{"id":1290,"date":"2024-05-26T19:33:15","date_gmt":"2024-05-26T11:33:15","guid":{"rendered":"https:\/\/swordofmorning.com\/?p=1290"},"modified":"2025-12-24T14:25:31","modified_gmt":"2025-12-24T06:25:31","slug":"pei-03","status":"publish","type":"post","link":"https:\/\/swordofmorning.com\/index.php\/2024\/05\/26\/pei-03\/","title":{"rendered":"\u53e4\u5178\u7406\u8bba\uff1a\u957f\u671f\u4e2d\u7684\u7ecf\u6d4e"},"content":{"rendered":"<p><center><strong>Political Economy Introduction 02\u300aMarcoeconomics\u300bChapter 2<\/strong><\/center><\/p>\n<p><div class=\"has-toc have-toc\"><\/div><\/p>\n<p>&emsp;&emsp;\u5728\u672c\u7bc7\u6587\u7ae0\u4e2d\uff0c\u6211\u4eec\u5c06\u8ba8\u8bba<strong>\u5f39\u6027\u4ef7\u683c<\/strong>\u4e0b\u7684\u957f\u671f\u7ecf\u6d4e\u5b66\u95ee\u9898\u3002<\/p>\n<p>&emsp;&emsp;\u5728\u7b2c\u4e00\u7ae0\u4e2d\uff0c\u6211\u4eec\u5c06\u4ecb\u7ecd\u56fd\u6c11\u6536\u5165\u7684\u53e4\u5178\u6a21\u578b\u3002\u5728\u8fd9\u4e2a\u6a21\u578b\u4e2d\uff0c\u751f\u4ea7\u8981\u7d20\u548c\u751f\u4ea7\u6280\u672f\u51b3\u5b9a\u4e86\u56fd\u6c11\u6536\u5165\uff0c\u8981\u7d20\u7684\u8fb9\u9645\u4ea7\u91cf\u51b3\u5b9a\u4e86\u6536\u5165\u5411\u5bb6\u5ead\u7684\u5206\u914d\u3002\u6b64\u5916\uff0c\u8be5\u6a21\u578b\u8bf4\u660e\u4e86\u8d22\u653f\u653f\u7b56\u5982\u4f55\u5f71\u54cd\u7ecf\u6d4e\u8d44\u6e90\u5728\u6d88\u8d39\u3001\u6295\u8d44\u548c\u653f\u5e9c\u8d2d\u4e70\u4e4b\u95f4\u7684\u914d\u7f6e\uff0c\u5e76\u7a81\u51fa\u4e86\u5b9e\u9645\u5229\u7387\u5982\u4f55\u4f7f\u4ea7\u54c1\u4e0e\u670d\u52a1\u7684\u4f9b\u7ed9\u548c\u9700\u6c42\u8fbe\u5230\u5747\u8861\u3002<\/p>\n<p>&emsp;&emsp;\u63a5\u4e0b\u6765\uff0c\u5728\u7b2c\u4e8c\u7ae0\u4e2d\uff0c\u6211\u4eec\u5c06\u8003\u5bdf\u8d27\u5e01\u548c\u4ef7\u683c\u6c34\u5e73\uff1b\u5728\u7b2c\u4e09\u7ae0\u4e2d\u6211\u4eec\u5c06\u8ba8\u8bba\u8d27\u5e01\u653f\u7b56\u7684\u5f71\u54cd\u3002\u7531\u4e8e\u4ef7\u683c\u88ab\u5047\u5b9a\u4e3a\u5f39\u6027\u7684\uff0c\u8be5\u7ae0\u4ecb\u7ecd\u53e4\u5178\u8d27\u5e01\u7406\u8bba\u7684\u601d\u60f3\uff1a\u8d27\u5e01\u6570\u91cf\u8bba\u3001\u901a\u8d27\u81a8\u80c0\u7a0e\u3001\u8d39\u96ea\u6548\u5e94\u3001\u901a\u8d27\u81a8\u80c0\u7684\u793e\u4f1a\u6210\u672c\u4ee5\u53ca\u6076\u6027\u901a\u8d27\u81a8\u80c0\u7684\u8d77\u56e0\u548c\u6210\u672c\u3002<\/p>\n<p>&emsp;&emsp;\u5728\u7b2c\u56db\u7ae0\u4e2d\uff0c\u6211\u4eec\u5b66\u4e60\u5f00\u653e\u7ecf\u6d4e\u7684\u5b8f\u89c2\u7ecf\u6d4e\u5b66\u3002\u8be5\u7ae0\u5728\u4fdd\u6301\u5145\u5206\u5c31\u4e1a\u5047\u8bbe\u7684\u6761\u4ef6\u4e0b\uff0c\u4ecb\u7ecd\u4e86\u89e3\u91ca\u8d38\u6613\u4f59\u989d\u548c\u6c47\u7387\u7684\u6a21\u578b\uff0c\u8ba8\u8bba\u4e86\u5404\u79cd\u653f\u7b56\u95ee\u9898\uff1a\u9884\u7b97\u8d64\u5b57\u4e0e\u8d38\u6613\u8d64\u5b57\u4e4b\u95f4\u7684\u5173\u7cfb\u3001\u8d38\u6613\u4fdd\u62a4\u4e3b\u4e49\u653f\u7b56\u7684\u5b8f\u89c2\u7ecf\u6d4e\u5f71\u54cd\u4ee5\u53ca\u8d27\u5e01\u653f\u7b56\u5bf9\u5916\u6c47\u5e02\u573a\u4e0a\u901a\u8d27\u4ef7\u503c\u7684\u5f71\u54cd\u3002<\/p>\n<p>&emsp;&emsp;\u5728\u7b2c\u4e94\u7ae0\u4e2d\uff0c\u653e\u5bbd\u4e86\u5145\u5206\u5c31\u4e1a\u7684\u5047\u8bf4\uff0c\u8ba8\u8bba\u52b3\u52a8\u5e02\u573a\u7684\u52a8\u6001\u5b66\u548c\u81ea\u7136\u5931\u4e1a\u7387\u3002\u8be5\u7ae0\u8282\u8003\u5bdf\u4e86\u5404\u79cd\u5931\u4e1a\u7684\u539f\u56e0\uff0c\u5305\u62ec\u5de5\u4f5c\u641c\u5bfb\u3001\u6700\u4f4e\u5de5\u8d44\u6cd5\u3001\u516c\u4f1a\u52bf\u529b\u4ee5\u53ca\u6548\u7387\u5de5\u8d44\u3002\u8be5\u7ae0\u8282\u8fd8\u63cf\u8ff0\u4e86\u6709\u5173\u5931\u4e1a\u6a21\u5f0f\u7684\u4e00\u4e9b\u91cd\u8981\u4e8b\u5b9e\u3002<\/p>\n<h2>\u4e00\u3001\u56fd\u6c11\u6536\u5165<\/h2>\n<p><strong>\u6e90\u81ea\u4f55\u65b9\uff1f\u53bb\u5411\u4f55\u5904\uff1f<\/strong><\/p>\n<p>&emsp;&emsp;\u672c\u7ae0\u5c06\u7814\u7a76\u4e00\u56fdGDP\u7684\u6765\u6e90\u4e0e\u7528\u9014\u7684\u56db\u7ec4\u95ee\u9898\uff1a<\/p>\n<ol>\n<li>\u7ecf\u6d4e\u4e2d\u7684\u4f01\u4e1a\u751f\u4ea7\u4e86\u591a\u5c11\uff1f\u4ec0\u4e48\u51b3\u5b9a\u4e86\u4e00\u4e2a\u56fd\u5bb6\u7684\u603b\u6536\u5165\uff1f<\/li>\n<li>\u8c01\u4ece\u751f\u4ea7\u4e2d\u5f97\u5230\u6536\u5165\uff1f\u6709\u591a\u5c11\u4f5c\u4e3a\u5de5\u4eba\u7684\u62a5\u916c\uff1f\u6709\u591a\u5c11\u5f52\u8d44\u672c\u5bb6\u6240\u6709\uff1f<\/li>\n<li>\u8c01\u8d2d\u4e70\u7ecf\u6d4e\u7684\u4ea7\u51fa\uff1f\u5bb6\u5ead\u8d2d\u4e70\u591a\u5c11\u7528\u4e8e\u6d88\u8d39\uff1f\u5bb6\u5ead\u548c\u4f01\u4e1a\u8d2d\u4e70\u591a\u5c11\u7528\u4e8e\u6295\u8d44\uff1f\u653f\u5e9c\u8d2d\u4e70\u591a\u5c11\u7528\u4e8e\u516c\u5171\u76ee\u7684\uff1f<\/li>\n<li>\u4ec0\u4e48\u4f7f\u4ea7\u54c1\u4e0e\u670d\u52a1\u7684\u9700\u6c42\u548c\u4f9b\u7ed9\u8fbe\u5230\u5747\u8861\uff1f<\/li>\n<\/ol>\n<figure style=\"width: 621px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\"   class=\"lazyload\" data-src=\"https:\/\/cdn.swordofmorning.com\/SwordofMorning\/Article%20Images\/Political%20Economy\/PEI_03\/01_Circular_flow_of_income.drawio.svg\" src=\"https:\/\/cdn.jsdelivr.net\/gh\/moezx\/cdn@3.0.2\/img\/svg\/loader\/trans.ajax-spinner-preloader.svg\" onerror=\"imgError(this)\"  width=\"621\" height=\"402\" alt=\"\u56fe1\" class=\"size-full\" \/ ><figcaption class=\"wp-caption-text\"><noscript><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/cdn.swordofmorning.com\/SwordofMorning\/Article%20Images\/Political%20Economy\/PEI_03\/01_Circular_flow_of_income.drawio.svg\" width=\"621\" height=\"402\" alt=\"\u56fe1\" class=\"size-full\" \/><\/noscript> \u56fe1\uff1a\u8d27\u5e01\u5728\u91d1\u878d\u4e2d\u7684\u5faa\u73af\u6d41\u7a0b\u56fe<\/figcaption><\/figure>\n<p>&emsp;&emsp;\u5728\u672c\u7ae0\uff0c\u6211\u4eec\u5c06\u5efa\u7acb\u4e00\u4e2a\u57fa\u672c\u7684\u53e4\u5178\u6a21\u578b\u6765\u89e3\u91ca\u56fe1\u4e2d\u63cf\u8ff0\u7684\u7ecf\u6d4e\u76f8\u4e92\u6d41\u52a8\u3002\u6211\u4eec\u4ece\u4f01\u4e1a\u5f00\u59cb\uff0c\u770b\u770b\u4ec0\u4e48\u56e0\u7d20\u51b3\u5b9a\u4e86\u4f01\u4e1a\u7684\u751f\u4ea7\u6c34\u5e73\uff0c\u4ee5\u53ca\u7531\u6b64\u51b3\u5b9a\u7684\u56fd\u6c11\u6536\u5165\u6c34\u5e73\u3002\u4e4b\u540e\u518d\u8003\u5bdf\u751f\u4ea7\u5e02\u573a\u8981\u7d20\u5982\u4f55\u628a\u6536\u5165\u5206\u914d\u7ed9\u5bb6\u5ead\uff0c\u5bb6\u5ead\u53c8\u628a\u591a\u5c11\u6536\u5165\u7528\u4e8e\u6d88\u8d39\uff0c\u591a\u5c11\u7528\u4e8e\u50a8\u84c4\u3002\u9664\u4e86\u8ba8\u8bba\u5bb6\u5ead\u6d88\u8d39\u5f15\u8d77\u7684\u4ea7\u54c1\u4e0e\u670d\u52a1\u9700\u6c42\u5916\uff0c\u6211\u4eec\u8fd8\u8981\u8ba8\u8bba\u6295\u8d44\u548c\u653f\u5e9c\u8d2d\u4e70\u4ea7\u751f\u7684\u9700\u6c42\u3002\u6700\u540e\u6211\u4eec\u5f97\u5230\u4e86\u4e00\u4e2a\u5b8c\u6574\u7684\u5faa\u73af\uff0c\u8003\u5bdf\u4ea7\u54c1\u4e0e\u670d\u52a1\u7684\u9700\u6c42\u548c\u5176\u4f9b\u7ed9\u5982\u4f55\u5b9e\u73b0\u5e73\u8861\u3002<\/p>\n<h3>1.1 \u4ec0\u4e48\u51b3\u5b9a\u4e86\u4ea7\u54c1\u4e0e\u670d\u52a1\u7684\u603b\u751f\u4ea7<\/h3>\n<p>&emsp;&emsp;\u4e00\u4e2a\u7ecf\u6d4e\u7684\u4ea7\u54c1\u4e0e\u670d\u52a1\u7684\u4ea7\u51fa\u2014\u2014\u4ed6\u7684GDP\u53d6\u51b3\u4e8e\uff1a(1)\u5b83\u6295\u5165\u7684\u6570\u91cf\uff0c\u4e5f\u5c31\u662f\u751f\u4ea7\u8981\u7d20\u7684\u6570\u91cf\uff1b(2)\u628a\u6295\u5165\u8f6c\u5316\u4e3a\u4ea7\u51fa\u7684\u80fd\u529b\uff0c\u8fd9\u79cd\u80fd\u529b\u7528\u751f\u4ea7\u51fd\u6570\u6765\u8868\u793a\u3002<\/p>\n<h4>1.1.1 \u751f\u4ea7\u8981\u7d20<\/h4>\n<p>&emsp;&emsp;<strong>\u751f\u4ea7\u8981\u7d20(factor of production)<\/strong>\u662f\u7528\u4e8e\u751f\u4ea7\u4ea7\u54c1\u4e0e\u670d\u52a1\u7684\u6295\u5165\uff0c\u4e24\u79cd\u6700\u91cd\u8981\u7684\u751f\u4ea7\u8981\u7d20\u662f\u8d44\u672c\u548c\u52b3\u52a8\u3002\u8d44\u672c\u662f\u5de5\u4eba\u4f7f\u7528\u7684\u5de5\u5177\u7684\u51e0\u4f55\uff0c\u5982\u5efa\u7b51\u5de5\u4eba\u4f7f\u7528\u8d77\u91cd\u673a\u3001\u4f1a\u8ba1\u4f7f\u7528\u8ba1\u7b97\u5668\u3001\u4f5c\u8005\u4f7f\u7528\u4e2a\u4eba\u7535\u8111\u7b49\uff1b\u52b3\u52a8\u662f\u4eba\u4eec\u7528\u4e8e\u5de5\u4f5c\u7684\u65f6\u95f4\u3002\u6211\u4eec\u7528\u7b26\u53f7$K$\u8868\u793a\u8d44\u672c\u4e24\uff0c\u7528\u7b26\u53f7$L$\u8868\u793a\u52b3\u52a8\u91cf\u3002\u5728\u672c\u7ae0\u4e2d\uff0c\u6211\u4eec\u628a\u7ecf\u6d4e\u7684\u751f\u4ea7\u8981\u7d20\u89c6\u4e3aconst\uff0c\u6362\u53e5\u8bdd\u8bf4\uff0c\u6211\u4eec\u5047\u8bbe\u7ecf\u6d4e\u4f53\u7684\u8d44\u672c\u548c\u52b3\u52a8\u6570\u91cf\u56fa\u5b9a\uff0c\u6211\u4eec\u5199\u4e3a\uff1a<\/p>\n<p>$$<br \/>\n\\begin{eqnarray}<br \/>\nK &amp;=&amp; \\overline{K} \\tag{1-1} \\newline<br \/>\nL &amp;=&amp; \\overline{L} \\tag{1-2}<br \/>\n\\end{eqnarray}<br \/>\n$$<\/p>\n<p>\u5b57\u6bcd\u4e0a\u65b9\u7684\u6a2a\u7ebf\u4ee3\u8868\u6bcf\u4e2a\u53d8\u91cf\u56fa\u5b9a\u5728\u67d0\u4e2a\u6c34\u5e73\u3002\u5728\u540e\u7eed\u7684\u6587\u7ae0\u4e2d\uff0c\u6211\u4eec\u5c06\u8ba8\u8bba\u5982\u679c\u8fd9\u4e9b\u8981\u7d20\u53d1\u751f\u53d8\u5316\u4f1a\u53d1\u751f\u4ec0\u4e48\uff0c\u4f46\u662f\u73b0\u5728\u4e3a\u4e86\u7b80\u5316\uff0c\u6211\u4eec\u5047\u8bbe\u5b83\u4eec\u7684\u6570\u91cf\u662f\u56fa\u5b9a\u7684\u3002\u540c\u65f6\u6211\u4eec\u5047\u8bbe\u8fd9\u4e9b\u751f\u4ea7\u8981\u7d20\u90fd\u5f97\u5230\u4e86\u5145\u5206\u5229\u7528\u2014\u2014\u4e5f\u5c31\u662f\u8bf4\uff0c\u6ca1\u6709\u8d44\u6e90\u6d6a\u8d39\u3002\u81f3\u4e8e\u52b3\u52a8\u529b\u5931\u4e1a\uff0c\u8d44\u672c\u88ab\u9650\u5236\uff0c\u6211\u4eec\u540c\u6837\u5c06\u5728\u540e\u7eed\u7684\u6587\u7ae0\u8ba8\u8bba\u3002<\/p>\n<h4>1.1.2 \u751f\u4ea7\u51fd\u6570<\/h4>\n<p>&emsp;&emsp;\u53ef\u4f7f\u7528\u7684\u6280\u672f\u51b3\u5b9a\u4e86\u7ed9\u5b9a\u6570\u91cf\u7684\u8d44\u672c\u548c\u52b3\u52a8\u80fd\u591f\u751f\u4ea7\u51fa\u591a\u5c11\u4ea7\u51fa\uff0c\u7ecf\u6d4e\u5b66\u5bb6\u7528<strong>\u751f\u4ea7\u51fd\u6570(production function)<\/strong>\u6765\u8868\u793a\u8fd9\u79cd\u5173\u7cfb\u3002\u4ee4$Y$\u4e3a\u4ea7\u51fa\u91cf\uff0c\u6211\u4eec\u628a\u751f\u4ea7\u51fd\u6570\u5199\u6210\uff1a<\/p>\n<p>$$<br \/>\nY = F(K, L) \\tag{1-3}<br \/>\n$$<\/p>\n<p>&emsp;&emsp;\u751f\u4ea7\u51fd\u6570\u53cd\u6620\u4e86\u8d44\u672c\u548c\u52b3\u52a8\u529b\u53d8\u4e3a\u53ef\u7528\u4ea7\u51fa\u7684\u6280\u672f\uff0c\u5982\u679c\u53d1\u660e\u4e86\u4e00\u79cd\u66f4\u597d\u7684\u6280\u672f\uff0c\u90a3\u4e48\uff0c\u7ed3\u679c\u662f\u540c\u6837\u7684\u8d44\u672c\u548c\u52b3\u52a8\u529b\u80fd\u751f\u4ea7\u51fa\u66f4\u591a\u7684\u4ea7\u51fa\u3002\u56e0\u6b64\uff0c\u6280\u672f\u53d8\u9769\u6539\u53d8\u4e86\u751f\u4ea7\u51fd\u6570\u3002\u8bb8\u591a\u751f\u4ea7\u51fd\u6570\u5177\u6709<strong>\u89c4\u6a21\u62a5\u916c\u4e0d\u53d8(constant returns to scale)<\/strong>\u7684\u6027\u8d28\uff1a\u6240\u6709\u751f\u4ea7\u8981\u7d20\u589e\u52a0\u76f8\u540c\u7684\u767e\u5206\u6bd4\uff0c\u5f15\u8d77\u4ea7\u51fa\u91cf\u589e\u52a0\u540c\u6837\u7684\u767e\u5206\u6bd4\u3002\u4f8b\u5982\uff0c\u8d44\u672c\u548c\u52b3\u52a8\u529b\u90fd\u589e\u52a010%\uff0c\u4ece\u800c\u5f15\u8d77\u4ea7\u91cf\u4e5f\u589e\u52a0\u4e8610%\u3002\u6570\u5b66\u4e0a\uff0c\u5982\u679c\u5bf9\u4e8e\u4efb\u610f\u4e00\u4e2a\u6b63\u6570$z$\u6709\uff1a<\/p>\n<p>$$<br \/>\nzY = F(zK, zL) \\tag{1-4}<br \/>\n$$<\/p>\n<p>\u90a3\u4e48\u8fd9\u4e2a\u751f\u4ea7\u51fd\u6570\u5c31\u662f\u62a5\u916c\u89c4\u6a21\u4e0d\u53d8\u7684\u3002\u89c4\u6a21\u62a5\u916c\u4e0d\u53d8\u7684\u5047\u8bbe\u5bf9\u751f\u4ea7\u6536\u5165\u7684\u5206\u914d\u6709\u7740\u91cd\u8981\u542f\u793a\u3002\u540c\u6837\u4e3e\u4e2a\u4f8b\u5b50\uff0c\u5047\u5982\u4e00\u4e2a\u9762\u5305\u5e97\u7684\u8d44\u672c\u662f\u8bbe\u5907\uff0c\u96c7\u4f63\u800c\u6765\u7684\u5de5\u4eba\u63d0\u4f9b\u52b3\u52a8\u529b\uff0c\u9762\u5305\u662f\u4ea7\u51fa\uff0c\u5047\u8bbe\u8fd9\u5bb6\u9762\u5305\u5e97\u7684\u751f\u4ea7\u51fd\u6570\u662f\u89c4\u6a21\u62a5\u916c\u4e0d\u53d8\u7684\uff0c\u90a3\u4e48\u589e\u52a0\u4e00\u500d\u7684\u5de5\u4eba\u548c\u8bbe\u5907\uff0c\u540c\u6837\u5c06\u589e\u52a0\u4e00\u500d\u7684\u9762\u5305\u4ea7\u51fa\u3002<\/p>\n<h4>1.1.3 \u4ea7\u54c1\u4e0e\u670d\u52a1\u7684\u4f9b\u7ed9<\/h4>\n<p>&emsp;&emsp;\u751f\u4ea7\u8981\u7d20\u548c\u751f\u4ea7\u51fd\u6570\u5171\u540c\u51b3\u5b9a\u4e86\u4ea7\u54c1\u4e0e\u670d\u52a1\u7684\u4f9b\u7ed9\u91cf\uff0c\u800c\u4ea7\u54c1\u4e0e\u670d\u52a1\u7684\u4f9b\u7ed9\u91cf\u7ea6\u7b49\u4e8e\u7ecf\u6d4e\u7684\u4ea7\u51fa\u3002\u6211\u4eec\u5728\u6570\u5b66\u4e0a\u8868\u793a\u4e3a\uff1a<\/p>\n<p>$$<br \/>\n\\begin{eqnarray}<br \/>\nY &amp;=&amp; F(\\overline{K}, \\overline{L}) \\notag \\newline<br \/>\n&amp;=&amp; \\overline{Y} \\tag{1-5}<br \/>\n\\end{eqnarray}<br \/>\n$$<\/p>\n<p>\u5728\u672c\u7ae0\u4e2d\uff0c\u7531\u4e8e\u6211\u4eec\u5047\u8bbe\u751f\u4ea7\u8981\u7d20\u90fd\u662fconst\uff0c\u56e0\u6b64\u4ea7\u51fa\u4e5f\u662f\u4e0d\u53d8\u7684\uff0c\u5728\u540e\u9762\u7684\u6587\u7ae0\u4e2d\u6211\u4eec\u5c06\u8ba8\u8bba\u7ecf\u6d4e\u589e\u957f\u7684\u60c5\u51b5\u3002<\/p>\n<h3>1.2 \u56fd\u6c11\u6536\u5165\u5982\u4f55\u5206\u914d\u7ed9\u751f\u4ea7\u8981\u7d20<\/h3>\n<p>&emsp;&emsp;\u6211\u4eec\u8fd9\u91cc\u4e0d\u8ba8\u8bba\u8bf8\u5982\u9a6c\u514b\u601d\u90a3\u6837\u7684\u5206\u914d\u7406\u8bba\uff0c\u800c\u662f\u9009\u62e9<strong>\u65b0\u53e4\u5178\u5206\u914d\u7406\u8bba(neoclassical theory of distribution)<\/strong>\u4f5c\u4e3a\u5207\u5165\u70b9\u3002\u8be5\u7406\u8bba\u4f9d\u8d56\u4e8e\u4e24\u4e2a\u601d\u60f3\uff1a\u5176\u4e00\u662f\uff0c<em>\u4ef7\u683c\u8c03\u6574\u4f7f\u9700\u6c42\u548c\u4f9b\u7ed9\u8fbe\u5230\u5e73\u8861<\/em>\uff1b\u5176\u4e8c\u662f\uff0c<em>\u6bcf\u4e00\u79cd\u751f\u4ea7\u8981\u7d20\u7684\u9700\u6c42\u90fd\u53d6\u51b3\u4e8e\u8be5\u8981\u7d20\u7684\u8fb9\u9645\u751f\u4ea7\u6548\u7387<\/em>\u3002<\/p>\n<h4>1.2.1 \u8981\u7d20\u4ef7\u683c<\/h4>\n<p>&emsp;&emsp;\u56fd\u6c11\u6536\u5165\u7684\u5206\u914d\u7531\u8981\u7d20\u4ef7\u683c\u51b3\u5b9a\uff0c<strong>\u8981\u7d20\u4ef7\u683c(factor prices)<\/strong>\u662f\u652f\u4ed8\u7ed9\u751f\u4ea7\u8981\u7d20\u7684\u62a5\u916c\u6570\u91cf\u3002\u5728\u4e00\u4e2a\u53ea\u6709\u8d44\u672c\u548c\u52b3\u52a8\u529b\u4e24\u79cd\u751f\u4ea7\u8981\u7d20\u7684\u7ecf\u6d4e\u4f53\u4e2d\uff0c\u4e24\u79cd\u8981\u7d20\u7684\u4ef7\u683c\u662f\u652f\u4ed8\u7ed9\u8d44\u672c\u5bb6\u7684\u79df\u91d1\u4ee5\u53ca\u652f\u4ed8\u7ed9\u5de5\u4eba\u7684\u5de5\u8d44\u3002\u5982\u56fe2\u6240\u793a\uff0c\u6bcf\u79cd\u751f\u4ea7\u8981\u7d20\u56e0\u5176\u63d0\u4f9b\u670d\u52a1\u800c\u6240\u5f97\u5230\u7684\u4ef7\u683c\uff0c\u7531\u8be5\u751f\u4ea7\u8981\u7d20\u7684\u4f9b\u7ed9\u548c\u9700\u6c42\u51b3\u5b9a\u3002\u7531\u4e8e\u6211\u4eec\u5047\u8bbe\u7ecf\u6d4e\u4f53\u4e2d\u7684\u751f\u4ea7\u8981\u7d20\u662f\u56fa\u5b9a\u7684\uff0c\u56e0\u6b64<strong>\u8981\u7d20\u4f9b\u7ed9<\/strong>\u662f\u4e00\u6761\u5782\u76f4\u7ebf\uff0c\u65e0\u8bba\u8981\u7d20\u4ef7\u683c\u4e3a\u591a\u5c11\uff0c\u5411\u5e02\u573a\u63d0\u4f9b\u7684\u8981\u7d20\u91cf\u76f8\u7b49\u3002\u5411\u4e0b\u503e\u659c\u7684\u8981\u7d20\u9700\u6c42\u66f2\u7ebf\u4e0e\u5782\u76f4\u7684\u4f9b\u7ed9\u66f2\u7ebf\u7684\u4ea4\u70b9\uff0c\u51b3\u5b9a\u4e86\u5747\u8861\u7684\u8981\u7d20\u4ef7\u683c\u3002<\/p>\n<figure style=\"width: 469px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\"   class=\"lazyload\" data-src=\"https:\/\/cdn.swordofmorning.com\/SwordofMorning\/Article%20Images\/Political%20Economy\/PEI_03\/02_Factor_prices.drawio.svg\" src=\"https:\/\/cdn.jsdelivr.net\/gh\/moezx\/cdn@3.0.2\/img\/svg\/loader\/trans.ajax-spinner-preloader.svg\" onerror=\"imgError(this)\"  width=\"469\" height=\"416\" alt=\"\u56fe2\" class=\"size-full\" \/ ><figcaption class=\"wp-caption-text\"><noscript><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/cdn.swordofmorning.com\/SwordofMorning\/Article%20Images\/Political%20Economy\/PEI_03\/02_Factor_prices.drawio.svg\" width=\"469\" height=\"416\" alt=\"\u56fe2\" class=\"size-full\" \/><\/noscript> \u56fe2\uff1a\u751f\u4ea7\u8981\u7d20\u7684\u62a5\u916c\u5982\u4f55\u51b3\u5b9a<\/figcaption><\/figure>\n<p>&emsp;&emsp;\u4e3a\u4e86\u7406\u89e3\u8981\u7d20\u4ef7\u683c\u548c\u6536\u5165\u5206\u914d\uff0c\u6211\u4eec\u5fc5\u987b\u8003\u5bdf\u751f\u4ea7\u8981\u7d20\u7684\u9700\u6c42\u3002\u7531\u4e8e\u8981\u7d20\u9700\u6c42\u4ea7\u751f\u4e8e\u6210\u5343\u4e0a\u4e07\u5bb6\u4f01\u4e1a\uff0c\u6240\u4ee5\u6211\u4eec\u4ece\u8003\u5bdf\u4e00\u5bb6\u5178\u578b\u7684\u4f01\u4e1a\u4f7f\u7528\u751f\u4ea7\u8981\u7d20\u95ee\u9898\u5f00\u59cb\u3002<\/p>\n<h4>1.2.2 \u7ade\u4e89\u6027\u4f01\u4e1a\u9762\u4e34\u7684\u51b3\u7b56<\/h4>\n<p>&emsp;&emsp;\u5173\u4e8e\u4e00\u5bb6\u4f01\u4e1a\u6700\u7b80\u5355\u7684\u5047\u8bbe\u662f\u5b83\u662f\u7ade\u4e89\u6027\u7684\uff0c\u6362\u8a00\u4e4b\uff0c\u975e\u5784\u65ad\u6027\u7684\u3002\u4e00\u5bb6<strong>\u7ade\u4e89\u6027\u4f01\u4e1a(competitive firm)<\/strong>\u76f8\u6bd4\u5b83\u8fdb\u884c\u4ea4\u6613\u7684\u5e02\u573a\u800c\u8a00\u662f\u5fae\u4e0d\u8db3\u9053\u7684\uff0c\u56e0\u4e3a\u5b83\u5bf9\u5e02\u573a\u4ef7\u683c\u6ca1\u6709\u4ec0\u4e48\u5f71\u54cd\u3002\u4e3a\u4e86\u751f\u4ea7\u4ea7\u54c1\uff0c\u4f01\u4e1a\u9700\u8981\u4e24\u79cd\u751f\u4ea7\u8981\u7d20\uff1a\u8d44\u672c\u4e8e\u52b3\u52a8\u3002\u548c\u6211\u4eec\u8ba8\u8bba\u603b\u4f53\u7ecf\u6d4e\u65f6\u4e00\u6837\uff0c\u6211\u4eec\u7528\u4e0b\u9762\u7684\u751f\u4ea7\u51fd\u6570\u6765\u8868\u793a\u4f01\u4e1a\u7684\u751f\u4ea7\u6280\u672f\uff1a<\/p>\n<p><span id = \"eq:1-6\"><\/span><br \/>\n$$<br \/>\nY = F(K, L) \\tag{1-6}<br \/>\n$$<\/p>\n<p>\u5728<a href=\"#eq:1-6\" target=\"_blank\"  rel=\"nofollow\" >\u5f0f1-6<\/a>\u4e2d\uff0c$Y$\u4e3a\u751f\u4ea7\u7684\u4ea7\u54c1\u6570\u91cf\uff0c$K$\u4e3a\u673a\u5668\u7684\u6570\u91cf\uff0c$L$\u4e3a\u96c7\u5458\u7684\u5de5\u4f5c\u65f6\u95f4\u3002\u8be5\u751f\u4ea7\u51fd\u6570\u8868\u9762\uff0c\u5728\u6280\u672f$F$\u4e0d\u53d8\u7684\u6761\u4ef6\u4e0b\uff0c\u53ea\u6709\u4f01\u4e1a\u589e\u52a0\u66f4\u591a\u7684\u673a\u5668\u6216\u8005\u5ef6\u957f\u5de5\u4eba\u5de5\u4f5c\u65f6\u95f4\u624d\u80fd\u589e\u52a0\u66f4\u591a\u4ea7\u51fa\u3002<\/p>\n<p>&emsp;&emsp;\u5f53\u4f01\u4e1a\u4ee5\u4ef7\u683c$P$\u51fa\u552e\u5176\u4ea7\u54c1\uff0c\u4ee5\u5de5\u8d44$W$\u96c7\u4f63\u5de5\u4eba\uff0c\u5e76\u4ee5\u79df\u8d41\u4ef7\u683c$R$\u79df\u7528\u8d44\u672c\u3002\u6ce8\u610f\uff0c<strong>\u4e3a\u4e86\u7b80\u5355<\/strong>\uff0c\u5f53\u6211\u4eec\u63d0\u5230\u4f01\u4e1a\u79df\u7528\u8d44\u672c\u65f6\uff0c\u6211\u4eec\u5047\u8bbe\u5bb6\u5ead\u90e8\u95e8\u62e5\u6709\u7ecf\u6d4e\u7684\u8d44\u672c\u5b58\u91cf\u3002\u5bb6\u5ead\u51fa\u79df\u8d44\u672c\uff0c\u5c31\u50cf\u51fa\u552e\u81ea\u5df1\u7684\u52b3\u52a8\u529b\u7ed9\u4f01\u4e1a\u90e8\u95e8\u4e00\u6837\u3002\u4f01\u4e1a\u4ece\u62e5\u6709\u751f\u4ea7\u8981\u7d20\u7684\u5bb6\u5ead\u90a3\u91cc\u83b7\u5f97\u8fd9\u4e24\u79cd\u751f\u4ea7\u8981\u7d20\u3002<\/p>\n<p>&emsp;&emsp;\u4f01\u4e1a\u7684\u76ee\u6807\u662f\u5229\u6da6\u6700\u5927\u5316\u3002<strong>\u5229\u6da6(profit)<\/strong>\u7b49\u4e8e\u6536\u76ca\u51cf\u53bb\u5176\u6210\u672c\u2014\u2014\u4f01\u4e1a\u6240\u6709\u8005\u5728\u5356\u6389\u4ea7\u54c1\u3001\u652f\u4ed8\u5b8c\u751f\u4ea7\u6210\u672c\u540e\u7559\u4e0b\u6765\u7684\u6536\u5165\u3002\u6536\u76ca\u7b49\u4e8e$P \\times Y$\uff0c\u5373\u4ea7\u54c1\u7684\u9500\u552e\u4ef7\u683c$P$\u4e58\u4ee5\u4ea7\u54c1\u7684\u9500\u552e\u6570\u91cf$Y$\u3002\u6210\u672c\u65e2\u5305\u62ec\u52b3\u52a8\u6210\u672c\uff0c\u4e5f\u5305\u62ec\u8d44\u672c\u6210\u672c\u3002\u52b3\u52a8\u6210\u672c\u7b49\u4e8e$W \\times L$\uff0c\u5373\u5de5\u8d44$W$\u4e58\u4ee5\u5de5\u4f5c\u65f6\u957f$L$\uff1b\u8d44\u672c\u6210\u672c\u7b49\u4e8e$R \\times K$\uff0c\u5373\u8d44\u672c\u79df\u8d41\u4ef7\u683c$R$\u4e58\u4ee5\u8d44\u672c\u91cf$K$\u3002\u6211\u4eec\u53ef\u4ee5\u5199\u4e3a\uff1a<\/p>\n<p>$$<br \/>\n\\begin{eqnarray}<br \/>\n\\text{\u5229\u6da6} &amp;=&amp; \\text{\u6536\u76ca} - \\text{\u52b3\u52a8\u6210\u672c} - \\text{\u8d44\u672c\u6210\u672c} \\notag \\newline<br \/>\n&amp;=&amp; PY - WL - RK \\tag{1-7}<br \/>\n\\end{eqnarray}<br \/>\n$$<\/p>\n<p>\u4e3a\u4e86\u8bf4\u660e\u5229\u6da6\u5982\u4f55\u53d6\u51b3\u4e8e\u751f\u4ea7\u8981\u7d20\uff0c\u6211\u4eec\u7528\u51fd\u6570$Y = F(K, L)$\u4ee3\u66ff$Y$\uff0c\u5f97\u5230\uff1a<\/p>\n<p>$$<br \/>\n\\text{\u5229\u6da6} = PF(K,L) - WL - RK \\tag{1-8}<br \/>\n$$<\/p>\n<p>&emsp;&emsp;\u8fd9\u4e2a\u65b9\u7a0b\u8bf4\u660e\uff0c\u5229\u6da6\u53d6\u51b3\u4e8e\u4ea7\u54c1\u7684\u4ef7\u683cP\u3001\u8981\u7d20\u4ef7\u683cW\u548cR\uff0c\u4ee5\u53ca\u8981\u7d20\u91cfL\u548cK\u3002\u7ade\u4e89\u6027\u4f01\u4e1a\u5c06\u4ea7\u54c1\u548c\u8981\u7d20\u4ef7\u683c\u89c6\u4e3a\u7ed9\u5b9a\uff0c\u9009\u62e9\u52b3\u52a8\u548c\u8d44\u672c\u91cf\u4ee5\u5b9e\u73b0\u6700\u5927\u7684\u5229\u6da6\u3002<\/p>\n<h4>1.2.3 \u4f01\u4e1a\u7684\u8981\u7d20\u9700\u6c42<\/h4>\n<p>&emsp;&emsp;\u6211\u4eec\u5df2\u7ecf\u77e5\u9053\u4e86\u4f01\u4e1a\u5c06\u96c7\u4f63\u7684\u52b3\u52a8\u529b\u548c\u8d44\u672c\u91cf\u662f\u4f7f\u5229\u6da6\u6700\u5927\u5316\u7684\u6570\u91cf\uff0c\u4f46\u662f\u8fd9\u4e9b\u6700\u5927\u5316\u7684\u6570\u91cf\u7a76\u7adf\u662f\u591a\u5c11\u5462\uff1f\u4e3a\u4e86\u56de\u7b54\u8fd9\u4e2a\u95ee\u9898\uff0c\u6211\u4eec\u5148\u8003\u8651\u52b3\u52a8\u91cf\uff0c\u518d\u8003\u8651\u8d44\u672c\u91cf\u3002<\/p>\n<h5>\u52b3\u52a8\u7684\u8fb9\u9645\u4ea7\u91cf<\/h5>\n<p>&emsp;&emsp;\u4f01\u4e1a\u96c7\u4f63\u7684\u52b3\u52a8\u8d8a\u591a\uff0c\u5b83\u7684\u4ea7\u51fa\u4e5f\u5c31\u8d8a\u591a\u3002<strong>\u52b3\u52a8\u7684\u8fb9\u9645\u91cf(marginal product of labor, MPL)<\/strong>\u662f\u6307\uff0c\u5728\u8d44\u672c\u91cf\u4e0d\u53d8\u7684\u60c5\u51b5\u4e0b\uff0c\u4f01\u4e1a\u96c7\u4f63\u989d\u5916\u7684\u52b3\u52a8\u91cf\u6240\u5f97\u5230\u7684\u989d\u5916\u4ea7\u91cf\uff0c\u6211\u4eec\u53ef\u4ee5\u7528\u751f\u4ea7\u51fd\u6570\u6765\u8868\u793a\uff1a<\/p>\n<p>$$<br \/>\nMPL = F(K, L+1) - F(K, L) \\tag{1-9}<br \/>\n$$<\/p>\n<p>\u5927\u591a\u6570\u751f\u4ea7\u51fd\u6570\u5177\u6709<strong>\u8fb9\u9645\u4ea7\u91cf\u9012\u51cf(diminishing marginal product)<\/strong>\u7684\u6027\u8d28\uff0c\u5373\u7c7b\u4f3c\u4e8e\u5bf9\u6570\u589e\u957f\u7684\u6027\u8d28\u3002<\/p>\n<h5>\u4ece\u52b3\u52a8\u7684\u8fb9\u9645\u4ea7\u91cf\u5230\u52b3\u52a8\u9700\u6c42<\/h5>\n<p>&emsp;&emsp;\u5f53\u7ade\u4e89\u6027\u7684\u3001\u5229\u6da6\u6700\u5927\u5316\u7684\u4f01\u4e1a\u8003\u8651\u662f\u5426\u591a\u96c7\u4f63\u4e00\u4e2a\u5355\u4f4d\u7684\u52b3\u52a8\u65f6\uff0c\u5b83\u8981\u8003\u8651\u8fd9\u4e2a\u51b3\u7b56\u5982\u4f55\u5f71\u54cd\u5229\u6da6\u3002\u6362\u8a00\u4e4b\uff0c\u5b83\u8981\u6bd4\u8f83\u589e\u52a0\u8fd9\u4e00\u52b3\u52a8\u529b\u5e26\u6765\u7684\u989d\u5916\u4ea7\u51fa\u548c\u5176\u6210\u672c\u3002\u589e\u52a0\u4e00\u5355\u4f4d\u52b3\u52a8\u6240\u83b7\u5f97\u7684\u6536\u76ca\u53d6\u51b3\u4e8e\u4e24\u4e2a\u53d8\u91cf\uff1a\u52b3\u52a8\u7684\u8fb9\u9645\u4ea7\u91cf\u3001\u4ea7\u54c1\u4ef7\u683c\u3002\u4e00\u5355\u4f4d\u989d\u5916\u7684\u52b3\u52a8\u529b\u4ea7\u751f\u4e86$MPL$\u5355\u4f4d\u7684\u4ea7\u51fa\uff0c\u800c\u6bcf\u5355\u4f4d\u7684\u4ea7\u51fa\u4ee5$P$\u7684\u4ef7\u683c\u51fa\u552e\uff0c\u56e0\u6b64\u989d\u5916\u7684\u6536\u76ca\u662f$P \\times MPL$\u3002\u591a\u96c7\u4f63\u4e00\u4e2a\u52b3\u5de5\u7684\u6210\u672c\u662f$W$\uff0c\u56e0\u6b64\uff0c\u5176\u5229\u6da6\u53d8\u5316\u4e3a\uff1a<\/p>\n<p><span id = \"eq:1-10\"><\/span><br \/>\n$$<br \/>\n\\begin{eqnarray}<br \/>\n{\\Delta}\\text{\u5229\u6da6} &amp;=&amp; {\\Delta}\\text{\u6536\u76ca} - {\\Delta}\\text{\u6210\u672c} \\notag \\newline<br \/>\n&amp;=&amp; (P \\times MPL) - W \\tag{1-10}<br \/>\n\\end{eqnarray}<br \/>\n$$<\/p>\n<p>&emsp;&emsp;\u56e0\u6b64\u73b0\u5728\u6211\u4eec\u53ef\u4ee5\u77e5\u9053\uff0c\u5f53$(P \\times MPL) - W$\u4e3a\u6b63\u7684\u65f6\u5019\uff0c\u5229\u6da6\u6700\u5927\u5316\u7684\u4f01\u4e1a\u4f1a\u7ee7\u7eed\u96c7\u4f63\u52b3\u52a8\u529b\u3002\u7ade\u4e89\u6027\u4f01\u4e1a\u5bf9\u52b3\u52a8\u529b\u7684\u9700\u6c42\u7531<a href=\"#eq:1-11\" target=\"_blank\"  rel=\"nofollow\" >\u5f0f1-11<\/a>\u51b3\u5b9a\uff1a<\/p>\n<p><span id = \"eq:1-11\"><\/span><br \/>\n$$<br \/>\nP \\times MPL = W \\tag{1-11}<br \/>\n$$<\/p>\n<p>\u6211\u4eec\u4e5f\u53ef\u4ee5\u5c06\u5176\u5199\u4e3a\uff1a<\/p>\n<p>$$<br \/>\nMPL = W \/ P \\tag{1-12}<br \/>\n$$<\/p>\n<p>&emsp;&emsp;$W\/P$\u662f<strong>\u5b9e\u9645\u5de5\u8d44(real wage)<\/strong>\u2014\u2014\u7528\u5355\u4f4d\u4ea7\u51fa\u800c\u4e0d\u662f\u8d27\u5e01\u8861\u91cf\u7684\u52b3\u52a8\u62a5\u916c\u3002\u4e3a\u4e86\u4f7f\u5229\u6da6\u6700\u5927\u5316\uff0c\u4f01\u4e1a\u96c7\u4f63\u52b3\u52a8\uff0c\u77e5\u9053\u52b3\u52a8\u7684\u8fb9\u9645\u4ea7\u91cf\u7b49\u4e8e\u5b9e\u9645\u5de5\u8d44\u8fd9\u4e00\u70b9\u4e3a\u6b62\u3002\u4f8b\u5982\uff0c\u5728\u9762\u5305\u5e97\u4e2d\uff0c\u9762\u5305\u7684\u4ef7\u683c$P$\u662f\uff0c\u6bcf\u5757\u9762\u53052\u7f8e\u5143\uff0c\u5de5\u4eba\u7684\u5de5\u8d44$W$\u662f20\u7f8e\u5143\u4e00\u5c0f\u65f6\u3002\u5b9e\u9645\u5de5\u8d44$W\/P$\u662f\u6bcf\u5c0f\u65f610\u5757\u9762\u5305\u3002\u5728\u4e0d\u589e\u52a0\u9762\u5305\u673a\u7684\u60c5\u51b5\u4e0b\uff0c\u6bcf\u589e\u52a0\u4e00\u4e2a\u989d\u5916\u7684\u5de5\u4eba\uff0c\u80fd\u57281\u5c0f\u65f6\u5185\u751f\u4ea7\u8d85\u8fc710\u5757\u9762\u5305\uff0c\u90a3\u4e48\u4f01\u4e1a\u5c31\u4f1a\u96c7\u4f63\u5de5\u4eba\uff0c\u5f53$MPL$\u5c0f\u4e8e\u5b9e\u9645\u5de5\u8d44\u7684\u65f6\u5019\uff0c\u4f01\u4e1a\u5c31\u4e0d\u4f1a\u518d\u589e\u52a0\u5de5\u4eba\u7684\u6570\u91cf\u3002<\/p>\n<p>&emsp;&emsp;\u56fe3\u53cd\u5e94\u4e86\u751f\u4ea7\u51fd\u6570\u548c$MPL$\u7684\u5173\u7cfb\uff1a<\/p>\n<figure style=\"width: 1049px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\"   class=\"lazyload\" data-src=\"https:\/\/cdn.swordofmorning.com\/SwordofMorning\/Article%20Images\/Political%20Economy\/PEI_03\/03_MPL.drawio.svg\" src=\"https:\/\/cdn.jsdelivr.net\/gh\/moezx\/cdn@3.0.2\/img\/svg\/loader\/trans.ajax-spinner-preloader.svg\" onerror=\"imgError(this)\"  width=\"1049\" height=\"448\" alt=\"\u56fe3\" class=\"size-full\" \/ ><figcaption class=\"wp-caption-text\"><noscript><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/cdn.swordofmorning.com\/SwordofMorning\/Article%20Images\/Political%20Economy\/PEI_03\/03_MPL.drawio.svg\" width=\"1049\" height=\"448\" alt=\"\u56fe3\" class=\"size-full\" \/><\/noscript> \u56fe3\uff1a\u751f\u4ea7\u51fd\u6570\u548cMPL\u66f2\u7ebf<\/figcaption><\/figure>\n<h5>\u8d44\u672c\u7684\u8fb9\u9645\u91cf\u548c\u8d44\u672c\u9700\u6c42<\/h5>\n<p>&emsp;&emsp;\u548cMPL\u7c7b\u4f3c\uff0c\u6211\u4eec\u7528<strong>\u8d44\u672c\u7684\u8fb9\u9645\u91cf(marginal product of capital, MPK)<\/strong>\u6765\u8868\u793a\u518d\u52b3\u52a8\u529b\u4e0d\u53d8\u7684\u60c5\u51b5\u4e0b\uff0c\u6bcf\u589e\u52a0\u4e00\u5355\u4f4d\u989d\u5916\u8d44\u672c\u6240\u83b7\u5f97\u7684\u989d\u5916\u4ea7\u51fa\u91cf\uff1a<\/p>\n<p>$$<br \/>\nMPK = F(K+1, L) - F(K, L) \\tag{1-13}<br \/>\n$$<\/p>\n<p>\u5b83\u540c\u6837\u7684\u7684\u548cMPL\u4e00\u6837\u662f\u8fb9\u9645\u9012\u51cf\u7684\uff0c\u56e0\u6b64\u6211\u4eec\u7528\u548c<a href=\"#eq:1-10\" target=\"_blank\"  rel=\"nofollow\" >\u5f0f1-10<\/a>\u76f8\u540c\u7684\u65b9\u5f0f\u6765\u6bd4\u8f83\uff0c\u8ffd\u6c42\u5229\u6da6\u6700\u5927\u5316\u7684\u4f01\u4e1a\u5982\u4f55\u51b3\u5b9a\u662f\u5426\u589e\u52a0\u8d44\u672c\u7684\u9700\u6c42\u3002<\/p>\n<p>$$<br \/>\n\\begin{eqnarray}<br \/>\n{\\Delta}\\text{\u5229\u6da6} &amp;=&amp; {\\Delta}\\text{\u6536\u76ca} - {\\Delta}\\text{\u6210\u672c} \\notag \\newline<br \/>\n&amp;=&amp; (P \\times MPK) - R \\tag{1-14}<br \/>\n\\end{eqnarray}<br \/>\n$$<\/p>\n<p>\u56e0\u6b64\uff0c\u4f01\u4e1a\u4f1a\u4e00\u76f4\u79df\u7528\u66f4\u591a\u7684\u8d44\u672c\uff0c\u77e5\u9053MPK\u51cf\u5c11\u5230\u7b49\u4e8e\u5b9e\u9645\u79df\u8d41\u4ef7\u683c\u4e3a\u6b62\uff1a<\/p>\n<p>$$<br \/>\nMPK = R \/ P \\tag{1-15}<br \/>\n$$<\/p>\n<p><strong>\u8d44\u672c\u7684\u5b9e\u9645\u79df\u8d41\u4ef7\u683c(real rental price of capital)<\/strong>\uff0c\u548c\u771f\u5b9e\u5de5\u8d44\u4e00\u6837\uff0c\u662f\u4ee5\u5355\u4f4d\u4ea7\u51fa\u8ba1\u7b97\uff0c\u800c\u4e0d\u662f\u7528\u8d27\u5e01\u6765\u8ba1\u7b97\u3002\u540c\u6837\uff0c\u5728\u9762\u5305\u5e97\u4e2d\uff0c\u9762\u5305\u7684\u4ef7\u683c$P$\u662f2\u7f8e\u5143\uff0c\u9762\u5305\u7089\u7684\u79df\u8d41\u4ef7\u683c$R$\u662f\u6bcf\u5c0f\u65f620\u7f8e\u5143\uff0c\u5b9e\u9645\u7684\u79df\u8d41\u4ef7\u683c\u4e3a$R\/P=10$\uff0c\u5373\u6bcf\u5c0f\u65f610\u5757\u9762\u5305\u3002\u5728\u4e0d\u589e\u52a0\u5de5\u4eba\u7684\u60c5\u51b5\u4e0b\uff0c\u5f53\u6bcf\u589e\u52a0\u4e00\u4e2a\u9762\u5305\u673a\u80fd\u4ea7\u51fa\u591a\u4e8e10\u4e2a\u9762\u5305\u7684\u65f6\u5019\uff0c\u4f01\u4e1a\u5c31\u4f1a\u589e\u52a0\u5176\u6570\u91cf\uff0c\u5426\u5219\u4e0d\u4f1a\u589e\u52a0\u3002<\/p>\n<p>&emsp;&emsp;\u7efc\u4e0a\uff0c\u6211\u4eec\u5206\u522b\u8003\u5bdf\u4e86\u52b3\u52a8\u529b\u548c\u8d44\u672c\u7684\u60c5\u51b5\uff0c\u5f97\u5230\u7684\u7ed3\u8bba\u662f\uff1a\u4f01\u4e1a\u9700\u8981\u6bcf\u4e00\u79cd\u751f\u4ea7\u8981\u7d20\uff0c\u76f4\u5230\u8be5\u8981\u7d20\u7684\u8fb9\u9645\u4ea7\u91cf\u7b49\u4e8e\u6216\u5c11\u5230\u5176\u5b9e\u9645\u7684\u8981\u7d20\u4ef7\u683c\u4e3a\u6b62\u3002<\/p>\n<h4>1.2.4 \u56fd\u6c11\u6536\u5165\u7684\u5206\u914d<\/h4>\n<p>&emsp;&emsp;\u5728\u5206\u6790\u4e86\u4f01\u4e1a\u5982\u4f55\u51b3\u5b9a\u6bcf\u79cd\u751f\u4ea7\u8981\u7d20\u7684\u4f7f\u7528\u91cf\u4e4b\u540e\uff0c\u6211\u4eec\u53ef\u4ee5\u89e3\u91ca\u751f\u4ea7\u8981\u7d20\u5e02\u573a\u5982\u4f55\u51b3\u5b9a\u5206\u914d\u7ecf\u6d4e\u7684\u603b\u6536\u5165\u3002\u5982\u679c\u7ecf\u6d4e\u4e2d\u7684<strong>\u6240\u6709<\/strong>\u4f01\u4e1a\u90fd\u662f\u7ade\u4e89\u6027\u7684\u548c\u8ffd\u6c42\u5229\u6da6\u6700\u5927\u5316\u7684\uff0c\u90a3\u4e48\uff0c\u6bcf\u79cd\u751f\u4ea7\u8981\u7d20\u7684\u62a5\u916c\u7b49\u4e8e\u5b83\u5bf9\u751f\u4ea7\u8fc7\u7a0b\u7684\u8fb9\u9645\u8d21\u732e\u3002\u5411\u6bcf\u4e2a\u5de5\u4eba\u652f\u4ed8\u7684\u5b9e\u9645\u5de5\u8d44\u7b49\u4e8e$MPL$\uff0c\u5411\u6bcf\u4e2a\u8d44\u672c\u6240\u6709\u8005\u652f\u4ed8\u7684\u79df\u8d41\u4ef7\u683c\u662f$MPK$\u3002\u56e0\u6b64\u5411\u52b3\u52a8\u652f\u4ed8\u7684\u603b\u5de5\u8d44\u662f$MPL \\times L$\uff0c\u5411\u8d44\u672c\u6240\u6709\u8005\u652f\u4ed8\u7684\u603b\u79df\u91d1\u662f$MPK \\times K$\u3002\u4f01\u4e1a\u652f\u4ed8\u4e86\u8981\u7d20\u62a5\u916c\u4e4b\u540e\u7559\u4e0b\u7684\u6536\u5165\uff0c\u662f\u4f01\u4e1a\u6240\u6709\u8005\u7684<strong>\u7ecf\u8425\u5229\u6da6(economic profit)<\/strong>\uff1a<\/p>\n<p><span id = \"eq:1-16\"><\/span><br \/>\n$$<br \/>\n\\text{\u7ecf\u8425\u5229\u6da6} = Y - (MPL \\times L) - (MPK \\ timex K) \\tag{1-16}<br \/>\n$$<\/p>\n<p>\u6ce8\u610f\u8fd9\u91cc\u7684\u7ecf\u8425\u5229\u6da6\u548c\u6536\u5165%Y%\u90fd\u662f\u7528\u5b9e\u9645\u4ea7\u51fa\u8868\u793a\u7684\uff0c\u800c\u4e0d\u662f\u8d27\u5e01\u3002\u7531\u4e8e\u6211\u4eec\u60f3\u8981\u8003\u5bdf\u6536\u5165\u7684\u5206\u914d\uff0c\u6240\u4ee5\u6211\u4eec\u5c06<a href=\"#eq:1-16\" target=\"_blank\"  rel=\"nofollow\" >\u5f0f1-16<\/a>\u6574\u7406\u6210\u5982\u4e0b\u5f62\u5f0f\uff1a<\/p>\n<p><span id = \"eq:1-17\"><\/span><br \/>\n$$<br \/>\nY = (MPL \\times L) + (MPK \\times K) + \\text{\u7ecf\u8425\u5229\u6da6} \\tag{1-17}<br \/>\n$$<\/p>\n<p>&emsp;&emsp;\u603b\u6536\u5165\u88ab\u5212\u5206\u4e3a\u52b3\u52a8\u56de\u62a5\u3001\u8d44\u672c\u56de\u62a5\u4ee5\u53ca\u7ecf\u8425\u5229\u6da6\u3002\u5982\u679c\u50cf\u7ecf\u5e38\u8ba4\u4e3a\u7684\u90a3\u6837\uff0c\u751f\u4ea7\u51fd\u6570\u5177\u6709\u89c4\u6a21\u62a5\u916c\u4e0d\u53d8\u7684\u6027\u8d28\uff0c\u90a3\u4e48\u7ecf\u8425\u5229\u6da6\u5fc5\u7136\u662f\u96f6\u3002\u4e5f\u5c31\u662f\u8bf4\uff0c\u652f\u4ed8\u4e86\u751f\u4ea7\u8981\u7d20\u7684\u62a5\u916c\u4e4b\u540e\uff0c\u6ca1\u6709\u4ec0\u4e48\u5269\u4f59\u3002\u63a8\u8bba\u5982\u4e0b\uff1a<\/p>\n<p>\u5bf9\u4e8e\u6ee1\u8db3\u89c4\u6a21\u62a5\u916c\u4e0d\u53d8\u7684\u751f\u4ea7\u51fd\u6570\u6709\uff1a<br \/>\n$$<br \/>\nzY = F(zK, zL) \\notag<br \/>\n$$<\/p>\n<p>\u4e24\u8fb9\u540c\u65f6\u5bf9z\u6c42\u504f\u5bfc\u6570\u5f97\u5230\uff1a<br \/>\n$$<br \/>\nY = F_{1}^{'}(zK, zL)K + F_{2}^{'}(zK, zL)L \\notag<br \/>\n$$<\/p>\n<p>\u6211\u4eec\u53ef\u4ee5\u4ece\u56fe3\u4e2d\u770b\u51fa\uff0c\u5f53$z=1$\u65f6\uff0c\u5bf9\u751f\u4ea7\u51fd\u6570$F(\\overline{K},L)$\u6c42\u504f\u5bfc\u5f97\u5230\u7684\u503c\u5373$MPL$\uff0c\u4e8e\u662f\u6211\u4eec\u53ef\u4ee5\u5199\u6210\uff1a<\/p>\n<p>$$<br \/>\n\\left\\{<br \/>\n\\begin{array}{**lr**}<br \/>\nF_{1}^{'}(zK, zL) = MPK \\notag \\newline<br \/>\nF_{2}^{'}(zK, zL) = MPL \\notag<br \/>\n\\end{array}<br \/>\n\\right.<br \/>\n$$<\/p>\n<p>\u6700\u540e\u5f97\u5230\uff1a<\/p>\n<p>$$<br \/>\nY = F(K, L) = (MPK \\times K) + (MPL \\times L) \\tag{1-18}<br \/>\n$$<\/p>\n<p>&emsp;&emsp;\u7ed3\u5408<a href=\"#eq:1-17\" target=\"_blank\"  rel=\"nofollow\" >\u5f0f1-17<\/a>\u7684\u5185\u5bb9\uff0c\u6211\u4eec\u53d1\u73b0\u5728\u62a5\u916c\u89c4\u6a21\u4e0d\u53d8\u548c\u7ade\u4e89\u6027\u7684\u6761\u4ef6\u4e0b\uff0c\u7ecf\u8425\u5229\u6da6\u5c45\u7136\u4e3a\u96f6\u3002\u4f46\u662f\uff0c\u6211\u4eec\u8981\u5982\u4f55\u89e3\u91ca\u7ecf\u6d4e\u4e2d\u5229\u6da6\u7684\u5b58\u5728\u5462\uff1f\u7b54\u6848\u662f\uff1a\u5e73\u5e38\u6240\u7528\u7684\u201c\u5229\u6da6\u201d\u5e76\u4e0d\u7b49\u540c\u4e8e\u7ecf\u6d4e\u5229\u6da6\u3002\u6211\u4eec\u5df2\u7ecf\u5047\u8bbe\u5b58\u5728\u4e09\u79cd\u7c7b\u578b\u7684\u4e3b\u4f53\uff1a\u5de5\u4eba\u3001\u8d44\u672c\u6240\u6709\u8005\u548c\u4f01\u4e1a\u6240\u6709\u8005\u3002\u603b\u6536\u5165\u88ab\u5206\u4e3a\u5de5\u8d44\u3001\u8d44\u672c\u56de\u62a5\u548c\u7ecf\u6d4e\u5229\u6da6\u3002\u4f46\u662f\uff0c\u5728\u73b0\u5b9e\u4e16\u754c\u4e2d\uff0c\u5927\u591a\u6570\u4f01\u4e1a\u62e5\u6709\u800c\u4e0d\u662f\u79df\u8d41\u8d44\u672c\uff0c\u6240\u4ee5\u7ecf\u6d4e\u5229\u6da6\u548c\u8d44\u672c\u56de\u62a5\u4e5f\u5f80\u5f80\u88ab\u6df7\u5728\u4e00\u8d77\u3002\u5982\u679c\u6211\u4eec\u628a\u8fd9\u79cd\u5b9a\u4e49\u79f0\u4e3a<strong>\u4f1a\u8ba1\u5229\u6da6(accounting profit)<\/strong>\uff0c\u6211\u4eec\u53ef\u4ee5\u8bf4\uff1a<\/p>\n<p>$$<br \/>\n\\text{\u4f1a\u8ba1\u5229\u6da6} = \\text{\u7ecf\u6d4e\u5229\u6da6} + (MPK \\times K) \\tag{1-19}<br \/>\n$$<\/p>\n<p>\u5982\u679c\u6211\u4eec\u5047\u8bbe\u8fd9\u4e2a\u4e16\u754c\u4e5f\u662f\u7ade\u4e89\u6027\u7684\u3001\u62a5\u916c\u89c4\u6a21\u4e0d\u53d8\u7684\uff0c\u90a3\u4e48\u6211\u4eec\u6240\u8bf4\u7684\u201c\u5229\u6da6\u201d\u4e3b\u8981\u6307\u7684\u662f\u8d44\u672c\u56de\u62a5\u3002<\/p>\n<p>&emsp;&emsp;\u73b0\u5728\u6211\u4eec\u53ef\u4ee5\u56de\u7b54\u672c\u7ae0\u6700\u5f00\u59cb\u7684\u95ee\u9898\uff0c\u7ecf\u6d4e\u4e2d\u7684\u6536\u5165\u5982\u4f55\u4ece\u4f01\u4e1a\u5206\u914d\u7ed9\u5bb6\u5ead\u3002\u6bcf\u79cd\u751f\u4ea7\u8981\u7d20\u5f97\u5230\u7684\u652f\u4ed8\u4e3a\u5176\u8fb9\u9645\u4ea7\u91cf\uff0c\u8fd9\u4e9b\u751f\u4ea7\u8981\u7d20\u7684\u62a5\u916c\u8017\u5c3d\u4e86\u603b\u4ea7\u51fa\u3002\u603b\u4ea7\u51fa\u88ab\u5212\u5206\u4e3a\u8d44\u672c\u62a5\u916c\u548c\u52b3\u52a8\u62a5\u916c\uff0c\u4e24\u79cd\u8981\u7d20\u7684\u62a5\u916c\u53d6\u51b3\u4e8e\u5b83\u4eec\u7684\u751f\u4ea7\u8fb9\u9645\u7387\u3002<\/p>\n<h4>1.2.5 \u67ef\u5e03-\u9053\u683c\u62c9\u65af\u751f\u4ea7\u51fd\u6570<\/h4>\n<p>&emsp;&emsp;\u4fdd\u7f57\u00b7\u9053\u683c\u62c9\u65af\u57281927\u5e74\u53d1\u73b0\uff1a\u56fd\u6c11\u6536\u5165\u5728\u8d44\u672c\u4e0e\u52b3\u52a8\u4e4b\u95f4\u7684\u5206\u914d\u5728\u957f\u671f\u5185\u5927\u4f53\u4e0a\u4e0d\u53d8\uff0c\u6362\u8a00\u4e4b\uff0c\u5f53\u7ecf\u6d4e\u7e41\u8363\u7684\u65f6\u5019\uff0c\u5b83\u4eec\u5206\u914d\u7684\u589e\u957f\u4e5f\u662f\u6210\u6bd4\u4f8b\u7684\u3002\u9053\u683c\u62c9\u65af\u5411\u67e5\u5c14\u65af\u00b7\u67ef\u5e03\u8bf7\u6559\uff0c\u5982\u679c\u751f\u4ea7\u8981\u7d20\u62a5\u916c\u603b\u662f\u7b49\u4e8e\u5b83\u4eec\u7684\u8fb9\u9645\u4ea7\u91cf\uff0c\u90a3\u4e48\uff0c\u4ec0\u4e48\u751f\u4ea7\u51fd\u6570(\u5982\u679c\u5b58\u5728\u7684\u8bdd)\u80fd\u5bfc\u81f4\u4e0d\u53d8\u7684\u8981\u7d20\u4efd\u989d\uff1f\u8fd9\u4e2a\u751f\u4ea7\u51fd\u6570\u9700\u8981\u5177\u5907\u5982\u4e0b\u6027\u8d28\uff1a<\/p>\n<p>$$<br \/>\n\\left\\{<br \/>\n\\begin{array}{**lr**}<br \/>\n\\text{\u8d44\u672c\u6536\u5165} = MPK \\times K = \\alpha Y \\newline<br \/>\n\\text{\u52b3\u52a8\u6536\u5165} = MPL \\times L = (1-\\alpha) Y \\tag{1-21}<br \/>\n\\end{array}<br \/>\n\\right.<br \/>\n$$<\/p>\n<p>\u5f0f\u4e2d\uff0c$\\alpha$\u662f\u4ecb\u4e8e0\u52301\u4e4b\u95f4\u7684\u4e00\u4e2a\u5e38\u6570\uff0c\u5b83\u8861\u91cf\u6536\u5165\u4e2d\u7684\u8d44\u672c\u7684\u4efd\u989d\u3002\u67ef\u5e03\u8bc1\u660e\u4e86\u5177\u6709\u8fd9\u79cd\u6027\u8d28\u7684\u51fd\u6570\u662f\uff1a<\/p>\n<p>$$<br \/>\nF(K, L) = AK^{\\alpha}L^{1-\\alpha} \\tag{1-22}<br \/>\n$$<\/p>\n<p>\u5f0f\u4e2d\uff0c$A$\u5f0f\u4e00\u4e2a\u5927\u4e8e0\u7684\u53c2\u6570\uff0c\u5b83\u7528\u4e8e\u8861\u91cf\u53ef\u5229\u7528\u6280\u672f\u7684\u751f\u4ea7\u6548\u7387\uff0c\u8fd9\u5c31\u662f\u8457\u540d\u7684<strong>\u67ef\u5e03-\u9053\u683c\u62c9\u65af\u751f\u4ea7\u51fd\u6570(Cobb-Douglas production function)<\/strong>\u3002\u9996\u5148\uff0c\u8be5\u51fd\u6570\u6709\u89c4\u6a21\u62a5\u916c\u4e0d\u53d8\u7684\u6027\u8d28\uff0c\u5982\u679c\u8d44\u672c\u548c\u52b3\u52a8\u6210\u6bd4\u4f8b\u589e\u52a0\uff0c\u4ea7\u51fa\u4e5f\u5c06\u6210\u6bd4\u4f8b\u589e\u52a0\u3002\u4e0b\u9762\uff0c\u6211\u4eec\u5148\u8bc1\u660e\u5b83\u5177\u6709\u62a5\u916c\u89c4\u6a21\u4e0d\u53d8\u7684\u6027\u8d28\uff1a<\/p>\n<p>\u6211\u4eec\u9996\u5148\u8fd8\u662f\u5bf9\u5176\u5728\u4e24\u8fb9\u540c\u4e58\u4ee5\u4e00\u4e2a\u5e38\u6570$z$\uff1a<\/p>\n<p>$$<br \/>\nF(zK, zL) = A(zK)^{\\alpha}(zL)^{1-\\alpha} \\notag<br \/>\n$$<\/p>\n<p>\u5c06\u53f3\u8fb9\u5c55\u5f00\u5f97\u5230\uff1a<\/p>\n<p>$$<br \/>\n\\begin{eqnarray}<br \/>\nF(zK, zL) &amp;=&amp; Az^{\\alpha}K^{\\alpha}z^{1-\\alpha}L^{1-\\alpha} \\notag \\newline<br \/>\nF(zK, zL) &amp;=&amp; Az^{\\alpha}z^{1-\\alpha}K^{\\alpha}L^{1-\\alpha} \\notag \\newline<br \/>\nF(zK, zL) &amp;=&amp; zAK^{\\alpha}L^{1-\\alpha} \\notag \\newline<br \/>\nF(zK, zL) &amp;=&amp; zF(K, L)<br \/>\n\\end{eqnarray}<br \/>\n$$<\/p>\n<p>&emsp;&emsp;\u6211\u4eec\u5df2\u7ecf\u8bc1\u660e\u4e86\u5176\u62e5\u6709\u751f\u4ea7\u89c4\u6a21\u4e0d\u53d8\u7684\u6027\u8d28\uff0c\u73b0\u5728\u8003\u8651\u5b83\u7684\u8fb9\u9645\u4ea7\u91cf\u3002\u52b3\u52a8\u7684\u8fb9\u9645\u4ea7\u91cf\u662f\uff1a<\/p>\n<p><span id = \"eq:1-23\"><\/span><br \/>\n$$<br \/>\n\\begin{eqnarray}<br \/>\nMPL &amp;=&amp; \\frac{\\partial F(K, L)}{\\partial L} \\notag \\newline<br \/>\nMPL &amp;=&amp; (1-\\alpha)AK^{\\alpha}L^{-\\alpha} \\tag{1-23}<br \/>\n\\end{eqnarray}<br \/>\n$$<\/p>\n<p>\u540c\u6837\u7684\uff0c\u6211\u4eec\u53ef\u4ee5\u5f97\u5230\u8d44\u672c\u7684\u8fb9\u9645\u4ea7\u91cf\uff1a<\/p>\n<p><span id = \"eq:1-24\"><\/span><br \/>\n$$<br \/>\n\\begin{eqnarray}<br \/>\nMPK &amp;=&amp; \\frac{\\partial F(K, L)}{\\partial K} \\notag \\newline<br \/>\nMPK &amp;=&amp; \\alpha AK^{\\alpha-1}L^{1-\\alpha} \\tag{1-24}<br \/>\n\\end{eqnarray}<br \/>\n$$<\/p>\n<p>\u73b0\u5728\u6211\u4eec\u6765\u5206\u6790\u4e00\u4e0b<a href=\"#eq:1-23\" target=\"_blank\"  rel=\"nofollow\" >\u5f0f1-23<\/a>\u548c<a href=\"#eq:1-24\" target=\"_blank\"  rel=\"nofollow\" >\u5f0f1-24<\/a>\u5177\u6709\u4ec0\u4e48\u6837\u7684\u6027\u8d28\u3002\u5f53\u6211\u4eec\u589e\u52a0\u52b3\u52a8\u91cf$L$\u7684\u65f6\u5019\uff0c$MPL$\u964d\u4f4e\u4e86\u3001$MPK$\u63d0\u9ad8\u4e86\uff1b\u5f53\u6211\u4eec\u589e\u52a0\u8d44\u672c\u91cf$K$\u7684\u65f6\u5019\uff0c$MPL$\u63d0\u9ad8\u4e86\u3001$MPK$\u964d\u4f4e\u4e86\u3002\u6280\u672f$A$\u7684\u8fdb\u6b65\u53ef\u4ee5\u540c\u6bd4\u4f8b\u7684\u63d0\u9ad8$MPK$\u548c$MPL$\u3002\u4e0a\u8ff0\u5f0f\u5b50\u4e5f\u80fd\u6539\u5199\u6210\uff1a<\/p>\n<p>$$<br \/>\n\\begin{eqnarray}<br \/>\nMPL &amp;=&amp; (1-\\alpha)Y\/L  \\tag{1-25} \\newline<br \/>\nMPK &amp;=&amp; \\alpha Y\/K \\tag{1-26}<br \/>\n\\end{eqnarray}<br \/>\n$$<\/p>\n<p>&emsp;&emsp;$MPL$\u4e0e\u6bcf\u5355\u4f4d\u52b3\u52a8\u7684\u4ea7\u51fa\u6210\u6bd4\u4f8b\uff0c$MPK$\u4e0e\u6bcf\u5355\u4f4d\u7684\u8d44\u672c\u4ea7\u51fa\u6210\u6bd4\u4f8b\u3002$Y\/L$\u88ab\u79f0\u4e3a<strong>\u5e73\u5747\u52b3\u52a8\u751f\u4ea7\u7387(average labor productivity)<\/strong>\uff0c$Y\/K$\u88ab\u79f0\u4e3a<strong>\u5e73\u5747\u8d44\u672c\u751f\u4ea7\u7387(average capital productivity)<\/strong>\u3002\u5982\u679c\u751f\u4ea7\u51fd\u6570\u662f\u67ef\u5e03-\u9053\u683c\u62c9\u65af\u5f62\u5f0f\u7684\uff0c\u90a3\u4e48\u4e00\u79cd\u8981\u7d20\u7684\u751f\u4ea7\u7387\u4e0e\u5176\u5e73\u5747\u751f\u4ea7\u7387\u6210\u6bd4\u4f8b\u3002<\/p>\n<h3>1.3 \u4ec0\u4e48\u51b3\u5b9a\u4e86\u4ea7\u54c1\u4e0e\u670d\u52a1\u7684\u9700\u6c42<\/h3>\n<p>&emsp;&emsp;\u5728\u524d\u4e00\u7bc7\u6587\u7ae0\u4e2d\uff0c\u6211\u4eec\u5df2\u7ecf\u8ba8\u8bba\u4e86GDP\u76844\u4e2a\u7ec4\u6210\u90e8\u5206\uff1a\u6d88\u8d39\u3001\u6295\u8d44\u3001\u653f\u5e9c\u8d2d\u4e70\u548c\u51c0\u51fa\u53e3\u3002\u56fe1\uff0c\u5faa\u73af\u6d41\u7a0b\u56fe\u53ea\u5305\u542b\u4e86\u524d3\u4e2a\u90e8\u5206\uff0c\u8fd9\u91cc\u4e3a\u4e86\u7b80\u5355\uff0c\u6211\u4eec\u8ba8\u8bba\u4e00\u4e2a\u5c01\u95ed\u7684\u56fd\u5bb6\uff0c\u8fd9\u6837\u51c0\u51fa\u53e3\u5c31\u662f\u96f6\u3002\u4e8e\u662f\u6211\u4eec\u53ef\u4ee5\u5199\u51fa\u8fd9\u6837\u4e00\u4e2a\u56fd\u6c11\u6536\u5165\u7684\u7b49\u5f0f\uff1a<\/p>\n<p>$$<br \/>\nY = C + I + G \\tag{1-27}<br \/>\n$$<\/p>\n<h4>1.3.1 \u6d88\u8d39<\/h4>\n<p>&emsp;&emsp;\u5982\u524d\u9762\u8ba8\u8bba\u7684\uff0c\u5bb6\u5ead\u90e8\u95e8\u5f97\u5230\u7684\u6536\u5165\u7b49\u4e8e\u7ecf\u6d4e\u4f53\u7684\u4ea7\u51fa$Y$\uff0c\u7136\u540e\u653f\u5e9c\u5411\u5bb6\u5ead\u5f81\u7a0e$T$(\u6211\u4eec\u8fd9\u91cc\u4e3a\u4e86\u7b80\u5355\uff0c\u5c06\u6240\u6709\u7684\u7a0e\u653e\u5230\u8fd9\u91cc\u4e00\u5e76\u8ba1\u7b97)\uff0c\u6211\u4eec\u5c06$Y-T$\u5b9a\u4e49\u4e3a<strong>\u53ef\u652f\u914d\u6536\u5165(disposable income)<\/strong>\uff0c\u5bb6\u5ead\u53ef\u4ee5\u5c06\u5176\u7528\u5728\u6d88\u8d39\u548c\u6295\u8d44\u3002\u6211\u4eec\u5047\u8bbe\u6d88\u8d39\u6c34\u5e73\u76f4\u63a5\u53d6\u51b3\u4e8e\u53ef\u652f\u914d\u6536\u5165\u6c34\u5e73\uff0c\u53ef\u652f\u914d\u6536\u5165\u8d8a\u9ad8\uff0c\u6d88\u8d39\u4e5f\u8d8a\u591a\u3002\u56e0\u6b64\u6709\uff1a<\/p>\n<p>$$<br \/>\nC = C(Y-T) \\tag{1-28}<br \/>\n$$<\/p>\n<p>\u8fd9\u4e2a\u7b49\u5f0f\u8bf4\uff0c\u6d88\u8d39\u65f6\u53ef\u652f\u914d\u6536\u5165\u7684\u51fd\u6570\uff0c\u5176\u5173\u7cfb\u88ab\u79f0\u4e3a<strong>\u6d88\u8d39\u51fd\u6570(consumption function)<\/strong>\u3002<\/p>\n<p>&emsp;&emsp;<strong>\u6d88\u8d39\u8fb9\u9645\u503e\u5411(marginal propensity to consume, MPC)<\/strong>\u662f\u5f53\u53ef\u652f\u914d\u6536\u5165\u589e\u52a01\u7f8e\u5143\u65f6\u7684\u6d88\u8d39\u53d8\u53d8\u5316\u91cf\uff0c\u5176\u4ecb\u4e8e0\u52301\u4e4b\u95f4\u3002\u5982\u679c$MPC=0.7$\uff0c\u90a3\u4e48\u5bb6\u5ead\u6bcf\u6536\u51651\u7f8e\u5143\uff0c\u5c31\u670970\u7f8e\u5206\u7528\u4e8e\u6d88\u8d39\uff0c30\u7f8e\u5206\u7528\u4e8e\u50a8\u84c4\u3002<\/p>\n<h4>1.3.2 \u6295\u8d44<\/h4>\n<p>&emsp;&emsp;\u4f01\u4e1a\u548c\u5bb6\u5ead\u90fd\u8d2d\u4e70\u6295\u8d44\u54c1\u3002\u4f01\u4e1a\u8d2d\u4e70\u6295\u8d44\u54c1\u662f\u4e3a\u4e86\u589e\u52a0\u5b83\u4eec\u7684\u8d44\u672c\u5b58\u91cf\u548c\u4ee3\u66ff\u73b0\u6709\u7684\u635f\u8017\u4e86\u7684\u8d44\u672c\uff1b\u5bb6\u5ead\u8d2d\u4e70\u65b0\u7684\u4f4f\u623f\u4e5f\u88ab\u8ba4\u4e3a\u662f\u6295\u8d44\u3002\u6295\u8d44\u54c1\u7684\u9700\u6c42\u91cf\u53d6\u51b3\u4e8e<strong>\u5229\u7387(interest rate)<\/strong>\uff0c\u5229\u7387\u8861\u91cf\u4e86\u4e3a\u6295\u8d44\u800c\u878d\u8d44\u7684\u8d44\u91d1\u6210\u672c\u3002\u4e00\u4e2a\u9879\u76ee\u60f3\u8981\u6709\u5229\u53ef\u56fe\uff0c\u5b83\u7684\u56de\u62a5\u2014\u2014\u9884\u671f\u6536\u76ca\uff0c\u5e94\u8be5\u8981\u5927\u4e8e\u5176\u6210\u672c\u2014\u2014\u9700\u8981\u652f\u4ed8\u501f\u5165\u8d44\u91d1\u7684\u5229\u606f\u3002<\/p>\n<p>&emsp;&emsp;\u5f53\u7814\u7a76\u5229\u7387\u5728\u7ecf\u6d4e\u4e2d\u7684\u4f5c\u7528\u65f6\uff0c\u7ecf\u6d4e\u5b66\u5bb6\u533a\u5206\u4e86\u540d\u4e49\u5229\u7387\u548c\u5b9e\u9645\u5229\u7387\u3002<strong>\u540d\u4e49\u5229\u7387(nominal interest rate)<\/strong>\u662f\u901a\u5e38\u6240\u62a5\u9053\u7684\u5229\u7387\uff0c<strong>\u5b9e\u9645\u5229\u7387(real interest rat)<\/strong>\u662f\u5254\u9664\u901a\u80c0\u5f71\u54cd\u4e4b\u540e\u7684\u5229\u7387\u3002\u4f8b\u5982\uff0c\u540d\u4e49\u5229\u7387\u662f8%\uff0c\u901a\u80c0\u7387\u662f3%\uff0c\u90a3\u4e48\u5b9e\u9645\u5229\u7387\u5c31\u662f5%\uff0c\u6211\u4eec\u5c06\u5728\u540e\u9762\u8ba8\u8bba\u540d\u4e49\u5229\u7387\u548c\u5b9e\u9645\u5229\u7387\u7684\u8054\u7cfb\u3002\u8fd9\u91cc\u53ea\u9700\u8981\u77e5\u9053\uff0c\u8861\u91cf\u501f\u8d37\u6210\u672c\u7684\u662f\u771f\u5b9e\u5229\u7387\u3002\u6211\u4eec\u7528\u4e0b\u9762\u7684\u51fd\u6570\u6765\u8868\u793a\u6295\u8d44\uff1a<\/p>\n<p>$$<br \/>\nI = I(r) \\tag{1-29}<br \/>\n$$<\/p>\n<p>\u5bf9\u4e8e\u6295\u8d44\uff0c\u7b80\u5355\u800c\u8a00\u5c31\u662f\uff1a\u5229\u7387\u8d8a\u9ad8\uff0c\u6295\u8d44\u7684\u9700\u6c42\u8d8a\u5c11(\u6295\u8d44\u6240\u9700\u7684\u501f\u8d37\u6210\u672c\u53d8\u9ad8\u4e86)\uff1b\u5229\u7387\u8d8a\u4f4e\uff0c\u6295\u8d44\u9700\u6c42\u8d8a\u9ad8\u3002\u6ce8\u610f\uff0c\u8fd9\u91cc\u5047\u8bbe\u50a8\u84c4\u548c\u5229\u7387\u662f\u6ca1\u6709\u5173\u7cfb\u7684\uff0c\u4e5f\u5c31\u662f\u8bf4\uff0c\u9ad8\u5229\u7387\u4e0b\u4f1a\u589e\u52a0\u50a8\u84c4\u7684\u60c5\u51b5\u76ee\u524d\u662f\u4e0d\u5b58\u5728\u7684\uff0c\u5728\u540e\u9762\u6211\u4eec\u5c06\u653e\u6b3e\u8fd9\u4e00\u5047\u8bbe\u3002<\/p>\n<h4>1.3.3 \u653f\u5e9c\u8d2d\u4e70<\/h4>\n<p>&emsp;&emsp;\u548c\u4e4b\u524d\u7684\u6587\u7ae0\u63d0\u5230\u7684\u4e00\u6837\uff0c\u653f\u5e9c\u652f\u51fa$G$\u53ea\u662f\u4e3a\u4e86\u83b7\u5f97\u7ecf\u6d4e\u5229\u76ca\u7684\u652f\u51fa\uff0c\u6bd4\u5982\u8d2d\u4e70\u56fe\u4e66\u3001\u5efa\u7acb\u5b66\u6821\u7b49\uff0c\u4e0d\u5305\u542b\u5982\u517b\u8001\u3001\u4f4e\u4fdd\u7b49\u798f\u5229\u6027\u8d28\u7684\u8f6c\u79fb\u652f\u4ed8\u3002\u7528\u4e8e\u6211\u4eec\u53ef\u4ee5\u5c06$T$\u5b9a\u4e49\u4e3a\u7a0e\u6536\u51cf\u53bb\u8f6c\u79fb\u652f\u4ed8\uff0c\u53ef\u652f\u914d\u6536\u5165$Y-T$\u65e2\u5305\u542b\u4e86\u7a0e\u6536\u51cf\u53bb\u7684\u90e8\u5206\uff0c\u4e5f\u5305\u542b\u4e86\u4ece\u8f6c\u79fb\u652f\u4ed8\u83b7\u5f97\u7684\u90e8\u5206\u3002<\/p>\n<p>&emsp;&emsp;\u5bf9\u653f\u5e9c\u8d2d\u4e70\u548c\u7a0e\u6536\u6c34\u5e73\u7684\u9009\u62e9\u88ab\u79f0\u4e3a<strong>\u8d22\u653f\u653f\u7b56(fiscal policy)<\/strong>\u3002\u5982\u679c\u653f\u5e9c\u8d2d\u4e70\u7b49\u4e8e\u7a0e\u6536\u51cf\u53bb\u8f6c\u79fb\u652f\u4ed8\uff0c\u90a3\u4e48\uff0c$G=T$\uff0c\u653f\u5e9c\u5c31\u6709<strong>\u5e73\u8861\u9884\u7b97(balanced budget)<\/strong>\uff1b\u5982\u679c$G$\u5927\u4e8e$T$\uff0c\u90a3\u4e48\u653f\u5e9c\u5c31\u6709<strong>\u9884\u7b97\u8d64\u5b57(budget deficit)<\/strong>\uff0c\u653f\u5e9c\u8981\u901a\u8fc7\u53d1\u884c\u503a\u5238\u2014\u2014\u6362\u8a00\u4e4b\uff0c\u4ece\u91d1\u878d\u5e02\u573a\u4e0a\u8d37\u6b3e\u2014\u2014\u6765\u4e3a\u8d64\u5b57\u878d\u8d44\uff1b\u5982\u679c$G$\u5c0f\u4e8e$T$\uff0c\u653f\u5e9c\u5c31\u6709<strong>\u9884\u7b97\u76c8\u4f59(budget surplus)<\/strong>\uff0c\u53ef\u4ee5\u7528\u76c8\u4f59\u90e8\u5206\u507f\u8fd8\u503a\u52a1\u3002<\/p>\n<p>&emsp;&emsp;\u8fd9\u91cc\u6211\u4eec\u4e0d\u8ba8\u8bba\u6307\u5b9a\u8d22\u653f\u653f\u7b56\u7684\u7ec6\u8282\uff0c\u800c\u662f\u628a\u653f\u5e9c\u8d2d\u4e70\u548c\u7a0e\u6536\u4f5c\u4e3a\u5916\u751f\u53d8\u91cf\uff0c\u4e3a\u4e86\u8868\u793a\u8fd9\u4e9b\u53d8\u91cf\u662f\u56fa\u5b9a\u7684\uff0c\u800c\u4e0d\u662f\u7531\u56fd\u6c11\u6536\u5165\u6a21\u578b\u51b3\u5b9a\u7684\uff0c\u6211\u4eec\u5199\u4f5c\uff1a<\/p>\n<p>$$<br \/>\n\\begin{eqnarray}<br \/>\nG &amp;=&amp; \\overline{G} \\notag \\newline<br \/>\nT &amp;=&amp; \\overline{T} \\notag \\newline<br \/>\n\\end{eqnarray}<br \/>\n$$<\/p>\n<p>\u7136\u800c\uff0c\u6211\u4eec\u786e\u5b9e\u8981\u8003\u5bdf\u8d22\u653f\u653f\u7b56\u5bf9\u6a21\u578b\u5185\u90e8\u51b3\u5b9a\u7684\u5185\u751f\u53d8\u91cf\u7684\u5f71\u54cd\uff0c\u8fd9\u91cc\u7684\u5185\u751f\u53d8\u91cf\u662f\uff1a\u6d88\u8d39\u3001\u6295\u8d44\u548c\u5229\u7387\u3002\u4e3a\u4e86\u4e86\u89e3\u5916\u751f\u53d8\u91cf\u662f\u5982\u4f55\u5f71\u54cd\u8fd9\u4e9b\u5185\u751f\u53d8\u91cf\uff0c\u6211\u4eec\u9996\u5148\u8981\u7ee7\u7eed\u5b8c\u6210\u8fd9\u4e2a\u6a21\u578b\u3002<\/p>\n<h3>1.4 \u4ec0\u4e48\u4f7f\u4ea7\u54c1\u548c\u670d\u52a1\u7684\u4f9b\u7ed9\u4e0e\u9700\u6c42\u8fbe\u5230\u5747\u8861<\/h3>\n<p>&emsp;&emsp;\u5728\u8fd9\u4e2a\u56fa\u5b9a\u6a21\u578b\u4e2d\uff0c\u8d77\u5230\u5e73\u8861\u4f5c\u7528\u7684\u662f\u5229\u7387\u3002\u6709\u4e24\u4e2a\u65b9\u6cd5\u53ef\u4ee5\u7528\u6765\u8003\u5bdf\u5229\u7387\u5728\u7ecf\u6d4e\u4e2d\u7684\u4f5c\u7528\u3002\u6211\u4eec\u53ef\u4ee5\u8003\u8651\u5229\u7387\u5982\u4f55\u5f71\u54cd\u4ea7\u54c1\u6216\u670d\u52a1\u7684\u4f9b\u7ed9\u548c\u9700\u6c42\uff1b\u4e5f\u53ef\u4ee5\u8003\u8651\u5229\u7387\u5982\u4f55\u5f71\u54cd\u53ef\u8d37\u8d44\u91d1\u7684\u4f9b\u7ed9\u548c\u9700\u6c42\u3002\u8fd9\u662f\u4e00\u4f53\u4e24\u9762\u7684\u3002<\/p>\n<h4>1.4.1 \u4ea7\u54c1\u5e02\u573a\u7684\u5747\u8861<\/h4>\n<p>&emsp;&emsp;\u6211\u4eec\u56de\u987e1.3\u8282\u4e2d\u5173\u4e8e\u4ea7\u54c1\u4e0e\u670d\u52a1\u7684\u8ba8\u8bba\uff1a<\/p>\n<p>$$<br \/>\n\\begin{eqnarray}<br \/>\nY &amp;=&amp; C + I + G \\notag \\newline<br \/>\nC &amp;=&amp; C(Y - T) \\notag \\newline<br \/>\nI &amp;=&amp; I(r) \\notag \\newline<br \/>\nG &amp;=&amp; \\overline{G} \\notag \\newline<br \/>\nT &amp;=&amp; \\overline{T} \\notag \\newline<br \/>\n\\end{eqnarray}<br \/>\n$$<\/p>\n<p>&emsp;&emsp;\u57281.1\u8282\u4e2d\u6211\u4eec\u5f97\u5230\u4e86\u751f\u4ea7\u51fd\u6570\u548c\u751f\u4ea7\u8981\u7d20\u51b3\u5b9a\u4e86\u7ecf\u6d4e\u4f9b\u7ed9\u7684\u4ea7\u51fa\u91cf\uff1a<\/p>\n<p><span id = \"eq:1-30\"><\/span><br \/>\n$$<br \/>\nY = F(\\overline{K}, \\overline{L}) = \\overline{Y} \\tag{1-30}<br \/>\n$$<\/p>\n<p>\u6211\u4eec\u7ed3\u5408\u4f9b\u7ed9\u548c\u9700\u6c42\u7684\u65b9\u7a0b\uff0c\u628a\u6d88\u8d39\u548c\u6295\u8d44\u51fd\u6570\u5e26\u5165\u5230\u56fd\u6c11\u6536\u5165\u6838\u7b97\u6052\u7b49\u5f0f\u4e2d\uff0c\u6211\u4eec\u5f97\u5230\uff1a<\/p>\n<p>$$<br \/>\nY = C(Y-T) + I(r) + G \\tag{1-31}<br \/>\n$$<\/p>\n<p>\u7531\u4e8e\u6211\u4eec\u5047\u8bbe$G$\u548c$T$\u662f\u5916\u751f\u7684\uff0c\u56e0\u6b64\u5c06\u5176\u4f5c\u4e3aconst\u5e26\u5165\uff1a<\/p>\n<p><span id = \"eq:1-32\"><\/span><br \/>\n$$<br \/>\n\\overline{Y} = C(\\overline{Y}-\\overline{T}) + I(r) + \\overline{G} \\tag{1-32}<br \/>\n$$<\/p>\n<p>\u8fd9\u51e0\u4e2a\u65b9\u7a0b\u662f\u8bf4\uff0c\u4ea7\u51fa\u7684\u4f9b\u7ed9(<a href=\"#eq:1-30\" target=\"_blank\"  rel=\"nofollow\" >\u5f0f1-30<\/a>)\u7b49\u4e8e\u5176\u9700\u6c42(<a href=\"#eq:1-31\" target=\"_blank\"  rel=\"nofollow\" >\u5f0f1-31<\/a>)\uff0c\u9700\u6c42\u662f\u6d88\u8d39\u3001\u6295\u8d44\u548c\u653f\u5e9c\u8d2d\u4e70\u4e4b\u548c\u3002<\/p>\n<p>&emsp;&emsp;\u8fd9\u91cc\u6211\u4eec\u6ce8\u610f\u5230\uff0c\u5229\u7387$r$\u662f\u5176\u4e2d\u552f\u4e00\u4e00\u4e2a\u53d8\u91cf\u3002\u8fd9\u662f\u56e0\u4e3a\u5229\u7387\u8fd8\u6709\u4e00\u4e2a\u91cd\u8981\u7684\u4f5c\u7528\u9700\u8981\u53d1\u6325\uff1a\u901a\u8fc7\u5b83\u7684\u8c03\u6574\uff0c\u786e\u4fdd\u9700\u6c42\u7b49\u4e8e\u4f9b\u7ed9\u3002\u5229\u7387\u8d8a\u9ad8\uff0c\u6295\u8d44\u6c34\u5e73\u8d8a\u4f4e\uff0c\u4ece\u800c\u4ea7\u54c1\u4e0e\u670d\u52a1\u7684\u9700\u6c42$C+I+G$\u5c31\u8d8a\u4f4e\uff1b\u53cd\u4e4b\u5229\u7387\u8d8a\u4f4e\uff0c\u6295\u8d44\u6c34\u5e73\u8d8a\u9ad8\uff0c\u5219\u4f1a\u5bfc\u81f4\u9700\u6c42\u7684\u589e\u52a0\u3002<\/p>\n<h4>1.4.2 \u53ef\u8d37\u8d44\u91d1\u7684\u5747\u8861<\/h4>\n<p>&emsp;&emsp;\u7531\u4e8e\u5229\u7387\u662f\u91d1\u878d\u5e02\u573a\u4e0a\u501f\u6b3e\u7684\u6210\u672c\u548c\u8d37\u6b3e\u7684\u56de\u62a5\uff0c\u6240\u4ee5\u6211\u4eec\u53ef\u4ee5\u901a\u8fc7\u91d1\u878d\u5e02\u573a\u6765\u66f4\u597d\u7684\u7406\u89e3\u5229\u7387\u5728\u7ecf\u6d4e\u4e2d\u53d1\u6325\u7684\u4f5c\u7528\u3002\u4e3a\u6b64\uff0c\u628a\u56fd\u6c11\u6536\u5165\u6838\u7b97\u6052\u7b49\u5f0f\u6539\u5199\u4e3a\uff1a<\/p>\n<p>$$<br \/>\nY - C - G = I \\tag{1-33}<br \/>\n$$<\/p>\n<p>&emsp;&emsp;$Y-C-G$\u8fd9\u4e00\u9879\u662f\u6ee1\u8db3\u4e86\u6d88\u8d39\u8005\u548c\u653f\u5e9c\u9700\u6c42\u4e4b\u540e\u7684\u5269\u4f59\u4ea7\u51fa\uff0c\u79f0\u4e3a<strong>\u56fd\u6c11\u50a8\u84c4(national saving)<\/strong>\u6216\u8005\u7b80\u79f0<strong>\u50a8\u84c4(saving, S)<\/strong>\u3002\u5728\u8fd9\u79cd\u5f62\u5f0f\u4e0b\uff0c\u56fd\u6c11\u6536\u5165\u6838\u7b97\u6052\u7b49\u5f0f\u8868\u9762\u50a8\u84c4\u7528\u4e8e\u6295\u8d44\u3002\u4e3a\u4e86\u66f4\u597d\u7684\u7406\u89e3\u8fd9\u4e2a\u6052\u7b49\u5f0f\uff0c\u6211\u4eec\u628a\u56fd\u6c11\u50a8\u84c4\u5206\u4e3a\u4e24\u90e8\u5206\uff0c\u4e00\u90e8\u5206\u4ee3\u8868\u79c1\u4eba\u90e8\u95e8\u7684\u50a8\u84c4\uff0c\u53e6\u4e00\u90e8\u5206\u4ee3\u8868\u653f\u5e9c\u50a8\u84c4\u3002<\/p>\n<p>$$<br \/>\nS = (Y - T - C) + (T - G) = I \\tag{1-34}<br \/>\n$$<\/p>\n<p>&emsp;&emsp;$Y - T - C$\u8fd9\u4e00\u9879\u662f\u53ef\u652f\u914d\u6536\u5165\u51cf\u53bb\u6d88\u8d39\uff0c\u5373<strong>\u79c1\u4eba\u50a8\u84c4(private saving)<\/strong>\uff1b$T-G$\u8fd9\u4e00\u9879\u662f\u653f\u5e9c\u6536\u5165\u51cf\u53bb\u653f\u5e9c\u652f\u51fa\uff0c\u5373<strong>\u516c\u5171\u50a8\u84c4(public saving)<\/strong>\uff0c\u5f53\u7136\u516c\u5171\u50a8\u84c4\u53ef\u4ee5\u662f\u8d1f\u6570\uff0c\u5373\u8d64\u5b57\u3002\u56fd\u6c11\u50a8\u84c4\u5373\u79c1\u4eba\u4e0e\u516c\u5171\u50a8\u84c4\u4e4b\u548c\u3002\u56fe1\u89e3\u91ca\u4e86\u5bf9\u8fd9\u4e2a\u65b9\u7a0b\u7684\u89e3\u91ca\uff0c\u5373\uff1a\u91d1\u878d\u5e02\u573a\u7684\u6d41\u5165\u91cf(\u79c1\u4eba\u4e0e\u516c\u5171\u50a8\u84c4)\u5fc5\u5b9a\u4e0e\u91d1\u878d\u5e02\u573a\u7684\u6d41\u51fa\u91cf(\u6295\u8d44)\u5e73\u8861\u3002<\/p>\n<p>&emsp;&emsp;\u4e3a\u4e86\u7406\u89e3\u5229\u7387\u5982\u4f55\u4f7f\u91d1\u878d\u5e02\u573a\u8fbe\u5230\u5747\u8861\uff0c\u628a\u6d88\u8d39\u51fd\u6570\u548c\u6295\u8d44\u51fd\u6570\u5e26\u5165\u56fd\u6c11\u6536\u5165\u6838\u7b97\u6052\u7b49\u5f0f\uff1a<\/p>\n<p>$$<br \/>\nY - C(Y, T) - G = I(r) \\tag{1-35}<br \/>\n$$<\/p>\n<p>\u7531\u4e8e\u6211\u4eec\u5047\u5b9a\u4e86$G$\u548c$T$\u662f\u5916\u751f\u7684\uff0cY\u662f\u7531\u751f\u4ea7\u8981\u7d20\u548c\u751f\u4ea7\u51fd\u6570\u51b3\u5b9a\u7684\uff1a<\/p>\n<p>$$<br \/>\n\\begin{eqnarray}<br \/>\n\\overline{Y} - C(\\overline{Y}, \\overline{T}) - \\overline{G} &amp;=&amp; I(r) \\tag{1-36} \\newline<br \/>\n\\overline{S} &amp;=&amp; I(r) \\tag{1-37}<br \/>\n\\end{eqnarray}<br \/>\n$$<\/p>\n<p>\u8fd9\u4e2a\u65b9\u7a0b\u7684\u5de6\u8fb9\u662f\u56fd\u6c11\u50a8\u84c4$\\overline{S}$\uff0c\u51b3\u5b9a\u4e8e\u56fa\u5b9a\u7684\u6536\u5165$Y$\u548c\u5916\u751f\u7684$G$\u548c$T$\uff1b\u65b9\u7a0b\u7684\u53f3\u8fb9\u5219\u662f\u201c\u6295\u8d44\u53d6\u51b3\u4e8e\u5229\u7387\u201d\u7684\u51fd\u6570\u3002\u7531\u4e8e\u5728\u8fd9\u4e2a\u6a21\u578b\u4e2d\uff0c\u50a8\u84c4\u4e0d\u53d6\u51b3\u4e8e\u5229\u7387(\u540e\u9762\u5c06\u653e\u5bbd\u5047\u8bbe)\uff0c\u4e8e\u662f\u6211\u4eec\u5f97\u5230\u4e86\u8fd9\u6837\u4e00\u4e2a\u7c7b\u4f3c\u4e8e\u4ea7\u54c1\u4f9b\u9700\u5173\u7cfb\u7684\u56fe\u8868\uff1a<\/p>\n<figure style=\"width: 660px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\"   class=\"lazyload\" data-src=\"https:\/\/cdn.swordofmorning.com\/SwordofMorning\/Article%20Images\/Political%20Economy\/PEI_03\/04_ir_graph.drawio.svg\" src=\"https:\/\/cdn.jsdelivr.net\/gh\/moezx\/cdn@3.0.2\/img\/svg\/loader\/trans.ajax-spinner-preloader.svg\" onerror=\"imgError(this)\"  width=\"660\" height=\"456\" alt=\"\u56fe4\" class=\"size-full\" \/ ><figcaption class=\"wp-caption-text\"><noscript><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/cdn.swordofmorning.com\/SwordofMorning\/Article%20Images\/Political%20Economy\/PEI_03\/04_ir_graph.drawio.svg\" width=\"660\" height=\"456\" alt=\"\u56fe4\" class=\"size-full\" \/><\/noscript> \u56fe4\uff1a\u6295\u8d44\u3001\u50a8\u84c4\u548c\u5229\u7387<\/figcaption><\/figure>\n<p>\u5728\u8fd9\u79cd\u60c5\u51b5\u4e0b\uff0c\u201c\u4ea7\u54c1\u201d\u662f\u53ef\u8d37\u8d44\u91d1\uff1b\u201c\u4ef7\u683c\u201d\u662f\u5229\u7387\uff1b\u50a8\u84c4\u662f\u53ef\u8d37\u8d44\u91d1\u7684\u4f9b\u7ed9\uff1b\u6295\u8d44\u662f\u53ef\u8d37\u8d44\u91d1\u7684\u9700\u6c42\u3002<\/p>\n<h4>1.4.3 \u50a8\u84c4\u7684\u53d8\u52a8\uff1a\u8d22\u653f\u653f\u7b56\u7684\u6548\u5e94<\/h4>\n<p>&emsp;&emsp;\u6211\u4eec\u73b0\u5728\u53ef\u4ee5\u7528\u8fd9\u4e2a\u6a21\u578b\u6765\u8bf4\u660e\uff0c\u8d22\u653f\u653f\u7b56\u662f\u5982\u4f55\u5f71\u54cd\u7ecf\u6d4e\u7684\u3002\u653f\u5e9c\u901a\u8fc7\u6539\u53d8\u5176\u652f\u51fa\u6216\u7a0e\u6536\u6c34\u5e73\uff0c\u5f71\u54cd\u7ecf\u6d4e\u4f53\u4e2d\u4ea7\u54c1\u4e0e\u670d\u52a1\u4ea7\u51fa\u7684\u9700\u6c42\uff0c\u6539\u53d8\u56fd\u6c11\u50a8\u84c4\u3001\u6295\u8d44\u548c\u5747\u8861\u5229\u7387\u3002<\/p>\n<h5>\u653f\u5e9c\u8d2d\u4e70\u7684\u589e\u52a0<\/h5>\n<p>&emsp;&emsp;\u8003\u8651\u653f\u5e9c\u589e\u52a0\u67d0\u4e00\u6570\u91cf$\\Delta G$\u7684\u6548\u5e94\u3002\u76f4\u63a5\u5f71\u54cd\u662f\u4ea7\u54c1\u4e0e\u670d\u52a1\u7684\u9700\u6c42\u589e\u52a0\u4e86$\\Delta G$\uff0c\u4f46\u662f\u7531\u4e8e\u603b\u4ea7\u51fa\u662f\u7531\u751f\u4ea7\u8981\u7d20\u548c\u751f\u4ea7\u51fd\u6570\u51b3\u5b9a\u7684\uff0c\u6240\u4ee5\uff0c\u653f\u5e9c\u8d2d\u4e70\u5fc5\u5b9a\u5bfc\u81f4\u67d0\u4e00\u5176\u4ed6\u9700\u6c42\u7684\u51cf\u5c11\u3002\u7531\u4e8e\u53ef\u652f\u914d\u6536\u5165$Y-T$\u4e0d\u53d8\uff0c\u6240\u4ee5\u6d88\u8d39$C$\u4e5f\u4e0d\u4fbf\uff0c\u56e0\u6b64\u653f\u5e9c\u8d2d\u4e70\u7684\u589e\u52a0\u5c06\u4f1a\u5bfc\u81f4\u6295\u8d44\u7684\u7b49\u91cf\u51cf\u5c11\u3002\u4e3a\u4e86\u4f7f\u6295\u8d44\u51cf\u5c11\uff0c\u5229\u7387\u5fc5\u987b\u4e0a\u5347\uff0c\u56e0\u6b64\u653f\u5e9c\u8d2d\u4e70\u5f15\u8d77\u5229\u7387\u7684\u4e0a\u5347\u548c\u6295\u8d44\u51cf\u5c11\u3002\u6211\u4eec\u53ef\u4ee5\u8bf4\u653f\u5e9c\u8d2d\u4e70<strong>\u6324\u51fa(crowd out)<\/strong>\u4e86\u6295\u8d44\u3002<\/p>\n<p>&emsp;&emsp;\u4e3a\u4e86\u66f4\u597d\u7684\u7406\u89e3\u6324\u51fa\uff0c\u6211\u4eec\u53ef\u4ee5\u8003\u8651\u653f\u5e9c\u589e\u52a0\u8d2d\u4e70\u5bf9\u53ef\u8d37\u8d44\u91d1\u5e02\u573a\u7684\u5f71\u54cd\u3002\u7531\u4e8e\u653f\u5e9c\u53ea\u589e\u52a0\u4e86\u652f\u51fa\uff0c\u800c\u6ca1\u6709\u589e\u52a0\u7a0e\u6536\uff0c\u56e0\u6b64\u8981\u901a\u8fc7\u501f\u8d37\u2014\u2014\u901a\u8fc7\u51cf\u5c11\u516c\u5171\u50a8\u84c4\u2014\u2014\u6765\u4e3a\u589e\u52a0\u7684\u652f\u51fa\u878d\u8d44\u3002\u5982\u56fe5\u6240\u793a\uff0c\u56fd\u6c11\u50a8\u84c4\u7684\u51cf\u5c11\u7531\u53ef\u7528\u4e8e\u6295\u8d44\u7684\u53ef\u8d37\u8d44\u91d1\u4f9b\u7ed9\u7684\u5de6\u79fb\u6765\u8868\u793a\uff0c\u5728\u521d\u59cb\u5229\u7387$r1$\u5904\uff0c\u53ef\u8d37\u8d44\u91d1\u7684\u9700\u6c42\u5927\u4e8e\u4f9b\u7ed9\uff0c\u5747\u8861\u5229\u7387\u4e0a\u5347\u5230\u4e86\u6295\u8d44\u66f2\u7ebf\u4e0e\u5e73\u79fb\u540e\u7684$S2$\u7684\u4ea4\u70b9\u3002\u56e0\u6b64\u653f\u5e9c\u8d2d\u4e70\u5bfc\u81f4\u5229\u7387\u4ece$r1$\u4e0a\u5347\u5230\u4e86$r2$\u3002<\/p>\n<figure style=\"width: 660px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\"   class=\"lazyload\" data-src=\"https:\/\/cdn.swordofmorning.com\/SwordofMorning\/Article%20Images\/Political%20Economy\/PEI_03\/05_Goverment.drawio.svg\" src=\"https:\/\/cdn.jsdelivr.net\/gh\/moezx\/cdn@3.0.2\/img\/svg\/loader\/trans.ajax-spinner-preloader.svg\" onerror=\"imgError(this)\"  width=\"660\" height=\"456\" alt=\"\u56fe5\" class=\"size-full\" \/ ><figcaption class=\"wp-caption-text\"><noscript><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/cdn.swordofmorning.com\/SwordofMorning\/Article%20Images\/Political%20Economy\/PEI_03\/05_Goverment.drawio.svg\" width=\"660\" height=\"456\" alt=\"\u56fe5\" class=\"size-full\" \/><\/noscript> \u56fe5\uff1a\u653f\u5e9c\u8d2d\u4e70\u5bfc\u81f4\u50a8\u84c4\u51cf\u5c11<\/figcaption><\/figure>\n<h5>\u7a0e\u6536\u7684\u51cf\u5c11<\/h5>\n<p>&emsp;&emsp;\u6211\u4eec\u73b0\u5728\u8003\u8651\u7a0e\u6536\u51cf\u5c11$\\Delta T$\u7684\u60c5\u51b5\uff0c\u51cf\u7a0e\u7684\u76f4\u63a5\u5f71\u54cd\u662f\u589e\u52a0\u4e86\u53ef\u652f\u914d\u6536\u5165\uff0c\u4ece\u800c\u589e\u52a0\u4e86\u6d88\u8d39\u3002\u53ef\u652f\u914d\u6536\u5165\u589e\u52a0\u4e86$\\Delta T$\uff0c\u6d88\u8d39\u7684\u589e\u52a0\u91cf\u7b49\u4e8e$\\Delta T$\u4e58\u4ee5\u8fb9\u9645\u6d88\u8d39\u503e\u5411$MPC$\uff0c$MPC$\u8d8a\u9ad8\uff0c\u51cf\u7a0e\u5bf9\u6d88\u8d39\u7684\u5f71\u54cd\u8d8a\u5927\u3002\u540c\u6837\uff0c\u7531\u4e8e\u603b\u4ea7\u51fa\u662f\u56fa\u5b9a\u7684\uff0c\u8bf7\u653f\u5e9c\u8d2d\u4e70\u6c34\u5e73\u4e5f\u662f\u56fa\u5b9a\u7684\uff0c\u6240\u4ee5\u6d88\u8d39\u7684\u589e\u52a0\u5fc5\u5b9a\u5f15\u8d77\u6295\u8d44\u7684\u51cf\u5c11\u3002\u8981\u662f\u6295\u8d44\u4e0b\u964d\uff0c\u5fc5\u987b\u4f7f\u5229\u7387\u4e0a\u5347\u3002\u56e0\u6b64\uff0c\u589e\u52a0\u6d88\u8d39\u548c\u589e\u52a0\u653f\u5e9c\u8d2d\u4e70\u4e00\u6837\uff0c\u6324\u51fa\u4e86\u6295\u8d44\u5e76\u63d0\u9ad8\u4e86\u5229\u7387\u3002<\/p>\n<p>&emsp;&emsp;\u6211\u4eec\u4e5f\u53ef\u4ee5\u540c\u6837\u4ece\u50a8\u84c4\u548c\u6295\u8d44\u6765\u5206\u6790\u51cf\u5c11\u6548\u5e94\u3002\u7531\u4e8e\u51cf\u7a0e\u4f7f\u5f97\u53ef\u652f\u914d\u6536\u5165\u589e\u52a0\u4e86$\\Delta