APS系列复习指导-经济、金融专业《宏观经济学》课程

《宏观经济学》课程思维导图

（一）国民总收入的衡量

GDP (gross domestic product).

What: A monetary measure of the market value of all the final goods and services produced in a period of time in a fixed country, often annually.

How: the sum of consumption, investment, government spending and net exports (X – M).  

Function: Y = C + I + G + NX.

C refers to consumption I refers to investment G refers to government purchase NX refers to net export(export  minus  import)

GNP (gross national product).

What: Gross national product (GNP) is an estimate of total value of all the final products and services turned out in a given period by the means of production owned by a country's residents.

How:

GNP is equal to GDP plus any income earned by residents from overseas investments, and minus income earned within the domestic by residents of other country..

For example,The value of the products created by a German company, which is located in china, should be introduced in china’s GDP while German’s GNP,but not in Chinese GNP

GDP VS. GNP.

What:

GDP defines production based on the geographical location of production.

GNP indicates the production based on location of ownership.

Which is better.

GDP is much easier to calculate. (The calculation of GNP is based on GDP).

GDP is more international.

（二）.Measurement of price level价格水平的衡量

1.GDP deflator  GDP平减指数：

Ratio of nominal GDP level to real GDP level in the same period:

一时期名义GDP水平与同一时期实际GDP水平的比率：

2.CPI (consumer price index)消费价格指数.

What: measures changes in the price level of  goods and services purchased by consumers.

CPI=market price of desired year/market price of base year.

Difference Between GDP Deflator and CPI

GDP deflators measure the prices of all products and services produced, while CPI only measures the products purchased by consumers

And the price of the service. Therefore, the price rise of products purchased by enterprises or governments will be reflected in the GDP deflator, but it does not

Reflected in CPI.

GDP 平减指数衡量所生产的所有产品与服务的价格，而 CPI 只衡量消费者购买的产品

与服务的价格。因此，企业或政府购买的产品价格上升将反映在 GDP 平减指数上，但并不

反映在 CPI 上。

GDP、GNP和CPI。

国内生产总值（国内生产总值）。

内容：对一段时间内（通常是每年）生产的所有最终产品和服务的市场价值的货币计量。

如何：消费、投资、政府支出和净出口之和（X–M）。

功能：Y=C+I+G+NX。

国民生产总值。

内容：国民生产总值（GNP）是对一国居民拥有的生产资料在一定时期内生产的所有最终产品和服务的总价值的估计。

怎样：

国民生产总值是一项经济统计数字，等于国内生产总值加上居民从海外投资赚取的任何收入，再减去海外居民在国内生产总值内赚取的收入。

位于中国的德国公司创造的产品价值应计入中国的GDP，而德国的GNP则应计入。

国内生产总值与国民生产总值。

什么：

GDP根据生产的地理位置定义生产。

GNP表示基于所有权位置的产量。

哪个更好。

GDP更容易计算。（国民生产总值的计算以国内生产总值为基础）。

GDP更国际化。

消费物价指数。

内容：衡量消费者购买的商品和服务价格水平的变化。

CPI=所需年份的市场价格/基准年份的市场价格。

What: Unemployment rate is the proportion of people in the workforce who are not working  but looking for work.

Type:

Frictional unemployment.

What: is the unemployment that results from time spent between jobs when a worker is searching for, or transitioning from one job to another.

Cause: the length of time needed to find the job.

Structural unemployment.

What: is a form of unemployment caused by a mismatch between the skills that workers in the economy can offer and the skills demanded of workers by employers.

Cause:New technology developing---requires fewer low-skilled workers, the demand of workers with the same or similar skills reduce.

Cyclical unemployment.

What: there is not enough aggregate supply in the economy to provide jobs for everyone who wants to work.

Cause: the lack of supply for jobs; economy recession.

How to deal with:

Positive Monetary policy: buy government bonds, decrease cash reserve ratio and re-discount rate.

Expansionary Fiscal policy: lowering interest rates, increase government investment, entice consumption and investment of individual and firms.

