) U.S. Treasury.C) U.S. National Bank.D) Federal Reserve.18. In the United States, monetary policy is controlled by:A) the President.B) the Congress.C) the Federal Reserve.D) the Treasury Department.19. To increase the money supply, the Federal Reserve:A) buys government bonds.B) sells government bonds.C) buys corporate stocks.D) sells corporate stocks.20. To reduce the money supply, the Federal Reserve:A) buys government bonds.B) sells government bonds.C) creates demand deposits.D) destroys demand deposits.21. Open-market operations are:A) Commerce Department efforts to open foreign markets to international trade.B) Federal Reserve purchases and sales of government bonds.C) Securities and Exchange Commission rules requiring open disclosure of markettrades.D) Treasury Department purchases and sales of the U.S. gold stock.22. Currency equals:A) M1.B) the sum of funds in checking accounts.C) the sum of checking accounts and paper money.D) the sum of coins and paper money.23. Demand deposits are funds held in:A) currency.B) certificates of deposit.C) checking accounts.D) money markets.24. All of the following assets are included in M1 except:A) currency.B) demand deposits.C) traveler's checks.D) money market deposit accounts.25. Money market mutual fund shares are included in:A) M1 only.B) M2 only.C) both M1 and M2.D) neither M1 nor M2.26. Credit card balances are included in:A) M1 only.B) M2 only.C) both M1 and M2.D) neither M1 nor M2.27. Checking account balances that are linked to debit cards are included in:A) M1.B) M2 only.C) both M1 and M2.D) neither M1 nor M2.28. Credit cards:A) are part of the M1 money supply.B) are part of the M2 money supply.C) are part of both the M1 and M2 money supply.D) do not affect the money supply.29. Payment is deferred by using _______, but immediate access to funds occurs whenusing ______.A) currency; demand depositsB) credit cards; debit cardsC) demand deposits; savings depositsD) debit cards; credit cards30. In the United States, the money supply is determined:A) only by the Fed.B) only by the behavior of individuals who hold money and of banks in which moneyis held.C) jointly by the Fed and by the behavior of individuals who hold money and of banksin which money is held.D) according to a constant-growth-rate rule.31. The money supply consists of:A) currency plus reserves.B) currency plus the monetary base.C) currency plus demand deposits.D) the monetary base plus demand deposits.32. Bank reserves equal:A) gold kept in bank vaults.B) gold kept at the central bank.C) currency plus demand deposits.D) deposits that banks have received but have not lent out.33. In the United States, bank reserves consist of:A) currency and demand deposits.B) vault cash and deposits at the Federal Reserve.C) gold deposits at the Federal Reserve.D) the money supply.34. Assets of banks include:A) money market mutual funds.B) currency in the hands of the public.C) loans to customers.D) demand deposits.35. Liabilities of banks include:A) reserves.B) currency in the hands of the public.C) loans to customers.D) demand deposits.36. In a system with 100-percent-reserve banking:A) all banks must hold reserves equal to 100 percent of their loans.B) no banks can make loans.C) the banking system completely controls the size of the money supply.D) no banks can accept deposits.37. In a 100-percent-reserve banking system, if a customer deposits $100 of currency into abank, then the money supply:A) increases by $100.B) decreases by $100.C) increases by more than $100.D) remains the same.38. In a 100-percent-reserve banking system, banks:A) can increase the money supply.B) can decrease the money supply.C) can either increase or decrease the money supply.D) cannot affect the money supply.39. In a system with fractional-reserve banking:A) all banks must hold reserves equal to a fraction of their loans.B) no banks can make loans.C) the banking system completely controls the size of the money supply.D) all banks must hold reserves equal to a fraction of their deposits.40. Banks create money in:A) a 100-percent-reserve banking system but not in a fractional-reserve bankingsystem.B) a fractional-reserve banking system but not in a 100-percent-reserve bankingsystem.C) both a 100-percent-reserve banking system and a fractional-reserve bankingsystem.D) neither a 100-percent-reserve banking system nor a fractional-reserve bankingsystem.41. If there is no currency and the proceeds of all loans are deposited somewhere in thebanking system and if rr denotes the reserve–deposit ratio, then the total money supply is:A) reserves divided by rr.B) 1/rr.C) reserves times rr.D) reserves divided by (1 – rr).42. In a fractional-reserve banking system, banks create money when they:A) accept