T$\uff0c\u6240\u4ee5\u6d88\u8d39\u589e\u52a0\u4e86$\\Delta C = MPC \\times \\Delta T$\u3002\u56fd\u6c11\u50a8\u84c4$S=Y-C-G$\u51cf\u5c11\u4e86$\\Delta C$\u3002\u5982\u56fe5\u6240\u793a\uff0c\u50a8\u84c4\u8d44\u91d1\u7684\u51cf\u5c11\u4f1a\u4f7f\u5f97\u50a8\u84c4\u4ece$S1$\u79fb\u52a8\u5230$S2$\uff0c\u540c\u6837\u4f7f\u5f97\u5229\u7387\u4e0a\u5347\u3002<\/p>\n<h5>\u6295\u8d44\u9700\u6c42\u7684\u53d8\u52a8<\/h5>\n<p>&emsp;&emsp;\u6211\u4eec\u5df2\u7ecf\u8003\u5bdf\u4e86\u8d22\u653f\u653f\u7b56(\u653f\u5e9c\u652f\u51fa\u3001\u7a0e\u6536\u6536\u5165)\uff0c\u6211\u4eec\u73b0\u5728\u7528\u8fd9\u4e2a\u6a21\u578b\u6765\u8003\u5bdf\u5e02\u573a\u7684\u53e6\u4e00\u8fb9\u2014\u2014\u6295\u8d44\u7684\u9700\u6c42\u3002\u6295\u8d44\u7684\u9700\u6c42\u53ef\u80fd\u56e0\u4e3a\u751f\u4ea7\u529b\u7684\u63d0\u9ad8\u800c\u63d0\u9ad8\uff0c\u4e5f\u53ef\u80fd\u56e0\u4e3a\u653f\u5e9c\u7684\u8d22\u653f\u653f\u7b56\u800c\u63d0\u9ad8\uff0c\u4f8b\u5982\u589e\u52a0\u7a0e\u7387\u3001\u51cf\u5c11\u652f\u51fa\u3002\u56fe6\u8868\u660e\u4e86\u6295\u8d44\u589e\u52a0\u7684\u60c5\u51b5\uff1a<\/p>\n<figure style=\"width: 761px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\"   class=\"lazyload\" data-src=\"https:\/\/cdn.swordofmorning.com\/SwordofMorning\/Article%20Images\/Political%20Economy\/PEI_03\/06_Ir.drawio.svg\" src=\"https:\/\/cdn.jsdelivr.net\/gh\/moezx\/cdn@3.0.2\/img\/svg\/loader\/trans.ajax-spinner-preloader.svg\" onerror=\"imgError(this)\"  width=\"761\" height=\"456\" alt=\"\u56fe6\" class=\"size-full\" \/ ><figcaption class=\"wp-caption-text\"><noscript><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/cdn.swordofmorning.com\/SwordofMorning\/Article%20Images\/Political%20Economy\/PEI_03\/06_Ir.drawio.svg\" width=\"761\" height=\"456\" alt=\"\u56fe6\" class=\"size-full\" \/><\/noscript> \u56fe6\uff1a\u6295\u8d44\u9700\u6c42\u7684\u589e\u52a0<\/figcaption><\/figure>\n<p>&emsp;&emsp;\u6211\u4eec\u53d1\u73b0\uff0c\u6295\u8d44\u7684\u589e\u52a0(\u8868\u73b0\u4e3a\u6295\u8d44\u66f2\u7ebf\u7684\u53f3\u79fb)\u4f7f\u5f97\u7ecf\u6d4e\u7684\u5747\u8861\u70b9\u4ece$r1$\u63d0\u9ad8\u5230\u4e86$r2$\u3002\u4f46\u662f\u503c\u5f97\u6ce8\u610f\u7684\u662f\uff0c\u548c\u56fe5\u4e0d\u540c\u7684\u662f\uff0c\u8fd9\u91cc\u867d\u7136\u5229\u7387$r$\u63d0\u9ad8\u4e86\uff0c\u4f46\u662f\u6295\u8d44\u91cf$S$(\u4e24\u4e2a\u5747\u8861\u70b9\u7684\u6a2a\u5750\u6807)\u5374\u6ca1\u6709\u53d8\u52a8\u3002<\/p>\n<p>&emsp;&emsp;\u8fd9\u662f\u56e0\u4e3a\u6211\u4eec\u5047\u8bbe\u6d88\u8d39\u548c\u50a8\u84c4\u90fd\u662f\u56fa\u5b9a\u7684\uff0c\u8fd9\u91cc\u6211\u4eec\u4f7f\u5176\u53ef\u53d8\u2014\u2014\u5373\u6d88\u8d39\u4e0e\u50a8\u84c4\u548c\u5229\u7387\u76f8\u5173\u2014\u2014\u9ad8\u5229\u7387\u5c06\u51cf\u5c11\u6d88\u8d39\u5e76\u63d0\u9ad8\u50a8\u84c4\u3001\u4f4e\u5229\u7387\u5c06\u4fc3\u8fdb\u6d88\u8d39\u51cf\u5c11\u50a8\u84c4\u3002\u90a3\u4e48\uff0c\u50a8\u84c4\u7684\u66f2\u7ebf$S(r)$\u5c06\u4f1a\u662f\u4e00\u4e2a\u659c\u5411\u4e0a\u7684\u66f2\u7ebf\uff0c\u800c\u4e0d\u518d\u662f\u4e00\u6761\u5782\u7ebf\uff0c\u4e8e\u662f\u6211\u4eec\u5f97\u5230\u4e86\u56fe7\uff1a<\/p>\n<figure style=\"width: 641px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\"   class=\"lazyload\" data-src=\"https:\/\/cdn.swordofmorning.com\/SwordofMorning\/Article%20Images\/Political%20Economy\/PEI_03\/07_nonconst_ir.drawio.svg\" src=\"https:\/\/cdn.jsdelivr.net\/gh\/moezx\/cdn@3.0.2\/img\/svg\/loader\/trans.ajax-spinner-preloader.svg\" onerror=\"imgError(this)\"  width=\"641\" height=\"456\" alt=\"\u56fe7\" class=\"size-full\" \/ ><figcaption class=\"wp-caption-text\"><noscript><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/cdn.swordofmorning.com\/SwordofMorning\/Article%20Images\/Political%20Economy\/PEI_03\/07_nonconst_ir.drawio.svg\" width=\"641\" height=\"456\" alt=\"\u56fe7\" class=\"size-full\" \/><\/noscript> \u56fe7\uff1a\u50a8\u84c4\u53d6\u51b3\u4e8e\u5229\u7387\u65f6\u7684\u6295\u8d44\u589e\u52a0<\/figcaption><\/figure>\n<p>\u6211\u4eec\u53ef\u4ee5\u53d1\u73b0\uff0c\u6295\u8d44\u7684\u589e\u52a0\u4f7f\u5f97\u5229\u7387\u4e0a\u5347\uff0c\u63a5\u7740\u5bfc\u81f4\u50a8\u84c4\u7684\u589e\u52a0\uff0c\u8fdb\u800c\u5bfc\u81f4\u6d88\u8d39\u7684\u51cf\u5c11\u3002<\/p>\n<h3>1.5 \u5c0f\u7ed3<\/h3>\n<p>&emsp;&emsp;\u5728\u7b2c\u4e00\u7ae0\u4e2d\uff0c\u6211\u4eec\u5efa\u7acb\u4e86\u4e00\u4e2a\u7ecf\u6d4e\u4f53\u4e2d\u4ea7\u54c1\u4e0e\u670d\u52a1\u7684\u751f\u4ea7\u3001\u5206\u914d\u548c\u914d\u7f6e\u7684\u6a21\u578b\u3002\u8fd9\u4e2a\u6a21\u578b\u4f9d\u8d56\u4e8e<em>\u4ef7\u683c\u8c03\u6574\u4f7f\u5f97\u4f9b\u7ed9\u548c\u9700\u6c42\u5e73\u8861<\/em>\u7684\u53e4\u5178\u5047\u8bbe\u3002\u5728\u8fd9\u4e2a\u6a21\u578b\u4e2d\uff0c\u8981\u7d20\u4ef7\u683c\u4f7f\u5f97\u8981\u7d20\u5e02\u573a\u8fbe\u5230\u5747\u8861\uff0c\u5229\u7387\u4f7f\u5f97\u4ea7\u54c1\u4e0e\u670d\u52a1\u7684\u9700\u6c42\u548c\u4f9b\u7ed9\u8fbe\u5230\u5747\u8861(\u6362\u8a00\u4e4b\uff0c\u4f7f\u5f97\u53ef\u8d37\u8d44\u91d1\u7684\u4f9b\u7ed9\u548c\u9700\u6c42\u8fbe\u5230\u5747\u8861)\u3002\u56e0\u4e3a\u8fd9\u4e2a\u6a21\u578b\u9610\u91ca\u4e86\u56fe1\u4e2d\u7684\u76f8\u4e92\u4f5c\u7528\uff0c\u56e0\u6b64\u4e5f\u88ab\u79f0\u4e3a\u4e00\u822c\u5747\u8861\u6a21\u578b(general equilibrium model)\u3002<\/p>\n<p>&emsp;&emsp;\u5728\u672c\u7ae0\uff0c\u6211\u4eec\u8ba8\u8bba\u4e86\u8fd9\u4e2a\u6a21\u578b\u7684\u5e94\u7528\u3002\u8fd9\u4e2a\u6a21\u578b\u53ef\u4ee5\u89e3\u91ca\u6536\u5165\u5982\u4f55\u5728\u751f\u4ea7\u8981\u7d20\u4e2d\u5206\u914d\uff0c\u4ee5\u53ca\u8981\u7d20\u4ef7\u683c\u5982\u4f55\u51b3\u5b9a\u8981\u7d20\u7684\u4f9b\u7ed9\u3002\u540c\u65f6\u6211\u4eec\u8fd8\u8ba8\u8bba\u4e86\u8d22\u653f\u653f\u7b56\u5982\u4f55\u5f71\u54cd\u4ea7\u51fa\u7684\u4e0d\u540c\u7528\u9014\u2014\u2014\u6d88\u8d39\u3001\u6295\u8d44\u548c\u653f\u5e9c\u8d2d\u4e70\u2014\u2014\u4e4b\u95f4\u7684\u914d\u7f6e\uff0c\u4ee5\u53ca\u8d22\u653f\u653f\u7b56\u5982\u4f55\u5f71\u54cd\u5747\u8861\u5229\u7387\u3002<\/p>\n<p>&emsp;&emsp;\u6211\u4eec\u56de\u987e\u4e00\u4e0b\u8fd9\u4e2a\u6a21\u578b\u6240\u505a\u7684\u7b80\u5316\u6027\u5047\u8bbe\uff0c\u5728\u540e\u9762\u7684\u7ae0\u8282\u6211\u4eec\u5c06\u653e\u5bbd\u8fd9\u4e9b\u5047\u8bbe\uff1a<\/p>\n<ol>\n<li>\u6211\u4eec\u5ffd\u7565\u4e86\u8d27\u5e01\u7684\u4f5c\u7528\uff0c\u5728\u4e0b\u9762\u7684\u4e24\u7ae0\u4e2d\u6211\u4eec\u5c06\u8ba8\u8bba\u5b83\u3002<\/li>\n<li>\u6211\u4eec\u5047\u8bbe\u4e0d\u5b58\u5728\u56fd\u9645\u8d38\u6613\uff0c\u5728\u7b2c4\u7ae0\u7684\u5185\u5bb9\u4e2d\u6211\u4eec\u5c06\u8ba8\u8bba\u8fd9\u4e00\u70b9\u3002<\/li>\n<li>\u6211\u4eec\u5047\u8bbe\u52b3\u52a8\u529b\u662f\u5145\u5206\u5229\u7528\u7684\uff0c\u5728\u7b2c5\u7ae0\u4e2d\u6211\u4eec\u5c06\u8003\u5bdf\u5931\u4e1a\u3002<\/li>\n<li>\u6211\u4eec\u5047\u8bbe\u8d44\u672c\u5b58\u91cf\u3001\u52b3\u52a8\u529b\u548c\u751f\u4ea7\u6280\u672f\u662f\u56fa\u5b9a\u7684\uff0c\u5728\u4e0b\u4e00\u7bc7\u6587\u7ae0\u4e2d\u6211\u4eec\u5c06\u8ba8\u8bba\u968f\u65f6\u95f4\u53d8\u5316\u7684\u8fd9\u4e09\u4e2a\u56e0\u7d20\u3002<\/li>\n<li>\u6211\u4eec\u8fd9\u4e2a\u6a21\u578b\u5047\u8bbe\u4ef7\u683c\u662f\u5f39\u6027\u7684\uff0c\u5bf9\u4e8e\u77ed\u671f\u7684\u9ecf\u6027\u4ef7\u683c\uff0c\u6211\u4eec\u5c06\u5728\u4e0b\u4e0b\u7bc7\u6587\u7ae0\u4e2d\u8ba8\u8bba\u3002<\/li>\n<\/ol>\n<h2>\u4e8c\u3001\u8d27\u5e01\u7cfb\u7edf<\/h2>\n<p><strong>\u5b83\u662f\u4ec0\u4e48\uff1f\u8d77\u4ec0\u4e48\u4f5c\u7528\uff1f<\/strong><\/p>\n<p>&emsp;&emsp;\u5728\u4e0a\u4e00\u5f20\uff0c\u6211\u4eec\u4e86\u89e3\u4e86\u5b8f\u89c2\u7ecf\u6d4e\u5b66\u7684\u7b2c\u4e00\u4e2a\u6b66\u5668\uff0c\u8d22\u653f\u653f\u7b56\u3002\u73b0\u5728\u6211\u4eec\u9700\u8981\u51c6\u5907\u5b66\u4e60\u7b2c\u4e8c\u4e2a\u6b66\u5668\uff0c\u8d27\u5e01\u653f\u7b56\u3002\u4f46\u662f\u5728\u6b64\u4e4b\u524d\uff0c\u6211\u4eec\u9996\u5148\u8981\u4e86\u89e3\u4e00\u4e9b\u5173\u4e8e\u8d27\u5e01\u7684\u57fa\u672c\u77e5\u8bc6\u3002\u5728\u672c\u7ae0\u4e2d\uff0c\u6211\u4eec\u9700\u8981\u89e3\u51b3\u4e09\u4e2a\u95ee\u9898\uff1a<\/p>\n<ol>\n<li>\u4ec0\u4e48\u662f\u8d27\u5e01\uff1f<\/li>\n<li>\u4e00\u56fd\u7684\u94f6\u884c\u4f53\u7cfb\u5bf9\u4e8e\u8d27\u5e01\u7684\u5f71\u54cd\u662f\u4ec0\u4e48\uff1f<\/li>\n<li>\u4e00\u56fd\u7684\u592e\u884c\u5982\u4f55\u5f71\u54cd\u94f6\u884c\u4f53\u7cfb\u548c\u8d27\u5e01\u4f9b\u7ed9\uff1f<\/li>\n<\/ol>\n<p>&emsp;&emsp;\u5728\u4e0b\u4e00\u7ae0\u7684\u5185\u5bb9\u4e2d\uff0c\u6211\u4eec\u5c06\u8003\u5bdf\u8d27\u5e01\u7684\u957f\u671f\u6548\u5e94\uff0c\u4e8c\u77ed\u671f\u6548\u76ca\u5219\u653e\u5230\u4e4b\u540e\u7684\u6587\u7ae0\u4e2d\u8ba8\u8bba\u3002\u5bf9\u8d27\u5e01\u7684\u957f\u671f\u548c\u77ed\u671f\u653f\u7b56\u7684\u5206\u6790\u90fd\u5fc5\u987b\u5efa\u7acb\u5728\u5bf9\u8d27\u5e01\u662f\u4ec0\u4e48\u3001\u94f6\u884c\u5982\u4f55\u5f71\u54cd\u8d27\u5e01\u4ee5\u53ca\u592e\u884c\u5982\u4f55\u63a7\u5236\u8d27\u5e01\u7684\u7406\u89e3\u4e0a\u3002<\/p>\n<h3>2.1 \u4ec0\u4e48\u662f\u8d27\u5e01<\/h3>\n<p>&emsp;&emsp;\u5f53\u6211\u4eec\u8bf4\u4e00\u4e2a\u4eba\u6709\u94b1\u7684\u65f6\u5019\uff0c\u6211\u4eec\u901a\u5e38\u662f\u6307\u4ed6\u7684\u8d22\u5bcc\u3002\u7ecf\u6d4e\u5b66\u5bb6\u5219\u7528\u4e00\u79cd\u66f4\u7279\u5b9a\u7684\u65b9\u5f0f\u6765\u63cf\u8ff0\u94b1\u2014\u2014\u201c<strong>\u8d27\u5e01(money)<\/strong>\u201d\u3002\u5bf9\u7ecf\u6d4e\u5b66\u5bb6\u6765\u8bf4\uff0c\u8d27\u5e01\u4e0d\u662f\u6307\u8d22\u5bcc\uff0c\u53ea\u662f\u8d22\u5bcc\u7684\u4e00\u79cd\u7c7b\u578b\u3002<\/p>\n<h4>2.1.1 \u8d27\u5e01\u7684\u804c\u80fd<\/h4>\n<p>&emsp;&emsp;\u8d27\u5e01\u4e3b\u8981\u7684\u804c\u80fd\u6709\u4e09\u79cd\uff1a\u4ef7\u503c\u50a8\u85cf\u624b\u6bb5\u3001\u8ba1\u4ef7\u5355\u4f4d\u548c\u4ea4\u6362\u5a92\u4ecb\u3002<\/p>\n<p>&emsp;&emsp;\u4f5c\u4e3a\u4e00\u79cd<strong>\u4ef7\u503c\u50a8\u85cf\u624b\u6bb5(store of value)<\/strong>\uff0c\u8d27\u5e01\u63d0\u4f9b\u4e86\u4e00\u79cd\u628a\u8d2d\u4e70\u529b\u4ece\u73b0\u5728\u8f6c\u6362\u5230\u672a\u6765\u7684\u65b9\u5f0f\u3002\u4eca\u5929\u6211\u6536\u5165\u4e86100\u7f8e\u5143\uff0c\u6211\u53ef\u4ee5\u5728\u4e0b\u5468\u3001\u4e0b\u4e2a\u6708\u82b1\u6389\u8fd9\u4e9b\u94b1\u3002\u8d27\u5e01\u4e0d\u662f\u4e00\u79cd\u5b8c\u7f8e\u7684\u4ef7\u503c\u50a8\u85cf\u624b\u6bb5\uff1a\u5982\u679c\u901a\u8d27\u81a8\u80c0\uff0c\u90a3\u4e48\u6211\u624b\u4e2d\u7684\u8d27\u5e01\u6240\u80fd\u8d2d\u4e70\u5230\u7684\u5546\u54c1\u548c\u670d\u52a1\u5c31\u5c11\u4e86\u3002<\/p>\n<p>&emsp;&emsp;\u4f5c\u4e3a\u4e00\u79cd<strong>\u8ba1\u4ef7\u5355\u4f4d(unit of account)<\/strong>\uff0c\u8d27\u5e01\u63d0\u4f9b\u4e86\u4eba\u4eec\u7528\u4e8e\u6807\u8bb0\u4ef7\u683c\u548c\u8bb0\u5f55\u503a\u52a1\u7684\u5ea6\u91cf\u5355\u4f4d\u3002\u5fae\u89c2\u7ecf\u6d4e\u5b66\u544a\u8bc9\u6211\u4eec\uff0c\u8d44\u6e90\u662f\u6839\u636e\u76f8\u5bf9\u4ef7\u683c\u2014\u2014\u4e00\u79cd\u4ea7\u54c1\u76f8\u5bf9\u4e8e\u5176\u4ed6\u4ea7\u54c1\u7684\u4ef7\u683c\u2014\u2014\u6765\u914d\u7f6e\u7684\uff0c\u4f46\u5546\u5e97\u7528\u8d27\u5e01\u6765\u8868\u793a\u5b83\u4eec\u7684\u4ef7\u683c\u3002\u6c7d\u8f66\u7ecf\u9500\u5546\u8bf4\u8fd9\u8f86\u8f66\u7684\u4ef7\u683c\u662f\u5341\u4e07\u5143\uff0c\u800c\u4e0d\u662f\u591a\u5c11\u4ef6\u886c\u886b\u3002\u7c7b\u4f3c\u7684\uff0c\u6211\u4eec\u53ef\u80fd\u8981\u6c42\u67d0\u4eba\u5728\u672a\u6765\u507f\u8fd8\u6211\u4eec\u4e00\u5b9a\u91cf\u7684\u7f8e\u5143\uff0c\u800c\u4e0d\u662f\u507f\u8fd8\u6211\u4eec\u591a\u5c11\u6570\u91cf\u7684\u5546\u54c1\u3002\u8d27\u5e01\u662f\u6211\u4eec\u8861\u91cf\u7ecf\u6d4e\u4ea4\u6613\u7684\u6807\u5c3a\u3002<\/p>\n<p>&emsp;&emsp;\u4f5c\u4e3a\u4e00\u79cd<strong>\u4ea4\u6362\u5a92\u4ecb(medium of exchange)<\/strong>\uff0c\u8d27\u5e01\u662f\u4eba\u4eec\u7528\u4e8e\u8d2d\u4e70\u5546\u54c1\u548c\u670d\u52a1\u7684\u4e1c\u897f\u3002\u5f53\u6211\u53bb\u8d2d\u7269\u7684\u65f6\u5019\uff0c\u6211\u786e\u4fe1\u5546\u5e97\u8001\u677f\u4f1a\u63a5\u53d7\u6211\u7684\u8d27\u5e01\u6765\u6362\u53d6\u5546\u54c1\u3002\u4e00\u79cd\u8d44\u4ea7\u53ef\u4ee5\u8f6c\u53d8\u4e3a\u4ea4\u6362\u5a92\u4ecb\u548c\u7528\u4e8e\u4ea4\u6362\u5176\u4ed6\u4e1c\u897f\u7684\u5bb9\u6613\u7a0b\u5ea6\u88ab\u79f0\u4e3a\u8be5\u8d44\u4ea7\u7684\u6d41\u52a8\u6027(liquidity)\u3002\u7531\u4e8e\u8d27\u5e01\u662f\u4ea4\u6362\u5a92\u4ecb\uff0c\u6240\u4ee5\u5b83\u662f\u7ecf\u6d4e\u4e2d\u6d41\u52a8\u6027\u6700\u9ad8\u7684\u8d44\u4ea7\u3002<\/p>\n<h4>2.1.2 \u8d27\u5e01\u7684\u7c7b\u578b<\/h4>\n<p>&emsp;&emsp;\u8d27\u5e01\u6709\u8bb8\u591a\u5f62\u5f0f\u3002\u5728\u7f8e\u56fd\u7ecf\u6d4e\u4e2d\uff0c\u4eba\u4eec\u4f7f\u7528\u7f8e\u5143\u8fdb\u884c\u4ea4\u6613\uff0c\u5176\u552f\u4e00\u529f\u80fd\u662f\u4f5c\u4e3a\u8d27\u5e01\u3002\u5982\u679c\u5b83\u4e0d\u518d\u4f5c\u4e3a\u8d27\u5e01\u7684\u8bdd\uff0c\u8fd9\u4e2a\u7eff\u8272\u7684\u5c0f\u7eb8\u7247\u5c06\u4e00\u6587\u4e0d\u503c\u3002\u6ca1\u6709\u5185\u5728\u4ef7\u503c\u7684\u8d27\u5e01\u88ab\u79f0\u4e3a<strong>\u6cd5\u5b9a\u8d27\u5e01(fiat money)<\/strong>\uff0c\u56e0\u4e3a\u5b83\u662f\u7531\u653f\u5e9c\u7684\u89c4\u5b9a\u6216\u6cd5\u4ee4\u786e\u5b9a\u4e3a\u8d27\u5e01\u7684\u3002<\/p>\n<p>&emsp;&emsp;\u867d\u7136\u6cd5\u5e01\u5728\u4eca\u5929\u662f\u5927\u591a\u6570\u7ecf\u6d4e\u4f53\u7684\u5e38\u6001\uff0c\u4f46\u5728\u5386\u53f2\u4e0a\u5927\u591a\u6570\u7ecf\u6d4e\u4f53\u90fd\u4f7f\u7528\u6709\u5185\u5728\u4ef7\u503c\u7684\u5546\u54c1\u4f5c\u4e3a\u8d27\u5e01\u3002\u8fd9\u79cd\u8d27\u5e01\u88ab\u79f0\u4e3a<strong>\u5546\u54c1\u8d27\u5e01(commodity money)<\/strong>\uff0c\u6700\u5178\u578b\u7684\u662f\u9ec4\u91d1\u3002\u5f53\u4eba\u4eec\u628a\u9ec4\u91d1\u4f5c\u4e3a\u8d27\u5e01\u65f6(\u6216\u8005\u53ef\u4ee5\u6309\u7167\u56fa\u5b9a\u6bd4\u4f8b\u5151\u6362\u9ec4\u91d1\u7684\u8d27\u5e01)\uff0c\u8be5\u7ecf\u6d4e\u4f53\u88ab\u8ba4\u4e3a\u5728\u5b9e\u884c<strong>\u91d1\u672c\u4f4d\u5236(gold standard)<\/strong>\u3002<\/p>\n<h4>2.1.3 \u5982\u4f55\u63a7\u5236\u8d27\u5e01\u91cf<\/h4>\n<p>&emsp;&emsp;\u4e00\u4e2a\u7ecf\u6d4e\u4f53\u4e2d\u53ef\u7528\u7684\u8d27\u5e01\u91cf\u88ab\u79f0\u4e3a<strong>\u8d27\u5e01\u4f9b\u7ed9(money supply)<\/strong>\u3002\u5728\u4e00\u4e2a\u5546\u54c1\u8d27\u5e01\u7cfb\u7edf\u4e2d\uff0c\u8d27\u5e01\u5c31\u662f\u90a3\u79cd\u5546\u54c1\u7684\u6570\u91cf\uff1b\u5728\u4e00\u4e2a\u4f7f\u7528\u6cd5\u5e01\u7684\u7ecf\u6d4e\u4f53\u4e2d\uff0c\u653f\u5e9c\u63a7\u5236\u8d27\u5e01\u7684\u4f9b\u7ed9\u91cf\uff1a\u6cd5\u5f8b\u7ea6\u675f\u548c\u8d4b\u4e88\u4e86\u653f\u5e9c\u53d1\u884c\u8d27\u5e01\u7684\u5784\u65ad\u6743\u3002\u6b63\u5982\u7a0e\u6536\u6c34\u5e73\u548c\u653f\u5e9c\u8d2d\u4e70\u6c34\u5e73\u662f\u653f\u5e9c\u7684\u653f\u7b56\u5de5\u5177\u4e00\u6837\uff0c\u8d27\u5e01\u91cf\u4e5f\u662f\u653f\u5e9c\u7684\u4e00\u79cd\u653f\u7b56\u5de5\u5177\u3002\u653f\u5e9c\u5bf9\u8d27\u5e01\u4f9b\u7ed9\u7684\u63a7\u5236\u88ab\u79f0\u4e3a<strong>\u8d27\u5e01\u653f\u7b56(monetary policy)<\/strong>\u3002<\/p>\n<p>&emsp;&emsp;\u5728\u5927\u591a\u6570\u56fd\u5bb6\uff0c\u8d27\u5e01\u653f\u7b56\u59d4\u6258\u7ed9\u4e00\u4e2a\u88ab\u79f0\u4e3a<strong>\u4e2d\u592e\u94f6\u884c(central bank)<\/strong>\u7684\u72ec\u7acb\u673a\u6784\u3002\u7f8e\u56fd\u7684\u592e\u884c\u662f<strong>\u8054\u90a6\u50a8\u5907\u7cfb\u7edf(Federal Reserve)<\/strong>\u2014\u2014\u901a\u5e38\u88ab\u79f0\u4e3a\u7f8e\u8054\u50a8(Fed)\u3002\u5173\u4e8e\u8d27\u5e01\u653f\u7b56\u7684\u51b3\u5b9a\u662f\u7531\u7f8e\u8054\u50a8\u7684\u516c\u5f00\u5e02\u573a\u59d4\u5458\u4f1a\u505a\u51fa\u7684\u3002\u8fd9\u4e2a\u59d4\u5458\u4f1a\u7531\u4e24\u4e2a\u7fa4\u4f53\u7684\u4eba\u7ec4\u6210\uff1a\u4e00\u662f\uff0c\u8054\u90a6\u50a8\u5907\u59d4\u5458\u4f1a\u6210\u5458\uff0c\u4ed6\u4eec\u7531\u603b\u7edf\u4efb\u547d\u5e76\u7ecf\u53c2\u8bae\u9662\u6279\u51c6\uff1b\u4e8c\u662f\uff0c\u5730\u533a\u8054\u90a6\u50a8\u5907\u94f6\u884c\u884c\u957f\uff0c\u4ed6\u4eec\u7531\u8fd9\u4e9b\u94f6\u884c\u7684\u7406\u4e8b\u4f1a\u9009\u4e3e\u3002\u7f8e\u8054\u50a8\u516c\u5f00\u5e02\u573a\u59d4\u5458\u4f1a\u5927\u7ea6\u6bcf\u516d\u5468\u53ec\u5f00\u4e00\u6b21\u4f1a\u8bae\uff0c\u5e76\u5236\u5b9a\u8d27\u5e01\u653f\u7b56\u3002<\/p>\n<p>&emsp;&emsp;\u4f20\u7edf\u4e0a\uff0c\u7f8e\u8054\u50a8\u63a7\u5236\u8d27\u5e01\u4f9b\u7ed9\u7684\u4e3b\u8981\u65b9\u6cd5\u662f\u901a\u8fc7<strong>\u516c\u5f00\u5e02\u573a\u64cd\u4f5c(open-market operations)<\/strong>\u2014\u2014\u4e70\u5356\u653f\u5e9c\u503a\u5238\u3002\u5f53\u7f8e\u8054\u50a8\u60f3\u8981\u589e\u52a0\u8d27\u5e01\u4f9b\u7ed9\u65f6\uff0c\u4ed6\u7528\u7f8e\u5143\u4ece\u516c\u4f17\u90a3\u91cc\u8d2d\u4e70\u653f\u5e9c\u503a\u5238\uff0c\u7531\u4e8e\u7f8e\u5143\u4ece\u7f8e\u8054\u50a8\u90a3\u91cc\u6d41\u5165\u5230\u516c\u4f17\u624b\u4e2d\uff0c\u4e8e\u662f\u589e\u52a0\u4e86\u6d41\u901a\u4e2d\u7684\u8d27\u5e01\u91cf\uff1b\u76f8\u53cd\uff0c\u5982\u679c\u7f8e\u8054\u50a8\u60f3\u8981\u51cf\u5c11\u8d27\u5e01\u4f9b\u5e94\u91cf\uff0c\u4ed6\u5c31\u4ece\u81ea\u5df1\u7684\u8d44\u4ea7\u4e2d\u51fa\u552e\u653f\u5e9c\u503a\u5238\uff0c\u8fd9\u79cd\u653f\u5e9c\u503a\u5238\u76f8\u5f53\u4e8e\u4ece\u516c\u4f17\u624b\u4e2d\u62ff\u8d70\u4e86\u7f8e\u5143\uff0c\u8fdb\u800c\u51cf\u5c11\u4e86\u8d27\u5e01\u6d41\u901a\u91cf\u3002<\/p>\n<h4>2.1.4 \u5982\u4f55\u8861\u91cf\u8d27\u5e01\u91cf<\/h4>\n<p>&emsp;&emsp;\u672c\u7ae0\u7684\u76ee\u6807\u662f\u7406\u89e3\u8d27\u5e01\u4f9b\u7ed9\u5982\u4f55\u5f71\u54cd\u7ecf\u6d4e\u3002\u5728\u6b64\u4e4b\u524d\uff0c\u6211\u4eec\u9700\u8981\u77e5\u9053\u5982\u4f55\u8861\u91cf\u4e00\u4e2a\u5e02\u573a\u4e2d\u7684\u8d27\u5e01\u91cf\u3002<\/p>\n<p>&emsp;&emsp;\u7531\u4e8e\u8d27\u5e01\u662f\u7528\u4e8e\u4ea4\u6613\u7684\u8d44\u4ea7\u7684\u5b58\u91cf\uff0c\u6240\u4ee5\u8d27\u5e01\u91cf\u662f\u90a3\u4e9b\u8d44\u4ea7\u7684\u6570\u91cf\u3002\u5728\u7b80\u5355\u7ecf\u6d4e\u4e2d\uff0c\u8fd9\u4e00\u6570\u91cf\u5f88\u5bb9\u6613\u8861\u91cf\uff1a\u5728\u6218\u4fd8\u8425\u4e2d\uff0c\u8d27\u5e01\u91cf\u662f\u9999\u70df\u7684\u6570\u91cf\uff1b\u5728\u4e00\u4e2a\u53ea\u751f\u6210\u9c7c\u7684\u5c0f\u5c9b\u4e0a\uff0c\u8d27\u5e01\u91cf\u662f\u6240\u6709\u9c7c\u7684\u6570\u91cf\u3002\u4f46\u662f\u5728\u590d\u6742\u7684\u7ecf\u6d4e\u4f53\u4e2d\u8981\u5982\u4f55\u8861\u91cf\u5462\uff1f\u7b54\u6848\u5e76\u4e0d\u662f\u663e\u800c\u6613\u89c1\u7684\uff0c\u56e0\u4e3a\u4eba\u4eec\u5e76\u4e0d\u4f7f\u7528\u5355\u4e00\u7684\u8d44\u4ea7\u7528\u4e8e\u6240\u6709\u7684\u4ea4\u6613\uff0c\u4eba\u4eec\u4f7f\u7528\u5404\u79cd\u8d44\u4ea7\u8fdb\u884c\u4ea4\u6613\uff0c\u6bd4\u5982\u73b0\u91d1\u3001\u652f\u7968\u8d26\u6237\u4e2d\u7684\u5b58\u6b3e\u7b49\u3002<\/p>\n<p>&emsp;&emsp;\u5305\u62ec\u5728\u8d27\u5e01\u4e2d\u6700\u663e\u800c\u6613\u89c1\u7684\u8d44\u4ea7\u662f<strong>\u901a\u8d27(currency)<\/strong>\uff0c\u5373\u672a\u507f\u6e05\u7684\u7eb8\u5e01\u4e0e\u786c\u5e01\u4e4b\u548c\uff0c\u5927\u591a\u6570\u65e5\u5e38\u4ea4\u6613\u90fd\u4f7f\u7528\u901a\u8d27\u4f5c\u4e3a\u4ea4\u6362\u5a92\u4ecb\u3002<\/p>\n<p>&emsp;&emsp;\u7b2c\u4e8c\u79cd\u7528\u4e8e\u4ea4\u6613\u7684\u8d44\u4ea7\u662f<strong>\u6d3b\u671f\u5b58\u6b3e(demand deposits)<\/strong>\uff0c\u5373\u4eba\u4eec\u5728\u81ea\u5df1\u7684\u652f\u7968\u8d26\u6237\u4e0a\u6301\u6709\u7684\u8d44\u91d1\u3002\u5982\u679c\u5927\u591a\u6570\u8bfb\u8005\u63a5\u53d7\u4e2a\u4eba\u652f\u7968(\u4f7f\u7528\u652f\u7968\u8d26\u6237\u4f59\u989d\u7684)\u501f\u8bb0\u5361\uff0c\u90a3\u4e48\uff0c\u652f\u7968\u8d26\u6237\u4e0a\u7684\u8d44\u4ea7\u51e0\u4e4e\u548c\u901a\u8d27\u4e00\u6837\u65b9\u4fbf\u3002\u56e0\u6b64\uff0c\u5728\u8861\u91cf\u8d27\u5e01\u91cf\u65f6\u4e5f\u8981\u5728\u901a\u8d27\u4e0a\u52a0\u5165\u6d3b\u671f\u5b58\u6b3e\u3002<\/p>\n<p>&emsp;&emsp;\u4e00\u65e6\u6211\u4eec\u8ba4\u4e3a\u5728\u8861\u91cf\u8d27\u5e01\u91cf\u8981\u5305\u542b\u6d3b\u671f\u5b58\u6b3e\u65f6\uff0c\u8bb8\u591a\u5176\u4ed6\u8d44\u4ea7\u5c31\u79f0\u4e3a\u4e86\u5305\u62ec\u5728\u5185\u7684\u5019\u9009\u8005\u3002\u4f8b\u5982\uff0c\u50a8\u84c4\u8d26\u6237\u4e0a\u7684\u8d44\u91d1\u53ef\u4ee5\u8f7b\u800c\u6613\u4e3e\u7684\u8f6c\u79fb\u5230\u652f\u7968\u8d26\u6237\u4e0a\u6216\u88ab\u501f\u8bb0\u5361\u4f7f\u7528\uff0c\u8fd9\u4e9b\u8d44\u4ea7\u51e0\u4e4e\u540c\u7b49\u65b9\u9762\u5730\u7528\u4e8e\u4ea4\u6613\u3002\u7531\u4e8e\u5224\u65ad\u90a3\u4e9b\u8d44\u4ea7\u5e94\u8be5\u5305\u542b\u5728\u8d27\u5e01\u91cf\u4e2d\u5f88\u56f0\u96be\uff0c\u56e0\u6b64\u88681\u5217\u51fa\u4e86\u7f8e\u8054\u50a8\u5e38\u7528\u7684\u8861\u91cf\u8d27\u5e01\u91cf\u7684\u4e09\u4e2a\u6307\u6807(\u6ce8\u610f\uff0c\u7f8e\u8054\u50a8\u7684\u8861\u91cf\u548c\u4eba\u6c11\u94f6\u884c\u867d\u7136\u7b26\u53f7\u4e00\u6837\uff0c\u4f46\u662f\u5305\u62ec\u7684\u8d44\u4ea7\u662f\u4e0d\u540c\u7684)\u3002<\/p>\n<table