【PPT精品课件】货币金融学7版英文课件--ch28-大学课.pptx

该【【PPT精品课件】货币金融学7版英文课件--ch28-大学课 】是由【小屁孩】上传分享，文档一共【14】页，该文档可以免费在线阅读，需要了解更多关于【【PPT精品课件】货币金融学7版英文课件--ch28-大学课 】的内容，可以使用淘豆网的站内搜索功能，选择自己适合的文档，以下文字是截取该文章内的部分文字，如需要获得完整电子版，请下载此文档到您的设备，方便您编辑和打印。Chapter28RationalExpectations:ImplicationsforPolicy?. CritiquefollowsfromREimplicationthatchangeinwayvariablemoves,changeswayexpectationsareformed2. Policychange,changesrelationshipbetweenexpectationsandpastbehavior3. Estimatedrelationshipsineconometricmodelchange4. Therefore,can’tbeusedtoevaluatechangeinpolicy Example:EvaluateeffectonlongratefromBankpolicyraisingshort-termipermanently,ifinpastchangesiniquicklyreversed1. Estimatedtermstructurerelationshipindicatesonlysmallchangeinlongrate2. Oncerealizeshorti?permanently,averagefutureshortrates?alot,longrate?alot3. AnotherimplicationofLucasanalysis:expectationsaboutpolicyinfluencesresponsetopolicy2?:1. Rationalexpectations2. pletelyflexible,adjustfullytochangesinexpectedpricelevelImplications:1. Policyineffectivenessproposition:anticipatedpolicyhasnoeffectonbusinesscycle2. Effectsofpolicyareuncertainbecausedependonexpectations3. Nobeneficialeffectfromactivistpolicy:supportsnonactivism?inNewClassicalModel1. M?,ADshiftsrighttoAD22. BecauseM?unanticipated,expectedpricelevelunchangedandASstaysatAS13. Goto2':Y?,P?4?inNewClassicalModel1. M?,ADshiftsrighttoAD22. M?anticipated,expectedpricelevel?toP2,ASshiftsintoAS23. Goto2:Yunchanged,P?bymore5?:1. Rationalexpectations2. Wagesandpriceshaverigidity:don’tadjustfullytochangesinexpectedpricelevelImplications:1. UnanticipatedpolicyhaslargereffectonYthananticipatedpolicy2. Policyineffectivenessdoesnothold: AnticipatedpolicydoesaffectY3. Doesnotruleoutbeneficialeffectfromactivistpolicy4. However,effectsofpolicyareaffectedbyexpectations:designingpolicyistough?. M?,ADshiftsouttoAD22. Panel(a):M?unanticipated,ASstaysatAS1;;gotoU,Y?P?3. Panel(b):M?anticipated,ASshiftstoASA(notallthewaytoAS2);gotoA,Y?bylessthaninpanel(a),P?bymore7?:TheThreeModels??-5:ResponsetoExpansionaryPolicyintheThreeModelsM?,ADshiftsouttoAD2TraditionalModel(a)1. ASstaysatAS1whetherM?anticipatedornot;goto1',Y?P?NewClassicalModel(b)1. M?unanticipated,ASstaysatAS1;goto1',Y?,P?2. M?anticipated,AStoAS2;goto2,Yunchanged,P?bymoreNewKeynesianModel(c)1. M?unanticipated,ASstaysatAS1;goto1',Y?P?2. M?anticipated,AStoAS2;goto2',Y?byless,P?bymore10?2005PearsonEducationCanadaInc.