 失业

内容：失业率是指劳动力中没有工作但正在寻找工作的人的比例。类型：摩擦性失业。什么：失业是指工人在寻找工作或从一份工作过渡到另一份工作时，在两份工作之间花费的时间造成的失业。原因：找到工作所需的时间长度。结构性失业。什么：是一种失业形式，是由于经济中的工人所能提供的技能与雇主对工人所要求的技能不匹配造成的。原因：新技术的发展——需要更少的低技能工人，具有相同或类似技能的工人的需求减少。周期性失业。内容：经济总量不足以为每个想工作的人提供就业机会。原因：就业供给不足；经济衰退。如何处理：积极的货币政策：购买政府债券，降低现金储备率和再贴现率。扩张性财政政策：降低利率，增加政府投资，吸引个人和企业的消费和投资。

1.What: is a sustained increase in the general price level of goods and services in an economy over a period of time.

2.How to measure：

Where, π t represents the inflation rate in period t, Pt represents the price level in period t, and Pt-1 represents the price level in period (t-1).

3.Causes:

Demand-pull inflation.

When the overall demand for goods and services in an economy increases more rapidly than the economy's production capacity. It creates a demand-supply gap which higher demand and lower supply, which results in higher prices.

Cost-push inflation.

Is a result of increase in the prices of production process inputs. Examples include increase in wage to manufacture a good or offer a service, or increase in the cost of raw material. These lead to higher cost for the final goods or service, And lead to inflation.

Expected inflation.

As the price of goods and services rises, labor expects and demands more wages to maintain their cost of living. Their increased wages result in higher cost of goods and services. Finally, it will lead to inflation.

Solution: Increase supply and reduce demand.

4.Phillips Curve菲利普斯曲线: The Phillips Curve is a curve used to represent an alternative relationship between unemployment and inflation. Presented in 1958 by New Zealand statistician A.W. Phillips.

What: This curve shows that there is a reverse relationship between the unemployment rate and the inflation rate. A high unemployment rate indicates that the economy is in a recession, when wages and prices are low, and inflation is low. On the contrary, the low unemployment rate indicates that the economy is in a prosperous stage. At this time, wages and prices are high, and the inflation rate is high.

图形解释：

In the above figure, the horizontal axis U represents the unemployment rate, and the vertical axis G represents the inflation rate. The PC curve tilted to the lower right is the Phillips curve. This curve shows that when the unemployment rate is high (d), the inflation rate is low (b), and when the unemployment rate is low (c), the inflation rate is high (a).

通货膨胀。什么：一个经济体中商品和服务的总体价格水平在一段时间内持续上升。原因：需求拉动通货膨胀。当一个经济体中商品和服务的总体需求增长速度快于该经济体的生产能力时。成本推动型通货膨胀是生产过程投入价格上涨的结果。例如，制造商品或提供服务的工资增加，或原材料成本增加。这些导致最终商品或服务的成本上升，并导致通货膨胀。预期通货膨胀。随着商品和服务价格的上涨，劳动力期望并要求更多的工资来维持他们的生活成本。他们的工资上涨导致商品和服务成本上升。最后，这将导致通货膨胀。解决方案：增加供给，减少需求。菲利普斯曲线：菲利普斯曲线是用来表示失业和通货膨胀之间替代关系的曲线。1958年由新西兰统计学家A.W.菲利普斯提出。内容：这条曲线表明失业率和通货膨胀率之间存在反向关系。高失业率表明经济正在衰退，工资和价格都很低，通货膨胀率也很低。相反，低失业率表明经济正处于繁荣阶段。此时，工资和物价都很高，通货膨胀率也很高。上图中，横轴U代表失业率，纵轴G代表通货膨胀率。向右下方倾斜的PC曲线是菲利普斯曲线。这条曲线表明，当失业率高（d）时，通货膨胀率低（b），当失业率低（c）时，通货膨胀率高（a）。

（5. What influence the inflation bring?）

通货膨胀会带不少危害：

The higher the inflation rate, the lower the value of money people keep in the bank. The less goods a given nominal income can buy.

As for social impact, there are so-called sole costs and menu costs, that is, people are less and less inclined to hold cash, and businesses have to change prices frequently. These are costs.

通货膨胀率越高，人们在银行存的钱就会贬值。给定的名义收入所能购买的商品数量就越少。至于社会影响，有所谓的鞋底成本和菜单成本，即人们越来越不偏好持有现金、且商家也得频繁更改价格，这些都是成本。

Monetary policy.

What:Is the monetary authority （Central Bank）use monetary tools to controls the total amount of currency, so that they can adjust the social economy.

