Transcript The AD Curve

08金融 梁剑雄
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Outline
 Some Reviews on the Quizzes
 Goods Market and IS Curve
 Money Market and LM Curve
 IS-LM Model
 AD Curve and Short-run Equilibrium
 Consumption and Saving
 Investment
Outline
 Some Reviews on the Quizzes
 Goods Market and IS Curve
 Money Market and LM Curve
 IS-LM Model
 AD Curve and Short-run Equilibrium
 Consumption and Saving
 Investment
Quiz A
 1 考察一个如右图所示的经济体，假定基期是2000年，
请回答下面问题：
 (1) 如果商品A和B都是最终商品，那么这个经济体2001
年的实际GDP是多少？GDP缩减指数是多少？
 (2) 如果商品A和B都是消费者一篮子产品中的商品，
那么这个经济体2001年的CPI是多少？
 (3) CPI和GDP缩减指数是否相同？为什么？
2000
2001
数量
价格
数量
价格
商品A
100
1
150
2
商品B
50
2
100
3
Quiz A
 2 画图说明在Solow模型里存在一个稳态；画图说明储
蓄率上升将会对经济体的长期增长带来的影响。如何
有效地鼓励一个经济体积累资本？
 3 试述经济增长理论的发展历程。技术生产有何特征？
如何把其内生？
 4 什么是Phillips曲线？它是如何发展的？为什么能够
翻译成短期供给曲线？
 Tips: 第1题第三问，要答出算法不同并且范围也不同。第2题第三问，
关键要指出储蓄是可以内生的。第3题第二问答案很多，可以是固定成
本低、边际成本高，外部性，非竞争性，创造性毁灭等等；第三问，
可以通过外部性实现内生，人力资源有外部性，知识有外部性，等等，
也可以答通过“干中学”，即在资本深化的过程中学习知识。第4题第
二问，从工资增长率到通货膨胀，从无预期到有预期；第三问要说出
奥肯定律，当然也要指出从工资增长率到通货膨胀的变化。
Quiz B
 1 如何按照收入法核算GDP？假定一个经济体的总量生产函
数是 ，市场是完全竞争的，生产要素按照边际贡献参与分配，
请计算资本所得和劳动所得占GDP的比重是多少？劳动所得
所占比重在什么情况下可能下降？
 2 画图说明在Solow模型里存在一个稳态；画图说明人口增
长速度下降将会对经济体的长期增长带来的影响。如何有效
地鼓励一个经济体控制人口增长？
 3 什么是增长核算？亚洲四小龙为什么能够没有靠技术进步
就实现了快速增长？这种增长方式需要转变吗？为什么？
 4 什么是预期通货膨胀？如何把它引入Phillips曲线？如何把
它引入供给曲线？
Tips
 1.收入法是按照生产要素的所得来核算gdp，如劳动报酬，资本所得等
等。第二问注意不要搞出增长核算的公式来，比如劳动所得，应该是
每单位劳动的工资乘以劳动总量再除以总收入，由于在竞争的市场里
面要素价格等于其边际产出，故工资等于MPL，因此劳动所得MPL×L/Y，
再把Y的公式带入即可。第三问的答案很多，容易想到的是改变产出弹
性阿尔法（单说出这点没满分），垄断的市场，结构的变化，技术的
进步，扭曲等等。
 2.说说第三问，大家答些有经济学含量的答案。比如增加生育的成本，
增加做妈妈的成本，补贴，发展经济等等。
 3.要紧的是意识到，亚洲四小龙的高速增长是短期的，原因课本中有
讲，勤劳（高劳动参与）、节俭（高储蓄）、人力资本、良好的竞争
市场环境等等。后来四小龙的增速放缓了，一般认为是到了稳态（用
带技术增长的 Solow model来解释），需要转变增长方式。（其他解
释言之有理也可得分。）
 4.预期的含义是基于现有信息的条件期望，答到相类似的意思即可，
不一定要说出“数学期望”。其他两问参见Quiz A的提示。
The AS-AD Model
P
AS
AD
Y*
Y
Introduction: Establishment of Macroeconomics
John Maynard Keynes (1883-1946)
Introduction: Establishment of Macroeconomics
The General Theory of Employment, Interest and Money (1936)
Introduction: IS-LM Model
 The IS-LM model is the leading interpretation of Keynes’s
theory.
The IS-LM model was
introduced in the article by Sir
John Hicks,"Mr Keynes and the
Classics: A Suggested
Interpretation ", 1937,
Econometrica.
Sir John Hicks(1904-1989)
1971 Nobel Prize Winner
Introduction: IS-LM Model versus
the General Theory
The IS-LM model ignores:
 Time
 Uncertainty
 Expectations
 Speculation
 Animal spirits
Overview: IS-LM Model
Outline
 Some Reviews on the Quizzes
 Goods Market and IS Curve
 Money Market and LM Curve
 IS-LM Model
 AD Curve and Short-run Equilibrium
 Consumption
 Investment
Goods Market: Assumptions
 1) A closed economy
 2) Sticky prices (So Changes in aggregate demand
influence income)
 3) Firms are willing to sell any amount of output at the
given level of prices. (i.e. the AS curve is entirely flat.)
The Consumption Function
C  C  cY
where
d
C  0 0  c 1
Marginal Propensity to Consume (MPC)
Y  Y  TR  TA
d
 Note: Private saving
S Yd C
 Y  TR  TA  C
 C  (1  c)Y d  C  (1  c)(Y  TR  TA)
Marginal Propensity to Save (MPS)
Aggregate (Planned) Expenditure
AD  C  I  G
AD  C  c(Y  TR  TA)  I  G
 Planned(or desired) investment and government
spending are given here.
Equilibrium
Equilibrium (continued)
 Solve
Y  C  I G
where
C  C  cY d
Y  Y  TR  TA
d
I I
 i.e.
Y  C  cY  c(TR  TA)  I  G
 We have
C  c(TR  TA)  I  G
Y0 
1 c
Multiplier
C  c(TR  TA)  I  G
Y0 
1 c
dY0
1
 Investment multiplier

