曼昆《经济学原理第三版》宏观分册原版中英文双语.ppt

34 The Influence of Monetary and Fiscal Policy on Aggregate Demand 货币与财政政策对总需求的影响 Aggregate Demand 总需求 Many factors influence aggregate demand besides monetary and fiscal policy. 除了货币和财政政策之外，还有许多其他因素影响总需求。 In particular, desired spending by households and business firms determines the overall demand for goods and services. 特别是，家庭和企业的合意支出决定了物品与劳务的总需求。 Aggregate Demand 总需求 When desired spending changes, aggregate demand shifts, causing short-run fluctuations in output and employment. 当合意支出变动时，总需求移动，引起产量与就业的短期波动。 Monetary and fiscal policy are sometimes used to offset those shifts and stabilize the economy. 货币与财政政策有时被用来抵消这种移动，从而稳定经济。 HOW MONETARY POLICY INFLUENCES AGGREGATE DEMAND The aggregate demand curve slopes downward for three reasons: The wealth effect The interest-rate effect The exchange-rate effect 货币政策如何影响总需求 总需求曲线由于以下三个原因而向右下方倾斜： 财富效应 利率效应 汇率效应 HOW MONETARY POLICY INFLUENCES AGGREGATE DEMAND货币政策如何影响总需求 For the U.S. economy, the most important reason for the downward slope of the aggregate-demand curve is the interest-rate effect. 对美国经济来讲，总需求曲线向右下方倾斜的最重要原因是利率效应。 The Theory of Liquidity Preference Keynes developed the theory of liquidity preference in order to explain what factors determine the economy’s interest rate. According to the theory, the interest rate adjusts to balance the supply and demand for money. 流动偏好理论 凯恩斯提出了流动偏好理论来解释决定经济中利率的因素。 根据这一理论，利率的调整使货币供给与货币需求平衡。 The Theory of Liquidity Preference Money Supply The money supply is controlled by the Fed through: Open-market operations Changing the reserve requirements Changing the discount rate Because it is fixed by the Fed, the quantity of money supplied does not depend on the interest rate. The fixed money supply is represented by a vertical supply curve. 流动偏好理论 货币供给 货币供给由美联储通过以下方式控制: 公开市场活动 改变法定准备金 改变贴现率 由于货币供給量由美联储所固定，所以货币供給量不取决于利率。 一条垂直的供给曲线代表固定的货币供给。 The Theory of Liquidity Preference Money Demand Money demand is determined by several factors. According to the theory of liqu