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1、MoneyandBusinessCyclesI:ThePrice-MisperceptionsModelChapter151MacroeconomicsChapter15EffectsofMoneyintheEquilibriumBusiness-CycleModelInourequilibriumbusiness-cyclemodel：realquantityofmoneydemanded,L(Y,i).Monetaryshocks=>noeffectsonrealeconomytechnologyshocks2MacroeconomicsCha
2、pter15EffectsofMoneyintheEquilibriumBusiness-CycleModelIfMdoesnotrespondtochangesintherealquantitydemanded,PwillmoveinthedirectionoppositetothechangeinL(Y,i).ThemodelpredictsthatPwouldbecountercyclical—lowinboomsandhighinrecessions.3MacroeconomicsChapter15EffectsofMoneyintheEq
3、uilibriumBusiness-CycleModelIfthemonetaryauthoritywantstostabilizethepricelevel,P,itshouldadjustthenominalquantityofmoney,M,tobalancethechangesintherealquantitydemanded,L(Y,i).Inthiscase,Mwillbeprocyclical.4MacroeconomicsChapter15ThePrice-MisperceptionsModelTheprice-mispercept
4、ionsmodelprovidesapossibleexplanationforthenon-neutralityofmoney.Empiricalevidencesuggeststhatmoneyisnotasneutralaspredictedbyourequilibriumbusiness-cyclemodel.Householdssometimesmisinterpretchangesinnominalpricesandwageratesaschangesinrelativepricesandrealwagerates.5Macroecon
5、omicsChapter15ThePrice-MisperceptionsModelAModelwithNon-NeutralEffectsofMoneytheimportantdifferencefrombeforeisthathouseholdshaveincompletecurrentinformationaboutpricesintheeconomy.6MacroeconomicsChapter15ThePrice-MisperceptionsModel7MacroeconomicsChapter15ThePrice-Mispercepti
6、onsModelThepricelevel,P,therelevantvariableisthepriceofamarketbasketofgoods.Thesegoodswillbepurchasedfrommanylocationsatvarioustimes.Therefore,aworkerwilltypicallylackgoodcurrentinformationaboutsomeoftheseprices.denotebyPethepricethataworkerexpectstopayforamarketbasketofgoods.
7、8MacroeconomicsChapter15ThePrice-MisperceptionsModelTheeffectsfromanincreaseinthenominalquantityofmoneywhathappenswhenworkersdonotunderstandthatanincreaseinthenominalwagerate,w,stemsfromamonetaryexpansionthatinflatesallnominalvalues,includingthepricelevel,P.9MacroeconomicsChap
8、ter15ThePrice-MisperceptionsModelEachworkermaythinkinsteadtha