deposits.B) make loans.C) hold reserves.D) exchange currency for deposits.43. In a fractional-reserve banking system, banks create money because:A) each dollar of reserves generates many dollars of demand deposits.B) banks have the legal authority to issue new currency.C) funds are transferred from households wishing to save to firms wishing to borrow.D) the wealth of the economy expands when borrowers undertake new debtobligations.44. The difference between banks and other financial intermediaries is that only banks havethe legal authority to:A) transfer funds from savers to borrowers.B) pay interest on debt obligations.C) manage portfolios of assets.D) create assets that are part of the money supply.45. Financial intermediation is the process of:A) settling disputes between borrowers and lenders.B) advising corporations on whether to expand using debt or equity.C) transferring funds from savers to borrowers.D) converting from a barter economy to a money economy.46. The banking system creates:A) liquidity.B) wealth.C) reserves.D) currency.47. The value of banks' owners' equity is called bank:A) deposits.B) reserves.C) capital.D) liquidity.48. A bank balance sheet consists of only the following items:Deposits $1,000Reserves $100Securities $400Debt $500Loans $2,000What is the value of bank capital?A) –$1,000B) +$500C) +$1,000D) +$1,50049. The minimum amount of owners' equity in a bank mandated by regulators is called a_____ requirement.A) reserveB) marginC) liquidityD) capital50. The use of borrowed funds to supplement existing funds for purposes of investment iscalled:A) arbitrage.B) leverage.C) convergence.D) intermediation.Use the following to answer questions 51-53:51. (Table: Bank Balance Sheet) Based on the table, what is the leverage ratio at the bank?A) 3B) 4.67C) 5D) 1052. (Table: Bank Balance Sheet) Based on the table, what is the reserve-deposit ratio at thebank?A) 3 percentB) 5 percentC) 10 percentD) 15 percent53. (Table: Bank Balance Sheet) Based on the table, owners' equity will fall to zero if loandefaults reduce the value of total assets by _____ percent.A) 10B) 20C) 30D) 4054. The amount of capital that banks are required to hold depends on the:A) amount of deposits held at a bank.B) riskiness of the bank's assets.C) reserve requirements set by the Fed.D) level of deposit insurance coverage.55. The monetary base consists of:A) currency held by the public, plus reserves held by banks.B) all outstanding currency, plus reserves held by banks.C) all outstanding currency, plus demand deposits.D) all bank reserves.56. The size of monetary base is determined by:A) the Federal Reserve.B) the Federal Reserve and banks.C) preferences of households about the form of money they wish to hold.D) business policies of banks and the laws regulating banks.57. If currency held by the public equals $100 billion, reserves held by banks equal $50billion, and bank deposits equal $500 billion, then the monetary base equals:A) $50 billion.B) $100 billion.C) $150 billion.D) $600 billion.58. If currency held by the public equals $100 billion, reserves held by banks equal $50billion, and bank deposits equal $500 billion, then the money supply equals:A) $100 billion.B) $150 billion.C) $600 billion.D) $650 billion.59. The reserve–deposit ratio is determined by:A) the Federal Reserve.B) business policies of banks and the laws regulating banks.C) preferences of households about the form of money they wish to hold.D) the Federal Deposit Insurance Corporation (FDIC).60. The currency–deposit ratio is determined by:A) the Federal Reserve.B) business policies of banks and the laws regulating banks.C) preferences of households about the form of money they wish to hold.D) the Federal Deposit Insurance Corporation (FDIC).61. The preferences of households determine the:A) reserve–deposit ratio.B) currency–deposit ratio.C) size of the monetary base.D) loan–deposit ratio.62. If the monetary base is denoted by B, rr is the ratio of reserves to deposits, and cr is theratio of currency to deposits, then the money supply is equal to ______ divided by______ multiplied by B.A) (rr + 1); (rr + cr)B) (cr + 1); (cr + rr)C) (rr + cr); (rr + 1)D) (rr + cr); (cr + 1)63. The ratio of the money supply to the monetary base is called:A) the currency–deposit ratio.B) the reserve–deposit ratio.C) high-powered money.D) the money multiplier.64. High-powered money is another name for:A) currency.B) demand deposits.C) the monetary base.D) M2.65. If the ratio of reserves to deposits (rr) increases, while the ratio of currency to deposits(cr) is constant and the monetary base (B) is constant, then:A) it cannot be determined whether the money supply increases or decreases.B) the money supply increases.C) the money supply