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个人陈述案例二十二
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美国留学网(.cn)万佳留学旗下网站&&版权所有：美国留学网第二弹 宏观经济学Eco120 后六章名词、概念、模型总结复习讲解
- 经济学在XJTLU的日志,人人网,经济学在XJTLU的公共主页
新的学期即将开始，主页君也在刚才选定了大三的课程，本学期主页君将继续为Xjtluer提供ECO课程的参考资料，考虑到大二和大三同学的课程安排，主页君将把本学期参考资料的重点放在Microeconomics上，希望各位xjtluer继续支持。
第二弹 宏观经济学Eco120 后六章名词、概念、模型总结复习讲解
写在前面的话：
1.&&&&& 本资料的出现的名词、概念和模型图例全部出自Dr.Jiang的ECO120课件
2.&&&&& 对于内容的纠误和不理解的地方可以联系主页君/ 经济学在xjtlu
3.&&&&& 主页君的水平毕竟有限，这份资料里也肯定存在着很多的问题和错误 如果哪位同学发现了 请务必联系主页君以便及时改正，减少对大家的误导
4.&&&&& 主页君资料的内容完全不够应付期末考试，所以说大家最好抱着参考的心态来看，千万不要疏忽了对课本和课件的掌握。
AS-AD model
1.&& Basic theory:Short-run: KeynesLong-run: Classical
2.&& Application:InflationGrowth of potential outputBusiness cycle fluctuation
3.&& The curve of AD and II&&
A.&&&& Description：This shows how monetary policy works when interest rates are set in pursuit of an inflation target. When inflation is above (below) the target Π*, real interest rates are set higher (lower) than normal. Along the schedule ii a given monetary policy is being pursued. If the inflation rate is Π*, the corresponding real interest rate will be i* Hence, to achieve the ii schedule, the central bank first forecasts inflation, then sets a nominal interest rate r to achieve the real interest rate that it desires. The aggregate demand schedule (AD) shows that higher inflation reduces aggregate demand by inducing the central bank to raise real interest rates.
B.&&& Determinants of slop of AD: 1.the reaction of interest rate decisions to inflation 2. The responsiveness of aggregate demand to interest rate changes
& Ps. AS-AD模型中AD线的由来一直是一个比较复杂的知识点，因为从inflation到interest rate 再到output的多重传导确实有够困惑，所以建议大家还是好好看书以把握住整个传导的具体过程。
4．Aggregate supply
Production function: Y=F(L,K，A)
Background:At any given time, the quantity of capital and the state of technology are fixed but the quantity of labour can vary. At full employment, actual output is potential output and the unemployment rate is called the natural rate of unemployment.
Long run aggregate supply: LAS is the relationship between the quantity of actual GDP supplied and the price level (inflation) when actual GDP equals potential GDP and represented by the vertical supply curve.
Short run aggregate supply: SAS is the relationship between the quantity of actual output supplied and the inflation in the short run when the nominal wage growth rate and the potential output remain constant.
5. AS-AD model：&
Description: Demand shock（无调控情况下）一个消极的demand shock的时候，AD线下移，与SAS&交于一个新的平衡点E&此时的output低于potential output，失业率高于full employment，而且inflation变低，市场进入萧条，随着萧条的长期进行，firm调低了wage rate 从而使SAS移动到了SAS&，生产达到了E2，这时候由于工资的调低使得失业率下降，生产开始增加，等到企业完全调整之后inflation达到π3，output回到potential的水平。&Permanent supply shock
Temporary supply shockPs 解决supply shock的方法和前面的demand shock基本一样，要注意到能够shift curve的因素到底是什么，搞清楚每一条线的来龙去脉，无论AD-AS怎么变化，都可以很轻松的解决问题。
6. Trade off in monetary policy
Inflation targeting works well when all shocks are demand shocks. When shocks are supply shocks, stabilizing inflation may lead to highly variable output. Conversely, a policy of stabilizing output may lead to highly variable inflation. So trade off occurred between output fluctuation and inflation fluctuation&
Taylor rule： （i-i*）=a(π-π*)+b（Y-Y*）
总结：本章引入了名义变量π，在一定程度上极大地提高了model的灵活性和难度（囧），从本章开始，长期和短期的差别与波动成为了后半学期的主导问题之一，至少在Lecture7,8,9三节，我们要无数次接触到short run 和long run这两个词，所以还是那句话，理解model的关键在于对每条线段变化的逻辑推理，搞清楚前因后果，一切的问题就不再是问题了。
Unemployment
Labor market(1) Composition&& (2) Flow&&& (3)Model&Ps. LF是所有注册的labour总数，AJ是想要接受工作的总数，LD是需要的labor总数，EF就是natural unemployment rate。在这种情况下无involuntary unemployment。
Type of unemployment
&Frictional unemployment &the irreducible minimum level of U&people between jobs &the &almost unemployable&
&Structural unemployment &mismatch of skills and job opportunities when the pattern of demand and production changes&it takes time to retrain ex-coal miners as bankers&Classical unemployment &the wage is deliberately maintained above the intersection of labour supply and demand
&Demand-deficient unemployment &occurs when output is below full capacity &occurs in the transitional period before wages and prices have fully adjusted
&Voluntary unemployment &when a worker chooses not to accept a job at the going wage rate
&Involuntary unemployment &when a worker would be willing to accept a job at the going wage but cannot get an offer
Model of unemployment(1)&& Classical model&Ps.在古典主义模型中involuntary unemployment的原因是工会的工资定价高于平衡wage rate W*。&Ps. 在凯恩斯的失业模型里，引起短期involuntary unemployment的原因是LD的变化。&4. Hysteresis
Definition：The idea that a (short-run) fall in aggregate demand can lead to a persistence of unemployment even when the fall in aggregate demand has been reversed.
Four channels:&Insider-outsider distinction&only those in work take part in wage bargaining & they protect their own positions&Discouraged workers&people stop looking for jobs&Search and mismatch&firms and workers get used to low search&Capital stock&low levels of investment in recession lead to permanently low capital stock levels&
1.&&& Quantity theory
Definition:In the long run, an increase in the quantity of money brings an equal percentage increase in the price level, and leaves output and employment unaffected
Real money supply=real money demand
2.&&& Seigniorage and inflation tax
Revenue=△M/P=△M/M*M/P&3．The Phillips curve&&A statistical relationship between annual inflation and unemployment in the UK, similar relationship was found in other countries.&The Phillips curve relates higher unemployment to lower inflation.&It implies we can trade-off higher inflation for lower unemployment and vice versa &Ps. Philips curve描述了inflation和unemployment之间的关系，其中的核心理论还是inflation illusion而引起的wage growth rate与monetary growth之间的差异导致的短期内失业率的波动。
4.&&& The cost of inflation
(1)&&&&&&&&&&&& Fully anticipate&Shoe-leather&people economize on money holdings&menu costs&firms need to alter price lists, etc.(2)&&&&&&&&&&&& Unanticipated inflation&Unintended redistribution of income&from lenders to borrowers&from private to public sector&from old to young&Uncertai...
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