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1、,Chapter 23,The Keynesian Framework and the ISLM Model, 2005 Pearson Education Canada Inc.,Determination of Output,Keynesian ISLM Model assumes price level is fixed Aggregate Demand Yad = C + I + G + NX Equilibrium Y = Yad Consumption Function C = a + (mpc YD) Investment 1.Fixed investment 2.Invento
2、ry investment Only planned investment is included in Yad, 2005 Pearson Education Canada Inc.,2,Consumption Function, 2005 Pearson Education Canada Inc.,3,Keynesian Cross Diagram,Assume G = 0, NX = 0, T = 0 Yad = C + I = 200 + .5Y + 300 = 500 + .5Y Equilibrium: 1.When Y Y*, Iu 0 Y to Y* 2.When Y Y*,
3、Iu 0 Y to Y*,4,Expenditure Multiplier,5, 2005 Pearson Education Canada Inc.,Analysis of Figure 3: Expenditure Multiplier,I = + 100 Y/I = 200/100 = 2 1 Y = (a + I) 1 mpc A = a + I = autonomous spending Conclusions: 1.Expenditure multiplier = Y/A = 1/(1 mpc)whether change in A is due to change in a or
4、 I 2.Animal spirits change A,6, 2005 Pearson Education Canada Inc.,The Great Depression and the Collapse of Investment,7, 2005 Pearson Education Canada Inc.,Role of Government,8, 2005 Pearson Education Canada Inc.,Analysis of Figure 23-5: Role of Government,G = + 400, T = + 400 1.With no G and T, Yd
5、 = C + I = 500 + mpc Y = 500 + .5Y, Y1 = 1000 2.With G, Y= C + I + G = 900 + .5Y, Y2 = 1800 3.With G and T, Yd = 900 + mpc Y mpc T = 700 + .5Y, Y3 = 1400 Conclusions: 1.G Y ; T Y 2.G = T = + 400, Y 400,9, 2005 Pearson Education Canada Inc.,Role of International Trade,NX = +100, Y/NX= 200/100 = 2 = 1
6、/(1 mpc) = 1/(1 .5),10, 2005 Pearson Education Canada Inc.,Summary: Factors that Affect Y,11, 2005 Pearson Education Canada Inc.,IS Curve,IS curve 1.i I NX , Yad , Y Points 1, 2, 3 in figure 2.Right of IS: Y Yad Y to IS Left of IS: Y Yad Y to IS, 2005 Pearson Education Canada Inc.,12,LM Curve,LM cur
7、ve 1.Y , Md , i Points 1, 2, 3 in figure 2.Right of LM: excess Md, i to LMLeft of LM : excess Ms, i to LM, 2005 Pearson Education Canada Inc.,13,ISLM Model,Point E, equilibrium where Y = Yad (IS) and Md = M s (LM ) At other points like A, B, C, D, one of two markets is not in equilibrium and arrows mark movement towards point E,14, 2005 Pearson Education Canada Inc.,