decreases.D) the money supply does not change.66. If the ratio of currency to deposits (cr) increases, while the ratio of reserves to deposits(rr) is constant and the monetary base (B) is constant, then:A) it cannot be determined whether the money supply increases or decreases.B) the money supply increases.C) the money supply decreases.D) the money supply does not change.67. The money supply will increase if the:A) currency–deposit ratio increases.B) reserve–deposit ratio increases.C) monetary base increases.D) discount rate increases.68. The money supply will decrease if the:A) monetary base increases.B) currency–deposit ratio increases.C) discount rate decreases.D) reserve–deposit ratio decreases.69. If the reserve–deposit ratio is less than one, and the monetary base increases by $1million, then the money supply will:A) increase by $1 million.B) decrease by $1 million.C) increase by more than $1 million.D) decrease by more than $1 million.70. If the currency–deposit ratio equals 0.5 and the reserve–deposit ratio equals 0.1, then themoney multiplier equals:A) 0.6.B) 1.67.C) 2.0.D) 2.5.71. If the monetary base equals $400 billion and the money multiplier equals 2, then themoney supply equals:A) $200 billion.B) $400 billion.C) $800 billion.D) $1,000 billion.72. When the Fed makes an open-market sale, it:A) increases the money multiplier (m).B) increases the currency–deposit ratio (cr).C) increases the monetary base (B).D) decreases the monetary base (B).73. If you hear in the news that the Federal Reserve conducted open-market purchases, thenyou should expect ______ to increase.A) reserve requirementsB) the discount rateC) the money supplyD) the reserve–deposit ratio74. When the Federal Reserve conducts an open-market purchase, it buys bonds from the:A) public.B) U.S. Treasury.C) Internal Revenue Service.D) International Monetary Fund.75. For borrowing from the discount window, the Fed sets the _____ of borrowing,compared to borrowing using the Term Auction Facility, where the Fed sets the _____ of borrowing.A) maximum quantity; minimum quantityB) minimum price; maximum priceC) quantity; priceD) price; quantity76. When banks borrow through the Term Auction Facility, the price of borrowing isdetermined by:A) the Federal Reserve.B) a competitive bidding process.C) the difference between the discount rate and the interest rate on three-monthTreasury securities.D) open-market operations.77. The more funds that the Federal Reserve makes available for banks to borrow throughthe Term Auction Facility, the _____ the monetary base and the _____ the moneysupply.A) smaller; smallerB) smaller; greaterC) greater; greaterD) greater; smaller78. Two ways for banks to borrow reserves from the Federal Reserve are through:A) the discount window and the Term Auction Facility.B) open-market operations and excess reserve swaps.C) decreasing the reserve–deposit ratio and decreasing the currency–deposit ratio.D) fractional-reserve banking and financial intermediation.79. When the Fed decreases the interest rate paid on reserves, it:A) increases the reserve–deposit ratio (rr).B) decreases the reserve–deposit ratio (rr).C) increases the monetary base (B).D) decreases the monetary base (B).80. When the Fed decreases the interest rate paid on reserves, if the ratio of currency todeposits decreases also while the monetary base is constant, then:A) it cannot be determined whether the money supply increases or decreases.B) the money supply increases.C) the money supply decreases.D) the two changes exactly offset each other.81. When the Fed increases the discount rate, it:A) increases the reserve to deposit ratio (rr).B) decreases the reserve to deposit ratio (rr).C) is likely to increase the monetary base (B)D) is likely to decrease the monetary base (B).82. The interest rate charged on loans by the Federal Reserve to banks is called the:A) federal funds rate.B) prime rate.C) discount rate.D) Treasury bill rate.83. When the Fed increases the interest rate paid on reserves, it:A) increases the reserve–deposit ratio (rr).B) decreases the reserve–deposit ratio (rr).C) increases the monetary base (B).D) decreases the monetary base (B).84. If the Federal Reserve wishes to increase the money supply, it should:A) decrease the discount rate.B) increase interest paid on reserves.C) sell government bonds.D) decrease the monetary base.85. The most frequently used tool of monetary policy is:A) open-market operations.B) changes in the discount rate.C) changes in reserve requirements.D) changes in interest rate paid on reserves86. To increase the monetary base, the Fed can:A) conduct open-market purchases.B) conduct open-market sales.C) raise the interest rate paid on reserves.D) lower the required reserve