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2

.
1)
;
) :
G =>
.
) :

(SAS)
( ),
.
)

(
).
,
=>
=> ,
/ .
)

(

Yd) Yd => C,
.
)
2:

( ),
=>
=>
=> .

1

,
.
)
=>
( MPC = 1 MPS)
2.


)
V M x V = P x Y,
( ),
().

V, V x M = P x Y
( P,Y )
)
,
s.
)
M => ,
( ) V
.
) .
, Ms => , Ms ,
( =
= )
3. ;
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,


2

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( ) ,

,
.

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,
.
,
,
.
, .
,

,
(nominal fiscal drag).
)

Ms
) ,
)
)
)
) ;
)
) ;
s/P => =>
=> => r => C, => AD => Y.

( Md/P = f (Y,r))
Y=> Md/P.
,
s/P.


. i)
, s/P => r =>
C, => AD, ,
.
,
, s/P => r => C, => AD => Y
,
, ro.
().
LM.
,
IS LM1,

, ,

,
.



) , ;
) ;
) ;
) , ;
) ;
)
=> Yd C ( C=C0 + MPC .Y).
H Y ( Y = C+I+G).
,
, ro.

() ( ).
IS. ro,
, ,
, ,
, ( ). , ,

( LM)
,
.

LM IS 1,
, . ,
, ,
.
(
). , ,
.
LM () . )

3)
,
,
G, T.
(crowding out),
.
,

s/P => r => C, => AD => Y.
LM
. ,
, .
LM ( IS-LM
LM),
(
). , IS-LM
LM, (


).

, , .
LM
LM. LM
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, , .. ( IS-LM
LM), (
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LM (.. ), .

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( ).
-
.

) (Ricardian equivalence proposition / theorem)



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.
=> s/P
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=> s/P
(
;
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)

(1) :

- : ( f, Po)
- Mo 1.
MDS MDS
: 1 (f, P1).
- , (
)
.
- : => (/P) => r => I, C => AD (MDS MDS) =>
(= f Y1) => P 1,

1).

- :
, : (M 1 / P1) = (M0 /P0) .
:
-
.
-
.
=>
(1/P1)

(M0 /P0), : (M1 / P1)

10

- , (r)
.
- ,
, .
- : ( ),

,
, , ,
.
- :

(
: Monetary Neutrality in the long-run).

) ( ) .

SRAS: ()
LRAS: ()
- : 1 (1,Po)
- (.. s/P) =>
MDS MDS.
(i)

11

( ).
: 0 (f, P0)
( MDS SRAS)
- : , P 0
=> Y f>Y0
=> To , Yf.

.
=> G
;
)
)
=> G
( ;
)
)

.

SRAS: ()

12

LRAS: ()
- : (f, Po)
- G => MDS
MDS.
(i)
( ).
: 1 (1, P0)
( MDS SRAS)
- : , P 0
=> Y 1<Yf
=> To , Y 1.
- (
).

(ii)
( , ).
: 2 (f, P2)
( MDS LRAS)
- : , Y f

- : P0, Y 1<Yf,
=>
P2,

2.
- (): (,
) .
- ,
,
.
- ,

13

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