dI 1  c
 Multiplier of autonomous consumption
dY0
1

dC 1  c
dY0
1

 Multiplier of government purchase
dG 1  c
dY0
c

 Tax multiplier
dTA
1 c
[Appendix] Explanation of Multiplier
 Suppose there is an increase in government purchases.
The increase raises income, it also raises consumption,
which further raises income, which further raises
consumption, and so on. Now, consider the total effect
on income:
G
Initial Change in Government Purchases 
 MPC  G
First Change in Consumption
2

MPC
 G
Second Change in Consumption
Third Change in Consumption
 MPC 3  G
Y  (1  MPC  MPC  MPC 
2
 Y 
1
Y
1
 G 

1  MPC
G 1  MPC
3
)G
Multiplier: Graph
The 45-degree line
AD
G
G×MPC2
G×MPC
G
Y2*
Y1*
G  G  MPC  G  MPC 
2
Income,Output, Y
1
 G 
1  MPC
Automatic Stabilizer
 Now treat tax as proportional income tax:
TA  tY
(0  t  1)
 Back to our equilibrium equation
Y  C  cY  c(TR  TA)  I  G
 We have
C  cTR  I  G
Y0 
1  c(1  t )
Automatic Stabilizer
C  cTR  I  G
Y0 
1  c(1  t )
 For example, the multiplier of investment is
dY0
1
1


dI 1  c(1  t ) 1  c
 Proportional income tax automatically reduces the amount
by which output changes in response to a change in
autonomous demand without case-by-case government
intervention.
 Automatic stabilizer: A policy that reduces the amplitude
of economic fluctuations without regular and deliberate
changes in economic policy.
Example: Paradox of Thrift
 Suppose the consumption function is
C  C  c(Y  TR  TA)
where C is a parameter called autonomous consumption
and c is the marginal propensity to consume.
 1) What happens to equilibrium income when the
society becomes more thrifty, as represented by a
decline in C
 2) What happens to equilibrium saving?
 3) Why do you suppose this result is called the paradox
of thrift?
(Gregory Mankiw, Macroeconomics(5th edition), P280)
Key
Key
Example: Balanced Budget VS Automatic
Stabilizers
 It is often argued that a balanced budget amendment
would actually be destabilizing. To understand this
argument, consider the following model of the economy:
C  c0  c1YD
T  t0  t1Y
YD  Y  T
 G and I are both constant
 1) Solve for equilibrium output.
 2) Solve for taxes in equilibrium.
Example: Balanced Budget VS Automatic
Stabilizers
 Suppose that the government starts with a balanced budget
and that there is a drop in c0 .
 3) What happens to Y? What happens to taxes?
 4)suppose that the government cuts spending in order to
keep the budget balanced . What will be the effect on Y?
Does the cut in spending required to balance the budget
counteract or reinforce the effect of the drop in c0 on output?
Olivier Blanchard, Macroeconomics (2nd edition), P57
Key
1
2
c0  c1t0  I  G
Y0 
1  c1 (1  t1 )
c0  c1t0  I  G
T0  t0  t1Y0  t0  t1
1  c1 (1  t1 )
t0 (1  c1 )  t1 (c0  I  G )