Type:

Positive monetary policy: Increases the total supply of money in the economy more rapidly than usual.

Usage：Combat unemployment in a recession by lowering interest rates in the hope that easy credit will entice businesses into expanding.

Tighten Monetary policy: Expands the money supply more slowly than usual or even shrinks it.

Usage: To slow inflation in order to avoid the deterioration(恶化) of asset value.

When a central bank conducts monetary policy, there are three monetary policy tools that can be use:

Tools:

Open market operation: is an activity by a central bank to control the total money supply. The central bank can either buy or sell government bonds in the open market.

Increase/Decrease the money supply: buy/sell government bonds.

Legal Cash reserve ratio: Cash reserve ratio is a central bank regulation, that sets the minimum amount of reserves that must be held by a commercial bank.

Increase/Decrease the money supply: decrease/increase cash reserve ratio.

Why: In order to maintain the bank’s liquidity, to prepare customers for withdrawals, to ensure the normal payment of financial institutions to customers.

Re-discount rate: is the rate of interest which a central bank charges on the loans and advances to a commercial bank. Whenever a bank has a shortage of funds, they can borrow from the central bank based on the monetary policy of the country.

Increase/Decrease the money supply: decrease/increase rediscount rate.

Why: As a country's benchmark interest rate, it affects the national interest rate level. Its change affects the change of other interest rates. 

（Fiscal policy.）

What: is the use of government taxes and expenditure to influence the economy.

Expansionary fiscal policy: It appears during recessions. The purpose of it is stimulate consumption and encourage economy development. It includes reduce the tax rate, people have more money to buy things; and increase the public expenditure, the government will buy products or services provided by the companies or individuals to increase their income.

Tighten fiscal policy: It appears in the overheating period. The purpose of it is inhibit consumption and stress the inflation. On contrary to expansionary fiscal policy, it includes increase the tax rate. People have less money to buy things; and decrease the public expenditure.

Difference: Fiscal policy can be distinguished from monetary policy, in which fiscal policy deals with taxation and government spending and is often administered by an executive under laws of legislature. Whereas monetary policy deals with the money supply and interest rates and is often administered by a central bank.

（基础货币、货币乘数和货币供给Base money, Money multiplier and Money supply）

Base currency 基础货币

Including the sum of deposit reserves deposited by commercial banks in the Central Bank and cash held by residents.

Base currency=statutory reserve+excess reserve+cash on hand of the banking system+cash held by residents

Currency multiplier 货币乘数

Reflect the multiple relationship between the money supply and the base currency. The complete calculation formula of the money multiplier is:

k=(Rc+1)/(Rd+Re+Rc)。 Among them, Rd, Re and Rc represent the statutory reserve ratio, excess reserve ratio and cash in deposit respectively

Ratio in.

The basic calculation formula of money multiplier is: money supply/base currency. Money supply is equal to the sum of currency and demand deposits;

The base currency is the sum of currency and reserves.

基础货币

包括商业银行存入中央银行的存款准备金与居民所持有的现金之和。

基础货币=法定准备金+超额准备金+银行系统的库存现金+居民手持现金

货币乘数

反映货币供应量和基础货币间的倍数关系 , 完 整 的 货 币 乘 数 的 计算公式是：

k=(Rc+1)/(Rd+Re+Rc)。其中 Rd、Re、Rc 分别代表法定准备金率、超额准备率和现金在存款

中的比率。

超额准备率是指保证存款支付和资金清算的货币资金占存款总额的比率。

货币乘数的基本计算公式是：货币供给/基础货币。货币供给等于通货和活期存款的总和；

基础货币等于通货和准备金的总和。

As we all know, there is a certain relationship between the commodity market and the money market, so macroeconomic focuses on the balance between the two markets

我们都知道，商品市场和货币市场存在着某种关系，所以宏观经济重点关注这两个市场的平衡关系

IS-LM Model：

The IS-LM model is an important tool for macroeconomic analysis and is a theoretical structure that describes the interrelationship between product markets and money markets. In the product market, national income is determined by the total expenditure C, investment I, government expenditure G and net export XM, and the total demand, especially the investment demand, is affected by interest rate r, and the interest rate is determined by The market supply and demand of money market that is, the money market will affect the product market

On the other hand, the national income determined in the product market will affect the money demand and thus affect the interest rate. This is the impact of the product market on the money market. It can be seen that the product market and the money market are interrelated and interactive. Income and interest rates can only be determined in this interaction and interaction.