ratio.87. To increase the money multiplier, the Fed can:A) conduct open-market purchases.B) conduct open-market sales.C) raise the interest rate paid on reserves.D) lower the interest rate paid on reserves.88. If the Federal Reserve increases the interest rate paid on reserves, banks will tend tohold _____ excess reserves, which will _____ the money multiplier.A) more; increaseB) more; decreaseC) fewer; increaseD) fewer; decrease89. Open-market operations change the ______; changes in interest rate paid on reserveschange the ______; and changes in the discount rate change the ______.A) monetary base; monetary base; monetary baseB) money multiplier; money multiplier; money multiplierC) monetary base; money multiplier; monetary baseD) money multiplier; monetary base; money multiplier90. Excess reserves are reserves that banks keep:A) in their vaults.B) at the central bank.C) to meet legal reserve requirements.D) above the legally required amount.91. Quantitative easing is most closely akin to:A) discount lending.B) open-market operations.C) fractional-reserve banking.D) capital requirements.92. Compared to typical open-market operations, when pursuing quantitative easing,Federal Reserve purchases tended to be _____ securities.A) safer and shorter-termB) tax-favored and foreignC) smaller-denomination and higher-gradeD) riskier and longer-term93. The quantitative easing operations conducted by the Federal Reserve between 2007 and2011 resulted in _____ increases in the monetary base and _____ increases in money supply.A) no; noB) large; largerC) large; smallerD) small; smaller94. The quantitative easing policy conducted by the Federal Reserve between 2007 and2011 resulted in a large increase in the monetary base that was partially offset by:A) a significant increase in the reserve–deposit ratio.B) a significant decrease in the reserve–deposit ratio.C) open-market purchases.D) open-market sales.95. To prevent banks from using excess reserves to make loans that would increase themoney supply, the Federal Reserve could conduct open-market ______ and _____ the interest rate paid on bank reserves.A) purchases; raiseB) purchases; lowerC) sales; raiseD) sales; lower96. Between August 1929 and March 1933, the money supply fell 28 percent. At that timethe monetary base ______ and the currency–deposit and reserve–deposit ratios both ______.A) fell; fellB) fell; roseC) rose; fellD) rose; rose97. If many banks fail, this is likely to:A) increase the ratio of currency to deposits.B) decrease the ratio of currency to deposits.C) have no effect on the ratio of currency to deposits.D) decrease the amount of currency in circulation, if the Fed takes no action.98. If many banks fail, this is likely to:A) cause surviving banks to lower their ratios of reserves to deposits.B) cause surviving banks to raise their ratios of reserves to deposits.C) have no effect on the ratio of reserves to deposits in surviving banks.D) cause surviving banks to hold less currency.99. In 1932, the U.S. government imposed a two-cent tax on checks written on deposits inbank accounts. This action would be expected to ______ the currency–deposit ratio and ______ the money supply.A) increase; increaseB) increase; decreaseC) decrease; increaseD) decrease; decrease100. If the monetary base fell and the currency–deposit ratio rose but the reserve–deposit ratio remained the same, then:A) the money supply would fall, but not by as much as it would have fallen if thereserve–deposit ratio had risen.B) the money supply would fall, but not by as much as it would have fallen if thereserve–deposit ratio had fallen.C) the money supply would fall more than it would have fallen if the reserve–depositratio had risen.D) it is impossible to be certain whether the money supply would fall or rise in thiscase.101. Assume that the monetary base (B) is $100 billion, the reserve–deposit ratio (rr) is 0.1, and the currency–deposit ratio (cr) is 0.1.a. What is the money supply?b. If rr changes to 0.2, but cr is 0.1 and B is unchanged, what is the money supply?c. If rr is 0.1 and cr is 0.2, but B is unchanged, what is the money supply?102. As the U.S. economy approached the millennium, January 1, 2000, many people cautiously began to hold larger than normal quantities of currency as protection againsta possible disruption of banking services that could result from computer glitches.a. How did this greater preference for currency affect the money supply?b. How could the Federal Reserve offset such an increase in currency preferences? 