(精品)businesscycle2

单击此处编辑母版标题样式,单击此处编辑母版文本样式,第二级,第三级,第四级,第五级,*,Business cycle 2,Classical theories:the real business cycle,Edward,prescott,and Fin,kydland,The primary causes of BC are,the real shocks,such as the shocks that affect production,function,the,purchase of government,the saving decision of consumers.,Of which,the supply,shocks(or,shocks that change the productivity),are emphasized,Nominal shocks,Classical RBC theory,The recessionary impact of an adverse productivity shock,The expansionary impact of an beneficial productivity shock,RBC theory and BC facts,The recurrent fluctuations,The employment is,procyclical,Average labor productivity is,procyclical,Inflation is countercyclical or,procyclical,Fiscal policy shocks in the classical model,Money in the classical model,Is money neutral?,Money supply:a leading variable?,Reverse causation,Friedmans point:,1.Changes in the behavior of the money stock have been closely associated with changes in economic activity,nominal income,and prices.,2.The interrelation between monetary and economic change has been highly stable.,3.Monetary changes have often had an independent origin;they have not been simply a reflection of changes in economic activity.,The misperceptions theory and the,nonneutrality,of money,Nobel laureate Milton Friedman and Nobel laureate,Robert E.Lucas,the aggregate quantity of output supplied rises above the full-employment level,Y,when the aggregate price level,P,is higher than expected.Thus for any expected price level,