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Tema_3_Model_rynka_tovarov_i_uslug.pptx

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МАКРОЭКОНОМИКА ТЕМА 3. МОДЕЛЬ РЫНКА ТОВАРОВ И УСЛУГ (КЕЙНСИАНСКИЙ КРЕСТ) МАКРОЭКОНОМИКА ТЕМА 3. МОДЕЛЬ РЫНКА ТОВАРОВ И УСЛУГ (КЕЙНСИАНСКИЙ КРЕСТ)

Модель циркулирующих потоков РЫНОК ТОВАРОВ И УСЛУГ C E=C+I+G I G Tx Tr ГОСУДАРСТВО Модель циркулирующих потоков РЫНОК ТОВАРОВ И УСЛУГ C E=C+I+G I G Tx Tr ГОСУДАРСТВО Гос. займ ДОМОХОЗЯЙСТВА S Y ФИНАНСОВЫЙ РЫНОК ЭКОНОМИЧЕСКИХ РЕСУРСОВ ФИРМЫ Инвест. ресурсы Издержки

Схема построения модели ОЭР Keynesian Cross IS curve Theory of Liquidity Preference LM curve Схема построения модели ОЭР Keynesian Cross IS curve Theory of Liquidity Preference LM curve Labor market Explanation of very short-run fluctuations IS-LM model Agg. Demand (AD) curve Agg. Supply (AS) curve Explanation of very short-run and sortrun fluctuations Model of AD -AS

The Keynesian Cross A simple closed economy model in which income is determined by The Keynesian Cross A simple closed economy model in which income is determined by expenditure. (due to J. M. Keynes) Notation: I = planned investment E = C + I + G = planned expenditure Y = real GDP = actual expenditure Difference between actual & planned expenditure = unplanned inventory investment

Elements of the Keynesian Cross consumption function: govt policy variables: for now, planned investment Elements of the Keynesian Cross consumption function: govt policy variables: for now, planned investment is exogenous: planned expenditure: equilibrium condition: actual expenditure = planned expenditure

Graphing planned expenditure E =C +I +G 1 MPC income, output, Y Graphing planned expenditure E =C +I +G 1 MPC income, output, Y

Graphing the equilibrium condition E planned expenditure E =Y 45º income, output, Y Graphing the equilibrium condition E planned expenditure E =Y 45º income, output, Y

The equilibrium value of income E planned expenditure E =Y E =C +I +G The equilibrium value of income E planned expenditure E =Y E =C +I +G income, output, Y Equilibrium income

An increase in government purchases = E E At Y 1, there is now An increase in government purchases = E E At Y 1, there is now an unplanned drop in inventory… Y E = C + I + G 2 E = C + I + G 1 G …so firms increase output, and income rises toward a new equilibrium. Y E 1 = Y 1 Y E 2 = Y 2

Solving for Y equilibrium condition in changes because I exogenous because C = MPC Solving for Y equilibrium condition in changes because I exogenous because C = MPC Y Collect terms with Y on the left side of the equals sign: Solve for Y :

The government purchases multiplier Definition: the increase in income resulting from a $1 increase The government purchases multiplier Definition: the increase in income resulting from a $1 increase in G. In this model, the govt purchases multiplier equals Example: If MPC = 0. 8, then An increase in G causes income to increase 5 times as much!

Why the multiplier is greater than 1 Initially, the increase in G causes an Why the multiplier is greater than 1 Initially, the increase in G causes an equal increase in Y: Y = G. But Y C further Y further C further Y So the final impact on income is much bigger than the initial G.

An increase in taxes = E Initially, the tax increase reduces consumption, and therefore An increase in taxes = E Initially, the tax increase reduces consumption, and therefore E: E E =C +I +G 1 E =C 2 +I +G At Y 1, there is now an unplanned inventory buildup… C = MPC T …so firms reduce output, and income falls toward a new E 2 = Y 2 equilibrium Y Y Y E 1 = Y 1

Solving for Y eq’m condition in changes I and G exogenous Solving for Y Solving for Y eq’m condition in changes I and G exogenous Solving for Y : Final result:

The tax multiplier def: the change in income resulting from a $1 increase in The tax multiplier def: the change in income resulting from a $1 increase in T : If MPC = 0. 8, then the tax multiplier equals

The tax multiplier …is negative: A tax increase reduces C, which reduces income. …is The tax multiplier …is negative: A tax increase reduces C, which reduces income. …is greater than one (in absolute value): A change in taxes has a multiplier effect on income. …is smaller than the govt spending multiplier: Consumers save the fraction (1 – MPC) of a tax cut, so the initial boost in spending from a tax cut is smaller than from an equal increase in G.