1  c1 (1  t1 )
 3 c0 drops to c2
c2  c1t0  I  G
Y1 
1  c1 (1  t1 )
t0 (1  c1 )  t1 (c2  I  G)
T1 
1  c1 (1  t1 )
Y1 
c2  c0
1  c1 (1  t1 )
T1 
t1 (c2  c0 )
1  c1 (1  t1 )
Key
 4 reinforce the effect.

Let G1 be the new equilibrium government spending.
 Then 
t t Y  G
0
1 2
1

Y2  c2  c1 (Y2  t0  t1Y2 )  I  G1
c2  t0 (1  c1 )  I
Y2 
(1  c1 )(1  t1 )
 Since the government starts with a balanced budget
c0  t0 (1  c1 )  I
Y0 
(1  c1 )(1  t1 )
c2  c0
Y2 
(1  c1 )(1  t1 )
Deriving IS Curve: Investment Function
 The planned level of investment is a function of (real)
interest rate. We specify this form:
I  I  bi b  0
i
Investment
function
I
I(i)
Deriving IS Curve: A Graphical Approach
Suppose the
interest rate rises….
E
Y=E
Demand
Income, Output, Y
i
Investment
function
I(i)
Investment, I
i
The IS Curve
IS
Income, Output, Y
IS Curve: Algebraic Form
AD  C  I  G
AD  C  c(Y  TR  TA)  ( I  bi)  G
 Equilibrium
AD  Y
Y＝ C  c(1  t )Y  cTR)   G   I  b i 
C  cTR   G  I

Y ＝
1  c (1  t )
b

i
1  c (1  t )
 Multiplier of government purchases  G 
 Autonomous spending
 Thus, IS Curve
1
1  c(1  t )
A  C  cTR  G  I
Y   G A   G bi
What Is IS Curve?
 IS stands for “investment” and “saving”, and the IS
curve represents what’s going on the market for
goods and services.
 IS curve: The negative relationship between the
interest rate and the level of income that arises in
the market for goods and services.
IS Curve: Some Details
Y   G A   G bi
A Y
i 
b Gb
slope of IS curve  
1
Gb
 The larger the sensitivity of investment spending to
the interest rate and the larger the multiplier, the
flatter the IS curve.
Policies and IS Curve
 When government purchases G increase
i
IS
IS’
i1
Y  G G
O
Y1
Y2
Y
Policies and IS Curve
Note: recall
 When income tax rate decreases
A Y
i 
b Gb
i
A
b
A, b remains the
same, but
G 
1
1  c(1  t )
increases
O
Y
More
Analysis
 Increases in autonomous consumption or investment
or transfers. That’s, only autonomous spending A
increases.
i
IS
IS’
i1
Y   G A
O
Y1
Y2
Y
More Analysis
A Y
i 
b Gb
 Suppose marginal propensity to consume (MPC)
1
increases. Then G 
and A  C  cTR  G  I
1  c(1  t )
both increase.
i
A'
b
A
b
O
Y
Outline
 Some Reviews on the Quizzes
 Goods Market and IS Curve
 Money Market and LM Curve
 IS-LM Model
 AD Curve and Short-run Equilibrium
 Consumption and Saving
 Investment
Money Demand: Theory of
Liquidity Preference
 Demand for real balances
M d Md
( ) 
 L(Y , i)
P
P
 The theory of liquidity preference
 