103. The Federal Reserve's tools to control the money supply include: open-market operations, the discount rate, and interest payments on reserves.a. How should each instrument be changed if the Fed wishes to decrease the money supplyb. Will the change affect the monetary base and/or the money multiplier?104. Some economists have advocated replacing government deposit insurance with 100-percent- reserve banking. Under this plan, banks would hold all deposits asreserves. Deposit insurance would no longer be necessary, because banks would always have the reserves to meet customer withdrawals.a. What would happen to the money supply (defined as currency and bank deposits) in thetransition from fractional-reserve to 100-percent-reserve, if this plan were implemented,holding other factors constant?b. What will be the value of the money multiplier?105. Why does the Federal Reserve not have complete control over the size of the money supply? Give at least two reasons.106. Construct a bank balance sheet with the following items: reserves, deposits, loans, securities, capital, and debt. Choose values so that the reserve–deposit ratio is 10 percent and the leverage ratio is 10. Give an example of a change in asset values that wouldpush bank capital to zero. What happens when bank capital is gone?107. As the 2008–2009 financial crisis unfolded, one major U.S. bank had a leverage ratio of54. In Canada regulators put a ceiling on bank leverage ratios of 20. Compare thechange in asset values that would push the capital in the U.S. bank to zero with thechange required to eliminate capital in a Canadian bank at the ceiling-leverage ratio.What is the implication of the differences in maximum leverage ratios for the stability of the banking system?108. Economists occasionally speak of “helicopter money” as a short-hand approach to explaining increases in the money supply. Suppose the Chairman of the Federal Reserve flies over the country in a helicopter dropping 10,000,000 in newly printed $100 bills (atotal of $1 billion). By how much will the money supply increase if, holding everythingelse constant:a. all of the new bills are held by the public?b. all of the new bills are deposited in banks that choose to hold 10 percent of their depositreserves (and no one in the economy holds any currency)?c. all of the new bills are deposited in banks that practice 100-percent-reserve banking?d. people in the economy hold half of their money as currency and half as deposits, while bchoose to hold 10 percent of their deposits as reserves?109. A macroeconomist threatens to call the Secret Service to have Mr. Biggy Rich arrested for counterfeiting because Mr. Rich claims he “makes a lot of money.”a. Carefully explain why the macroeconomist is making this threat based on themacroeconomic definition of money. Be sure to explain the macroeconomic functions omoney.b. Suggest an alternative phrase that Mr. Rich can use that will not result in a charge ofcounterfeiting.110. Explain at least three factors that will affect the quantity of reserves that a bank wishes to hold.111. The development of fiat money is quite perplexing, as people began to value something that is intrinsically useless. Explain why fiat money came into use.112. John withdraws $100 from his checking account and deposits it in his saving account.What will be the effect of this transaction on different measures of money, i.e. C, M1, and M2?113. How do credit card transactions affect the measurement of money?114. The monetary base of Moneyland is $500 million. The current-deposit ratio (cr) is 0.2 and reserve-deposit ratio (rr) is 0.2. Calculate the money multiplier and money supply.115. How much effect do the purchase and sale of bonds through open-market operations have on the money supply?116. “Some economists believe that the large decline in the money supply was the primary cause of the Great Depression of the 1930s.” Explain how this can be the case.117. Why can the Federal Reserve not control the money supply with complete accuracy?118. What is the effect of the following on the money supply?a. Increase in currency-deposit ratio, keeping all other things constantb. Decrease in reserve-deposit ratio, keeping all other things constant119. The table below represents the balance sheet of a bank. What is the leverage ratio of the bank, and what does it mean?。
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Consumption
A simple notion of the the relationship between consumption and income (aggregate) ¯ + c (Y + TR ¯ − TA ¯ ) with Recall C = C
¯ = Autonomous Consumption,C ¯ >0 C c = Marginal Propensity to Consume (MPC), 0 < c < 1
Given an income stream, must decide how much to consume from current income and how much to save (or borrow)
y1 and y2 are income in periods 1 and 2 respectively. These are set exogenously. c1 and c2 are consumption in periods 1 and 2 respectively. The consumer gets to choose c1 and c2 subject to affordability constraints.
