曼昆宏观经济学第19章课件概要1.pptVIP

* * Figure 19-2 on p.561. (For any value of N, the height of the red line equals the height of the blue line plus the height of the green line at that N.) This slide shows the graphical derivation of N*. The following slide uses basic calculus to derive an expression for N*. It is “hidden” and can be omitted without loss of continuity. If you display it, then before leaving this slide you might point out that the slope of the cost function (red line) equals zero at N*. * This slide uses calculus to derive N*. Since the textbook does not assume a calculus background, I have “hidden” this slide – it will not display in Slideshow/Presentation mode. If you wish to include it in your presentation, click on the Slide Show drop-down menu, and unselect “Hide Slide.” * If you did not show your students the slide with the calculus derivation of the expression for N*, then you can just say “it turns out that N* is equal to this expression….” * See pp.561-562 for a very nice discussion of things that alter F, and hence money demand: automatic teller machines internet banking wages (higher wages increase the opportunity cost of time spent visiting the bank) bank or brokerage fees Answer: (From p.562) “The spread of automatic teller machines reduces F by reducing the time it takes to withdraw money.” Lower F increases N* and decreases money demand - you can see this from the expressions N* and money demand. A decrease in the cost of withdrawing money allows consumers to hold lower real money balances relative to their spending, so they can keep more of their money in interest-bearing bank accounts. Of course, they will need to make more trips to the bank now, but doing so is less costly. * * * * * In all 3 scenarios, remind your students to keep in mind that M = C + D. * * * * * Maybe the borrower deposits the $800 in the bank. Or maybe the borrower uses the money to buy something from someone else, who then deposits it in the bank. In either case, the