IS curve - interest rate and income level curve

The IS curve shows the negative correlation between the interest rate generated in the product and service markets and the income level.

The reason why interest rate has become an important factor affecting the market equilibrium of products and services is that interest rate is the borrowing cost of planned investment and financing. That is to say, the change of interest rate will affect the planned investment

The change of the total expenditure, thus changing the balanced output.

IS curve derivation:

I=S is another expression of the equilibrium condition of the product and service market, investment equals savings

IS曲线的推导：

I=S 看成产品和服务市场均衡条件的另一种表述，投资等于储蓄

IS曲线——利率和储蓄曲线

IS 曲线画出了产品与服务市场上产生的利率与收入水平之间的负相关关系。

利率之所以成为影响产品与服务市场均衡的重要因素，是因为利率是计划投资融资的借贷成本。也就是说利率的变动将影响计划投资的变动，进而造成总支出的移动，从而改变均衡产出。

MPC边际消费倾向：

LM曲线及其推导：

（1）理论基础——流动性偏好

Keynes believed that the interest rate was determined by the equilibrium of the money market. The total supply of money is exogenous, and its size has nothing to do with interest rates.

Only the total demand for money is endogenous. This is clearly a macro perspective.

Because giving up a part of the money in hand is equivalent to losing a certain amount of flexibility, Keynes regarded the interest rate as the cost of losing a certain amount of money (liquidity), or the cost that must be paid to obtain a certain amount of money.

凯恩斯认为利率由货币市场的均衡来决定。货币的总供给是外生的，其大小与利率无关。

只有货币的总需求是内生的。这显然是宏观的观点。

由于放弃一部分手中的货币就等于丧失了一定的灵活性，所以，凯恩斯把利率看作失去一定量货币（流动性性）而获得的代价，或者为得到一定量货币所必须支付的代价。

（2）Liquidity Trap流动性陷阱

"Liquidity Trap" ("Keynesian Trap")

When the interest rate drops to the socially recognized level, people think that the bond price will reach the highest, so they all throw out their hands

And holding money. At this time, no matter how much money there is, people are willing to hold it in their hands. At this time, the demand for money becomes

extremely.

This situation is called "liquidity trap"

“流动性陷阱”（“凯恩斯陷阱”）

当利率下降到社会公认的水平时，人们认为债券价格将会达到最高，于是，全部抛出手中

的债券而持有货币。这时，无论有多少货币，人们都愿意拿在手中。这时的货币需求变得

极大。

这种情况就是“流动性陷阱”

（3）LM曲线及其推导LM Curve and its derivation

Ø The LM curve is the track chart of all r and Y combinations that balance the supply and demand of the actual currency balance

Ø M/P=L1(Y)+L2(r), where M is the nominal amount of money, P is the price level, M/P is the actual amount of money, Y is the total output, r is the interest rate, and L is the money demand.

M/P is usually regarded as a fixed value determined by the central bank. The interest rate and the amount of money are inversely related, and the income and the amount of money are positively related, resulting in a straight line with the income Y and the interest rate r, and the slope is positive.

The size is determined by the sensitivity of the actual amount of money to interest rate and income, and the position is determined by the actual amount of money.

LM 曲线是使得实际货币余额供求平衡的所有 r 和 Y 组合的轨迹图 。

Money balance market refers to people's demand and supply of real money. This involves the liquidity preference theory.

Changes of LM Curve

Interest rate is the opportunity cost of holding money.

When the income volume remains unchanged, thus the demand curve of the real money balance remains unchanged, the decrease of the supply of the real money balance leads to the money market

The interest rate of the market equilibrium rises. Therefore, the decrease of the actual currency balance makes the LM curve move upward.

货币平衡市场是指人们对真实货币的需求和供给。这涉及到流动性偏好理论。

利率是持有资金的机会成本。

当收入量保持不变，从而实际货币余额的需求曲线保持不变时，实际货币余额供给的减少导致货币市场。市场均衡的利率上升。因此，实际货币余额的减少使LM曲线向上移动。

Moving IS-LM to the same map, the intersection of the two reflects the interest rate level and income level of the product market and the money market while achieving equilibrium, which is very meaningful for analyzing macroeconomic issues.