Y
X (1 + r ) =
⇒ ⇒ (1 + i ) = (1 + π )(1 + r ) which is closely approximated as i = π + r
Y 1+π X (1+i ) X (1 + r ) = 1+π
Goldbaum (UTS)
Lecture 9
Macro 2014
Period 2: period 2 income plus any savings are available for period 2 consumption (1 + r )s + y2 ≥ c2 (2) Intertemporal budget constraint (ITBC): Solve (1) for s , plug into (2) c1 + c2 y2 ≤ y1 + 1+r 1+r
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Outline
1
Consumption, Savings and Investment Discounting Simple Consumption Function 2-Period Consumption Decisions Advanced Notions of Consumption Firm’s Decision on Capital Cost and benefits of owning capital Market equilibrium源自Goldbaum (UTS)
Lecture 9
Macro 2014
9 / 26
Consumption
Want to explain savings as a conscious consumer decision Gain an understanding of consumer behavior through a 2-period model of lifetime consumption and income.
Intermediate Macroeconomics
Lecture 9 Lectured by Elham Pour Azarm
Economics Discipline Group University of Technology Sydney
Goldbaum (UTS)
Lecture 9
Macro 2014
¯ − NX ¯ so that in the goods market From NIPA, S = Y − C − G equilibrium I (r ) = S = Y − C (Y ) − G − NX Y adjust to maintain this equality
For r ↑⇒ I ↓, then Y ↓ so that (Y − C (Y )) ↓ and S ↓ For G ↑, then Y ↑ so that (Y − C (Y )) ↑ and S stays unchanged
Savings today is a decision to forgo consumption today in favor of consumption in the future Household savings represents the supply side of the investment market
The value today of a future payment t periods away is β t U (X )
Goldbaum (UTS)
Lecture 9
Macro 2014
6 / 26
Interest
Using interest to measure value across time Consider $Xt as a dollar amount today Consider $Yt +1 as a dollar amount available 1 year from today At nominal interest rate i , the market value of $Xt and $Yt +1 are equivalent if:
Normally, non-satiated consumers will use all resources on consumption c2 y2 c1 + = y1 + (3) 1+r 1+r Interpretation of ITBC: The total present discount value (PDV) of lifetime consumption is equal to the total PDV of lifetime income
There is some value Y > X such that Ut (Xt ) = Ut (Yt +1 )
β is a “discount factor” that converts future utility values to their present value equivalent so that Ut (Xt ) = Ut (Yt +1 ) = β Ut +1 (Yt +1 ) The time subscripts can be dropped from the utility function.
Firms determine how much capital they need in order to maximize profits.
Demand side of the investment market
Interest rates are determined by market forces in order to balance savings with investment.
Goldbaum (UTS)
Lecture 9
Macro 2014
7 / 26
Interest
Interest in the presence of inflation A lender lends $Xt today and receives back $Yt +1 one year from today where Yt +1 = Xt (1 + i ). Inflation reduces the purchasing power of the $Yt +1
Save s today. Next year will have (1 + r )s Borrowing is captured by s < 0. A household that borrows “earns” (1 + r )s next year. Since this is negative, it represents how much is owed.
2
3
Goldbaum (UTS)
Lecture 9
Macro 2014
2 / 26
Investment
Investment should be understood as the product two parties interacting in the market for savings/investment Households balances the value of consumption today against the value consumption at some future date
Goldbaum (UTS)
Lecture 9
Macro 2014
10 / 26
Consumption
Build on the notion of the consumer household A household can save or borrow at the same real interest rate of r .
Goldbaum (UTS) Lecture 9 Macro 2014 12 / 26
Yt +1 = Xt (1 + i ) or Xt =
Y t +1 1+i
Present Discounted Value (PDV): Xt =
Yt +1 1+i