AP宏观经济

SyllabusofAPMacroeconomics1.TheProductionPossibilitlesCurveorFrontierPPF/PPC:ThePPCmodelsscarcity,sincethereisonlyacertainamountofanytwogoodsthatcanbeproducedandconsumedduetothelimitednatureofresources.(maximumabilitytoproduce)左边的图，反映了constantopp.cost右边的图，反映了increasingopp.cost右图：A,B,C,D-----attainableandefficient(productivelyefficient)E-----attainablebutinefficientF-----unattainablecomparativeadvantageandabsoluteadvantagecomparativeadvantage:withloweropp.costabsoluteadvantage:producemoregoodseconomicsystem:Commandeconomy筹划经济Marketeconomy市场经济supply，demandDeterminantsthatcanshiftSorDcircularflowdiagramNotincludedinGDP:IntermediategoodsNon-productiontransactions-Financialtransactions(nothingproduced)-UsedgoodsNon-market(illegal)activitiesExpectedInflation:InflationrateCPInewCPIold*100%CPIoldRealinterestrate=Nominalinterestrate-InflationrateCPIpriceofbasketatcurrentperiod*100priceofbasketatbaseperiodGDPDeflatorM*V=P*YNominalGDPRealGDP*100D.TheMonetarySystemandMoneyMarketMoney:thesetofassetsintheeconomythatpeopleregularlyusedtobuygoodsandservicesfromeachother.3typesofmoney:M0=currency(highliquidity)M1=currency+checkabledeposit+traveler’scheck(mediumliquidity)M2(lowliquidity)Liquidity:theeasewithwhichanassetcanbeconvertedintocash.MoneyMultiplier:M=1/RTHEMAXIMUMmoneymultiplieris1/RRbecause:①Publicpreferholdingsomemoney②BankskeepexcessreserveswilldecreasemoneysupplyThreetoolsofmonetarypolicy:RequiredReserveRatio(R)↓R→moneysupply↑↑R→moneysupply↓Openmarketoperation(mostused)[TheFedbuys/sellsgovernmentsecurities/bonds]buys→moneysupply↑sells→moneysupply↓Discountrate[TheinterestratethattheFedchargescommercialbanks]↓discountrate→moneysupply↑↑discountrate→moneysupply↓Federalfundsrate[Theinterestratethatbankschargeoneanotherforone-dayloansofreserves]Thevalueoffedfundrateequalsequilibriuminterestrateinmonrymarket.TheDemandofMoney:Quantityofmoneydemandedistheamountofmoneythathouseholdsandfirmschoosetohold.Nominalinterestrate=realinterestrate+inflationrateWhatAffectsMoneyHoldings?1.Pricelevel:Pricelevelrisesmoremoneyisneededtomakeagiventransaction→peopletendtoincreasetheirholdingofmoney→MD↑•2.realincome/realoutput:Peoplehavemoreincometendtoholdmoremoneyasastoreofvalueandtocarryoutmoretransactionsusingmoney→MD↑3.technology:improvedtechnology(likecreditcard,ATMandetc.)→MDdecreasesMoneyMarket:EquilibriumintheMoneyMarket：LoanableFundMarket:Financialmarkets:institutionsthroughwhichsaverscandirectlyprovidefundstoborrowers.Financialintermediary例如bank，去沟通borrower和saver，相称于借贷之间的桥梁。TheBondMarket:Abondisacertificateofindebtedness.(TheinterestRateandBondPriceMoveinOppositeDirections.)TheStockMarket:Astockisaclaimtopartialownershipinafirm.LoanableFundMarketThesupplyofloanablefundscomesfromsaving:Householdswithextraincomecanloanitoutandearninterest.Publicsaving,ifpositive,addstonationalsavingandthesupplyofloanablefunds.(governmentbudgetsurplus)Ifnegative,itreducesnationalsavingandthesupplyofloanablefunds.(governmentbudgetdeficit)例如，这个题目：Abudgetsurplusincreasesthesupplyofloanablefunds,reducestheinterestrate,andstimulatesinvestment.Higherinvestment,inturn,meansgreatercapitalaccumulationandmorerapideconomicgrowth.曾在FRQ中浮现，”drawagraphtoshowit”Thedemandforloanablefundscomesfromborrow:Crowdingouteffect:Abudgetdeficitincreasestheinterestrate,(throughloanablefundmarket)therebycrowdingoutprivateborrowerswhorelyingonfinancialmarketstofundprivateinvestmentprojects.......G增长，挤出了IAggregateDemand:Allthegoods&services(realGDP)thatguysarewillingto/abletopurchaseatdifferentpricelevels.Whydownwardslope?RealBalanceEffect/wealtheffectPricelevel↑→purchasingpower↓→expenditure↓Interest-rateEffectPricelevel↑→pricedemand↑→InterestRate↑→discourageexpenditureForeigntradeEffect/netexporteffectU.S.Pricelevel↑→purchasingpower↓→export↓import↑→Xn↓ShiftsofADGDP=C+I+G+Xn(变化其中任何一种就会shiftAD。AggregateSupply:Thesupplyforeverythingbyallfirms.AggregateSupplyhastwodifferentcurves.•Short-runAggregateSupply:stickywage•Long-runAggregateSupply:(flexiblewage.)WagesandResourcePriceswillincreasespricelevelsincrease.ShiftsofAS:1.inputprices2.Productivity3.wage或者叫expansionarygapcontractionarygapShiftsofLRAScanaffectrealGDPfrom:1.changeresources2.productivitySupplyShock(或者说shift,是同样的):E.FiscalPolicyFiscalpolicy:thesettingofthelevelofgovernmentspendingandtaxationbygovernmentpolicymakers.tools:G,TAX,DiscretionaryFiscalPolicy：changeADthroughgovernmentspendingortaxation.AutomaticStabilizers：①Progressiveincometax②UnemploymentbenefitsTotalchangeinGDP:Multiplier*InitialchangeinspendingMPC+MPS=111SpendingMultiplier=MPSMPC1MPCMPCTaxMultiplier=-1MPCMPSH.PhillipsCurveSRPC:shortrunPhillipsCurveinverserelationshipbetweentheURandinflationrateinshortrunmovementalongtheSRPC:ADshiftshiftsofSRPC1.SRASexpectationofinflationEXP(inflation)increases,SRPCshiftsrightEXP(inflation)decreases,SRPCshiftsleftF.OpenEconomy1.ChangesinTastes:E.g.DemandforU.S.dollarsincreases(shiftsright)Dollar-appreciatesSupplyofBritishpoundsincreases(shiftsright)Pound-depreciatesChangesinRelativeIncomes(Resultinginmoreimports)E.g.USgrowthincreaseUSincomes→U.S.buysmoreimports→U.S.Demandforpoundsincreases&SupplyofU.S.dollarsincreases→Pound-appreciates&Dollar-depreciatesChangesinRelativePriceLevel(Resultinginmoreimports)E.g.U.S.demandforcheaperimportsincreases→U.S.demandforpoundsincreases&SupplyofU.S.dollarsincreases→Pound-appreciates&Dollar-depreciatesChangesinrelativeInterestRates-E.g.UShasahigherinterestratethanBritain→BritishpeoplewanttoputmoneyinUSbanks→CapitalFlowincreasetowardstheUS→BritishdemandforU.S.dollarsincreases&Britishsupplymorepounds→Pound-depreciates&Dollar-appreciates2modelscanshowtheecon.Growth:a.PPF(shiftoutward)b.LRAS