高级宏观经济学课件Chapter-6.ppt
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1、Chapter 6 Microeconomic Foundations of Incomplete Nominal Adjustment周泳宏暨南大学经济学院 周泳宏introductiono The sluggish adjustment of nominal wages and prices is central to Keynesian models.o Investigating the microeconomic foundations of that sluggish adjustment is necessary for making the models fully speci
2、fiedo But simply introducing some departure from perfect markets is not enough to imply that nominal disturbances matter暨南大学经济学院 周泳宏o Any microeconomic basis for failure of the classical dichotomy requires some kind of nominal imperfectionn Classical Dichotomyo Monetary disturbances cause all nomina
3、l prices and wages to change,leaving the real equilibrium unchanged暨南大学经济学院 周泳宏o We examine three nominal imperfectionsnPart Ao Lucas(1972)and Phelps(1970)o The nominal imperfection is that producers do not observe the aggregate price levelnPart Bo Monetary shocks have real effects because not all p
4、rices or wages are adjusted simultaneouslynPart Co Small costs of changing nominal prices or wageso Other small friction in nominal adjustmentPart AThe Lucas Imperfect-Information Model暨南大学经济学院 周泳宏Introductiono When a producer observes a change in the price of his or her product,he or she does not k
5、now whether it reflects a change in the goods relative price or a change in the aggregate price leveln A change in the relative price alters the optimal amount to producen A change in the aggregate price level leaves optimal production unchanged暨南大学经济学院 周泳宏6.1 the case of perfect information(1)Produ
6、cer Behavioro Representative of a typical good inQi:the amount he or she producesnLi:the amount that the individual worksnCi:the individuals consumptionnP:the price of the market basket of goods an index of the prices of all goodsiiiiiQLPQCPThe individuals consumption equals his or her real income暨南
7、大学经济学院 周泳宏o Utility depends positively on consumption and negatively on the amount workedo P is given1iiiiPLULPiiLMaxU1,1iiiUCL11.iiPF OCLP11x LnXiilppThe individuals labor supply and production are increasing in the relative price of his or her product暨南大学经济学院 周泳宏(2)Demando The demand for a given g
8、ood is assumed to depend on three factors:real income,the goods relative price,and a random disturbance to preferenceso The demand for good i is:()iiiiiqyzppyqppy:the log aggregate real incomez:the shock to the demand.The zis have a mean of zero across goods.:the elasticity of demandy is assumed to
9、equal the average across goods of the qis and P is the average of the pis暨南大学经济学院 周泳宏o The aggregate demand side of the modelnThere are various interpretations of this equationnThere is an inverse relationship between the price level and outputnm should be thought of as a generic variable affecting
10、aggregate demand rather than as moneyymp暨南大学经济学院 周泳宏(3)Equilibriumo Demand per producer equal supply1()1iiiiiqlyzpppp11iipyzp0y011izippypympmpIn a case of perfect information,money is neutral:an increase in m leads to an increase in p.No real variables are affected暨南大学经济学院 周泳宏6.2 the case of imperfe
11、ct informationo Defining the relative price of good i by rio The individual does not observe ri,but must estimate it given the observation of piiippriirpp1111iiiiilpplE r pRational expectations the producer finds the expectation of ri given pi rationally暨南大学经济学院 周泳宏o Individuals problemnProve ito Th
12、e fraction of the departure of the pi from its mean that is estimated to be due to the departure of ri from its mean is()riiirpVE r ppE pVV iiiE r pp When two variables are jointly normally distributed,the expectation of one is a linear function of the observation of the otherrrpVVV暨南大学经济学院 周泳宏Lucas
13、 supply curve111()1()()iiiriirrpiiirpiilE r pVlpE pVVVE r ppE pVVlb pE p()11iirrpyqlb pE pVbVVLucas supply curve the departure of output from its normal level(which is zero)is an increasing function of the surprise in the price level暨南大学经济学院 周泳宏o Equilibrium1()()11()11bpmE pyb pE pbbbbympymE pbb ()m
14、E mmE m 111pE mmE mbbymE mbThe component of aggregate demand that is observed,E(m),affects only prices,but the component that is not observed,m-E(m),has real effects 1()11bE pE mE pE pE mbbTaking the expectations of both sides暨南大学经济学院 周泳宏The expression of b()(6.7):()()()y b p E piiiiiiqyzppqb pE pzp
15、p(6.20):()()iiilb pE pb ppb pE piiqliizppbiirpp 22116.26:11E mE ppmpE mmE mVE pE mVbb2izrzVVVarbb2211111rzrpzmVVbVVbVVb暨南大学经济学院 周泳宏The expression of bo b is increasing in Vz and decreasing in VmnThe special case:221(),11zzmVyb pE pbbVVbymp111zzmVbVV暨南大学经济学院 周泳宏6.3 Implications and Limitationso The P
16、hillips Curve and the Lucas CritiquenLucass model implies that unexpectedly high realizations of aggregate demand lead to both higher output and higher-than-expected pricesnThe model implies a positive association between output and inflation 111pE mmE mbbymE mb暨南大学经济学院 周泳宏An example11tttttmmcuE mmc
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