L(Y , i )
 For simplicity, we use linear expression
L(Y , i )  kY  hi k , h  0
Money Demand
i
L
L(Y , i )  kY  hi k , h  0
Money Demand
L(Y , i )  kY  hi k , h  0
 Larger h
i
 Larger Y
L
i
k Y
L
Money Supply: Some Reviews
 M1, M2, M3
 High-powered money, monetary base
 Reserve, reserve ratio, Fed
 Money multiplier
 The instruments of monetary control: open market
operations, the discount rate, and the required-reserve
ratio
 A model: M  CU  D
H  CU  reserves
CU
reserves
cu 
, re 
D
D
1  cu
M 
H  mm  H
re  cu
1  cu
 mm 
re  cu
Money Supply
M s M
An increase in money supply
i
i
Money
supply
Money
supply
Equilibrium in Money Market
 Md=Ms
Interest
rate, i
Supply
The LM
Curve
Interest
rate, i
i2*
i2*
Demand,L(i,Y2)
i1*
i1*
Demand,L(i,Y1)
M P
M/P
Suppose income increases….
Y1
Y2
Equilibrium in Money Market (continued)
M d M s
M
  k Y  hi
P
1
M
 i  kY  
h
P
 Classical case
h 0
i
LM
M
kY 
P
1
MV  PY ,where V 
k
Y
Shifts in the LM Curve
i
Supply
The LM Curve1
i
i1*
i1*
The LM Curve2
i2*
i2*
Demand,L(i,Y1)
M1 P
M2 P
M/P
Y1
Income,
output,Y
What is LM Curve?
 LM stands for “liquidity” and “money”, and the LM
curve represents what’s happening to the supply and
demand for money.
 LM curve: The positive relationship between the
interest rate and the level of income (while holding the
price level fixed) that arises in the market for real
money balances.
Outline
 Some Reviews on the Quizzes
 Goods Market and IS Curve
 Money Market and LM Curve
 IS-LM Model
 AD Curve and Short-run Equilibrium
 Consumption and Saving
 Investment
IS-LM Model and Short Run
Equilibrium
i
Only at the intersection
of the IS and LM curves
are both equilibrium
conditions in goods and
money market satisfied.
LM
i*
IS
Y*
Income,
output,Y
Dynamics of IS-LM Model
Goods Market
i
i
Money Market
IS
LM
Y
The adjustment of output level is slow. However, interest
rates adjust quickly, so that the LM relation is always
satisfied.
Y
Dynamics of IS-LM Model
 Now let’s look at the effects of a monetary contraction…
i
LM2
i’
LM1
i**
i*
IS
Y **
Y*
Income,output,
Y
Outline
 Some Reviews on the Quizzes
 Goods Market and IS Curve
 Money Market and LM Curve
 IS-LM Model
 AD Curve and Short-run Equilibrium
 Consumption and Saving
 Investment
The AD Curve: Definition
 The aggregate demand (AD) curve shows the
combinations of the price level and level of output at
which the goods and money markets are
simultaneously in equilibrium.
Deriving AD Curve: A Graphical Approach
i
i
LM2(for P2>P1)
i**
i**
LM1(for P1)
i*
L (i , Y )
i*
IS
P
Y **
Y
Y*
P2
P1
The AD
Curve
Y **
Y*
Y
M
P2
M
P1
L
Deriving AD Curve: An Algebraic Approach
 Solve IS:

LM:
 We obtain
 Or equivalently
Where
 and
Y   G A   G bi
1
M
i  kY  
h
P
hG
hG M
Y
A
h  khG
h  kbG P
bM
Y   A
h P
AD schedule
  G / (1  kGb / h)
kG
1
M
i
A
h  kbG
h  kbG P
 Or equivalently i   k A   1 M
h
h G P
Multiplier
bM
Y   A
h P
 Fiscal policy multiplier
dY

