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1、AGGREGATE SUPPLY AND AGGREGATE DEMAND,Objectives,總供給 aggregate supply 總體經濟的長期、短期 總需求 aggregate demand 總體經濟的均衡macroeconomic equilibrium 經濟成長、通貨膨脹與產出水準的關係 economic growth, inflation, 景氣循環的產生 business cycles,Production and Prices,What forces bring persistent and rapid expansion of real GDP? What causes
2、 inflation? Why do we have business cycles? How do policy actions by the government and the Federal Reserve affect output and prices?,總供給 Aggregate Supply,總供給(生產)成長的速度受 : 勞動 The quantity of labor (L ) 資本 The quantity of capital (K ) 技術 The state of technology (T )影響 The aggregate production function
3、 shows how quantity of real GDP supplied, Y, depends on labor, capital, and technology.,Aggregate Supply,The aggregate production function is written as the equation: Y = F(L, K, T ).The larger is L, K, or T, the greater is Y.,勞動的數量受實質工資影響,At any given time, the quantity of capital and the state of
4、technology are fixed but the quantity of labor can vary. The higher the real wage rate, the smaller is the quantity of labor demanded and the greater is the quantity of labor supplied. The wage rate that makes the quantity of labor demanded equal to the quantity supplied is the equilibrium wage rate
5、 and at that wage the level of employment is the natural rate of unemployment.,Unemployment and Full Employment,the labor market flows between the different states.,Long-Run short-Run Aggregate Supply,總體經濟供給的長短期區別在於: 勞動 The quantity of labor (L ) 資本 The quantity of capital (K ) 技術 The state of techn
6、ology (T ) 是否能改變,Long-Run short-Run Aggregate Supply,Long-Run Aggregate Supply The macroeconomic long run is a time frame that is sufficiently long for all adjustments to be made so that real GDP equals potential GDP and there is full employment. The long-run aggregate supply curve (LAS) is the rela
7、tionship between the quantity of real GDP supplied and the price level when real GDP equals potential GDP. potential GDP: 充分就業時的產出水準,Long-Run Aggregate Supply,The LAS curve is vertical because potential GDP is independent of the price level. 充分就業時的產出水準不受價格水準的影響,Long-Run Aggregate Supply,Along the LA
8、S curve relative prices and the real wage rate remain constant 相對價格與實質工資不變 GDP at the full employment level,Short-Run Aggregate Supply,The macroeconomic short run is a period during which real GDP has fallen below or risen above potential GDP. 短期間GDP可以偏離充分就業時的產出水準 At the same time, the unemployment
9、rate has risen above or fallen below the natural unemployment rate. The short-run aggregate supply curve (SAS) is the relationship between the quantity of real GDP supplied and the price level in the short run when the money wage rate, the prices of other resources, and potential GDP remain constant
10、.,Short-Run Aggregate Supply,Along the SAS curve, rise in the price level with no change in the money wage rate and other input prices increases the quantity of real GDP suppliedthe SAS curve is upward sloping. 短期間名目工資和要素價格,相對於產品(一般物價水準),來不及變動 例如工資每年調整1次,The SAS curve is upward sloping,a rise in the
11、 price level with no change in costs induces firms to bear a higher marginal cost and increase production; 產品(一般物價水準)上升而名目工資和要素價格來不及變動相當於實質工資下降使供給者能承受較高的名目工資及增加生產and a fall in the price level with no change in costs induces firms to decrease production to lower marginal cost.,The SAS curve,Along the
12、 SAS curve, real GDP might be above potential GDP or below potential GDP. GDP & price level can vary, but input prices stay unchanged.,Movement along the LAS Curves,A change in the price level with an equal percentage change in the money wage rate causes a movement along the LAS curve.,Movement alon
13、g the SAS Curves,A change in the price level with no change in the money wage rate causes a movement along the SAS curve. 沒有名目工資配合上升的物價波動幅度不及 有名目工資配合上升的物價波動幅度,SAS LAS的價與量,SAS curve:產品(一般物價水準)上升而名目工資和要素價格來不及變動 但GDP會因相對價格的原因短暫衝高或滑落 LAS curve:產品(一般物價水準)上升而名目工資和要素價格等量變動 但GDP不會偏離充分就業時的產出水準,總體的價與量,一般物價水準易
14、因需求而快速改變 但名目工資和要素價格來不及變動總產量GDP會因相對價格的原因短暫衝高或滑落 但充分就業時的產出水準只會因充分就業勞動 資本 技術 而改變,Changes in Aggregate Supply,When potential GDP increases, both the LAS and SAS curves shift rightward. 充分就業時的產出水準因充分就業勞動 資本 技術 而改變時LAS and SAS curves以相同幅度改變,Potential GDP changes, for three reasons:,Change in the full-empl
15、oyment quantity of laborChange in the quantity of capital (physical or human)Advance in technology,Aggregate Supply increases,當充分就業時的產出水準因充分就業勞動 資本 技術 而改變時LAS and SAS curves以相同幅度改變,money wage rate & aggregate supply,A rise in the money wage rate decreases short-run aggregate supply and shifts the SA
16、S curve leftward. 名目工資上升使SAS 左移 物價上升 但總供給不變,Aggregate Demand,The quantity of real GDP demanded, Y, is the total amount of final goods and services produced in a country that people, businesses, governments, and foreigners plan to buy. This quantity is the sum of consumption expenditures, C, investment, I, government purchases, G, and net exports, X M. That is: Y = C + I + G + X M,Aggregate Demand,Buying plans depend on many factors and some of the main ones are:The price levelExpectationsFiscal and monetary policyThe world economy,