IS-LM模型是宏观经济分析的一个重要工具，是描述产品市场和货币市场之间相互联系的理论结构。在产品市场上，国民收入决定于消费C、投资I、政府支出G和净出口X-M加合起来的总支出或者说总需求水平，而总需求尤其是投资需求要受到利率r影响，利率则由货币市场供求情况决定，就是说，货币市场要影响产品市场;

另一方面，产品市场上所决定的国民收入又会影响货币需求，从而影响利率，这又是产品市场对货币市场的影响，可见，产品市场和货币市场是相互联系的，相互作用的，而收入和利率也只有在这种相互联系，相互作用中才能决定.

描述和分析这两个市场相互联系的理论结构，就称为IS-LM.

该模型要求同时达到下面的两个条件:

(1)I(r)=S(Y) 即IS, Investment - Saving

(2) M/P=L1(Y)+L2(r) 即LM，Liquidity preference - Money Supply

其中，I为投资，S为储蓄，M为名义货币量，P为物价水平，M/P为实际货币量，Y为总产出，r为利率。两条曲线交点处表示产品市场和货币市场同时达到均衡。

IS-LM模型是宏观经济分析的一个重要工具，是描述产品市场和货币市场之间相互联系的理论结构。IS模型是描述产品市场均衡的模型，根据封闭经济中的等式:Y(国民收入)=C(消费)+I(投资)+G(政府购买，经常被视为恒值)其中C=C(Y)，消费水平随收入正向变化;I=I(r)，r为利率

则可获得收入Y与利率r在产品市场均衡时的图像，斜率为负，斜率大小受投资与利率敏感度及投资乘数影响，曲线位置受自主性支出决定

LM曲线是描述货币市场均衡的模型，根据等式:

M/P=L1(Y)+L2(r)，其中，M为名义货币量，P为物价水平，M/P为实际货币量，Y为总产出，r为利率，L是货币需求。

通常将M/P视为由中央银行确定的定值，利率和货币量呈反向关系，而收入和货币量呈正向关系，从而得出一条收入Y与利率r，斜率为正的直线，斜率大小由实际货币量对利率和收入分别的敏感度决定，而位置由实际货币量决定。

将IS-LM移至同一图上，二者交点便反应了产品市场和货币市场同时达到均衡时的利率水平和收入水平，对于分析宏观经济问题很有意义。

一、假设

经济由一个部门组成，该部门生产一种既可用于投资也可用于消费的商品；

该经济为不存在国际贸易的封闭经济，且政府部门被忽略；

生产的规模报酬不变；

该经济的技术进步、人口增长及资本折旧的速度都由外生因素决定；

生产要素的边际收益递减；

社会储蓄函数 S=sY，s 为储蓄率。

二、没有技术进步的新古典增长模型

基本方程：

在没有技术进步的情况下，设生产函数为：

 Y=F(N，K)

根据生产规模报酬不变的假定，有：

 λ Y=F(λ N，λ K)

取λ=1/N，上式变为：

 Y/N=F(1，K/N)

为简便起见，假定全部人口都参与生产，那么上式说明，人均产量 Y / N 只依赖于人均资

本 K / N。

稳态   

生产要素投入量

如果 sf(k) ＞(n+δ) k，sf(k)大于资本广化所需的投资，则资本存量的变化量为正数，资本

存量增加；

如果 sf(k) ＜(n+δ) k，sf(k)小于资本广化所需的投资，则资本存量的变化量为负数，资本

存量减少；

如果 sf(k) = (n+δ)k，即投资量等于资本广化所需的投资量，或临界投资，资本存量保持

不变。

名义GDP、实际GDP

名义 GDP 是用生产产品和服务的当年价格计算的全部最终产品和服务的市场价值。

实际 GDP 是选定某一时期作为基期，然后以基期价格核算出的某年所生产的全部最终产品

和服务的市场价值。

Nominal GDP is the market value of all final products and services calculated using the prices of products and services produced in the current year.

Real GDP refers to all the final products produced in a certain year that are calculated at the price of the base period after a certain period is selected as the base period

And the market value of services.

GDP平减指数GDP deflator：

Ratio of nominal GDP level to real GDP level in the same period:

一时期名义GDP水平与同一时期实际GDP水平的比率：