dG
h G

h  kb G
 Monetary policy multiplier
bG
dY
b
 
M
h
h  kbG
d( )
P
Application: Crowding Out
 Consider the following model of the economy:
C  200  0.75(Y  T )
I  200  25i
G  100
T  100
Md
 Y  100i
P
P2
M s  1000
 What is the equilibrium level of income Y and interest
rate i? Suppose that government purchases are raised
from 100 to 150, h0w large is the crowding out?
Two Special Cases
 The Classical Quantity Theory of Money
 The Keynesian Liquidity trap
The Classical Quantity Theory of
Money
 The classical quantity theory of money assumes that the
interest rate does not influence the quantity of real money
demand.
i
LM Curve
Md
 kY , (h  0)
M
P
Y 
kP
MS  M
or
MV  PY
where V is the constant velocity of money
Y
The Classical Quantity Theory of
Money: The AD Curve
P
MV  PY
AD Curve
Y
The Liquidity Trap(Keynes, 1936)
 The interest rate is so low that the opportunity cost of
holding money is negligible.
 A liquidity trap occurs when the nominal interest rate
is close or equal to zero, and the monetary authority is
unable to stimulate the economy with traditional
monetary policy tools.
The Liquidity Trap
 Monetary policy
will be ineffective
stimulating
production.
Instead, fiscal policy
might be more
effective since it will
push the IS curve to
higher levels of
production.
Interest rate,i
LM Curve
Income,output,Y
The Liquidity Trap: the AD Curve
 When liquidity trap occurs…
Price level,P
AD Curve
Income,output,Y
Short Run AS-AD Model
P
AS
AD
Y*
Y
Shifts in AD Curve
 Suppose there is an increase in money supply.
i
IS
P
LM（p0）
AD
AD
LM(p0)
i*
i **
Y * Y **
Y
Y
 Note: Any expansive fiscal or monetary policy could
shift AD curve to the right.
Outline
 Some Reviews on the Quizzes
 Goods Market and IS Curve
 Money Market and LM Curve
 IS-LM Model
 AD Curve and Short-run Equilibrium
 Consumption and Saving
 Investment
Some Facts
 Consumption accounts for large proportion of
aggregate demand.
90
最终消费所占比重
80
70
60
50
40
30
20
10
0
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
1992
1991
1990
1989
1986
1981
1976
1971
1966
1963
1958
1952
Some Facts
 There is a close relation between consumption
spending and disposable income.
80000
60000
40000
20000
0
0
50000
100000
我国1952－2002年间的最终消费
美国数据
Some Facts
 Consumption does not respond much to short-term
swings in income.
美国：1959-2000
Some Facts
 Current consumption is relative to consumption in last
period.
我国当期的最终消费
80000
45度线
60000
40000
20000
0
0
美国数据
20000
40000
60000
我国上一期的最终消费
80000
Keynesian Theories: Consumption Function
C
Y
C  C  cYD
C  0, 0  c  1
 Marginal propensity to consume (MPC) is between
zero and one.
 Income is the primary determinant of consumption
 Interest rate does not have an important role.
Reviews on Microeconomics:
Irving Fisher
 Intertemporal budget Constraint:
Suppose there is a consumer who lives in two period.
He earns income Y1 , consumes C1 in period one and
earns income Y2 and consumes C2 in period two
given interest rate r .
The saving is Y1  C1 .
Consumption in period two
C2  (Y1  C1 )(1  r )  Y2
Rewrite the equation in a discounting form
C2
Y2
C1 
 Y1 
1 r
1 r
Intertemporal Budget Constraint
C2
Y2
C1 
 Y1 
1 r
1 r
Optimization
MU1
 1 r
MU 2
C2
Y2
C1 
 Y1 
1 r
1 r
Income Effect and Substitution
Effect
Liquidity Constraint
Modigliani: Life-Cycle Theory
 The life-cycle (LC) 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.
 Annual labor income
YL
 Working life
WL
 The number of years of life
NL
 Annual consumption
C
WL
 Formula
C
NL
 YL
Life-Cycle Theory: Graph
Friedman: Permanent-Income
Hypothesis
 Permanent income is the steady rate of expenditure a
person could maintain for the rest of his or her life,
given the present level of wealth and the income eared
now and in the future.
 Consumption is proportional to permanent income:
C=c YP
where YP is permanent (disposable) income.
LC-PIH: An Algebraic Explanation
 A consumer finds his job when he’s 22 years old. He retires
when he’s 62. And he dies at the age of 82. Suppose, when
he’s working, the annual income is 100 thousand. No
interest or discounting. To maximize his utility
throughout his life, what’s his annual consumption?
82
max :  U (ct )
U   0;U   0
t  22
82
62
t  22
t  22
s.t.  ct   10
L
82
62
82
t  22
t  22
t  22
 U (ct )   (  10   ct )
 ct  ct 1
40
  10
60
 Still that consumer, he wins 1 million when he’s 32 in a
lottery . What do you think of his MPC?
82
max :  U (ct )
U   0;U   0
t  32
82
62
t  32
t  32
s.t.  ct   10  100
 The MPC out of permanent income is large and the
MPC out of transitory income is small, fairly close to
zero.
LC-PIH: A Summary
 A rational consumer maximize his utility throughout
his lifetime.
T
max : U (ct )
U   0;U   0
t 1
T
T
t 1
t 1
s.t.  ct  Yt  A0
Conclusion:
 Smooth consumption over the lifetime.
 Consumption does not respond much to transitory
income
Adding Uncertainty: Random-Walk
Model
T


max : Et   U (ct ) 
 t 1





s.t. Et   ct   Et   Yt   A0
 t 1 
 t 1 
T
T
 Et (ct  i )  Et (ct  j )
 Et (ct )  Et (ct 1 )  ct  Et (ct 1 )  ct 1  ct   t 1
 Smooth consumption over the lifetime
 Random walk
Compared with Traditional Theory
C  a  cY d
Ct 1  Ct   t

