经济学问题(英语)清用英语回答,高分悬赏

Question

What are three reasons why the aggregate-demand curve slopes downward? Explain each of them.
我要用英语回答，不是翻译问题....
303906853同学，你的答案是自己写的还是复制粘贴的？

Answer 1

The first reason for the downward slope of the aggregate demand curve is Pigou's wealth effect. Recall that the nominal value of money is fixed, but the real value is dependent upon the price level. This is because for a given amount of money, a lower price level provides more purchasing power per unit of currency. When the price level falls, consumers are wealthier, a condition which induces more consumer spending. Thus, a drop in the price level induces consumers to spend more, thereby increasing the aggregate demand.

The second reason for the downward slope of the aggregate demand curve is Keynes's interest-rate effect. Recall that the quantity of money demanded is dependent upon the price level. That is, a high price level means that it takes a relatively large amount of currency to make purchases. Thus, consumers demand large quantities of currency when the price level is high. When the price level is low, consumers demand a relatively small amount of currency because it takes a relatively small amount of currency to make purchases. Thus, consumers keep larger amounts of currency in the bank. As the amount of currency in banks increases, the supply of loans increases. As the supply of loans increases, the cost of loans--that is, the interest rate--decreases. Thus, a low price level induces consumers to save, which in turn drives down the interest rate. A low interest rate increases the demand for investment as the cost of investment falls with the interest rate. Thus, a drop in the price level decreases the interest rate, which increases the demand for investment and thereby increases aggregate demand.

The third reason for the downward slope of the aggregate demand curve is Mundell-Fleming's exchange-rate effect. Recall that as the price level falls the interest rate also tends to fall. When the domestic interest rate is low relative to interest rates available in foreign countries, domestic investors tend to invest in foreign countries where return on investments is higher. As domestic currency flows to foreign countries, the real exchange rate decreases because the international supply of dollars increases. A decrease in the real exchange rate has the effect of increasing net exports because domestic goods and services are relatively cheaper. Finally, an increase in net exports increases aggregate demand, as net exports is a component of aggregate demand. Thus, as the price level drops, interest rates fall, domestic investment in foreign countries increases, the real exchange rate depreciates, net exports increases, and aggregate demand increases.

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书上的结论，网上也有很多的哈~~

我自己汉语恐怕都总结不出来

Answer 2

Three explanations for the negative slope are:
1. Interest rate effect
2. Real balance effect
3. Foreign purchases effect

Aggregate demand (AD) is a curve showing the total amount of goods and services (real GDP) that will be purchased at different price levels.

1. Interest rate effect:
As price level (P) rises, the real money supply (=nominal money supply/P) falls. This leads to an increase in interest rate. As interest rate rises, investment spending falls because of the increased cost of borrowing to finance investment. As investment falls, aggregate expenditure (AE) falls, in turn leading to a fall in real GDP (or Y). (Hence we see as P increases, Y decreases.)

Try picturing this in terms of the IS-LM model too. The fall in the real money supply, which leads to an increase in interest rate, causes the LM curve to shift leftwards. Along an unchanged downward sloping IS curve, this results in a fall in equilibrium real GDP because of an upward movement** along the IS curve (**we say upward movement because as interest rate rises, investment spending falls, AE falls and hence real GDP falls). This confirms our conclusion that a rise in P leads to a fall in real GDP.

NOTE: The interest rate effect is by far the dominant reason for a downward sloping AD curve.

2. Real balance effect (also known as real wealth effect or real money balances effect):
It operates through consumption. As price level rises, purchasing power of money balances falls. As our real wealth falls, we will cut back on our consumption spending; hence autonomous consumption (Co) falls. This results in a decrease in AE and hence a decrease in real GDP.

We can also picture this in terms of the IS-LM model. The fall in AE leading to a decrease in real GDP occurs at an assumed unchanged interest rate. This shifts the IS curve leftwards from IS(0) to IS(1). With an unchanged upward sloping LM curve, the fall in real GDP lowers transactions demand for money and hence total money demand (which comprises both transactions demand and asset demand components). This in turn lowers interest rate (that is, a downward movement along the LM curve). As interest rate falls, we know that investment spending will rise and hence AE and real GDP will rise (that is, a downward movement along IS(1)). [Of course, this rise in real GDP is not enough to offset the original fall in real GDP because to the downward sloping nature of the LM curve.] This ensures attainment towards simultaneous equilibrium in money market and output market. Overall, we trace that a rise in P leads to a fall in Co, AE, and hence Y.

3. Foreign purchases effect:
It is applicable only to open economies with foreign trade being introduced into our explanation. With an increase in domestic price level relative to those of trading partners, domestic consumers will spend less on domestically produced goods and services and more on imports (M). Also, foreigners will buy less of our exports (X). The increase in M and decrease in X (that is, a decrease in net exports) means a decrease in real GDP.

In terms of our IS-LM model, the decrease in net exports causes a fall in AE, a fall in real GDP and hence a leftward shift in the IS curve. With an unchanged LM curve, we notice an overall fall in both interest rate and real GDP (as we have explained in our "real balance effect"). It is conclusive that a rise in P leads to a fall in Y.

Answer 3

什么是累积需求曲线下滑的三个原因? 分别解释它们.

Answer 4

问的是为什么总需求曲线是向下倾斜的。这个是个基本问题啊，任何教科书上都有，找一本英文教科书不就有答案了。