【PPT精品课件】货币金融学7版英文课件--ch28-大学课.ppt

【PPT精品课件】货币金融学7版英文课件--ch28-大学课
Summary: The Three Models
© 2005 Pearson Education Canada Inc.
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Response to Expa【PPT精品课件】货币金融学7版英文课件--ch28-大学课
Summary: The Three Models
© 2005 Pearson Education Canada Inc.
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Response to Expansionary Policy in the Three Models
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© 2005 Pearson Education Canada Inc.
Analysis of Figure 28-5: Response to Expansionary Policy in the Three Models
M , AD shifts out to AD2
Traditional Model (a)
1. AS stays at AS1 whether M  anticipated or not; go to 1', Y  P 
New Classical Model (b)
1. M  unanticipated, AS stays at AS1; go to 1', Y , P 
2. M  anticipated, AS to AS2; go to 2, Y unchanged, P  by more
New Keynesian Model (c)
1. M  unanticipated, AS stays at AS1; go to 1', Y  P 
2. M  anticipated, AS to AS2; go to 2', Y  by less, P  by more
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© 2005 Pearson Education Canada Inc.
Anti-Inflation Policy in the Three Models
© 2005 Pearson Education Canada Inc.
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Analysis of Figure 28-6: Anti-Inflation Policy in the Three Models
1. Ongoing , so moving from AD1 to AD2, AS1 to AS2, point 1 to 2
2. Anti- policy, AD kept at AD1
Traditional Model (a)
1. AS to AS2 whether policy anticipated or not; go to 2', Y ,  
New Classical Model (b)
1. Unanticipated: AS to AS2; go to 2', Y ,  
2. Anticipated: AS stays at AS1; stay at 1, Y unchanged,   to zero
New Keynesian Model (c)
1. Unanticipated: AS to AS2; go to 2', Y ,  
2. Anticipated: AS to AS2''; go to 2'', Y  by less,   by more
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© 2005 Pearson Education Canada Inc.
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