C  Ct 1  Ct  Y d
C  Ct 1  Ct   t 1
 Strategy(Campbell,Mankiw,1989):
C  w Y  (1  w) t 1
d
 Results:
C  0.486 Y d
US
C  0.51 Y d
CHI NA
Some Controversy on LC-PIH:
 Liquidity constraint
 Myopia
 Buffer-stock saving
Saving
 Personal saving:
If the interest rate increases, will saving be larger?
It’s ambiguous! Income effect and substitution effect.
 Gross national saving= government saving + private saving
 Private saving= business saving + personal saving
Note: business saving consists of retained earnings, that
amount of profits not paid out to the owners of the
business.
注：有同学问通胀对赤字的影响。不考虑特殊的情况下，通
胀会降低债务人的负担，即国债的偿还压力，这样有减轻
赤字的作用。
Barro-Ricardo Equivalence
 Barro -Ricardo equivalence (Barro-Ricardo problem,
Barro-Ricardo equivalence proposition, Ricardian
equivalence, etc.): Debt financing by bond issue
merely postpones taxation and there, in many
instances, is strictly equivalent to current taxation.
David
Ricardo
Robert
Barro
Ricardian Equivalence: A Model
 Suppose the government imposes taxes:
 B  (1  r )[(Yparent  T )  C parent ]

Cchild  Ychild  B

 Suppose the government issues bonds currently and
pay the debt by taxation in the next generation:
 B  (1  r )[(Yparent  L)  C parent ]  (1  r ) L

Cchild  [Ychild  (1  r ) L]  B

Some Arguments
 Liquidity constraints
 Myopia
 Future Generations
…….
Outline
 Some Reviews on the Quizzes
 Goods Market and IS Curve
 Money Market and LM Curve
 IS-LM Model
 AD Curve and Short-run Equilibrium
 Consumption and Saving
 Investment
Basic Concepts
 Capital: the stock of equipment and structures used in





production.
Investment: the flow of spending that adds to the
physical stock of capital.
Business fixed investment: Equipment and structures
that businesses buy for use in future production.
Inventory investment: The change in the quantity of
goods that firms hold in storage, including materials and
supplies, work in process, and finished goods.
Residential investment: New housing bought by people
to live in and by landlords to rent out.
Irreversible investment
Gross vs. Net Investment
 Gross investment
 Depreciation
 Net investment
 Relationship
 Accumulative equation
Classical Theory





Assumptions:
The market is competitive
Firms rent capital and hire labors
Price of product is normalized to 1
Price of labor is w, price of capital is rK
Firms maximize their profits
Classical Theory (continued)
max AK  L1  rK K  wL
K
 K* 
Y
rK
 K *
 Y  0

 K *  0
 r K
rK
rK
K
K
Suppose output increases
Components of Price of Capital
r Kid
where i is real interest rate and d stands for
depreciation rate
 From
Y
K* 
 we have
K* 
rK
Y
id
Investment Demand
K* 
Y
id
i
I  K *  K 1
I
Y
id
 K 1
I
Other Theories
 The accelerator model
 The flexible accelerator model
 Neoclassical investment theory
 Tobin’s Q
Outline
 Some Reviews on the Quizzes
 Goods Market and IS Curve
 Money Market and LM Curve
 IS-LM Model
 AD Curve and Short-run Equilibrium
 Consumption and Saving
 Investment
Reference
 王志伟译著，Rudiger Dornbusch, Stanley Fischer and






Richard Startz, Macroeconomics , Tenth Edition (东北财
经大学出版社,2008)
N. Gregory Mankiw, Macroeconomics, Fifth Edition (Worth
Publishers,2003)
David Romer, Advanced Macroeconomics, Second Edition
(McGraw-Hill, 2001)
徐现祥编著，图解宏观经济学，第一版（中国人民大学出版社，
2008）
方福前等译，罗杰·E.A法默（Roger E.A. Farmer）著，宏观
经济学，第二版（北京大学出版社，2009）
Olivier Blanchard，Macroeconomics， Second Edition
（Prentice Hall，2000）
张一弛编著，宏观经济分析：理论与政策（中国经济出版社，
1996）