【PPT精品课件】货币金融学7版英文课件--ch24-大学课

Chapter24MonetaryandFiscalPolicyintheISLMModel©2005PearsonEducationCanadaInc.©2005PearsonEducationCanadaInc.24-2ShiftintheISCurve1.C:atgiveniA,Yad,YISshiftsright2.SamereasoningwhenI,G,NX,T©2005PearsonEducationCanadaInc.24-3ShiftintheLMCurvefromaRiseinMs1.Ms:atgivenYA,iinpanel(b)and(a)LMshiftstotheright©2005PearsonEducationCanadaInc.24-4ShiftintheLMCurvefromaRiseinMd1.Md:atgivenYA,iinpanel(b)and(a)LMshiftstotheleft©2005PearsonEducationCanadaInc.24-5ResponsetoanIncreaseinMs1.Ms:i,LMshiftsrightYi©2005PearsonEducationCanadaInc.24-6ResponsetoExpansionaryFiscalPolicy1.GorT:Yad,ISshiftsrightYi©2005PearsonEducationCanadaInc.24-7Summary:FactorsthatShiftISandLMCurves24-8EffectivenessofMonetaryandFiscalPolicy1.Mdisunrelatedtoii,Md=MsatsameYLMvertical2.Panel(a):G,ISshiftsrighti,Ystayssame(completecrowdingout)3.Panel(b):Ms,YsoMd,LMshiftsrightiYConclusion:LessinterestsensitiveisMd,moreeffectiveismonetarypolicyrelativetofiscalpolicy©2005PearsonEducationCanadaInc.©2005PearsonEducationCanadaInc.24-9Msvs.iTargetsWhenISUnstable1.ISunstable:fluctuatesfromIS'toIS''2.itargetati*:YfluctuatesfromYI'toYI''3.Mtarget,LM=LM*:YfluctuatesfromYM'toYM''4.YfluctuationislesswithMtargetConclusion:IfIScurveismoreunstablethanLMcurve,Mtargetispreferred©2005PearsonEducationCanadaInc.24-10Msvs.iTargetsWhenLMUnstable1.LMunstable:fluctuatesfromLM'toLM''2.itargetati*:Y=Y*3.Mtarget:YfluctuatesfromYM'toYM''4.YfluctuationislesswithitargetConclusion:IfLMcurveismoreunstablethanIScurve,itargetispreferred©2005PearsonEducationCanadaInc.24-11TheISLMModelintheLongRunPanel(a)1.Ms,LMrighttoLM2,gotopoint2,itoi2,YtoY22.BecauseY2Yn,P,M/P,LMbacktoLM1,gobacktopoint1Panel(b)1.G,ISrighttoIS2,gotopoint2wherei=i2andY=Y22.BecauseY2Yn,P,M/P,LMlefttoLM2,gotopoint2',i=i2`andY=Yn.©2005PearsonEducationCanadaInc.24-12DerivingADCurveP,M/P,LMshiftsin,YPoints1,2,3©2005PearsonEducationCanadaInc.24-13ShiftinADfromShiftinISAtgivenPA,ISshiftsright:Yinpanel(b)ADshiftsrightinpanel(a)©2005PearsonEducationCanadaInc.24-14ShiftinADfromShiftinLMAtgivenPA,LMshiftsright:Yinpanel(b)ADshiftsrightinpanel(a)