style=\"margin: 0 auto; text-align: center;\">\n<caption>\u88681\uff1a\u8d27\u5e01\u8861\u91cf\u6307\u6807<\/caption>\n<thead>\n<tr>\n<th>\u7b26\u53f7<\/th>\n<th>\u5305\u62ec\u7684\u8d44\u4ea7<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>C<\/td>\n<td>\u901a\u8d27<\/td>\n<\/tr>\n<tr>\n<td>M1<\/td>\n<td>C + \u6d3b\u671f\u5b58\u6b3e\u3001\u65c5\u884c\u652f\u7968\u548c\u5176\u4ed6\u53ef\u7b7e\u53d1\u7684\u652f\u7968\u5b58\u6b3e<\/td>\n<\/tr>\n<tr>\n<td>M2<\/td>\n<td>M1 + \u8d27\u5e01\u5e02\u573a\u5171\u540c\u57fa\u91d1\u4f59\u989d\u3001\u50a8\u84c4\u5b58\u6b3e\u4ee5\u53ca\u5c0f\u989d\u5b9a\u671f\u5b58\u6b3e<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>2.2 \u94f6\u884c\u5728\u8d27\u5e01\u7cfb\u7edf\u4e2d\u7684\u4f5c\u7528<\/h3>\n<p>&emsp;&emsp;\u57282.1\u8282\u4e2d\u6211\u4eec\u7b80\u5355\u4ecb\u7ecd\u4e86\u201c\u8d27\u5e01\u4f9b\u7ed9\u201d\u7684\u6982\u5ff5\uff0c\u6211\u4eec\u628a\u8d27\u5e01\u4f9b\u7ed9\u91cf\u5b9a\u4e49\u4e3a\u516c\u4f17\u624b\u4e2d\u7f8e\u5143\u7684\u6570\u91cf\u3002\u6211\u4eec\u5047\u8bbe\u7f8e\u8054\u50a8\u901a\u8fc7\u516c\u5f00\u5e02\u573a\u64cd\u4f5c\u6539\u53d8\u6d41\u901a\u4e2d\u7684\u7f8e\u5143\u6570\u91cf\u6765\u63a7\u5236\u8d27\u5e01\u4f9b\u7ed9\u91cf\uff0c\u4f46\u662f\u6211\u4eec\u5374\u5ffd\u7565\u4e86\u94f6\u884c\u4f53\u7cfb\u5728\u8fd9\u4e00\u8fc7\u7a0b\u4e2d\u7684\u4f5c\u7528\u3002\u57282.2\u8282\u4e2d\uff0c\u6211\u4eec\u5c06\u770b\u5230\uff0c\u8d27\u5e01\u4f9b\u7ed9\u4e0d\u4ec5\u7531\u7f8e\u8054\u50a8\u51b3\u5b9a\uff0c\u800c\u4e14\u7531\u5bb6\u5ead(\u5b83\u4eec\u6301\u6709\u8d27\u5e01)\u548c\u94f6\u884c(\u8d27\u5e01\u5b58\u653e\u5728\u94f6\u884c\u4e2d)\u7684\u884c\u4e3a\u51b3\u5b9a\u3002\u8d27\u5e01\u4f9b\u7ed9\u65e2\u5305\u62ec\u516c\u4f17\u624b\u4e2d\u7684\u901a\u8d27\uff0c\u4e5f\u5305\u62ec\u5bb6\u5ead\u5b58\u653e\u5728\u94f6\u884c\u4e2d\u7684\u5b58\u6b3e\uff0c\u5982\u679c$M$\u4ee3\u8868\u8d27\u5e01\u4f9b\u7ed9\uff0c$C$\u4ee3\u8868\u901a\u8d27\uff0c$D$\u4ee3\u8868\u6d3b\u671f\u5b58\u6b3e\uff0c\u6211\u4eec\u53ef\u4ee5\u5199\u6210\uff1a<\/p>\n<p>$$<br \/>\nM = C + D \\tag{2-1}<br \/>\n$$<\/p>\n<h4>2.2.1 \u767e\u5206\u4e4b\u767e\u51c6\u5907\u91d1\u94f6\u884c\u5236\u5ea6<\/h4>\n<p>&emsp;&emsp;\u5047\u8bbe\u4e00\u4e2a\u6ca1\u6709\u94f6\u884c\u7684\u4e16\u754c\uff0c\u8fd9\u91cc\u6240\u6709\u7684\u8d27\u5e01\u5f62\u5f0f\u90fd\u8868\u73b0\u4e3a\u901a\u8d27\uff0c\u4e0b\u9762\u5047\u5b9a\u8be5\u7ecf\u6d4e\u4f53\u4e2d\u67091000\u7f8e\u5143\u7684\u901a\u8d27\u3002<\/p>\n<p>&emsp;&emsp;\u73b0\u5728\u5f15\u8fdb\u94f6\u884c\uff0c\u6700\u521d\uff0c\u5047\u5b9a\u94f6\u884c\u63a5\u53d7\u5b58\u6b3e\u4f46\u4e0d\u8fdb\u884c\u653e\u8d37\uff0c\u94f6\u884c\u552f\u4e00\u7684\u76ee\u7684\u662f\u4e3a\u50a8\u6237\u63d0\u4f9b\u4e00\u4e2a\u4fdd\u5b58\u8d27\u5e01\u7684\u5b89\u5168\u573a\u6240\u3002\u94f6\u884c\u6536\u5230\u7684\u4f46\u662f\u6ca1\u6709\u8d37\u51fa\u7684\u5b58\u6b3e\u88ab\u79f0\u4e3a<strong>\u51c6\u5907\u91d1(reserves)<\/strong>\uff0c\u4e00\u4e9b\u51c6\u5907\u91d1\u653e\u5728\u5168\u56fd\u5404\u5730\u7684\u91d1\u5e93\u4e2d\uff0c\u4f46\u5927\u90e8\u5206\u5b58\u653e\u5728\u8be5\u56fd\u7684\u4e2d\u592e\u94f6\u884c\u3002\u5728\u6211\u4eec\u6240\u5047\u8bbe\u7684\u8fd9\u4e2a\u7ecf\u6d4e\u4f53\u4e2d\uff0c\u6240\u6709\u5b58\u6b3e\u90fd\u4f5c\u4e3a\u51c6\u5907\u91d1\u6301\u6709\uff1a\u94f6\u884c\u53ea\u63a5\u53d7\u5b58\u6b3e\uff0c\u628a\u8d27\u5e01\u4f5c\u4e3a\u51c6\u5907\u91d1\uff0c\u77e5\u9053\u50a8\u6237\u63d0\u6b3e\u6216\u4f9d\u636e\u4f59\u989d\u7b7e\u53d1\u652f\u7968\u4e3a\u6b62\u3002\u8fd9\u79cd\u7cfb\u7edf\u88ab\u79f0\u4e3a<strong>\u767e\u5206\u4e4b\u767e\u51c6\u5907\u91d1\u94f6\u884c\u5236\u5ea6(100-percent-reserve baking)<\/strong>\u3002<\/p>\n<p>&emsp;&emsp;\u5047\u8bbe\u8fd9\u4e2a\u7ecf\u6d4e\u4f53\u4e2d\u7684\u6240\u6709\u5b58\u6b3e\u90fd\u88ab\u5b58\u5165\u7b2c\u4e00\u94f6\u884c\uff0c\u8be5\u94f6\u884c\u7684<strong>\u8d44\u4ea7\u8d1f\u503a\u8868(balance sheet)<\/strong>\u5982\u88682\u6240\u793a\uff1a<\/p>\n<table style=\"margin: 0 auto; text-align: center;\">\n<caption>\u88682\uff1a\u7b2c\u4e00\u94f6\u884c\u8d44\u4ea7\u8d1f\u503a\u8868<\/caption>\n<thead>\n<tr>\n<th>\u8d44\u4ea7<\/th>\n<th>\u8d1f\u503a<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>\u51c6\u5907\u91d1 1000\u7f8e\u5143<\/td>\n<td>\u5b58\u6b3e 1000\u7f8e\u5143<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>\u8fd9\u5bb6\u94f6\u884c\u548c\u73b0\u5b9e\u4e2d\u7684\u94f6\u884c\u4e0d\u540c\uff0c\u6ca1\u6709\u653e\u8d37\u4f5c\u4e3a\u6536\u76ca\uff0c\u56e0\u6b64\u5b83\u53ef\u4ee5\u9009\u62e9\u6536\u53d6\u4e00\u4e9b\u624b\u7eed\u8d39\u4ee5\u5f25\u8865\u5176\u6210\u672c\u3002<\/p>\n<p>&emsp;&emsp;\u8fd9\u4e2a\u7ecf\u6d4e\u4f53\u7684\u8d27\u5e01\u4f9b\u5e94\u91cf\u662f\u591a\u5c11\u5462\uff1f\u5728\u7b2c\u4e00\u94f6\u884c\u521b\u7acb\u4e4b\u524d\uff0c\u6beb\u65e0\u7591\u95ee\u7684\u662f1000\u7f8e\u5143\u901a\u8d27\u3002\u5728\u7b2c\u4e00\u94f6\u884c\u521b\u7acb\u4e4b\u540e\uff0c\u8d27\u5e01\u4f9b\u7ed9\u662f1000\u7f8e\u5143\u6d3b\u671f\u5b58\u6b3e\u3002\u56e0\u4e3a\u767e\u5206\u4e4b\u767e\u5b58\u6b3e\u5b58\u6b3e\u51c6\u5907\u91d1\uff0c\u6240\u4ee5\u6bcf\u5b58\u51651\u7f8e\u5143\u7684\u901a\u8d27\uff0c\u5bf9\u5e94\u589e\u52a01\u7f8e\u5143\u7684\u5b58\u6b3e\uff0c\u56e0\u6b64\u8d27\u5e01\u4f9b\u7ed9\u91cf\u4e0d\u53d8\u3002\u5982\u679c\u94f6\u884c\u5949\u884c\u767e\u5206\u4e4b\u767e\u5b58\u6b3e\u51c6\u5907\u91d1\u5236\u5ea6\uff0c\u90a3\u4e48\u94f6\u884c\u4f53\u7cfb\u5c31\u4e0d\u4f1a\u5f71\u54cd\u8d27\u5e01\u4f9b\u7ed9\u3002<\/p>\n<h4>2.2.2 \u90e8\u5206\u51c6\u5907\u91d1\u94f6\u884c\u5236\u5ea6<\/h4>\n<p>&emsp;&emsp;\u524d\u9762\u8ba8\u8bba\u767e\u5206\u4e4b\u767e\u51c6\u5907\u91d1\u7684\u60c5\u51b5\uff0c\u73b0\u5728\u6211\u4eec\u8ba8\u8bba\u90e8\u5206\u51c6\u5907\u91d1\u7684\u60c5\u51b5\u3002\u5728<strong>\u90e8\u5206\u51c6\u5907\u91d1\u94f6\u884c\u5236\u5ea6(fractional-reserve banking)<\/strong>\u4e0b\uff0c\u94f6\u884c\u5c06\u90e8\u5206\u5b58\u6b3e\u4f5c\u4e3a\u51c6\u5907\u91d1\uff0c\u5176\u4ed6\u90e8\u5206\u7684\u5b58\u6b3e\u5219\u53ef\u4ee5\u4f5c\u4e3a\u8d37\u6b3e\u501f\u51fa\u3002<\/p>\n<p>&emsp;&emsp;\u73b0\u5728\u6211\u4eec\u5047\u8bbe\u7b2c\u4e00\u94f6\u884c\u7684\u5b58\u6b3e\u51c6\u5907\u91d1\u6bd4\u4f8b\u662f20%\u2014\u2014\u7b2c\u4e00\u94f6\u884c\u6536\u51651000\u7f8e\u5143\uff0c\u5176\u4e2d200\u7f8e\u5143\u4f5c\u4e3a\u51c6\u5907\u91d1\uff0c\u5269\u4e0b800\u7f8e\u5143\u53ef\u4ee5\u7528\u4f5c\u8d37\u6b3e\u501f\u51fa\u3002\u90a3\u4e48\uff0c\u5176\u8d44\u4ea7\u8d1f\u503a\u8868\u53ef\u4ee5\u5199\u4f5c\u88683\uff1a<\/p>\n<table style=\"margin: 0 auto; text-align: center;\">\n<caption>\u88683\uff1a\u7b2c\u4e00\u94f6\u884c\u8d44\u4ea7\u8d1f\u503a\u8868<\/caption>\n<thead>\n<tr>\n<th>\u8d44\u4ea7<\/th>\n<th>\u8d1f\u503a<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>\u51c6\u5907\u91d1 200\u7f8e\u5143<\/td>\n<td rowspan=\"2\">\u5b58\u6b3e 1000\u7f8e\u5143<\/td>\n<\/tr>\n<tr>\n<td>\u8d37\u6b3e 800\u7f8e\u5143<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&emsp;&emsp;\u5728\u53d1\u653e\u8d37\u6b3e\u4e4b\u524d\uff0c\u7ecf\u6d4e\u4f53\u4e2d\u7684\u8d27\u5e01\u4f9b\u5e94\u91cf\u4ecd\u7136\u662f1000\u7f8e\u5143\u7684\u6d3b\u671f\u5b58\u6b3e\uff0c\u4f46\u94f6\u884c\u53d1\u653e\u4e86800\u7f8e\u5143\u7684\u8d37\u6b3e\u4e4b\u540e\uff0c\u7ecf\u6d4e\u4f53\u4e2d\u591a\u51fa\u4e86800\u7f8e\u5143\u7684\u901a\u8d27\u3002\u6240\u4ee5\u73b0\u5728\u7684\u8d27\u5e01\u4f9b\u5e94\u91cf\u662f1800\u7f8e\u5143\uff0c\u5176\u4e2d\u67091000\u7f8e\u5143\u7684\u6d3b\u671f\u5b58\u6b3e\uff0c800\u7f8e\u5143\u7684\u901a\u8d27\u3002\u6362\u8a00\u4e4b\uff0c\u94f6\u884c\u521b\u9020\u4e86\u8d27\u5e01\u3002<\/p>\n<p>&emsp;&emsp;\u8d27\u5e01\u7684\u521b\u9020\u4e0d\u4f1a\u505c\u6b62\u5728\u7b2c\u4e00\u94f6\u884c\uff0c\u5982\u679c\u501f\u6b3e\u4eba\u53c8\u628a\u8fd9800\u7f8e\u5143\u5b58\u5165\u4e86\u7b2c\u4e8c\u94f6\u884c\uff0c\u90a3\u4e48\u7b2c\u4e8c\u94f6\u884c\u53c8\u4f1a\u540c\u6837\u7684\u53d1\u884c$800 \\times 0.8$\u7684\u8d27\u5e01\uff0c\u5982\u679c\u8fd8\u5b58\u5728\u7b2c\u4e09\u94f6\u884c\u2026\u2026\u8fd9\u4e00\u8fc7\u7a0b\u5c06\u4f1a\u65e0\u6b62\u5c3d\u7684\u4e0b\u53bb\uff0c\u6211\u4eec\u53ef\u4ee5\u8ba1\u7b97\u4e00\u4e0b\uff0c\u8fd91000\u7f8e\u5143\u6700\u540e\u5c06\u4f1a\u53d8\u6210\u591a\u5c11\u7f8e\u5143\u3002\u6211\u4eec\u8bbe$rr$\u4e3a\u5b58\u6b3e\u51c6\u5907\u91d1\u5229\u7387\uff0c\u90a3\u4e48\u8fd9\u4e00\u8d27\u5e01\u521b\u9020\u7684\u8fc7\u7a0b\u5219\u662f\uff1a<\/p>\n<p>$$<br \/>\n\\left\\{<br \/>\n\\begin{array}{**lr**}<br \/>\n\\text{\u521d\u59cb\u5b58\u6b3e} = 1000 \\text{\u7f8e\u5143} \\newline<br \/>\n\\text{\u7b2c\u4e00\u94f6\u884c\u8d37\u6b3e} = (1-rr)^{1} \\times 1000 \\text{\u7f8e\u5143} \\newline<br \/>\n\\text{\u7b2c\u4e8c\u94f6\u884c\u8d37\u6b3e} = (1-rr)^{2} \\times 1000 \\text{\u7f8e\u5143} \\newline<br \/>\n\\text{\u7b2c\u4e09\u94f6\u884c\u8d37\u6b3e} = (1-rr)^{3} \\times 1000 \\text{\u7f8e\u5143} \\newline<br \/>\n\\tag{2-2}<br \/>\n\\end{array}<br \/>\n\\right.<br \/>\n$$<\/p>\n<p>\u56e0\u6b64\uff1a<\/p>\n<p>$$<br \/>\n\\begin{eqnarray}<br \/>\n\\text{\u8d27\u5e01\u603b\u4f9b\u7ed9\u91cf} &amp;=&amp; (1 + (1-rr)^{1} + (1-rr)^2 + (1-rr)^3 + ...) \\times 1000 \\text{\u7f8e\u5143} \\notag \\newline<br \/>\n&amp;=&amp; (1\/rr) \\times 1000 \\text{\u7f8e\u5143} \\tag{2-3} \\newline<br \/>\n\\end{eqnarray}<br \/>\n$$<\/p>\n<p>\u6bcf1\u7f8e\u5143\u51c6\u5907\u91d1\u90fd\u5c06\u521b\u9020$1\/rr$\u7f8e\u5143\u7684\u8d27\u5e01\u3002\u5728\u8fd9\u4e2a\u4f8b\u5b50\u4e2d\uff0c1000\u7f8e\u5143\u6700\u7ec8\u521b\u9020\u4e865000\u7f8e\u5143\u8d27\u5e01\u3002<\/p>\n<p>&emsp;&emsp;\u94f6\u884c\u521b\u9020\u8d27\u5e01\u7684\u80fd\u529b\u662f\u5176\u4e0e\u5176\u4ed6\u673a\u6784\u4e4b\u95f4\u4e3b\u8981\u7684\u5dee\u522b\u3002\u6b63\u5982\u6211\u4eec\u5728\u7b2c1\u7ae0\u4e2d\u8ba8\u8bba\u7684\uff0c\u91d1\u878d\u5e02\u573a\u7684\u91cd\u8981\u529f\u80fd\u662f\uff0c\u628a\u7ecf\u6d4e\u4e2d\u7684\u8d44\u6e90\u4ece\u90a3\u4e9b\u5e0c\u671b\u628a\u81ea\u5df1\u90e8\u5206\u6536\u5165\u5b58\u50a8\u8d77\u6765\u4f9b\u65e5\u540e\u4f7f\u7528\u7684\u5bb6\u5ead\uff0c\u8f6c\u79fb\u5230\u5e0c\u671b\u7528\u8d37\u6b3e\u6765\u8d2d\u4e70\u7528\u4e8e\u672a\u6765\u751f\u6d3b\u751f\u4ea7\u6240\u7528\u7684\u4ea7\u54c1\u7684\u5bb6\u5ead\u548c\u4f01\u4e1a\u624b\u4e2d\u3002\u4ece\u50a8\u84c4\u8005\u5411\u8d37\u6b3e\u8005\u8f6c\u79fb\u8d44\u91d1\u7684\u8fc7\u7a0b\u88ab\u79f0\u4e3a<strong>\u91d1\u878d\u4e2d\u5fc3\u5316(financial intermediation)<\/strong>\u3002\u8bb8\u591a\u673a\u6784\u90fd\u6709\u8fd9\u4e2a\u4f5c\u7528\uff0c\u4f8b\u5982\u80a1\u7968\u5e02\u573a\u3001\u503a\u5238\u5e02\u573a\u548c\u94f6\u884c\u4f53\u7cfb\u3002\u4f46\u662f\u53ea\u6709\u94f6\u884c\u5728\u6cd5\u5f8b\u4e0a\u6709\u6743\u521b\u4f5c\u4f5c\u4e3a\u8d27\u5e01\u4f9b\u7ed9\u7684\u4e00\u90e8\u5206\u8d44\u4ea7(\u4f8b\u5982\u652f\u7968\u8d26\u6237)\uff0c\u56e0\u6b64\u94f6\u884c\u662f\u552f\u4e00\u76f4\u63a5\u5f71\u54cd\u8d27\u5e01\u4f9b\u7ed9\u7684\u91d1\u878d\u673a\u6784\u3002<\/p>\n<p>&emsp;&emsp;\u5c3d\u7ba1\u94f6\u884c\u7684\u90e8\u5206\u51c6\u5907\u91d1\u5236\u5ea6\u521b\u9020\u4e86\u8d27\u5e01\uff0c\u4f46\u5b83\u6ca1\u6709\u521b\u9020\u8d22\u5bcc\uff0c\u5b83\u53ea\u589e\u52a0\u4e86\u7ecf\u6d4e\u7684\u6d41\u52a8\u6027\u3002<\/p>\n<h4>2.2.3 \u94f6\u884c\u8d44\u672c\u3001\u6760\u6746\u548c\u8d44\u672c\u8981\u6c42<\/h4>\n<p>&emsp;&emsp;\u6211\u4eec\u73b0\u5728\u4f7f\u7528\u4e00\u4e2a\u66f4\u771f\u5b9e\u4e00\u4e9b\u7684\u6a21\u578b\u6765\u8868\u793a\u521a\u624d\u7684\u8d44\u4ea7\u8d1f\u503a\u8868\u3002\u5728\u88684\u4e2d\uff0c\u6211\u4eec\u5f15\u5165\u4e86<strong>\u94f6\u884c\u8d44\u672c(bank capital)<\/strong>\uff0c\u4e5f\u5c31\u662f\u8bf4\uff0c\u94f6\u884c\u6240\u6709\u8005\u5fc5\u987b\u6301\u6709\u4e00\u5b9a\u91cf\u7684\u91d1\u878d\u8d44\u6e90\u624d\u80fd\u5f00\u4e1a\u3002<\/p>\n<table style=\"margin: 0 auto; text-align: center;\">\n<caption>\u88684\uff1a\u771f\u5b9e\u7684\u884c\u8d44\u4ea7\u8d1f\u503a\u8868<\/caption>\n<thead>\n<tr>\n<th>\u8d44\u4ea7<\/th>\n<th>\u8d1f\u503a<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>\u51c6\u5907\u91d1 200\u7f8e\u5143<\/td>\n<td>\u5b58\u6b3e 750\u7f8e\u5143<\/td>\n<\/tr>\n<tr>\n<td>\u8d37\u6b3e 500\u7f8e\u5143<\/td>\n<td>\u503a\u52a1 200\u7f8e\u5143<\/td>\n<\/tr>\n<tr>\n<td>\u8bc1\u5238 300\u7f8e\u5143<\/td>\n<td>\u8d44\u672c(\u6240\u6709\u8005\u6743\u76ca) 50\u7f8e\u5143<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&emsp;&emsp;\u94f6\u884c\u4ece\u4e09\u4e2a\u6e20\u9053\u83b7\u5f97\u8d44\u6e90\uff1a\u6240\u6709\u8005\u63d0\u4f9b\u7684\u8d44\u672c\u3001\u5ba2\u6237\u624b\u4e2d\u5438\u6536\u7684\u5b58\u6b3e\uff0c\u4ee5\u53ca\u53d1\u884c\u503a\u52a1\u6765\u52df\u96c6\u7684\u8d44\u91d1\u3002\u94f6\u884c\u4ece\u4e09\u4e2a\u6e20\u9053\u6765\u6d88\u8017\u8fd9\u4e9b\u8d44\u6e90\uff1a\u4f5c\u4e3a\u51c6\u5907\u91d1\u6301\u6709\uff0c\u7528\u4e8e\u653e\u8d37\u7684\u4e00\u90e8\u5206\uff0c\u53e6\u4e00\u90e8\u5206\u7528\u6765\u8d2d\u4e70\u91d1\u878d\u884d\u751f\u54c1(\u6bd4\u5982\u653f\u5e9c\u503a\u5238\u3001\u516c\u53f8\u503a\u5238\u7b49)\u3002\u5de6\u4fa7\u7684\u8d44\u4ea7\u548c\u53f3\u8fb9\u7684\u8d1f\u503a\u603b\u662f\u76f8\u7b49\uff0c\u8fd9\u662f\u56e0\u4e3a\uff0c\u6211\u4eec\u5b9a\u4e49\u6240\u6709\u8005\u6743\u76ca\u662f\u8d44\u4ea7(\u51c6\u5907\u91d1+\u8d37\u6b3e+\u8bc1\u5238)\u51cf\u53bb\u8d1f\u503a(\u5b58\u6b3e+\u503a\u52a1)\u5269\u4e0b\u7684\u90e8\u5206\u3002<\/p>\n<p>&emsp;&emsp;\u94f6\u884c\u4f53\u7cfb\u7684\u57fa\u7840\u662f\u4e00\u79cd\u79f0\u4e3a<strong>\u6760\u6746(leverage)<\/strong>\u7684\u73b0\u8c61\uff1a\u51fa\u4e8e\u6295\u8d44\u7684\u76ee\u7684\uff0c\u4f7f\u7528\u501f\u6765\u7684\u94b1\u8865\u5145\u73b0\u6709\u7684\u8d44\u91d1\u3002\u5728\u4e0a\u9762\u7684\u4f8b\u5b50\u4e2d\uff0c\u94f6\u884c\u6240\u6709\u8005\u53ea\u670950\u7f8e\u5143\uff0c\u4f46\u94f6\u884c\u7684\u8d44\u4ea7\u5374\u67091000\u7f8e\u5143\uff0c\u5176\u6760\u6746\u7387(leverage ratio)\u8fbe\u5230\u4e86$1000\/50 = 20$\u500d\u3002\u94f6\u884c\u6240\u62e5\u6709\u768420\u7f8e\u5143\u8d44\u4ea7\u4e2d\uff0c\u5176\u4e2d\u670919\u7f8e\u5143\u662f\u501f\u6765\u7684\uff0c\u53ea\u67091\u7f8e\u5143\u662f\u81ea\u5df1\u7684\u3002<\/p>\n<p>&emsp;&emsp;\u56e0\u6b64\uff0c\u94f6\u884c\u76d1\u7ba1\u673a\u6784\u8981\u6c42\u94f6\u884c\u5fc5\u987b\u6301\u6709\u8db3\u591f\u7684\u8d44\u672c\u3002<strong>\u8d44\u672c\u8981\u6c42(capital requirement)<\/strong>\u7684\u76ee\u7684\u662f\u4fdd\u8bc1\u94f6\u884c\u80fd\u507f\u4ed8\u5b83\u4eec\u7684\u50a8\u6237\u548c\u5176\u4ed6\u503a\u6743\u4eba\uff0c\u8981\u6c42\u7684\u8d44\u672c\u6570\u91cf\u53d6\u51b3\u4e8e\u94f6\u884c\u6301\u6709\u7684\u8d44\u4ea7\u7684\u7c7b\u578b\u3002\u901a\u5e38\uff0c\u76d1\u7ba1\u673a\u6784\u5bf9\u4e8e\u6301\u6709\u5982\u653f\u5e9c\u503a\u5238\u4e00\u7c7b\u4f4e\u98ce\u9669\u7684\u94f6\u884c\u7684\u8981\u6c42\uff0c\u8981\u5c11\u4e8e\u6301\u6709\u9ad8\u98ce\u9669\u91d1\u878d\u884d\u751f\u54c1\u7684\u94f6\u884c\u3002<\/p>\n<p>&emsp;&emsp;\u73b0\u5728\u6211\u4eec\u628a\u94f6\u884c\u8d44\u4ea7\u548c\u6760\u6746\u95ee\u9898\u653e\u5230\u4e00\u8fb9\uff0c\u6211\u4eec\u4f1a\u5728\u4e4b\u540e\u7684\u6587\u7ae0\u4e2d\u4f1a\u7ee7\u7eed\u8ba8\u8bba\uff0c\u76ee\u524d\u5148\u675f\u4e4b\u9ad8\u9601\u3002<\/p>\n<h3>2.3 \u592e\u884c\u5982\u4f55\u5f71\u54cd\u8d27\u5e01\u4f9b\u7ed9<\/h3>\n<p>&emsp;&emsp;\u57282.1\u4e2d\u6211\u4eec\u8ba8\u8bba\u4e86\u4ec0\u4e48\u662f\u8d27\u5e01\uff0c\u4ee5\u53ca\u8d27\u5e01\u91cf\uff1b\u57282.2\u4e2d\u6211\u4eec\u8ba8\u8bba\u4e86\u94f6\u884c\u7cfb\u7edf\u662f\u5982\u4f55\u5f71\u54cd\u7ecf\u6d4e\u4f53\u4e2d\u7684\u8d27\u5e01\u91cf\u3002\u73b0\u5728\u6211\u4eec\u8981\u8003\u5bdf\u592e\u884c\u5982\u4f55\u5f71\u54cd\u94f6\u884c\u4f53\u7cfb\u3002<\/p>\n<h4>2.3.1 \u4e00\u4e2a\u8d27\u5e01\u4f9b\u7ed9\u6a21\u578b<\/h4>\n<p>&emsp;&emsp;\u4e3a\u4e86\u7406\u89e3\u90e8\u5206\u51c6\u5907\u91d1\u5236\u5ea6\u4e0b\u7684\u8d27\u5e01\u4f9b\u7ed9\uff0c\u6211\u4eec\u9700\u8981\u8003\u5bdf\u7f8e\u8054\u50a8\u3001\u94f6\u884c\u548c\u5bb6\u5ead\u4e4b\u95f4\u51b3\u7b56\u7684\u76f8\u4e92\u4f5c\u7528\uff1a<\/p>\n<ol>\n<li>\u7f8e\u8054\u50a8\u5173\u4e8e\u521b\u9020\u591a\u5c11\u7f8e\u5143\u7684\u51b3\u7b56\uff1b<\/li>\n<li>\u94f6\u884c\u5173\u4e8e\u5c06\u5b58\u6b3e\u4f5c\u4e3a\u51c6\u5907\u91d1\u6301\u6709\uff0c\u8fd8\u662f\u4f5c\u4e3a\u8d37\u6b3e\u6301\u6709\u7684\u51b3\u7b56\uff1b<\/li>\n<li>\u5bb6\u5ead\u5173\u4e8e\u5b83\u4eec\u7684\u8d27\u5e01\u662f\u4f5c\u4e3a\u901a\u8d27\u8fd8\u662f\u6d3b\u671f\u5b58\u6b3e\u7684\u5f62\u5f0f\u6301\u6709\u7684\u51b3\u7b56\u3002<\/li>\n<\/ol>\n<p>\u5728\u672c\u8282\u4e2d\uff0c\u6211\u4eec\u5c06\u5efa\u7acb\u4e00\u4e2a\u5305\u62ec\u6240\u6709\u8fd9\u4e9b\u56e0\u7d20\u7684\u8d27\u5e01\u4f9b\u7ed9\u6a21\u578b\uff0c\u8be5\u6a21\u578b\u6709\u4e09\u4e2a\u5916\u751f\u53d8\u91cf\uff1a<\/p>\n<ul>\n<li><strong>\u57fa\u7840\u8d27\u5e01(monetary base)<\/strong>\uff0c$B$\u662f\u516c\u4f17\u4ee5\u901a\u8d27\u7684\u5f62\u5f0f\u6301\u6709\u7684\u7f8e\u5143$C$\u548c\u94f6\u884c\u4ee5\u51c6\u5907\u91d1\u5f62\u5f0f\u6301\u6709\u7684$R$\u7684\u603b\u548c\u3002\u5b83\u76f4\u63a5\u7531\u7f8e\u8054\u50a8\u63a7\u5236\u3002<\/li>\n<li><strong>\u5b58\u6b3e\u51c6\u5907\u91d1\u7387(reserve-deposit ratio)<\/strong>\uff0c$rr$\u662f\u94f6\u884c\u53ea\u6709\u7684\u51c6\u5907\u91d1\u5360\u5b58\u6b3e\u7684\u6bd4\u4f8b\u3002\u5b83\u7531\u94f6\u884c\u7684\u7ecf\u8425\u653f\u7b56\u548c\u76d1\u7ba1\u94f6\u884c\u7684\u6cd5\u5f8b\u51b3\u5b9a\u3002<\/li>\n<li><strong>\u901a\u8d27\u5b58\u6b3e\u6bd4(currency-deposit ratio)<\/strong>\uff0c$cr$\u662f\u4eba\u4eec\u6301\u6709\u7684\u901a\u8d27\u91cf$C$\u5bf9\u5176\u6d3b\u671f\u5b58\u6b3e$D$\u7684\u6bd4\u4f8b\u3002\u53cd\u5e94\u4e86\u5bb6\u5ead\u5bf9\u5176\u6301\u6709\u7684\u8d27\u5e01\u5f62\u5f0f\u7684\u504f\u597d\u3002<\/li>\n<\/ul>\n<p>&emsp;&emsp;\u6211\u4eec\u5c06\u901a\u8fc7\u8bf4\u660e\u8d27\u5e01\u4f9b\u7ed9\u5982\u4f55\u53d6\u51b3\u4e8e\u57fa\u7840\u8d27\u5e01\u3001\u5b58\u6b3e\u51c6\u5907\u91d1\u7387\u4ee5\u53ca\u901a\u8d27\u5b58\u6b3e\u6bd4\uff0c\u6765\u7406\u89e3\u7f8e\u8054\u50a8\u7684\u653f\u7b56\u4ee5\u53ca\u94f6\u884c\u548c\u5bb6\u5ead\u7684\u9009\u62e9\u5982\u4f55\u5f71\u54cd\u8d27\u5e01\u4f9b\u7ed9\u3002<\/p>\n<p>&emsp;&emsp;\u6211\u4eec\u5148\u4ece\u8d27\u5e01\u4f9b\u7ed9\u548c\u57fa\u7840\u8d27\u5e01\u5f00\u59cb\u5b9a\u4e49\uff1a<\/p>\n<p><span id = \"eq:2-4\"><\/span><br \/>\n$$<br \/>\n\\begin{eqnarray}<br \/>\nM = C + D \\tag{2-4} \\newline<br \/>\nB = C + R \\tag{2-5}<br \/>\n\\end{eqnarray}<br \/>\n$$<\/p>\n<p><a href=\"#eq:2-4\" target=\"_blank\"  rel=\"nofollow\" >\u5f0f2-4<\/a>\u8bf4\uff0c\u8d27\u5e01\u4f9b\u7ed9=\u4f9b\u8d27+\u8d27\u671f\u5b58\u6b3e\uff1b<a href=\"#eq:2-4\" target=\"_blank\"  rel=\"nofollow\" >\u5f0f2-5<\/a>\u8bf4\uff0c\u57fa\u7840\u8d27\u5e01=\u901a\u8d27+\u51c6\u5907\u91d1\u3002\u4e3a\u4e86\u89e3\u91ca\u6211\u4eec\u4e4b\u524d\u8bf4\u7684\u4e09\u4e2a\u5916\u751f\u53d8\u91cf\uff0c\u6211\u4eec\u7528<a href=\"#eq:2-4\" target=\"_blank\"  rel=\"nofollow\" >\u5f0f2-4<\/a>\u9664\u4ee5<a href=\"#eq:2-4\" target=\"_blank\"  rel=\"nofollow\" >\u5f0f2-5<\/a>\u5f97\u5230\uff1a<\/p>\n<p>$$<br \/>\n\\frac{M}{B} = \\frac{C + D}{C + R} \\tag{2-6}<br \/>\n$$<\/p>\n<p>\u6211\u4eec\u5c06\u65b9\u7a0b\u53f3\u8fb9\u7684\u5206\u5b50\u548c\u5206\u6bcd\u540c\u65f6\u9664\u4ee5$D$\u5f97\u5230\uff1a<\/p>\n<p>$$<br \/>\n\\frac{M}{B} = \\frac{\\frac{C}{D} + 1}{\\frac{C}{D} + \\frac{R}{D}} \\tag{2-7}<br \/>\n$$<\/p>\n<p>\u5176\u4e2d$\\frac{C}{D}$\u662f\u901a\u8d27\u5b58\u6b3e\u6bd4$cr$\uff0c$\\frac{R}{D}$\u662f\u5b58\u6b3e\u51c6\u5907\u91d1\u7387\uff0c\u4e8e\u662f\u6211\u4eec\u5f97\u5230\uff1a<\/p>\n<p>$$<br \/>\nM = \\frac{cr + 1}{cr + rr} \\times B \\tag{2-8}<br \/>\n$$<\/p>\n<p>&emsp;&emsp;\u8fd9\u4e2a\u65b9\u7a0b\u8bf4\u660e\u4e86\u8d27\u5e01\u4f9b\u7ed9$M$\u662f\u5982\u4f55\u53d6\u51b3\u4e8e\u4e09\u4e2a\u5916\u751f\u53d8\u91cf\u3002\u8d27\u5e01\u4f9b\u7ed9$M$\u662f\u548c\u57fa\u7840\u8d27\u5e01$B$\u6210\u6bd4\u4f8b\u7684\uff0c\u6211\u4eec\u5c06\u6bd4\u4f8b\u56e0\u5b50$\\frac{cr + 1}{cr + rr}$\u7528$m$\u6765\u8868\u793a\uff0c\u79f0\u4e3a<strong>\u8d27\u5e01\u4e58\u6570(money multiplier)<\/strong>\uff0c\u4e8e\u662f\u53ef\u4ee5\u5199\u51fa\uff1a<\/p>\n<p>$$<br \/>\nM = m \\times B \\tag{2-9}<br \/>\n$$<\/p>\n<p>&emsp;&emsp;\u6bcf1\u7f8e\u5143\u7684\u57fa\u7840\u8d27\u5e01\u5c06\u4ea7\u751f$m$\u7f8e\u5143\u8d27\u5e01\uff0c\u7531\u4e8e\u57fa\u7840\u8d27\u5e01\u5bf9\u8d27\u5e01\u7684\u4f9b\u7ed9\u6709\u4e58\u6570\u6548\u5e94\uff0c\u56e0\u6b64\u57fa\u7840\u8d27\u5e01\u6709\u65f6\u4e5f\u88ab\u79f0\u4e3a<strong>\u9ad8\u80fd\u8d27\u5e01(high-powered money)<\/strong>\u3002\u73b0\u5728\u6211\u4eec\u53ef\u4ee5\u603b\u7ed3\u8d27\u5e01\u4f9b\u7ed9$M$\u4e0e\u57fa\u7840\u8d27\u5e01$B$\u3001\u5b58\u6b3e\u51c6\u5907\u91d1\u7387$rr$\u548c\u901a\u8d27\u5b58\u6b3e\u6bd4$cr$\u7684\u5173\u7cfb\u3002<\/p>\n<ol>\n<li>\u8d27\u5e01\u4f9b\u7ed9$M$\u548c\u57fa\u7840\u8d27\u5e01$B$\u662f\u6210\u6bd4\u4f8b\u7684\u3002<\/li>\n<li>\u5b58\u6b3e\u51c6\u5907\u91d1\u7387$rr$\u8d8a\u4f4e\uff0c\u8d27\u5e01\u4f9b\u7ed9\u91cf$M$\u8d8a\u5927\u3002\u540c\u7b49\u6570\u91cf\u7684\u5b58\u6b3e\u4e0b\uff0c\u4f4e\u5b58\u6b3e\u51c6\u5907\u91d1\u7387\u5141\u8bb8\u94f6\u884c\u4ea7\u751f\u66f4\u591a\u7684\u8d37\u6b3e\uff0c\u8fdb\u800c\u63a8\u9ad8\u4e86$M$\u3002<\/li>\n<li>\u901a\u8d27\u5b58\u6b3e\u6bd4$cr$\u8d8a\u4f4e\uff0c\u8d27\u5e01\u4f9b\u7ed9$M$\u8d8a\u5927\u3002$cr$\u8d8a\u4f4e\uff0c\u5219\u8bf4\u660e\u50a8\u6237\u66f4\u503e\u5411\u4e8e\u4f7f\u7528\u652f\u7968\u6216\u501f\u8bb0\u5361\u4e00\u7c7b\u7684\u65b9\u5f0f\u4ee3\u66ff\u901a\u8d27\uff0c\u8fdb\u800c\u5bfc\u81f4\u94f6\u884c\u5b58\u6b3e\u53d8\u591a\uff0c\u5728$rr$\u4e0d\u53d8\u7684\u60c5\u51b5\u4e0b\uff0c\u94f6\u884c\u80fd\u653e\u51fa\u7684\u8d37\u6b3e\u4e5f\u66f4\u591a\uff0c\u8fdb\u800c\u63a8\u9ad8\u4e86$M$\u3002<\/li>\n<\/ol>\n<p>&emsp;&emsp;\u73b0\u5728\u6211\u4eec\u53ef\u4ee5\u6765\u8ba8\u8bba\u7f8e\u8054\u50a8\u5f71\u54cd\u8d27\u5e01\u4f9b\u7ed9\u7684\u65b9\u5f0f\u4e86\u3002<\/p>\n<h4>2.3.2 \u8d27\u5e01\u653f\u7b56\u5de5\u5177<\/h4>\n<p>&emsp;&emsp;\u6ce8\u610f\uff0c\u6211\u4eec\u8fd9\u91cc\u7684\u6a21\u578b\u662f\u7b80\u5316\u7684\uff0c\u7f8e\u8054\u50a8\u5b9e\u9645\u4e0a\u901a\u8fc7\u591a\u79cd\u5de5\u5177\u76f4\u63a5\u6216\u95f4\u63a5\u7684\u5f71\u54cd\u8d27\u5e01\u4f9b\u7ed9\u3002\u6211\u4eec\u5c06\u5176\u5206\u4e3a\u4e24\u7c7b\uff1a\u5f71\u54cd\u57fa\u7840\u8d27\u5e01\u7684\u4e00\u7c7b\uff0c\u548c\u5f71\u54cd\u5b58\u6b3e\u51c6\u5907\u91d1\u7387\u7684\u4e00\u7c7b\u3002<\/p>\n<h5>\u57fa\u7840\u8d27\u5e01<\/h5>\n<p>&emsp;&emsp;\u7f8e\u8054\u50a8\u6539\u53d8\u57fa\u7840\u8d27\u5e01\u7684\u65b9\u5f0f\u4e3b\u8981\u6709\u4e24\u79cd\uff0c\u5176\u4e2d\u4e00\u79cd\u662f\u4e4b\u524d\u63d0\u5230\u7684<strong>\u516c\u5f00\u5e02\u573a\u64cd\u4f5c<\/strong>\uff1a\u901a\u8fc7\u5bf9\u653f\u5e9c\u503a\u5238\u7684\u4e70\u5356\uff0c\u4ece\u516c\u4f17\u624b\u4e2d\u56de\u6536\u6216\u53d1\u884c\u7f8e\u5143\u3002<\/p>\n<p>&emsp;&emsp;\u53e6\u4e00\u79cd\u5219\u662f\u901a\u8fc7\u5c06\u50a8\u5907\u91d1\u501f\u7ed9\u5176\u4ed6\u94f6\u884c\u6765\u6539\u53d8\u57fa\u7840\u8d27\u5e01\u3002\u5f53\u94f6\u884c\u8ba4\u4e3a\u5b83\u624b\u4e0a\u6ca1\u6709\u8db3\u591f\u7684\u51c6\u5907\u91d1\u65f6\uff0c\u5b83\u4eec\u5c31\u5411\u7f8e\u8054\u50a8\u501f\u6b3e\u4ee5\u6ee1\u8db3\u76d1\u7ba1\u673a\u6784\u7684\u8981\u6c42\u3001\u5e94\u5bf9\u50a8\u6237\u7684\u63d0\u6b3e\u9700\u6c42\u3001\u53d1\u653e\u65b0\u7684\u8d37\u6b3e\u6216\u6ee1\u8db3\u5176\u4ed6\u7ecf\u8425\u4e1a\u52a1\u3002\u5f53\u7f8e\u8054\u50a8\u501f\u8d37\u6b3e\u7ed9\u90a3\u4e9b\u96be\u4ee5\u4ece\u5176\u4ed6\u5730\u65b9\u83b7\u5f97\u8d44\u91d1\u7684\u94f6\u884c\u65f6\uff0c\u6211\u4eec\u5c31\u8bf4\u5b83\u626e\u6f14\u4e86<strong>\u6700\u540e\u8d37\u6b3e\u8005(lender of last resort)<\/strong>\u7684\u89d2\u8272\u3002<\/p>\n<h5>\u5b58\u6b3e\u51c6\u5907\u91d1\u7387<\/h5>\n<p>&emsp;&emsp;<strong>\u6cd5\u5b9a\u51c6\u5907\u91d1\u7387(reserve requirements)<\/strong>\u662f\u7f8e\u8054\u50a8\u65bd\u52a0\u7ed9\u94f6\u884c\u7684\u6700\u4f4e\u5b58\u6b3e\u51c6\u5907\u91d1\u7387\u3002\u6cd5\u5b9a\u7684\u51c6\u5907\u91d1\u7387\u7684\u4e0a\u5347\u5f80\u5f80\u4f1a\u63d0\u9ad8\u5b58\u6b3e\u51c6\u5907\u91d1\u7387\uff0c\u4ece\u800c\u964d\u4f4e\u8d27\u5e01\u4e58\u6570\uff0c\u8fdb\u800c\u964d\u4f4e\u8d27\u5e01\u4f9b\u7ed9\u3002\u4f46\u94f6\u884c\u53ef\u80fd\u6301\u6709<strong>\u8d85\u989d\u51c6\u5907\u91d1(excess reserves)<\/strong>\uff0c\u5373\u9ad8\u4e8e\u6700\u4f4e\u8981\u6c42\u7684\u51c6\u5907\u91d1\u3002\u6cd5\u5b9a\u51c6\u5907\u91d1\u7387\u7684\u53d8\u52a8\u5728\u5386\u53f2\u4e0a\u662f\u7f8e\u8054\u50a8\u653f\u7b56\u5de5\u5177\u4e2d\u4f7f\u7528\u9891\u7387\u6700\u4f4e\u7684\uff0c2020\u5e743\u6708\uff0c\u75ab\u60c5\u671f\u95f4\uff0c\u7f8e\u8054\u50a8\u5b8c\u5168\u53d6\u6d88\u4e86\u6cd5\u5b9a\u5b58\u6b3e\u51c6\u5907\u91d1\u7387\u7684\u8981\u6c42\u3002<\/p>\n<p>&emsp;&emsp;2008\u5e74\uff0c\u7f8e\u8054\u50a8\u5f00\u59cb\u652f\u4ed8<strong>\u51c6\u5907\u91d1\u5229\u606f(interest on reserves)<\/strong>\uff0c\u4e5f\u5c31\u662f\u8bf4\uff0c\u5f53\u4e00\u5bb6\u94f6\u884c\u4ee5\u5728\u7f8e\u8054\u50a8\u5b58\u6b3e\u7684\u5f62\u5f0f\u6301\u6709\u51c6\u5907\u91d1\u65f6\uff0c\u7f8e\u8054\u50a8\u5c31\u5f00\u59cb\u4e3a\u8fd9\u4e9b\u5b58\u6b3e\u652f\u4ed8\u5229\u606f\u3002\u8fd9\u7ed9\u4e86\u7f8e\u8054\u50a8\u65b0\u7684\u653f\u7b56\u5de5\u5177\uff0c\u5f53\u51c6\u5907\u91d1\u5229\u7387\u8d8a\u9ad8\u7684\u65f6\u5019\uff0c\u94f6\u884c\u5c31\u8d8a\u503e\u5411\u4e8e\u63d0\u9ad8\u51c6\u5907\u91d1\u7387(\u5c06\u66f4\u591a\u7684\u51c6\u5907\u91d1\u5b58\u5165\u7f8e\u8054\u50a8)\u3001\u964d\u4f4e\u8d27\u5e01\u7cfb\u6570\uff0c\u4ece\u800c\u964d\u4f4e\u8d27\u5e01\u4f9b\u7ed9\u3002<\/p>\n<h5>\u8d27\u5e01\u63a7\u5236\u4e2d\u7684\u95ee\u9898<\/h5>\n<p>&emsp;&emsp;\u7f8e\u8054\u50a8\u6709\u76f8\u5f53\u5927\u7684\u5f71\u54cd\u8d27\u5e01\u4f9b\u7ed9\u7684\u80fd\u529b\uff0c\u4f46\u5b83\u5e76\u4e0d\u80fd\u5b8c\u7f8e\u7684\u63a7\u5236\u8d27\u5e01\u3002\u94f6\u884c\u5728\u7ecf\u8425\u95ee\u9898\u4e0a\u7684\u9009\u62e9\uff0c\u4ee5\u53ca\u5bb6\u5ead\u5728\u901a\u8d27\u3001\u5b58\u6b3e\u7684\u9009\u62e9\u95ee\u9898\u4e0a\u90fd\u4f7f\u5f97\u7f8e\u8054\u50a8\u653f\u7b56\u6709\u65f6\u5019\u4e0d\u90a3\u4e48\u6709\u6548\u3002<\/p>\n<h2>\u4e09\u3001\u901a\u8d27\u81a8\u80c0<\/h2>\n<p><strong>\u8d77\u56e0\u3001\u5f71\u54cd\u548c\u793e\u4f1a\u6210\u672c<\/strong><\/p>\n<p>&emsp;&emsp;\u672c\u7ae0\u6211\u4eec\u5c06\u4ece\u53e4\u5178\u2014\u2014\u4ece\u957f\u671f\u6765\u770b\uff0c\u4ee5\u53ca\u5f39\u6027\u4ef7\u683c\u2014\u2014\u7684\u89d2\u5ea6\u6765\u5efa\u6784\u4e00\u4e2a<strong>\u901a\u8d27\u81a8\u80c0(inflation)<\/strong>\u6a21\u578b\u3002\u901a\u80c0\u53ef\u4ee5\u770b\u4f5c\u65f6\u5e73\u5747\u4ef7\u683c\u6c34\u5e73\u7684\u4e0a\u6da8\uff0c\u800c\u4ef7\u683c\u662f\u8d27\u5e01\u4ea4\u6362\u4ea7\u54c1\u6216\u670d\u52a1\u7684\u8d39\u7528\u3002\u4e3a\u4e86\u7406\u89e3\u901a\u80c0\uff0c\u6211\u4eec\u9996\u5148\u8981\u4e86\u89e3\u8d27\u5e01\uff0c\u5728\u7b2c\u4e8c\u7ae0\u4e2d\uff0c\u6211\u4eec\u5df2\u7ecf\u8ba8\u8bba\u4e86\u4ec0\u4e48\u662f\u8d27\u5e01\u3001\u4ec0\u4e48\u5f71\u54cd\u8d27\u5e01\u7684\u4f9b\u7ed9\u548c\u9700\u6c42\uff0c\u4ee5\u53ca\u8d27\u5e01\u5bf9\u7ecf\u6d4e\u6709\u4ec0\u4e48\u5f71\u54cd\u3002<\/p>\n<p>&emsp;&emsp;\u6211\u4eec\u9996\u5148\u8ba8\u8bba\u901a\u80c0\u7684\u539f\u56e0\u3002\u57283.1\u8282\u4e2d\uff0c\u6211\u4eec\u5c06\u8ba8\u8bba\u8d27\u5e01\u91cf\u51b3\u5b9a\u4ef7\u683c\u6c34\u5e73\uff0c\u8d27\u5e01\u91cf\u7684\u589e\u957f\u7387\u51b3\u5b9a\u4e86\u901a\u8d27\u81a8\u80c0\u7387\u3002<\/p>\n<p>&emsp;&emsp;\u63a5\u4e0b\u6765\u6211\u4eec\u8ba8\u8bba\u901a\u80c0\u7684\u5f71\u54cd\u3002\u57283.2\u8282\u4e2d\uff0c\u6211\u4eec\u5c06\u8ba8\u8bba\u653f\u5e9c\u53d1\u884c\u8d27\u5e01\u80fd\u5f97\u5230\u7684\u6536\u76ca\uff0c\u6709\u65f6\u5019\u5b83\u53c8\u88ab\u79f0\u4e3a<strong>\u901a\u8d27\u81a8\u80c0\u7a0e(inflation tax)<\/strong>\u3002\u57283.3\u8282\u4e2d\u8003\u5bdf\u901a\u8d27\u81a8\u80c0\u5982\u4f55\u5f71\u54cd\u540d\u4e49\u5229\u7387\u3002\u57283.4\u8282\u4e2d\u8ba8\u8bba\u540d\u4e49\u5229\u7387\u5982\u4f55\u5f71\u54cd\u4eba\u4eec\u5e0c\u671b\u6301\u6709\u7684\u8d27\u5e01\u91cf\uff0c\u4ece\u800c\u5f71\u54cd\u4ef7\u683c\u6c34\u5e73\u3002<\/p>\n<p>&emsp;&emsp;\u4e4b\u540e\u6211\u4eec\u57283.5\u8282\u4e2d\u8ba8\u8bba\u901a\u80c0\u7684\u793e\u4f1a\u5f71\u54cd\uff0c\u6700\u540e\u6211\u4eec\u57283.6\u8282\u4e2d\u8ba8\u8bba\u6076\u6027\u901a\u80c0\u3002<\/p>\n<h3>3.1 \u8d27\u5e01\u6570\u91cf\u8bba<\/h3>\n<p>&emsp;&emsp;\u6211\u4eec\u73b0\u5728\u5f00\u59cb\u8003\u5bdf\u8d27\u5e01\u653f\u7b56\u7684\u5b8f\u89c2\u7ecf\u6d4e\u5f71\u54cd\uff0c\u4e3a\u6b64\u6211\u4eec\u9700\u8981\u4e00\u4e2a\u544a\u8bc9\u6211\u4eec\u8d27\u5e01\u91cf\u5982\u4f55\u4e0e\u4ef7\u683c\u548c\u6536\u5165\u7b49\u5176\u4ed6\u7ecf\u6d4e\u53d8\u91cf\u76f8\u5173\u7684\u7406\u8bba\u3002\u6211\u4eec\u79f0\u4e4b\u4e3a<strong>\u8d27\u5e01\u6570\u91cf\u8bba(quantity theory of money)<\/strong>\uff0c\u8be5\u7406\u8bba\u6839\u690d\u4e8e\u65e9\u671f\u8d27\u5e01\u7406\u8bba\u5bb6\u7684\u7814\u7a76\uff0c\u5176\u4e2d\u5305\u62ec\u5927\u536b\u00b7\u4f11\u8c1f\u3002\u5b83\u4ecd\u662f\u6709\u5173\u8d27\u5e01\u5728\u957f\u671f\u5982\u4f55\u5f71\u54cd\u7ecf\u6d4e\u7684\u91cd\u8981\u89e3\u91ca\u3002<\/p>\n<h4>3.1.1 \u4ea4\u6613\u4e0e\u6570\u91cf\u65b9\u7a0b<\/h4>\n<p>&emsp;&emsp;\u5728\u7b2c\u4e8c\u7ae0\u4e2d\u6211\u4eec\u8ba8\u8bba\u4e86\u8d27\u5e01\u7684\u4f9b\u7ed9\uff0c\u73b0\u5728\u6211\u4eec\u6765\u8ba8\u8bba\u8d27\u5e01\u7684\u9700\u6c42\u3002\u8d27\u5e01\u6570\u91cf\u8bba\u7684\u8d77\u70b9\u662f\u4eba\u4eec\u4e3a\u4e86\u8d2d\u4e70\u4ea7\u54c1\u4e0e\u670d\u52a1\u4e8c\u6301\u6709\u8d27\u5e01\u8fd9\u4e00\u89c1\u89e3\u3002\u4ed6\u4eec\u4e3a\u8fdb\u884c\u8fd9\u6837\u7684\u4ea4\u6613\u8d8a\u591a\uff0c\u6240\u9700\u8981\u7684\u8d27\u5e01\u4e5f\u5c31\u8d8a\u591a\uff0c\u56e0\u6b64\u7ecf\u6d4e\u4f53\u4e2d\u7684\u8d27\u5e01\u91cf\u4e0e\u4ea4\u6613\u4e2d\u7684\u7f8e\u5143\u91cf\u76f8\u5173\u3002\u4ea4\u6613\u4e0e\u8d27\u5e01\u4e4b\u95f4\u7684\u5173\u7cfb\u53ef\u4ee5\u5199\u4f5c\u5982\u4e0b\u7684<strong>\u6570\u91cf\u65b9\u7a0b(quantity equation)<\/strong>\uff1a<\/p>\n<p><span id=\"eq:3-1\"><\/span><br \/>\n$$<br \/>\n\\begin{eqnarray}<br \/>\n\\text{\u8d27\u5e01} \\times \\text{\u8d27\u5e01\u6d41\u901a\u901f\u5ea6} &amp;=&amp; \\text{\u4ef7\u683c} \\times \\text{\u4ea4\u6613\u6b21\u6570} \\notag \\newline<br \/>\nM \\times V &amp;=&amp; P \\times T \\tag{3-1}<br \/>\n\\end{eqnarray}<br \/>\n$$<\/p>\n<p>&emsp;&emsp;\u6211\u4eec\u4ece\u53f3\u5f80\u5de6\u6765\u8003\u5bdf\u8fd9\u4e00\u65b9\u7a0b\uff0c$T$\u4ee3\u8868\u67d0\u4e00\u65f6\u671f\u7684\u4ea4\u6613\u603b\u6570\uff0c\u6bd4\u5982\u4e00\u5e74\uff0c\u90a3\u4e48$T$\u662f\u4e00\u5e74\u4e2d\u7528\u4ea7\u54c1\u6216\u670d\u52a1\u4ea4\u6362\u8d27\u5e01\u7684\u6b21\u6570\u3002$P$\u662f\u4e00\u6b21\u5178\u578b\u4ea4\u6613\u7684\u4ef7\u683c\u2014\u2014\u4ea4\u6362\u7f8e\u5143\u7684\u6570\u91cf\u3002\u4e00\u6b21\u4ea4\u6613\u7684\u4ef7\u683c\u548c\u4ea4\u6613\u6b21\u6570\u7684\u4e58\u79ef$PT$\u7b49\u4e8e\u4e00\u5e74\u4e2d\u4ea4\u6362\u7684\u7f8e\u5143\u91cf\u3002<\/p>\n<p>&emsp;&emsp;\u6570\u91cf\u65b9\u7a0b\u7684\u5de6\u8fb9\u544a\u8bc9\u6211\u4eec\u6709\u5173\u4e8e\u7528\u4e8e\u4ea4\u6613\u7684\u8d27\u5e01\u7684\u60c5\u51b5\u3002$M$\u662f\u8d27\u5e01\u91cf\uff0c$V$\u79f0\u4e3a<strong>\u8d27\u5e01\u7684\u4ea4\u6613\u6d41\u901a\u901f\u5ea6(transactions velocity of money)<\/strong>\uff0c\u5b83\u8861\u91cf\u8d27\u5e01\u5728\u7ecf\u6d4e\u4e2d\u6d41\u901a\u7684\u901f\u5ea6\uff0c\u6362\u8a00\u4e4b\uff0c\u5b83\u544a\u8bc9\u6211\u4eec\u5728\u4e00\u4e2a\u65f6\u671f\u5185\u4e00\u5f20\u7f8e\u5143\u949e\u7968\u8f6c\u624b\u7684\u6b21\u6570\u3002<\/p>\n<p>&emsp;&emsp;\u5047\u8bbe\u5728\u4e00\u5e74\u4e2d\u4ee5\u6bcf\u5757\u9762\u53052\u7f8e\u5143\u7684\u4ef7\u683c\u552e\u51fa\u4e8650\u5757\u9762\u5305\uff0c\u90a3\u4e48\uff1a$T=50$\u5757\u9762\u5305\uff1b$P=2$\u7f8e\u5143\u4e00\u7247\u9762\u5305\u3002\u4ea4\u6362\u7684\u8d27\u5e01\u603b\u91cf\u4e3a\uff1a<\/p>\n<p>$$<br \/>\nPT = 2 \\times 50 = 100 (\\text{\u7f8e\u5143\/\u5e74}) \\notag<br \/>\n$$<\/p>\n<p>\u6211\u4eec\u5047\u8bbe\u8fd9\u4e2a\u7ecf\u6d4e\u4f53\u4e2d\u7684\u8d27\u5e01\u91cf$M$\u662f20\u7f8e\u5143\uff0c\u90a3\u4e48\u6211\u4eec\u53ef\u4ee5\u8ba1\u7b97\u51fa\u5176\u8d27\u5e01\u6d41\u901a\u901f\u5ea6\u4e3a\uff1a<\/p>\n<p>$$<br \/>\nV = \\frac{PT}{M} = 5(\\text{\u6b21\/\u5e74}) \\notag<br \/>\n$$<\/p>\n<p>\u4e5f\u5c31\u662f\u8bf4\uff0c\u8981\u4f7f\u752820\u7f8e\u5143\u5b8c\u6210\u6bcf\u5e74100\u7f8e\u5143\u7684\u4ea4\u6613\uff0c\u6bcf\u4e00\u7f8e\u5143\u9700\u8981\u6bcf\u5e74\u8f6c\u624b5\u6b21\u3002<\/p>\n<h4>3.1.2 \u4ece\u4ea4\u6613\u5230\u6536\u5165<\/h4>\n<p>&emsp;&emsp;\u5982\u679c\u6211\u4eec\u7528$Y$\u4ee3\u8868\u4ea7\u51fa\u91cf\uff0c$P$\u4ee3\u8868\u8fd9\u4e00\u5355\u4f4d\u4ea7\u51fa\u7684\u4ef7\u683c\uff0c\u90a3\u4e48\u4ea7\u51fa\u7684\u7f8e\u5143\u4ef7\u503c\u662f$PY$\u3002\u6211\u4eec\u5728\u524d\u4e00\u7bc7\u6587\u7ae0\u3001\u4ee5\u53ca\u7b2c\u4e00\u7ae0\u4e2d\u63d0\u5230\u8fc7\uff0c\u5f53\u4f5c\u4e3a\u8861\u91cf\u56fd\u6c11\u6536\u5165\u6838\u7b97\u6052\u7b49\u5f0f\u65f6\uff0c$Y$\u662f\u5b9e\u9645GDP\uff0c$P$\u662fGDP\u5e73\u51cf\u6307\u6570\uff0c$PY$\u662f\u540d\u4e49GDP\uff0c\u6570\u91cf\u65b9\u7a0b\u53d8\u4e3a\uff1a<\/p>\n<p><span id=\"eq:3-2\"><\/span><br \/>\n$$<br \/>\n\\begin{eqnarray}<br \/>\n\\text{\u8d27\u5e01} \\times \\text{\u8d27\u5e01\u6d41\u901a\u901f\u5ea6} &amp;=&amp; \\text{\u4ef7\u683c} \\times \\text{\u4ea7\u51fa\u91cf} \\notag \\newline<br \/>\nM \\times V &amp;=&amp; P \\times Y \\tag{3-2}<br \/>\n\\end{eqnarray}<br \/>\n$$<\/p>\n<p>&emsp;&emsp;\u8fd9\u91cc$Y$\u65e2\u662f\u4ea7\u51fa\u91cf\u3001\u4e5f\u662f\u603b\u6536\u5165(\u5b9e\u9645GDP)\uff0c\u8fd9\u4e2a\u5f62\u5f0f\u7684\u6570\u91cf\u65b9\u7a0b\u4e2d\u7684V\u88ab\u79f0\u4e3a<strong>\u8d27\u5e01\u7684\u6536\u5165\u6d41\u901a\u901f\u5ea6(income velocity of money)<\/strong>\uff0c\u5b83\u544a\u8bc9\u6211\u4eec\u5728\u4e00\u4e2a\u7ed9\u5b9a\u65f6\u671f\u4e2d\uff0c\u4e00\u5f20\u7f8e\u5143\u8fdb\u5165\u67d0\u4e2a\u4eba\u7684\u6536\u5165\u7684\u6b21\u6570\u3002\u8fd9\u4e2a\u5f62\u5f0f\u7684\u6570\u91cf\u65b9\u7a0b\u662f\u6700\u5e38\u89c1\u7684\uff0c\u4e5f\u662f\u6211\u4eec\u4ece\u73b0\u5728\u542f\u7528\u7684\u5f62\u5f0f\u3002<\/p>\n<h4>3.1.3 \u8d27\u5e01\u9700\u6c42\u51fd\u6570\u548c\u6570\u91cf\u65b9\u7a0b<\/h4>\n<p>&emsp;&emsp;\u5f53\u6211\u4eec\u5206\u6790\u8d27\u5e01\u5982\u4f55\u5f71\u54cd\u7ecf\u6d4e\u65f6\uff0c\u628a\u8d27\u5e01\u8868\u793a\u4e3a\u5b83\u53ef\u4ee5\u8d2d\u4e70\u7684\u4ea7\u54c1\u548c\u670d\u52a1\u7684\u6570\u91cf\u662f\u6709\u7528\u7684\u3002$M\/P$\u8fd9\u4e2a\u91cf\uff0c\u79f0\u4e3a<strong>\u5b9e\u9645\u8d27\u5e01\u4f59\u989d(real money balances)<\/strong>\u3002\u5b9e\u9645\u8d27\u5e01\u4f59\u989d\u8861\u91cf\u8d27\u5e01\u5b58\u91cf\u7684\u8d2d\u4e70\u529b\u3002\u5728\u4e00\u4e2a\u53ea\u751f\u4ea7\u9762\u5305\u7684\u7ecf\u6d4e\u4f53\u4e2d\uff0c\u8d27\u5e01\u91cf\u662f20\u7f8e\u5143\uff0c\u5047\u8bbe\u4e00\u7247\u9762\u5305\u7684\u4ef7\u683c\u662f2\u7f8e\u5143\uff0c\u90a3\u4e48\u5b9e\u9645\u8d27\u5e01\u4f59\u989d\u662f10\u5757\u9762\u5305\u3002\u4e5f\u5c31\u662f\u8bf4\uff0c\u6309\u73b0\u671f\u4ef7\u683c\uff0c\u7ecf\u6d4e\u4e2d\u7684\u8d27\u5e01\u5b58\u91cf\u80fd\u8d2d\u4e7010\u4e2a\u9762\u5305\u3002<\/p>\n<p>&emsp;&emsp;<strong>\u8d27\u5e01\u9700\u6c42\u51fd\u6570(money demand function)<\/strong>\u662f\u4e00\u4e2a\u8868\u660e\u4eba\u4eec\u5e0c\u671b\u6301\u6709\u7684\u5b9e\u9645\u8d27\u5e01\u4f59\u989d\u6570\u91cf\u7684\u51b3\u5b9a\u6027\u56e0\u7d20\u65b9\u7a0b\uff0c\u4e0b\u9762\u662f\u4e00\u4e2a\u7b80\u5355\u7684\u8d27\u5e01\u9700\u6c42\u51fd\u6570\uff1a<\/p>\n<p>$$<br \/>\n\\begin{eqnarray}<br \/>\n(M\/P)^{d} &amp;=&amp; kY \\tag{3-3} \\newline<br \/>\n\u5b9e\u9645\u8d27\u5e01\u4f59\u989d^{d} &amp;=&amp; k \\times \u4ea7\u51fa \\notag<br \/>\n\\end{eqnarray}<br \/>\n$$<\/p>\n<p>\u5176\u4e2d\uff0c$k$\u4e3a\u5e38\u6570\u3002\u8fd9\u4e2a\u65b9\u7a0b\u662f\u5728\u8bf4\uff0c\u5bf9\u4e8e\u6bcf\u4e00\u7f8e\u5143\u7684\u6536\u5165\uff0c\u4eba\u4eec\u60f3\u8981\u6301\u6709\u7684\u8d27\u5e01\u662f\u591a\u5c11\u3002\u8fd9\u4e2a\u65b9\u7a0b\u8bf4\u660e\uff0c\u5b9e\u9645\u8d27\u5e01\u4f59\u989d\u7684\u9700\u6c42\u91cf\u4e0e\u5b9e\u9645\u6536\u5165\u6b63\u6bd4\u4f8b\u3002<\/p>\n<p>&emsp;&emsp;\u8d27\u5e01\u9700\u6c42\u51fd\u6570\u7c7b\u4f3c\u4e8e\u4ea7\u54c1\u9700\u6c42\u51fd\u6570\uff0c\u53ea\u4e0d\u8fc7\u8fd9\u91cc\u7684\u201c\u4ea7\u54c1\u201d\u662f\u6301\u6709\u7684\u5b9e\u9645\u8d27\u5e01\u4f59\u989d\u7684\u65b9\u4fbf\u6027\u3002\u6211\u4eec\u53e6\u5b9e\u9645\u8d27\u5e01\u4f59\u989d\u7684\u9700\u6c42$(M\/P)^{d}$\u7b49\u4e8e\u4f9b\u7ed9$M\/P$\uff0c\u56e0\u6b64\u6709\uff1a<\/p>\n<p>$$<br \/>\nM\/P = kY \\tag{3-4}<br \/>\n$$<\/p>\n<p>\u8fdb\u884c\u6574\u7406\u540e\u5f97\u5230\uff1a<\/p>\n<p>$$<br \/>\nM(\\frac{1}{k}) = PY \\tag{3-5}<br \/>\n$$<\/p>\n<p>\u4ee4$V=\\frac{1}{k}$\u4e0a\u5f0f\u4e5f\u53ef\u4ee5\u5199\u6210\uff1a<\/p>\n<p><span id=\"eq:3-2_short\"><\/span><br \/>\n$$<br \/>\nMV = PY \\tag{3-2}<br \/>\n$$<\/p>\n<p>\u5373\u6211\u4eec\u5f97\u5230\u4e86<a href=\"#eq:3-2\" target=\"_blank\"  rel=\"nofollow\" >\u5f0f3-2<\/a>\uff0c\u8fd9\u91cc\u6211\u4eec\u89e3\u91ca\u4e86\u8d27\u5e01\u9700\u6c42\u53c2\u6570$k$\u4e0e\u8d27\u5e01\u6d41\u901a\u901f\u5ea6$V$\u4e4b\u95f4\u7684\u5173\u7cfb\u2014\u2014$V=\\frac{1}{k}$\u3002\u5f53\u4eba\u4eec\u5bf9\u6bcf\u4e00\u7f8e\u5143\u7684\u6536\u5165\u6301\u6709\u5927\u91cf\u8d27\u5e01\u65f6($k$\u5927)\uff0c\u90a3\u4e48\u8d27\u5e01\u8f6c\u624b\u5c31\u4e0d\u9891\u7e41($V$\u5c0f)\u3002\u76f8\u53cd\uff0c\u5f53\u4eba\u4eec\u60f3\u8981\u6301\u6709\u6301\u6709\u5c11\u91cf\u8d27\u5e01\u65f6($k$\u5c0f)\uff0c\u8d27\u5e01\u8f6c\u624b\u6b21\u6570\u5c31\u66f4\u591a($V$\u5927)\u3002<\/p>\n<h4>3.1.4 \u8d27\u5e01\u6d41\u901a\u901f\u5ea6\u4e0d\u53d8\u7684\u5047\u8bbe<\/h4>\n<p>&emsp;&emsp;\u6570\u91cf\u65b9\u7a0b(<a href=\"#eq:3-1\" target=\"_blank\"  rel=\"nofollow\" >\u5f0f3-1<\/a>\u4ee5\u53ca\u5176\u53d8\u4f53<a href=\"#eq:3-2_short\" target=\"_blank\"  rel=\"nofollow\" >\u5f0f3-2<\/a>)\u53ef\u4ee5\u88ab\u770b\u6210\u4e00\u4e2a\u5b9a\u4e49\uff1a\u4ed6\u628a\u8d27\u5e01\u6d41\u901a\u901f\u5ea6($V$)\u5b9a\u4e49\u4e3a\u540d\u4e49GDP($PY$)\u4e0e\u8d27\u5e01\u91cf($M$)\u7684\u6bd4\u503c\u3002\u5982\u679c\u6211\u4eec\u5728\u589e\u52a0\u4e00\u4e2a\u65b0\u7684\u5047\u8bbe\uff1a\u8d27\u5e01\u6d41\u901a\u901f\u5ea6\u4e0d\u53d8\u3002\u90a3\u4e48\uff0c\u6570\u91cf\u65b9\u7a0b\u5c31\u6210\u4e3a\u4e86\u5173\u4e8e\u8d27\u5e01\u5f71\u54cd\u7684\u4e00\u4e2a\u6709\u7528\u7406\u8bba\uff1a<strong>\u8d27\u5e01\u6570\u91cf\u8bba(quantity theory of money)<\/strong>\u3002\u5f53\u7136\u5b9e\u9645\u751f\u6d3b\u4e2d\u8d27\u5e01\u7684\u6d41\u901a\u901f\u5ea6\u662f\u53d8\u5316\u7684\uff0c\u8fd9\u91cc\u6211\u4eec\u5148\u770b\u770b\u8fd9\u4e2a\u6d41\u901a\u901f\u5ea6\u4e0d\u53d8\u7684\u5047\u8bbe\u5bf9\u7ecf\u6d4e\u7684\u5f71\u54cd\u65b9\u9762\u610f\u5473\u7740\u4ec0\u4e48\u3002<\/p>\n<p>&emsp;&emsp;\u4e00\u65e6\u6211\u4eec\u52a0\u5165\u8d27\u5e01\u6d41\u901a\u901f\u5ea6\u4e0d\u53d8\u7684\u5047\u8bbe\uff0c\u6570\u91cf\u65b9\u7a0b\u5c31\u53ef\u4ee5\u770b\u4f5c\u662f\u4e00\u4e2a\u5173\u4e8e\u540d\u4e49GDP\u7684\u51b3\u5b9a\u56e0\u7d20\u7684\u529b\u91cf\uff0c\u6570\u91cf\u65b9\u7a0b\u544a\u8bc9\u6211\u4eec\uff1a<\/p>\n<p>$$<br \/>\nM\\overline{V} = PY \\tag{3-6}<br \/>\n$$<\/p>\n<p>&emsp;&emsp;\u7531\u4e8e\u8d27\u5e01\u6d41\u901a\u901f\u5ea6\u662f\u56fa\u5b9a\u7684\uff0c\u56e0\u6b64\u8d27\u5e01\u6570\u91cf($M$)\u7684\u53d8\u52a8\uff0c\u5fc5\u5b9a\u5f15\u8d77\u540d\u4e49GDP($PY$)\u7684\u540c\u6bd4\u4f8b\u53d8\u52a8\u3002\u4e5f\u5c31\u662f\u8bf4\uff0c\u5982\u679c\u8d27\u5e01\u6d41\u901a\u901f\u5ea6\u662f\u56fa\u5b9a\u7684\uff0c\u90a3\u4e48\uff0c\u8d27\u5e01\u91cf\u51b3\u5b9a\u4e86\u7ecf\u6d4e\u4f53\u4e2d\u4ea7\u51fa\u7684\u7f8e\u5143\u4ef7\u503c\u3002<\/p>\n<h4>3.1.5 \u8d27\u5e01\u3001\u4ef7\u683c\u548c\u901a\u80c0<\/h4>\n<p>&emsp;&emsp;\u73b0\u5728\u6211\u4eec\u6709\u4e00\u4e2a\u7406\u8bba\u6765\u89e3\u91ca\u4ec0\u4e48\u51b3\u5b9a\u4e86\u7ecf\u6d4e\u4f53\u7684\u4ef7\u683c\u6c34\u5e73\u3002\u8fd9\u4e2a\u7406\u8bba\u6709\u4e09\u4e2a\u7ec4\u6210\u90e8\u5206\u3002<\/p>\n<ol>\n<li>\u751f\u4ea7\u8981\u7d20\u548c\u751f\u4ea7\u51fd\u6570\u51b3\u5b9a\u4e86\u4ea7\u51fa($Y$)\uff0c\u4e5f\u5c31\u662f\u5b9e\u9645GDP\u3002\u8fd9\u662f\u6211\u4eec\u5728\u7b2c\u4e00\u7ae0\u4e2d\u8ba8\u8bba\u7684\u5185\u5bb9\u3002<\/li>\n<li>\u592e\u884c\u8bbe\u5b9a\u7684\u8d27\u5e01\u4f9b\u7ed9\u91cf($M$)\u51b3\u5b9a\u4e86\u540d\u4e49GDP($Y$)\u3002\u8fd9\u662f\u6211\u4eec\u57283.1.4\u8282\u4e2d\u8ba8\u8bba\u7684\u5185\u5bb9\u3002<\/li>\n<li>\u4ef7\u683c\u6c34\u5e73($P$\uff0c\u53c8\u79f0GDP\u5e73\u51cf\u6307\u6570)\u662f\u4ea7\u51fa\u7684\u540d\u4e49GDP($PY$)\u4e0e\u5b9e\u9645GDP($Y$)\u7684\u6bd4\u7387\u3002<\/li>\n<\/ol>\n<p>\u603b\u7ed3\u6765\u8bf4\uff0c\u7ecf\u6d4e\u751f\u4ea7\u80fd\u529b\u51b3\u5b9a\u5b9e\u9645GDP\uff0c\u8d27\u5e01\u91cf\u51b3\u5b9a\u540d\u4e49GDP\uff0cGDP\u5e73\u51cf\u6307\u6570\u662f\u540d\u4e49GDP\u4e0e\u5b9e\u9645GDP\u7684\u6bd4\u503c\u3002<\/p>\n<p>&emsp;&emsp;\u8fd9\u4e00\u7406\u8bba\u89e3\u91ca\u4e86\u5f53\u592e\u884c\u6539\u53d8\u8d27\u5e01\u4f9b\u7ed9\u65f6\u4f1a\u53d1\u751f\u4ec0\u4e48\u3002\u7531\u4e8e\u8d27\u5e01\u6d41\u901a\u901f\u5ea6$V$\u662f\u4e0d\u53d8\u7684\uff0c\u6240\u4ee5\uff0c\u8d27\u5e01\u4f9b\u7ed9$M$\u7684\u53d8\u52a8\u5fc5\u5b9a\u5f15\u8d77\u540d\u4e49\u4ef7\u503c$PY$\u7684\u540c\u6bd4\u4f8b\u53d8\u52a8\u3002\u7531\u4e8e\u751f\u4ea7\u51fd\u6570\u548c\u751f\u4ea7\u8981\u7d20\u51b3\u5b9a\u5b9e\u9645\u4ef7\u503c$Y$\uff0c\u6240\u4ee5\uff0c\u8d27\u5e01\u4f9b\u7ed9\u7684\u53d8\u5316\u53ea\u4f1a\u5bfc\u81f4\u4ef7\u683c\u6c34\u5e73$P$\u7684\u53d8\u5316\u3002<\/p>\n<p>&emsp;&emsp;\u7531\u4e8e\u901a\u8d27\u81a8\u80c0\u662f\u4ef7\u683c\u6c34\u5e73\u7684\u767e\u5206\u6bd4\u53d8\u5316\uff0c\u6240\u4ee5\uff0c\u8fd9\u4e2a\u4ef7\u683c\u6c34\u5e73\u7684\u7406\u8bba\u4e5f\u662f\u4e00\u4e2a\u901a\u8d27\u81a8\u80c0\u7387\u7684\u7406\u8bba\uff0c\u7528\u767e\u5206\u6bd4\u6765\u8868\u793a\u8fd9\u4e2a\u65b9\u7a0b\u5c31\u662f\uff1a<\/p>\n<p>$$<br \/>\n\\%\\Delta M + \\%\\Delta V = \\%\\Delta P + \\%\\Delta Y \\tag{3-7}<br \/>\n$$<\/p>\n<p>&emsp;&emsp;\u6ce8\u610f\uff0c\u8fd9\u91cc\u4f7f\u7528\u7684\u7b26\u53f7\u662f$+$\uff0c\u548c\u4e4b\u524d\u7684$\\times$\u4e0d\u540c\u3002\u6211\u4eec\u6765\u9010\u9879\u5206\u6790\u8fd9\u4e2a\u65b9\u7a0b\uff1a<\/p>\n<ol>\n<li>$M$\uff0c\u8d27\u5e01\u4f9b\u7ed9\u91cf\uff0c\u7531\u592e\u884c\u63a7\u5236\u3002<\/li>\n<li>$V$\uff0c\u8d27\u5e01\u6d41\u901a\u901f\u5ea6\uff0c\u6211\u4eec\u8fd9\u91cc\u5047\u8bbe\u8d27\u5e01\u6d41\u901a\u901f\u5ea6\u4e0d\u53d8\uff0c\u6240\u4ee5$\\%\\Delta V = 0$\u3002<\/li>\n<li>$P$\uff0c\u4ef7\u683c\u6c34\u5e73\uff0c\u6216GDP\u5e73\u51cf\u6307\u6570\uff0c\u8fd9\u662f\u6211\u4eec\u672c\u7ae0\u8003\u5bdf\u7684\u901a\u80c0\u7684\u8868\u73b0\uff0c(\\%\\Delta P)\u5373\u901a\u80c0\u7387\uff0c\u8fd9\u662f\u6211\u4eec\u8981\u8981\u89e3\u91ca\u7684\u53d8\u91cf\u3002<\/li>\n<li>$Y$\uff0c\u4ea7\u51fa\u4ef7\u503c\uff0c\u6216\u5b9e\u9645GDP\uff0c\u4ed6\u6709\u751f\u4ea7\u529b\u51b3\u5b9a\uff0c\u5728\u8fd9\u4e2a\u53e4\u5178\u6a21\u578b\u4e2d\u5b83\u662f\u4e00\u4e2a\u5916\u751f\u53d8\u91cf\uff0c\u6240\u4ee5\u6211\u4eec\u8fd9\u91cc\u5c06$\\%\\Delta Y$\u89c6\u4e3a\u7ed9\u5b9a\u3002<\/li>\n<\/ol>\n<p>&emsp;&emsp;\u8d27\u5e01\u6570\u91cf\u8bba\u8bf4\u660e\uff0c\u63a7\u5236\u8d27\u5e01\u4f9b\u7ed9\u7684\u4e2d\u592e\u94f6\u884c\u80fd\u6700\u7ec8\u63a7\u5236\u901a\u8d27\u81a8\u80c0\u7387\u3002\u5982\u679c\u592e\u884c\u4fdd\u6301\u8d27\u5e01\u7684\u7a33\u5b9a\u4f9b\u7ed9\uff0c\u4ef7\u683c\u6c34\u5e73\u4e5f\u5c06\u5e73\u7a33\uff0c\u5982\u679c\u592e\u884c\u8fc5\u901f\u589e\u52a0\u8d27\u5e01\u4f9b\u5e94\uff0c\u4ef7\u683c\u6c34\u5e73\u4e5f\u5c06\u8fc5\u901f\u4e0a\u5347\u3002<\/p>\n<h3>3.2 \u8d27\u5e01\u94f8\u9020\u7a0e<\/h3>\n<p>&emsp;&emsp;\u57283.1\u8282\u4e2d\u6211\u4eec\u5df2\u7ecf\u770b\u5230\u4e86\u8d27\u5e01\u4f9b\u7ed9\u7684\u589e\u957f\u5982\u4f55\u5f15\u53d1\u901a\u8d27\u81a8\u80c0\uff0c\u800c\u6211\u4eec\u4e5f\u719f\u77e5\u901a\u80c0\u6240\u5e26\u6765\u5404\u79cd\u5371\u5bb3\uff0c\u4f46\u662f\u4e0a\u9762\u56e0\u7d20\u4f7f\u5f97\u592e\u884c\u589e\u5927\u8d27\u5e01\u4f9b\u7ed9\uff1f<\/p>\n<p>&emsp;&emsp;\u8ba9\u6211\u4eec\u4ece\u4e00\u4e2a\u65e0\u53ef\u4e89\u8fa9\u7684\u4e8b\u5b9e\u51fa\u53d1\uff1a\u6240\u6709\u653f\u5e9c\u90fd\u652f\u51fa\u8d27\u5e01\uff0c\u8fd9\u79cd\u652f\u51fa\u53ef\u4ee5\u7528\u4e8e\u8d2d\u4e70\u4ea7\u54c1\u548c\u670d\u52a1\uff0c\u4e5f\u6709\u90e8\u5206\u7528\u4e8e\u8f6c\u79fb\u652f\u4ed8\u3002\u4f46\u653f\u5e9c\u8981\u4ece\u4ec0\u4e48\u5730\u65b9\u83b7\u5f97\u6536\u5165\u5462\uff1f\u4e00\u822c\u6709\u4e09\u79cd\u65b9\u6cd5\uff1a\u5176\u4e00\uff0c\u53ef\u4ee5\u901a\u8fc7\u7a0e\u6536\u6765\u52df\u96c6\u8d44\u91d1\uff1b\u5176\u4e8c\uff0c\u53ef\u4ee5\u901a\u8fc7\u501f\u8d37(\u51fa\u552e\u653f\u5e9c\u503a\u5238)\u6765\u878d\u8d44\uff1b\u7b2c\u4e09\uff0c\u5b83\u8fd8\u53ef\u4ee5\u53d1\u884c\u8d27\u5e01\u3002<\/p>\n<p>&emsp;&emsp;\u901a\u8fc7\u53d1\u884c\u8d27\u5e01\u7b79\u96c6\u5230\u7684\u6536\u5165\u88ab\u79f0\u4e3a<strong>\u8d27\u5e01\u94f8\u9020\u7a0e(seigniorage)<\/strong>\u3002\u5f53\u653f\u5e9c\u901a\u8fc7\u53d1\u884c\u8d27\u5e01\u6765\u4e3a\u652f\u51fa\u878d\u8d44\u65f6\uff0c\u5b83\u589e\u52a0\u4e86\u8d27\u5e01\u4f9b\u7ed9\uff0c\u8d27\u5e01\u4f9b\u7ed9\u7684\u589e\u52a0\u53c8\u5f15\u8d77\u4e86\u901a\u8d27\u81a8\u80c0\u3002\u94f8\u5e01\u7a0e\u542c\u4e0a\u53bb\u4e0d\u50cf\u662f\u4e00\u79cd\u7a0e\uff0c\u653f\u5e9c\u4ec5\u4ec5\u662f\u53d1\u884c\u8d27\u5e01\u7ed9\u5b83\u81ea\u5df1\u4f7f\u7528\u3002\u90a3\u4e48\u8c01\u4e3a\u94f8\u5e01\u7a0e\u4e70\u5355\u5462\uff1f\u6301\u6709\u672c\u56fd\u6cd5\u5e01\u7684\u4eba\uff0c\u5f53\u653f\u5e9c\u53d1\u884c\u8d27\u5e01\uff0c\u5f15\u8d77\u901a\u80c0\u4e4b\u540e\uff0c\u6301\u6709\u6cd5\u5e01\u7684\u4eba\u624b\u4e2d\u7684\u94b1\u7684\u5b9e\u9645\u4ef7\u503c\u5c31\u4e0b\u964d\u4e86\u3002\u5728\u7f8e\u56fd\u94f8\u5e01\u7a0e\u5360\u653f\u5e9c\u6536\u5165\u7684\u4e0d\u52303%\uff0c\u4f46\u662f\u5728\u610f\u5927\u5229\u548c\u5e0c\u814a\uff0c\u5360\u5230\u4e8610%\u4ee5\u4e0a\u3002\u800c\u5728\u7ecf\u5386\u6076\u6027\u901a\u8d27\u81a8\u80c0\u7684\u56fd\u5bb6\u2014\u2014\u5c3c\u7984\u65f6\u671f\u7684\u7f57\u9a6c\u5e1d\u56fd\u3001\u9b4f\u739b\u5171\u548c\u56fd\u7b49\u2014\u2014\u94f8\u5e01\u7a0e\u5e38\u5e38\u662f\u653f\u5e9c\u7684\u4e3b\u8981\u6536\u5165\u6765\u6e90\u3002<\/p>\n<h3>3.3 \u901a\u8d27\u81a8\u80c0\u4e0e\u5229\u7387<\/h3>\n<p>&emsp;&emsp;\u548c\u6211\u4eec\u5728\u7b2c\u4e00\u7ae0\u4e2d\u8ba8\u8bba\u7684\u4e00\u6837\uff0c\u5229\u7387\u662f\u5b8f\u89c2\u7ecf\u6d4e\u7684\u91cd\u8981\u53d8\u91cf\u4e4b\u4e00\u3002\u672c\u8d28\u4e0a\uff0c\u5229\u7387\u8054\u7cfb\u73b0\u5728\u548c\u672a\u6765\u7684\u4ef7\u683c\u3002\u8fd9\u91cc\u6211\u4eec\u8ba8\u8bba\u5229\u7387\u548c\u901a\u80c0\u7684\u5173\u7cfb\u3002<\/p>\n<h4>3.1.1 \u540d\u4e49\u5229\u7387\u4e0e\u5b9e\u9645\u5229\u7387<\/h4>\n<p>&emsp;&emsp;\u5047\u8bbe\u6211\u4eec\u628a\u94b1\u5b58\u5230\u94f6\u884c\u8d26\u6237\u4e0a\uff0c\u94f6\u884c\u652f\u4ed8\u7ed9\u6211\u4eec\u6bcf\u5e748%\u7684\u5229\u606f\u3002\u4e00\u5e74\u4e4b\u540e\uff0c\u6211\u4eec\u7684\u8d22\u5bcc\u589e\u52a0\u4e868%\u5417\uff1f\u5982\u679c\u6309\u8d27\u5e01\u6570\u91cf\u8ba1\u7b97\uff0c\u786e\u5b9e\u589e\u52a0\u4e868%\uff0c\u5982\u679c\u6309\u8d2d\u4e70\u529b\u8ba1\u7b97\uff0c\u5219\u5e76\u4e0d\u662f\u8fd9\u6837\u3002\u5982\u679c\u8fd9\u4e00\u5e74\u7684\u901a\u80c0\u7387\u662f5%\uff0c\u90a3\u4e48\u6211\u4eec\u7684\u8d22\u5bcc\u589e\u52a0\u4e863%\uff1b\u5982\u679c\u8fd9\u4e00\u5e74\u7684\u901a\u80c0\u7387\u662f10%\uff0c\u6211\u4eec\u7684\u8d22\u5bcc\u5219\u7f29\u6c34\u4e862%\u3002<\/p>\n<p>&emsp;&emsp;\u94f6\u884c\u652f\u4ed8\u7684\u662f<strong>\u540d\u4e49\u5229\u7387(nominal interest rate)<\/strong>\uff0c\u8d2d\u4e70\u529b\u7684\u589e\u52a0\u662f<strong>\u5b9e\u9645\u5229\u7387<\/strong>\u3002\u5982\u679c\u7528$i$\u8868\u793a\u540d\u4e49\u5229\u7387\uff0c\u7528$r$\u8868\u793a\u5b9e\u9645\u5229\u7387\uff0c\u800c$\\pi$\u8868\u793a\u901a\u8d27\u81a8\u80c0\u7387\uff0c\u90a3\u4e48\uff0c\u8fd9\u4e09\u4e2a\u53d8\u91cf\u4e4b\u95f4\u7684\u5173\u7cfb\uff0c\u53ef\u4ee5\u5199\u6210\uff1a<\/p>\n<p>$$<br \/>\nr = i - \\pi \\tag{3-8}<br \/>\n$$<\/p>\n<p>\u5b9e\u9645\u5229\u7387\u662f\u540d\u4e49\u5229\u7387\u548c\u901a\u80c0\u7387\u4e4b\u5dee\u3002<\/p>\n<h4>3.1.2 \u8d39\u96ea\u6548\u5e94<\/h4>\n<p>&emsp;&emsp;\u91cd\u65b0\u6574\u7406\u4e0a\u8ff0\u65b9\u7a0b\uff0c\u6211\u4eec\u5f97\u5230\uff1a<\/p>\n<p>$$<br \/>\ni = r + \\pi \\tag{3-9}<br \/>\n$$<\/p>\n<p>\u4ee5\u8fd9\u79cd\u5f62\u5f0f\u5199\u51fa\u7684\u65b9\u7a0b\u88ab\u79f0\u4e3a<strong>\u8d39\u96ea\u65b9\u7a0b(Fisher equation)<\/strong>\uff0c\u5b83\u4ee5\u7ecf\u6d4e\u5b66\u5bb6\u6b27\u6587\u00b7\u8d39\u96ea\u7684\u540d\u5b57\u547d\u540d\uff0c\u5b83\u8868\u660e\u540d\u4e49\u5229\u7387\u56e0\u4e3a\u4e24\u4e2a\u56e0\u7d20\u800c\u53d8\u52a8\uff1a\u5b9e\u9645\u5229\u7387\u6216\u901a\u8d27\u81a8\u80c0\u7387\u3002<\/p>\n<p>&emsp;&emsp;\u4e00\u65e6\u6211\u4eec\u628a\u540d\u4e49\u5229\u7387\u5206\u4e3a\u8fd9\u4e24\u4e2a\u90e8\u5206\uff0c\u6211\u4eec\u5c31\u53ef\u4ee5\u7528\u5b83\u6765\u5efa\u7acb\u4e00\u4e2a\u89e3\u91ca\u540d\u4e49\u5229\u7387\u7684\u7406\u8bba\u3002\u5728\u7b2c\u4e00\u7ae0\u4e2d\uff0c\u6211\u4eec\u8bf4\u660e\u4e86\u5b9e\u9645\u5229\u7387\u4f7f\u6295\u8d44\u4e0e\u50a8\u84c4\u5e73\u8861\uff1b3.1\u8282\u7684\u8d27\u5e01\u6570\u91cf\u8bba\u8bf4\u660e\u4e86\u8d27\u5e01\u589e\u957f\u7387\u51b3\u5b9a\u4e86\u901a\u80c0\u7387\uff1b\u8d39\u96ea\u65b9\u7a0b\u5219\u8bf4\uff0c\u901a\u80c0\u7387\u52a0\u5b9e\u9645\u5229\u7387\u7b49\u4e8e\u540d\u4e49\u5229\u7387\u3002\u8d27\u5e01\u6570\u91cf\u8bba\u548c\u8d39\u96ea\u65b9\u7a0b\u5171\u540c\u544a\u8bc9\u6211\u4eec\u8d27\u5e01\u589e\u957f\u5982\u4f55\u5f71\u54cd\u540d\u4e49\u5229\u7387\uff0c\u8d27\u5e01\u589e\u957f\u63d0\u9ad8\u4e00\u4e2a\u767e\u5206\u70b9\uff0c\u5f15\u8d77\u901a\u80c0\u7387\u63d0\u9ad8\u4e00\u4e2a\u767e\u5206\u70b9\uff0c\u8fdb\u800c\u5f15\u8d77\u540d\u4e49\u5229\u7387\u63d0\u9ad8\u4e00\u4e2a\u767e\u5206\u70b9\u3002\u8fd9\u79cd\u901a\u80c0\u7387\u548c\u540d\u4e49\u5229\u7387\u4e4b\u95f4\u4e00\u4e00\u5bf9\u5e94\u7684\u5173\u7cfb\uff0c\u88ab\u79f0\u4e3a<strong>\u8d39\u96ea\u6548\u5e94(Fisher effect)<\/strong><\/p>\n<h4>3.1.3 \u4e8b\u524d\u4e0e\u4e8b\u540e\u7684\u540d\u4e49\u5229\u7387<\/h4>\n<p>&emsp;&emsp;\u5f53\u503a\u52a1\u4eba\u548c\u503a\u6743\u4eba\u5c31\u540d\u4e49\u5229\u7387\u8fbe\u6210\u4e00\u81f4\u65f6\uff0c\u4ed6\u4eec\u5e76\u4e0d\u77e5\u9053\u5728\u8d37\u6b3e\u671f\u9650\u5185\u901a\u80c0\u7387\u5c06\u4f1a\u662f\u591a\u5c11\u3002\u56e0\u6b64\uff0c\u6211\u4eec\u5fc5\u987b\u533a\u5206\u4e24\u4e2a\u5b9e\u9645\u5229\u7387\u6982\u5ff5\uff1a\u6211\u4eec\u8fdb\u884c\u8d37\u6b3e\u65f6\u503a\u52a1\u4eba\u548c\u503a\u6743\u4eba\u9884\u671f\u7684\u5b9e\u9645\u5229\u7387\u4e3a<strong>\u4e8b\u524d\u5b9e\u9645\u5229\u7387(<em>ex ante<\/em> real interest rate)<\/strong>\uff0c\u4ee5\u53ca\u4e8b\u5b9e\u4e0a\u5b9e\u73b0\u7684\u5b9e\u9645\u5229\u7387\uff0c\u79f0\u4e3a<strong>\u4e8b\u540e\u5b9e\u9645\u5229\u7387(<em>ex post<\/em> real interest rate)<\/strong>\u3002<\/p>\n<p>&emsp;&emsp;\u867d\u7136\u503a\u52a1\u4eba\u548c\u503a\u6743\u4eba\u4e0d\u80fd\u786e\u5207\u5730\u9884\u6d4b\u672a\u6765\u7684\u901a\u80c0\u7387\uff0c\u4f46\u4ed6\u4eec\u4ecd\u7136\u6709\u67d0\u79cd\u9884\u671f\u3002\u4ee4$\\pi$\u8868\u793a\u5b9e\u9645\u7684\u672a\u6765\u901a\u80c0\u7387\uff0c$E \\pi$\u8868\u793a\u9884\u671f\u7684\u672a\u6765\u901a\u80c0\u7387\uff1b\u4e8b\u524d\u5b9e\u9645\u5229\u7387\u662f$i - E \\pi$\uff0c\u4e8b\u540e\u5b9e\u9645\u5229\u7387\u662f$i - \\pi$\u3002\u5f53\u73b0\u5b9e\u7684\u901a\u80c0\u7387$\\pi$\u548c\u5b9e\u9645\u901a\u80c0\u7387$E\\pi$\u65f6\uff0c\u8fd9\u4e24\u4e2a\u5b9e\u9645\u5229\u7387\u5c31\u4e0d\u540c\u3002<\/p>\n<p>&emsp;&emsp;\u8fd9\u4e00\u8868\u793a\u65e8\u5728\u5e2e\u6211\u4eec\u6539\u8fdb\u8d39\u96ea\u65b9\u7a0b\uff0c\u540d\u4e49\u5229\u7387\u5b9e\u9645\u4e0a\u5e76\u4e0d\u5f71\u54cd\u901a\u80c0\u7387\uff0c\u800c\u662f\u5f71\u54cd\u5bf9\u901a\u80c0\u7387\u7684\u9884\u671f\u3002\u5c31\u50cf\u94f6\u884c\u613f\u610f\u652f\u4ed8\u62113%\u7684\u540d\u4e49\u5229\u7387\uff0c\u663e\u7136\u4ed6\u4eec\u662f\u57fa\u4e8e\u5bf9\u672a\u6765\u901a\u80c0\u7387\u7684\u9884\u671f\u6765\u786e\u5b9a\u8fd9\u4e00\u6570\u503c\u7684\u3002\u4e8e\u662f\u6211\u4eec\u53ef\u4ee5\u5c06\u8d39\u96ea\u65b9\u7a0b\u6539\u8fdb\u4e3a\uff1a<\/p>\n<p>$$<br \/>\ni = r + E \\pi \\tag{3-10}<br \/>\n$$<\/p>\n<p>\u5176\u4e2d\uff0c\u4e8b\u524d\u5b9e\u9645\u5229\u7387$r$\u5982\u7b2c\u4e00\u7ae0\u4e2d\u63d0\u5230\u7684\u4e00\u6837\uff0c\u7531\u4ea7\u54c1\u4e0e\u670d\u52a1\u7684\u4f9b\u9700\u5747\u8861\u51b3\u5b9a\uff1b\u540d\u4e49\u5229\u7387$i$\u4e0e\u9884\u671f\u901a\u80c0\u7387$E \\pi$\u4e00\u4e00\u5bf9\u5e94\u3002<\/p>\n<h3>3.4 \u540d\u4e49\u5229\u7387\u4e0e\u8d27\u5e01\u9700\u6c42<\/h3>\n<p>&emsp;&emsp;\u8d27\u5e01\u6570\u91cf\u8bba\u4ee5\u7b80\u5355\u7684\u9700\u6c42\u51fd\u6570\u4e3a\u57fa\u7840\uff1a\u5b83\u5047\u8bbe\u5bf9\u8d27\u5e01\u4f59\u989d\u7684\u9700\u6c42\u4e0e\u6536\u5165\u6210\u6bd4\u4f8b\u3002\u867d\u7136\u8d27\u5e01\u6570\u91cf\u7406\u8bba\u5728\u5206\u6790\u8d27\u5e01\u5bf9\u7ecf\u6d4e\u7684\u6548\u5e94\u65f6\u662f\u4e00\u4e2a\u597d\u7684\u51fa\u53d1\u70b9\uff0c\u8fd9\u91cc\u6211\u4eec\u5c06\u52a0\u4e0a\u8d27\u5e01\u9700\u6c42\u91cf\u7684\u53e6\u4e00\u4e2a\u51b3\u5b9a\u56e0\u7d20\u2014\u2014\u540d\u4e49\u5229\u7387\u3002<\/p>\n<h4>3.4.1 \u6301\u6709\u8d27\u5e01\u7684\u6210\u672c<\/h4>\n<p>&emsp;&emsp;\u4f60\u653e\u5728\u94b1\u5305\u91cc\u7684\u94b1\u8d5a\u4e0d\u5230\u5229\u606f\uff0c\u5982\u679c\u4f60\u5c06\u94b1\u653e\u5230\u50a8\u84c4\u8d26\u6237\u4e0a\u5219\u53ef\u4ee5\u8d5a\u5230\u540d\u4e49\u5229\u7387\uff0c\u540d\u4e49\u5229\u7387\u662f\u6301\u6709\u8d27\u5e01\u7684\u6210\u672c\uff1a\u5b83\u662f\u6301\u6709\u8d27\u5e01\u800c\u4e0d\u662f\u503a\u5238\u6240\u653e\u5f03\u7684\u4e1c\u897f\u3002<\/p>\n<p>&emsp;&emsp;\u7406\u89e3\u8d27\u5e01\u6301\u6709\u6210\u672c\u7684\u53e6\u4e00\u79cd\u65b9\u6cd5\u662f\u6bd4\u8f83\u4e0d\u540c\u8d44\u4ea7\u7684\u56de\u62a5\uff0c\u8d27\u5e01\u4ee5\u5916\u7684\u8d44\u4ea7\uff0c\u6bd4\u5982\u6301\u6709\u653f\u5e9c\u503a\u5238\uff0c\u4f60\u53ef\u4ee5\u8d5a\u5230\u5b9e\u9645\u56de\u62a5$r$\uff1b\u6301\u6709\u8d27\u5e01\u8d5a\u5230\u7684\u5b9e\u9645\u56de\u62a5\u5219\u662f$-E \\pi$\u3002\u5f53\u6301\u6709\u8d27\u5e01\u65f6\uff0c\u6211\u4eec\u653e\u5f03\u4e86\u8fd9\u4e24\u79cd\u56de\u62a5\u4e4b\u95f4\u7684\u5dee\u989d\uff0c\u6362\u8a00\u4e4b\u6211\u4eec\u652f\u4ed8\u4e86$r - (-E \\pi)$\u7684\u6301\u6709\u6210\u672c\u2014\u2014\u5373\u8d39\u96ea\u65b9\u7a0b\u4e2d\u7684\u540d\u4e49\u5229\u7387$i$\u3002<\/p>\n<p>&emsp;&emsp;\u6b63\u5982\u9762\u5305\u7684\u9700\u6c42\u53d6\u51b3\u4e8e\u5176\u4ef7\u683c\u4e00\u6837\uff0c\u8d27\u5e01\u7684\u9700\u6c42\u91cf\u4e5f\u5374\u51b3\u4e8e\u6301\u6709\u8d27\u5e01\u7684\u4ef7\u683c\u3002\u56e0\u6b64\uff0c\u5b9e\u9645\u8d27\u5e01\u4f59\u989d\u7684\u9700\u6c42\u5373\u53d6\u51b3\u4e8e\u6536\u5165\u6c34\u5e73\uff0c\u53c8\u53d6\u51b3\u4e8e\u540d\u4e49\u5229\u7387\u3002\u6211\u4eec\u53ef\u4ee5\u628a\u4e00\u822c\u8d27\u5e01\u9700\u6c42\u51fd\u6570\u5199\u4e3a\uff1a<\/p>\n<p>$$<br \/>\n{(\\frac{M}{P})}^{d} = L(i, Y) \\tag{3-11}<br \/>\n$$<\/p>\n<p>&emsp;&emsp;\u7528\u5b57\u6bcd$L$\u6765\u8868\u793a\u8d27\u5e01\u9700\u6c42\uff0c\u56e0\u4e3a\u8d27\u5e01\u662f\u7ecf\u6d4e\u4e2d\u6700\u5177Liquidity\u7684\u8d44\u4ea7\u3002\u8fd9\u4e2a\u65b9\u7a0b\u8bf4\uff0c\u5bf9\u8d27\u5e01\u4f59\u989d\u6d41\u52a8\u6027\u7684\u9700\u6c42\u662f\u6536\u5165\u548c\u540d\u4e49\u5229\u7387\u7684\u51fd\u6570\u3002\u6536\u5165\u6c34\u5e73$Y$\u8d8a\u9ad8\uff0c\u5b9e\u9645\u4f59\u989d\u9700\u6c42\u5c31\u8d8a\u5927\uff1b\u540d\u4e49\u5229\u7387$i$\u8d8a\u9ad8\uff0c\u5b9e\u9645\u8d27\u5e01\u4f59\u989d\u9700\u6c42\u8d8a\u5c0f\u3002<\/p>\n<h4>3.4.1 \u672a\u6765\u8d27\u5e01\u4e0e\u73b0\u671f\u4ef7\u683c<\/h4>\n<p>&emsp;&emsp;\u8d27\u5e01\u3001\u4ef7\u683c\u4e0e\u5229\u7387\u73b0\u5728\u4ee5\u51e0\u79cd\u5f62\u5f0f\u76f8\u4e92\u5173\u8054\uff0c\u56fe8\u8bf4\u660e\u4e86\u5176\u5173\u7cfb\uff1a<\/p>\n<figure style=\"width: 721px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\"   class=\"lazyload\" data-src=\"https:\/\/cdn.swordofmorning.com\/SwordofMorning\/Article%20Images\/Political%20Economy\/PEI_03\/08_money_price_interest.drawio.svg\" src=\"https:\/\/cdn.jsdelivr.net\/gh\/moezx\/cdn@3.0.2\/img\/svg\/loader\/trans.ajax-spinner-preloader.svg\" onerror=\"imgError(this)\"  width=\"721\" height=\"289\" alt=\"\u56fe8\" class=\"size-full\" \/ ><figcaption class=\"wp-caption-text\"><noscript><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/cdn.swordofmorning.com\/SwordofMorning\/Article%20Images\/Political%20Economy\/PEI_03\/08_money_price_interest.drawio.svg\" width=\"721\" height=\"289\" alt=\"\u56fe8\" class=\"size-full\" \/><\/noscript> \u56fe8\uff1a\u8d27\u5e01\u3001\u4ef7\u683c\u548c\u5229\u7387\u4e4b\u95f4\u7684\u5173\u7cfb<\/figcaption><\/figure>\n<p>&emsp;&emsp;\u6211\u4eec\u8003\u8651\u201c\u540d\u4e49\u5229\u7387 - \u8d27\u5e01\u9700\u6c42\u201d\u7684\u8054\u7cfb\u662f\u5982\u4f55\u5f71\u54cd\u6211\u4eec\u7684\u4ef7\u683c\u6c34\u5e73\u7406\u8bba\u3002\u9996\u5148\uff0c\u4ee4\u5b9e\u9645\u8d27\u5e01\u4f59\u989d\u7684\u4f9b\u7ed9$\\frac{M}{P}$\u4e0e\u9700\u6c42$L(i, Y)$\u76f8\u7b49\uff1a<\/p>\n<p>$$<br \/>\n\\frac{M}{P} = L(i, Y) \\tag{3-12}<br \/>\n$$<\/p>\n<p>\u7136\u540e\uff0c\u7528\u8d39\u96ea\u65b9\u7a0b\u628a\u540d\u4e49\u5229\u7387\u5199\u4e3a\u5b9e\u9645\u5229\u7387\u4e0e\u9884\u671f\u901a\u80c0\u7387\u4e4b\u548c\uff1a<\/p>\n<p><span id=\"eq:3-13\"><\/span><br \/>\n$$<br \/>\n\\frac{M}{P} = L(r + E \\pi, Y) \\tag{3-13}<br \/>\n$$<\/p>\n<p>\u8fd9\u4e2a\u65b9\u7a0b\u8bf4\u660e\uff0c\u8d27\u5e01\u5b9e\u9645\u4f59\u989d\u7684\u6c34\u5e73\u53d6\u51b3\u4e8e\u9884\u671f\u901a\u80c0\u7387\u3002\u4e0e\u8d27\u5e01\u6570\u91cf\u8bba<a href=\"#eq:3-7\" target=\"_blank\"  rel=\"nofollow\" >\u5f0f3-7<\/a>\u76f8\u6bd4\uff0c<a href=\"#eq:3-13\" target=\"_blank\"  rel=\"nofollow\" >\u5f0f3-13<\/a>\u544a\u8bc9\u4e86\u6211\u4eec\u4e00\u4e2a\u66f4\u8be6\u7ec6\u7684\u5173\u4e8e\u4ef7\u683c\u6c34\u5e73\u7684\u6545\u4e8b\u3002<\/p>\n<blockquote>\n<p>&emsp;&emsp;\u8d27\u5e01\u6570\u91cf\u8bba\u8ba4\u4e3a\uff0c\u4eca\u5929\u7684\u8d27\u5e01\u4f9b\u7ed9\u53d6\u51b3\u4e8e\u4eca\u5929\u7684\u4ef7\u683c\u3002\u8fd9\u4e2a\u7ed3\u8bba\u4ecd\u7136\u90e8\u5206\u6b63\u786e\uff0c\u5982\u679c\u540d\u4e49\u5229\u7387\u548c\u4ea7\u51fa\u6c34\u5e73\u4fdd\u6301\u4e0d\u53d8\uff0c\u90a3\u4e48\u4ef7\u683c\u6c34\u5e73\u7684\u53d8\u52a8\u4e0e\u8d27\u5e01\u4f9b\u7ed9\u7684\u53d8\u5316\u6210\u6bd4\u4f8b\u3002\u4f46\u540d\u4e49\u5229\u7387\u4e0d\u662f\u6052\u5b9a\u7684\uff0c\u5b83\u53d6\u51b3\u4e8e\u9884\u671f\u901a\u80c0\u7387\uff0c\u9884\u671f\u901a\u80c0\u7387\u53c8\u53d6\u51b3\u4e8e\u4ef7\u683c\u6c34\u5e73\u2014\u2014\u8d27\u5e01\u4f9b\u7ed9\u7684\u589e\u957f\u3002<\/p>\n<p>&emsp;&emsp;\u800c\u4ece\u8d27\u5e01\u9700\u6c42\u51fd\u6570\u7684\u89d2\u5ea6\u6765\u770b\uff0c\u4ef7\u683c\u6c34\u5e73\u4e0d\u4ec5\u53d6\u51b3\u4e8e\u4eca\u5929\u7684\u8d27\u5e01\u4f9b\u7ed9\uff0c\u800c\u4e14\u53d6\u51b3\u4e8e\u9884\u671f\u672a\u6765\u7684\u8d27\u5e01\u4f9b\u7ed9\u3002\u5047\u8bbe\u7f8e\u8054\u50a8\u5ba3\u5e03\u672a\u6765\u4f1a\u589e\u52a0\u8d27\u5e01\u4f9b\u7ed9\uff0c\u5373\u4f7f\u5b83\u6ca1\u6709\u6539\u53d8\u4eca\u5929\u7684\u8d27\u5e01\u4f9b\u7ed9\uff0c\u4f46\u8fd9\u4e00\u58f0\u660e\u5374\u5bfc\u81f4\u4eba\u4eec\u6709\u66f4\u9ad8\u7684\u8d27\u5e01\u4f9b\u7ed9\u548c\u901a\u80c0\u9884\u671f\u3002<\/p>\n<\/blockquote>\n<p>&emsp;&emsp;\u8fd9\u91cc\u6211\u4eec\u4e00\u8a00\u4ee5\u853d\u4e4b\uff0c\u4ef7\u683c\u6c34\u5e73\u53d6\u51b3\u4e8e\u73b0\u671f\u8d27\u5e01\u4f9b\u7ed9\u548c\u9884\u671f\u672a\u6765\u8d27\u5e01\u4f9b\u7ed9\u7684\u52a0\u6743\u5e73\u5747\u503c\u3002\u901a\u80c0\u65e2\u53d7\u5230\u73b0\u671f\u8d27\u5e01\u4f9b\u7ed9\u589e\u52a0\u7684\u5f71\u54cd\uff0c\u53c8\u53d7\u5230\u9884\u671f\u672a\u6765\u8d27\u5e01\u4f9b\u7ed9\u589e\u52a0\u7684\u5f71\u54cd\u3002<\/p>\n<h3>3.5 \u603b\u7ed3<\/h3>\n<p>&emsp;&emsp;\u6211\u4eec\u5728\u7b2c\u4e00\u7ae0\u4e2d\u5b66\u4e60\u4e86\u56fd\u6c11\u6536\u5165\u6a21\u578b\uff0c\u7b2c\u4e8c\u7ae0\u4e2d\u4ecb\u7ecd\u4e86\u8d27\u5e01\u7684\u57fa\u7840\u77e5\u8bc6\uff0c\u4ee5\u53ca\u672c\u7ae0\u5bf9\u4ef7\u683c\u6c34\u5e73\u7684\u89e3\u91ca\u3002\u73b0\u5728\u6211\u4eec\u6765\u8ba8\u8bba\u6211\u4eec\u6a21\u578b\u4e2d\u7684\u4e00\u4e2a\u91cd\u8981\u5047\u8bbe\u3002<\/p>\n<p>&emsp;&emsp;\u5728\u7b2c\u4e00\u7ae0\u4e2d\uff0c\u6211\u4eec\u89e3\u91ca\u4e86\u8bb8\u591a\u5b8f\u89c2\u7ecf\u6d4e\u53d8\u91cf\uff0c\u5176\u4e2d\u4e00\u4e9b\u53d8\u91cf\u662f\u6570\u91cf\u7684\uff0c\u5982GDP\u548c\u8d44\u672c\u5b58\u91cf\uff1b\u53e6\u4e00\u4e9b\u53d8\u91cf\u662f\u76f8\u5bf9\u4ef7\u683c\uff0c\u6bd4\u5982\u5b9e\u9645\u5de5\u8d44\u548c\u5b9e\u9645\u5229\u7387\u3002\u4f46\u8fd9\u4e9b\u6240\u6709\u7684\u53d8\u91cf\u90fd\u6709\u4e00\u4e2a\u5171\u540c\u70b9\uff0c\u5b83\u4eec\u662f\u5b9e\u9645\u7684(\u800c\u4e0d\u662f\u8d27\u5e01\u7684)\u6570\u91cf\u3002\u5b9e\u9645GDP\u662f\u67d0\u4e00\u5e74\u751f\u4ea7\u7684\u4ea7\u54c1\u4e0e\u670d\u52a1\u7684\u6570\u91cf\uff1b\u8d44\u672c\u5b58\u91cf\u662f\u5728\u67d0\u4e2a\u65f6\u95f4\u53ef\u4ee5\u5f97\u5230\u7684\u673a\u5668\u4e0e\u5efa\u7b51\u7684\u6570\u91cf\uff1b\u5b9e\u9645\u5de5\u8d44\u662f\u4e00\u4e2a\u5de5\u4eba\u8d5a\u5230\u7684\u4ea7\u51fa\u6570\u91cf\uff1b\u5b9e\u9645\u5229\u7387\u662f\u4e00\u4e2a\u4eba\u4eca\u5929\u501f\u51fa\u7ed9\u67d0\u5355\u4f4d\u8d5a\u5230\u7684\u672a\u6765\u4ea7\u51fa\u7684\u6570\u91cf\u3002\u8fd9\u4e9b\u7528\u5b9e\u9645\u5355\u4f4d\u8861\u91cf\u7684\u53d8\u91cf\uff0c\u5982\u6570\u91cf\u548c\u76f8\u5bf9\u4ef7\u683c\uff0c\u88ab\u79f0\u4e3a<strong>\u5b9e\u9645\u53d8\u91cf(real variables)<\/strong>\u3002<\/p>\n<p>&emsp;&emsp;\u800c\u5728\u672c\u7ae0\u4e2d\uff0c\u6211\u4eec\u8003\u5bdf\u4e86<strong>\u540d\u4e49\u53d8\u91cf(nominal variables)<\/strong>\u2014\u2014\u7528\u8d27\u5e01\u6765\u8868\u793a\u7684\u53d8\u91cf\u3002\u800c\u8fd9\u79cd\u5c06\u5b9e\u9645\u53d8\u91cf\u548c\u540d\u4e49\u53d8\u91cf\u5206\u79bb\u7684\u65b9\u6cd5\uff0c\u88ab\u79f0\u4e3a<strong>\u53e4\u5178\u4e8c\u5206\u6cd5(classical dichotomy)<\/strong>\u3002\u5176\u4ea7\u751f\u662f\u7531\u4e8e\u5728\u53e4\u5178\u7ecf\u6d4e\u7406\u8bba\u4e2d\uff0c\u8d27\u5e01\u4f9b\u7ed9\u7684\u53d8\u52a8\u4e0d\u5f71\u54cd\u5b9e\u9645\u53d8\u91cf\u3002\u8d27\u5e01\u5728\u5b9e\u9645\u53d8\u91cf\u4e2d\u7684\u8fd9\u79cd\u65e0\u5173\u6027\u88ab\u79f0\u4e3a<strong>\u8d27\u5e01\u4e2d\u6027(monetary neutrality)<\/strong>\uff0c\u6362\u8a00\u4e4b\uff0c\u5728\u957f\u671f\u6765\u770b\uff0c\u4ef7\u683c\u662f\u5f39\u6027\u7684\u3002\u5bf9\u4e8e\u77ed\u671f\u5185\u7684\u5f71\u54cd\uff0c\u6211\u4eec\u5c06\u5728\u540e\u9762\u7684\u6587\u7ae0\u4e2d\u8ba8\u8bba\u3002<\/p>\n<h2>\u56db\u3001\u5f00\u653e\u7684\u7ecf\u6d4e<\/h2>\n<p>&emsp;&emsp;\u5728\u4e4b\u524d\u7684\u51e0\u7ae0\u4e2d\u6211\u4eec\u90fd\u8ba8\u8bba\u7684\u662f\u5355\u4e00\u7ecf\u6d4e\u4f53\u4e2d\u7684\u7ecf\u6d4e\u6d3b\u52a8\uff0c\u73b0\u5728\u6211\u4eec\u6765\u8ba8\u8bba\u4e00\u4e2a\u5f00\u653e\u7684\u7ecf\u6d4e\u4f53\u9762\u4e34\u7684\u60c5\u51b5\u3002<\/p>\n<p>&emsp;&emsp;\u57284.1\u8282\u4e2d\uff0c\u6211\u4eec\u4ece\u8861\u91cf\u95ee\u9898\u5f00\u59cb\uff0c\u4e86\u89e3\u8861\u91cf\u56fd\u5bb6\u4e4b\u95f4\u7684\u76f8\u4e92\u4f5c\u7528\u7684\u5b8f\u89c2\u7ecf\u6d4e\u53d8\u91cf\u3002\u6838\u7b97\u7b49\u5f0f\u63ed\u793a\u4e86\u4e00\u4e2a\u5173\u952e\u89c1\u89e3\uff1a\u56fd\u5bb6\u95f4\u4ea7\u54c1\u4e0e\u670d\u52a1\u7684\u6d41\u52a8\uff0c\u603b\u662f\u4e3a\u8d44\u672c\u79ef\u7d2f\u878d\u8d44\u7684\u7b49\u91cf\u8d44\u91d1\u6d41\u52a8\u76f8\u5339\u914d\u3002<\/p>\n<p>&emsp;&emsp;\u57284.2\u8282\u4e2d\uff0c\u6211\u4eec\u8003\u5bdf\u56fd\u9645\u6d41\u52a8\u7684\u51b3\u5b9a\u56e0\u7d20\u3002\u6211\u4eec\u5efa\u7acb\u4e00\u4e2a\u4e0e\u7b2c\u4e00\u7ae0\u4e2d\u5c01\u95ed\u7ecf\u6d4e\u4f53\u76f8\u5bf9\u5e94\u7684\u5f00\u653e\u7ecf\u6d4e\u4f53\u6a21\u578b\u3002\u8fd9\u4e2a\u6a21\u578b\u8868\u660e\u4e86\u4e00\u56fd\u5728\u56fd\u9645\u5e02\u573a\u4e0a\u662f\u501f\u6b3e\u4eba\u8fd8\u662f\u8d37\u6b3e\u4eba\uff0c\u4ee5\u53ca\u56fd\u5185\u4e0e\u56fd\u5916\u7684\u653f\u7b56\u5982\u4f55\u5f71\u54cd\u8d44\u672c\u548c\u4ea7\u54c1\u7684\u6d41\u52a8\u3002<\/p>\n<p>&emsp;&emsp;\u57284.3\u8282\u4e2d\uff0c\u6211\u4eec\u5c06\u4e0a\u8ff0\u6a21\u578b\u6269\u5c55\uff0c\u8ba8\u8bba\u4e00\u56fd\u5728\u56fd\u9645\u5e02\u573a\u4e0a\u8fdb\u884c\u4ea4\u6362\u7684\u4ef7\u683c\u3002\u6211\u4eec\u8003\u5bdf\u4ec0\u4e48\u56e0\u7d20\u51b3\u5b9a\u672c\u56fd\u4ea7\u54c1\u76f8\u5bf9\u4e8e\u5916\u56fd\u4ea7\u54c1\u7684\u4ef7\u683c\uff0c\u6211\u4eec\u8fd8\u8003\u5bdf\u672c\u56fd\u8d27\u5e01\u4e0e\u5916\u56fd\u8d27\u5e01\u4ea4\u6613\u7684\u6bd4\u7387\u3002\u540c\u65f6\u6211\u4eec\u8ba8\u8bba\u8d38\u6613\u4fdd\u62a4\u4e3b\u4e49\u5982\u4f55\u5f71\u54cd\u56fd\u9645\u8d38\u6613\u91cf\u548c\u6c47\u7387\u3002<\/p>\n<h3>4.1 \u8d44\u672c\u548c\u4ea7\u54c1\u7684\u56fd\u9645\u6d41\u52a8<\/h3>\n<p>&emsp;&emsp;\u5f00\u653e\u7ecf\u6d4e\u548c\u5c01\u95ed\u7ecf\u6d4e\u4e4b\u95f4\u5173\u952e\u7684\u5b8f\u89c2\u7ecf\u6d4e\u5dee\u522b\u662f\uff1a\u5728\u4e00\u4e2a\u5f00\u653e\u7ecf\u6d4e\u7684\u4efb\u4f55\u4e00\u4e2a\u7ed9\u5b9a\u7684\u5e74\u4efd\u4e2d\uff0c\u4e00\u56fd\u7684\u652f\u51fa\u65e0\u9700\u7b49\u4e8e\u5176\u4ea7\u54c1\u4e0e\u670d\u52a1\u7684\u4ea7\u51fa\u3002\u4e00\u56fd\u53ef\u4ee5\u901a\u8fc7\u4ece\u56fd\u5916\u501f\u6b3e\u4f7f\u652f\u51fa\u5927\u4e8e\u751f\u4ea7\uff0c\u6216\u8005\u4e5f\u53ef\u4ee5\u5c06\u652f\u51fa\u5c0f\u4e8e\u751f\u4ea7\u5e76\u628a\u4e24\u8005\u4e4b\u95f4\u7684\u5dee\u989d\u8d37\u6b3e\u7ed9\u5916\u56fd\u4eba\u3002\u4e3a\u4e86\u7406\u89e3\u8fd9\u4e00\u70b9\uff0c\u6211\u4eec\u5148\u6765\u770b\u524d\u4e00\u7bc7\u6587\u7ae0(PEI02)\u4e2d\u63d0\u5230\u7684\u56fd\u6c11\u6536\u5165\u6838\u7b97\u3002<\/p>\n<h4>4.1.1 \u51c0\u51fa\u53e3\u7684\u4f5c\u7528<\/h4>\n<p>&emsp;&emsp;\u6211\u4eec\u5c06\u4e4b\u524d\u7684\u4e09\u4e2a\u90e8\u5206\uff1a\u6d88\u8d39\u3001\u6295\u8d44\u548c\u653f\u5e9c\u8d2d\u4e70\uff0c\u52a0\u4e0a\u51fa\u53e3\u3001\u51cf\u53bb\u8fdb\u53e3\u5f97\u5230\uff1a<\/p>\n<p><span id=\"eq:4-1\"><\/span><br \/>\n$$<br \/>\nY = C + I + G + X - IM \\tag{4-1}<br \/>\n$$<\/p>\n<p>&emsp;&emsp;\u5b9a\u4e49<strong>\u51c0\u51fa\u53e3(net exports)<\/strong>\u4e3a\u51fa\u53e3\u51cf\u53bb\u8fdb\u53e3$NX = X - IM$\uff0c\u6211\u4eec\u53ef\u4ee5\u5c06\u4e0a\u5f0f\u5199\u6210\uff1a<\/p>\n<p>$$<br \/>\n\\begin{eqnarray}<br \/>\nY &amp;=&amp; C + I + G + NX \\tag{4-2} \\newline<br \/>\n\\text{\u56fd\u5185\u4ea7\u51fa} &amp;=&amp; \\text{\u6d88\u8d39} + \\text{\u6295\u8d44} + \\text{\u653f\u5e9c\u8d2d\u4e70} + \\text{\u51c0\u51fa\u53e3} \\notag<br \/>\n\\end{eqnarray}<br \/>\n$$<\/p>\n<p>\u6211\u4eec\u63a5\u7740\u5c06\u5176\u8c03\u6574\u4e3a\uff1a<\/p>\n<p>$$<br \/>\n\\begin{eqnarray}<br \/>\nNX &amp;=&amp; Y - (C + I + G) \\tag{4-3} \\newline<br \/>\n\\text{\u51c0\u51fa\u53e3} &amp;=&amp; \\text{\u4ea7\u51fa} - \\text{\u56fd\u5185\u652f\u51fa} \\notag<br \/>\n\\end{eqnarray}<br \/>\n$$<\/p>\n<h4>4.1.2 \u56fd\u9645\u8d44\u672c\u6d41\u52a8\u548c\u8d38\u6613\u4f59\u989d<\/h4>\n<p>&emsp;&emsp;\u6211\u4eec\u7528\u5728\u7b2c\u4e00\u7ae0\u4e2d\u63d0\u5230\u7684\u50a8\u84c4\u548c\u6295\u8d44\u6765\u91cd\u5199\u5f0f<a href=\"#eq:4-1\" target=\"_blank\"  rel=\"nofollow\" >\u5f0f4-1<\/a>\uff0c\u6211\u4eec\u5728\u65b9\u7a0b\u4e24\u904d\u540c\u65f6\u51cf\u53bb$C$\u548c$G$\uff1a<\/p>\n<p>$$<br \/>\nY - C - G = I + NX \\tag{4-4}<br \/>\n$$<\/p>\n<p>\u56de\u987e\u6211\u4eec\u5728\u7b2c\u4e00\u7ae0\u4e2d\u63d0\u5230\u7684$Y - C - G = S$\uff0c\u5176\u4e2d$S$\u5373\u56fd\u6c11\u50a8\u84c4\uff0c\u5373\u79c1\u4eba\u50a8\u84c4$Y - T - C$\u548c\u516c\u5171\u50a8\u84c4$T - G$\u4e4b\u548c\uff0c\u5176\u4e2d$T$\u4ee3\u8868\u7a0e\u6536\u3002\u56e0\u6b64\uff1a<\/p>\n<p><span id=\"eq:4-6\"><\/span><br \/>\n$$<br \/>\n\\begin{eqnarray}<br \/>\nS = I + NX \\tag{4-5} \\newline<br \/>\nS - I = NX \\tag{4-6}<br \/>\n\\end{eqnarray}<br \/>\n$$<\/p>\n<p>\u5373\uff0c\u4e00\u4e2a\u7ecf\u6d4e\u4f53\u7684\u51c0\u51fa\u53e3\u603b\u662f\u7b49\u4e8e\u50a8\u84c4\u548c\u6295\u8d44\u989d\u4e4b\u5dee\u3002<\/p>\n<p>&emsp;&emsp;\u73b0\u5728\u6211\u4eec\u6765\u8003\u5bdf<a href=\"#eq:4-6\" target=\"_blank\"  rel=\"nofollow\" >\u5f0f4-6<\/a>\u7684\u6bcf\u4e00\u4e2a\u90e8\u5206\u3002\u5728\u7b49\u5f0f\u7684\u53f3\u8fb9\u662f$NX$\uff0c\u4ea7\u54c1\u4e0e\u670d\u52a1\u7684\u51c0\u51fa\u53e3\uff0c\u5176\u53e6\u4e00\u4e2a\u540d\u5b57\u662f<strong>\u8d38\u6613\u4f59\u989d(trade balance)<\/strong>\u3002\u7b49\u5f0f\u5de6\u8fb9\u662f\u56fd\u5185\u50a8\u84c4\u548c\u6295\u8d44\u4e4b\u5dee\uff0c\u6211\u4eec\u79f0\u4e4b\u4e3a<strong>\u8d44\u672c\u51c0\u6d41\u51fa(net capital outflow)<\/strong>\uff0c\u6709\u65f6\u5019\u4e5f\u79f0<strong>\u56fd\u5916\u51c0\u6295\u8d44(net foreign investment)<\/strong>\u3002\u8d44\u672c\u51c0\u6d41\u51fa\u7b49\u4e8e\u56fd\u5185\u5c45\u6c11\u501f\u7ed9\u56fd\u5916\u7684\u6570\u989d\uff0c\u51cf\u53bb\u5916\u56fd\u4eba\u501f\u7ed9\u6211\u4eec\u7684\u6570\u989d\u3002\u5982\u679c\u8d44\u672c\u51c0\u6d41\u51fa\u4e3a\u8d1f\uff0c\u610f\u5473\u7740\u8d44\u672c\u51c0\u6d41\u5165\uff1b\u6295\u8d44\u5927\u4e8e\u50a8\u84c4\uff0c\u7ecf\u6d4e\u901a\u8fc7\u4ece\u56fd\u5916\u501f\u6b3e\u6765\u4e3a\u8fd9\u79cd\u989d\u5916\u7684\u6295\u8d44\u878d\u8d44\u3002\u8d44\u672c\u51c0\u6d41\u51fa\u53cd\u6620\u4e86\u4e3a\u8d44\u672c\u79ef\u7d2f\u878d\u8d44\u7684\u8d44\u91d1\u56fd\u9645\u6d41\u52a8\u3002<\/p>\n<p>&emsp;&emsp;\u5982\u679c$S - I$\u548c$NX$\u662f\u6b63\u7684\uff0c\u610f\u5473\u7740\u4e00\u56fd\u6709<strong>\u8d38\u6613\u76c8\u4f59(trade surplus)<\/strong>\uff0c\u8fd9\u79cd\u60c5\u51b5\u4e0b\uff0c\u8be5\u56fd\u662f\u56fd\u9645\u91d1\u878d\u5e02\u573a\u4e0a\u7684\u503a\u6743\u4eba\uff0c\u5b83\u7684\u51fa\u53e3\u591a\u4e8e\u8fdb\u53e3\u3002\u5982\u679c$S - I$\u548c$NX$\u662f\u8d1f\u7684\uff0c\u4e00\u56fd\u5219\u6709<strong>\u8d38\u6613\u8d64\u5b57(trade deficit)<\/strong>\uff0c\u8fd9\u79cd\u60c5\u51b5\u4e0b\u5219\u662f\u503a\u52a1\u4eba\u3002\u8fd8\u6709\u4e00\u79cd\u60c5\u51b5\uff0c$S - I$\u548c$NX$\u90fd\u662f\u96f6\uff0c\u90a3\u4e48\u5219\u8bf4\u5176<strong>\u8d38\u6613\u5e73\u8861(balanced trade)<\/strong>\u3002<\/p>\n<h4>4.1.3 \u4ea7\u54c1\u4e0e\u8d44\u672c\u7684\u56fd\u9645\u6d41\u52a8\uff1a\u4e3e\u4f8b<\/h4>\n<p>&emsp;&emsp;\u51c0\u51fa\u53e3\u548c\u8d44\u672c\u51c0\u6d41\u51fa\u7684\u8fd9\u4e00\u7b49\u5f0f\u662f\u4e00\u4e2a\u6052\u7b49\u5f0f\uff1a\u7531\u4e8e\u6211\u4eec\u5b9a\u4e49\u53d8\u91cf\u7684\u65b9\u5f0f\u548c\u6570\u5b57\u8ba1\u7b97\u7684\u65b9\u5f0f\uff0c\u8fd9\u4e00\u7b49\u5f0f\u5fc5\u7136\u6210\u7acb\u3002\u4f46\u8fd9\u4e00\u7b49\u5f0f\u80cc\u540e\u7684\u76f4\u89c9\u5f80\u5f80\u5bb9\u6613\u88ab\u5ffd\u7565\uff0c\u4e0b\u9762\u901a\u8fc7\u4e00\u4e2a\u4f8b\u5b50\u6765\u8bf4\u660e\u3002<\/p>\n<blockquote>\n<p>&emsp;&emsp;\u5047\u8bbe\u6bd4\u5c14\u00b7\u76d6\u8328\u4ee510,000\u65e5\u5143\u7684\u4ef7\u683c\u5c06\u4e00\u4efdWindows\u7cfb\u7edf\u9500\u552e\u7ed9\u4e86\u4e00\u4e2a\u65e5\u672c\u4eba\u3002\u56e0\u4e3a\u76d6\u8328\u662f\u7f8e\u56fd\u5c45\u6c11\uff0c\u56e0\u6b64\u8be5\u9879\u4ea4\u6613\u4ee3\u8868\u4e86\u7f8e\u56fd\u7684\u51fa\u53e3\uff0c\u5728\u5176\u4ed6\u6761\u4ef6\u4e0d\u53d8\u7684\u60c5\u51b5\u4e0b\uff0c\u7f8e\u56fd\u51c0\u51fa\u53e3\u4e0a\u5347\uff0c\u5373$NX$\u4e0a\u5347\u3002<\/p>\n<p>&emsp;&emsp;\u5047\u8bbe\u76d6\u8328\u51b3\u5b9a\u5c06\u8fd910,000\u65e5\u5143\u653e\u5728\u5e8a\u4e0b\uff0c\u5728\u8fd9\u79cd\u60c5\u51b5\u4e0b\uff0c\u76d6\u8328\u76f8\u5f53\u4e8e\u628a\u4ed6\u7684\u4e00\u90e8\u5206\u50a8\u84c4\u4ee5\u6301\u6709\u65e5\u5143\u7684\u5f62\u5f0f\u914d\u7f6e\u5230\u4e86\u65e5\u672c\u7ecf\u6d4e\u4e2d\u7684\u4e00\u7b14\u6295\u8d44\uff0c\u800c\u4e0d\u662f\u7f8e\u56fd\u7ecf\u6d4e\u4e2d\u7684\u4e00\u7b14\u6295\u8d44\u3002\u8fd9\u6837\u7f8e\u56fd\u7684\u50a8\u84c4\u8d85\u8fc7\u7f8e\u56fd\u7684\u6295\u8d44\uff0c\u5373$S - I$\u4e0a\u5347\uff0c\u8d44\u672c\u51c0\u6d41\u51fa\u548c\u51c0\u51fa\u53e3\u7684\u4e0a\u5347\u76f8\u5339\u914d(<a href=\"#eq:4-6\" target=\"_blank\"  rel=\"nofollow\" >\u5f0f4-6<\/a>)\u3002\u4f46\u901a\u5e38\u60c5\u51b5\u4e0b\uff0c\u4eba\u4eec\u4e0d\u4f1a\u9009\u62e9\u76f4\u63a5\u6301\u6709\u5916\u5e01\u4f5c\u4e3a\u6295\u8d44\uff0c\u800c\u662f\u4f1a\u9009\u62e9\u8d2d\u4e70\u8be5\u56fd\u4f01\u4e1a\u7684\u80a1\u7968\u3001\u653f\u5e9c\u7684\u503a\u5238\u7b49\u3002<\/p>\n<p>&emsp;&emsp;\u6211\u4eec\u4ece\u8fd9\u540d\u8d2d\u4e70\u4e86Windows\u7cfb\u7edf\u7684\u65e5\u672c\u4eba\u7684\u89c6\u89d2\u6765\u770b\u3002\u8be5\u6d88\u8d39\u8005\u7684\u884c\u4e3a\u5bfc\u81f4\u4e86$C+I+G$\u7684\u4e0a\u5347\uff0c\u4f46\u65e5\u672c\u7684\u603b\u4ea7\u51fa$Y$\u662f\u4e0d\u53d8\u7684\u3002\u65e5\u672c\u7684\u8fdb\u53e3\u589e\u52a0\u4e86\uff0c\u51c0\u51fa\u53e3$NX$\u51cf\u5c11\u4e86(<a href=\"#eq:4-3\" target=\"_blank\"  rel=\"nofollow\" >\u5f0f4-3<\/a>)\u3002\u6b64\u5916\uff0c\u65e5\u672c\u7684\u50a8\u84c4$S = Y - C -G$\u4e5f\u51cf\u5c11\u4e86\uff0c\u5728\u6295\u8d44$I$\u4e0d\u53d8\u7684\u60c5\u51b5\u4e0b\uff0c\u4e5f\u5c06\u5bfc\u81f4$S - I$\u53d8\u5c0f\uff0c\u548c<a href=\"#eq:4-6\" target=\"_blank\"  rel=\"nofollow\" >\u5f0f4-6<\/a>\u7684\u65b9\u7a0b\u4e24\u8fb9\u662f\u76f8\u540c\u7684\u3002<\/p>\n<p>&emsp;&emsp;\u5982\u679c\u76d6\u8328\u9009\u62e9\u8d2d\u4e70\u65e5\u672c10,000\u65e5\u5143\u7684\u4ea7\u54c1\uff0c\u663e\u7136\uff0c\u53c8\u56de\u5230\u4e86\u8d38\u6613\u5e73\u8861\u3002<\/p>\n<p>&emsp;&emsp;\u5982\u679c\u76d6\u8328\u9009\u62e9\u5c06\u8fd9\u7b14\u94b1\u5151\u6362\u6210\u7f8e\u5143\uff0c\u5219\u76f8\u5f53\u4e8e\u94f6\u884c\u53c8\u6301\u6709\u4e86\u8fd9\u4e00\u7b14\u201c\u989d\u5916\u201d\u7684\u65e5\u5143\u3002\u5bf9\u4e8e\u94f6\u884c\u6765\u8bf4\uff0c\u5b83\u4eec\u7684\u9009\u62e9\u548c\u76d6\u8328\u4e00\u6837\uff1a\u6295\u8d44\u65e5\u672c\u3001\u8d2d\u4e70\u4ea7\u54c1\u3001\u6216\u662f\u9012\u5f52\u5730\u5151\u6362\u7ed9\u4e0b\u4e00\u4e2a\u4eba\u3002<\/p>\n<\/blockquote>\n<h3>4.2 \u5c0f\u578b\u5f00\u653e\u7ecf\u6d4e\u4e2d\u7684\u50a8\u84c4\u4e0e\u6295\u8d44<\/h3>\n<p>&emsp;&emsp;\u76ee\u524d\u6211\u4eec\u5df2\u7ecf\u5728\u4ea7\u54c1\u4e0e\u8d44\u672c\u7684\u56fd\u9645\u6d41\u52a8\u4e2d\uff0c\u91cd\u65b0\u6574\u7406\u4e86\u6838\u7b97\u6052\u7b49\u5f0f\uff0c\u5b83\u4eec\u662f\uff1a<\/p>\n<p>$$<br \/>\n\\begin{eqnarray}<br \/>\nNX &amp;=&amp; Y - (C + I + G) \\notag \\newline<br \/>\nNX &amp;=&amp; (Y - C - G) - I  \\notag \\newline<br \/>\nNX &amp;=&amp; S - I \\notag<br \/>\n\\end{eqnarray}<br \/>\n$$<\/p>\n<p>\u5728\u672c\u8282\u4e2d\uff0c\u6211\u4eec\u5c06\u5efa\u7acb\u4e00\u4e2a\u89e3\u91ca\u8fd9\u4e9b\u53d8\u91cf\u884c\u4e3a\u7684\u6a21\u578b\uff0c\u8be5\u6a21\u578b\u5c06\u56de\u7b54\u8bf8\u5982\u8d38\u6613\u4f59\u989d\u5982\u4f55\u5bf9\u653f\u7b56\u53d8\u52a8\u4f5c\u51fa\u53cd\u5e94\u7b49\u95ee\u9898\u3002<\/p>\n<h4>4.2.1 \u8d44\u672c\u7684\u6d41\u52a8\u6027\u4e0e\u4e16\u754c\u5229\u7387<\/h4>\n<p>&emsp;&emsp;\u57fa\u4e8e\u51c0\u51fa\u53e3$NX$\u7b49\u4e8e\u50a8\u84c4$S$\u51cf\u53bb\u6295\u8d44$I$\uff0c\u6211\u4eec\u8fd9\u4e2a\u6a21\u578b\u5173\u6ce8\u50a8\u84c4\u548c\u6295\u8d44\u3002\u4e0e\u7b2c\u4e00\u7ae0\u4e2d\u7684\u5185\u5bb9\u4e0d\u540c\uff0c\u6211\u4eec\u4e0d\u5047\u8bbe\u5b9e\u9645\u5229\u7387\u4e0e\u50a8\u84c4\u4f7f\u5f97\u6295\u8d44\u4e0e\u50a8\u84c4\u8fbe\u5230\u5747\u8861\u3002\u76f8\u53cd\uff0c\u6211\u4eec\u5141\u8bb8\u7ecf\u6d4e\u5b58\u5728\u8d38\u6613\u8d64\u5b57\u548c\u5411\u5176\u4ed6\u56fd\u5bb6\u501f\u8d37\uff0c\u6216\u8005\u5b58\u5728\u8d38\u6613\u76c8\u4f59\u548c\u8d37\u6b3e\u7ed9\u5176\u4ed6\u56fd\u5bb6\u3002<\/p>\n<p>&emsp;&emsp;\u6211\u4eec\u8fd9\u91cc\u8ba8\u8bba\u7684\u662f\u2014\u2014\u5177\u6709\u5b8c\u5168\u8d44\u672c\u6d41\u52a8\u6027\u7684<strong>\u5c0f\u578b\u5f00\u653e\u7ecf\u6d4e(small open economy)<\/strong>\u3002\u5c0f\u578b\u6307\u7684\u662f\uff0c\u8fd9\u4e2a\u7ecf\u6d4e\u4f53\u4e0d\u8db3\u4ee5\u5f71\u54cd\u4e16\u754c\u5229\u7387\uff1b\u5f00\u653e\u6307\u7684\u662f\uff0c\u8be5\u56fd\u5c45\u6c11\u53ef\u4ee5\u5b8c\u5168\u8fdb\u5165\u4e16\u754c\u91d1\u878d\u5e02\u573a\uff0c\u540c\u65f6\u653f\u5e9c\u4e0d\u4f1a\u963b\u6b62\u56fd\u9645\u501f\u6b3e\u6216\u8d37\u6b3e\u3002<\/p>\n<p>&emsp;&emsp;\u57fa\u4e8e\u4e0a\u9762\u8fd9\u4e2a\u5047\u8bbe\uff0c\u5728\u8fd9\u4e2a\u5c0f\u578b\u5f00\u653e\u7ecf\u6d4e\u4e2d\uff0c\u5229\u7387$r$\u5fc5\u7136\u7b49\u4e8e<strong>\u4e16\u754c\u5229\u7387(world interest rate)<\/strong>$r^{*}$\uff0c\u5373\u4e16\u754c\u91d1\u878d\u5e02\u573a\u4e0a\u7684\u5b9e\u9645\u5229\u7387\u3002<\/p>\n<p>$$<br \/>\nr = r^{*} \\tag{4-7}<br \/>\n$$<\/p>\n<p>\u8be5\u7ecf\u6d4e\u4f53\u4e2d\u7684\u5c45\u6c11\u6c38\u8fdc\u4e0d\u9700\u8981\u4ee5\u9ad8\u4e8e$r^{*}$\u7684\u5229\u7387\u8d37\u6b3e\uff0c\u6216\u4ee5\u4f4e\u4e8e$r^{*}$\u7684\u5229\u7387\u5b58\u6b3e\u3002\u56e0\u6b64\u4e16\u754c\u5229\u7387\u51b3\u5b9a\u4e86\u5c0f\u578b\u5f00\u53d1\u7ecf\u6d4e\u4e2d\u7684\u5229\u7387\u3002<\/p>\n<h4>4.2.2 \u6a21\u578b<\/h4>\n<p>&emsp;&emsp;\u6211\u4eec\u9996\u5148\u91c7\u7528\u7b2c\u4e00\u7ae0\u4e2d\u4e09\u4e2a\u5047\u8bbe\u3002<\/p>\n<p>\u7b2c\u4e00\u4e2a\u5047\u8bbe\u662f\uff1a\u7ecf\u6d4e\u4f53\u7684\u4ea7\u51fa$Y$\u7531\u751f\u4ea7\u8981\u7d20\u548c\u751f\u4ea7\u51fd\u6570\u51b3\u5b9a\uff0c\u6211\u4eec\u5199\u4e3a\uff1a<\/p>\n<p>$$<br \/>\nY = \\overline{Y} = F(\\overline{K}, \\overline{L}) \\tag{4-8}<br \/>\n$$<\/p>\n<p>\u7b2c\u4e8c\u4e2a\u5047\u8bbe\u662f\uff1a\u6d88\u8d39$C$\u548c\u53ef\u652f\u914d\u6536\u5165$Y-T$\u6b63\u76f8\u5173\uff0c\u6211\u4eec\u628a\u6d88\u8d39\u51fd\u6570\u5199\u4f5c\uff1a<\/p>\n<p>$$<br \/>\nC = C(Y - T) \\tag{4-9}<br \/>\n$$<\/p>\n<p>\u7b2c\u4e09\u4e2a\u5047\u8bbe\u662f\uff1a\u6295\u8d44$I$\u4e0e\u5b9e\u9645\u5229\u7387$r$\u8d1f\u76f8\u5173\uff0c\u6211\u4eec\u628a\u6295\u8d44\u51fd\u6570\u5199\u4f5c\uff1a<\/p>\n<p>$$<br \/>\nI = I(r) \\tag{4-10}<br \/>\n$$<\/p>\n<p>\u56de\u5230\u6838\u7b97\u7b49\u5f0f\uff0c\u6211\u4eec\u6709\uff1a<\/p>\n<p>$$<br \/>\n\\begin{eqnarray}<br \/>\nNX &amp;=&amp; Y - (C + I + G) \\notag \\newline<br \/>\nNX &amp;=&amp; (Y - C - G) - I  \\notag \\newline<br \/>\nNX &amp;=&amp; S - I \\notag<br \/>\n\\end{eqnarray}<br \/>\n$$<\/p>\n<p>\u6211\u4eec\u5c06\u4e16\u754c\u5229\u7387\u5e26\u5165\u5176\u4e2d\uff0c\u5f97\u5230\uff1a<\/p>\n<p>$$<br \/>\n\\begin{eqnarray}<br \/>\nNX &amp;=&amp; [Y - C(\\overline{Y} - T) - G] - I(r^{*}) \\notag \\newline<br \/>\n&amp;=&amp; \\overline{S} - I(r^{*}) \\tag{4-11}<br \/>\n\\end{eqnarray}<br \/>\n$$<\/p>\n<p>&emsp;&emsp;\u6211\u4eec\u53ef\u4ee5\u753b\u51fa\u5982\u56fe9\u6240\u793a\u7684\u5173\u7cfb\u56fe\uff1a<\/p>\n<figure style=\"width: 619px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\"   class=\"lazyload\" data-src=\"https:\/\/cdn.swordofmorning.com\/SwordofMorning\/Article%20Images\/Political%20Economy\/PEI_03\/09_LOE_interest_and_savings.drawio.svg\" src=\"https:\/\/cdn.jsdelivr.net\/gh\/moezx\/cdn@3.0.2\/img\/svg\/loader\/trans.ajax-spinner-preloader.svg\" onerror=\"imgError(this)\"  width=\"619\" height=\"416\" alt=\"\u56fe9\" class=\"size-full\" \/ ><figcaption class=\"wp-caption-text\"><noscript><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/cdn.swordofmorning.com\/SwordofMorning\/Article%20Images\/Political%20Economy\/PEI_03\/09_LOE_interest_and_savings.drawio.svg\" width=\"619\" height=\"416\" alt=\"\u56fe9\" class=\"size-full\" \/><\/noscript> \u56fe9\uff1a\u5c0f\u578b\u5f00\u653e\u7ecf\u6d4e\u4e2d\u7684\u50a8\u84c4\u4e0e\u6295\u8d44<\/figcaption><\/figure>\n<p>\u5728\u4e00\u4e2a\u5c01\u95ed\u7684\u7ecf\u6d4e\u4e2d\uff0c\u5b9e\u9645\u5229\u7387\u4f7f\u5f97\u6295\u8d44\u4e0e\u50a8\u84c4\u8fbe\u5230\u5747\u8861\u3002\u5728\u4e00\u4e2a\u5c0f\u578b\u5f00\u653e\u7ecf\u6d4e\u4e2d\uff0c\u5229\u7387\u7531\u4e16\u754c\u91d1\u878d\u5e02\u573a\u51b3\u5b9a\u3002\u50a8\u84c4\u4e0e\u6295\u8d44\u4e4b\u95f4\u7684\u5dee\u989d\u51b3\u5b9a\u4e86\u8d38\u6613\u4f59\u989d\u3002\u56e0\u4e3a\u5728\u56fe9\u7684\u60c5\u51b5\u4e0b\uff0c\u50a8\u84c4$S$\u5927\u4e8e\u6295\u8d44$I(r)$\uff0c\u56e0\u6b64\u8d38\u6613\u4f59\u989d$NX$(\u51c0\u51fa\u53e3)\u5927\u4e8e\u96f6\uff0c\u5b58\u5728\u8d38\u6613\u76c8\u4f59\u3002<\/p>\n<p>&emsp;&emsp;\u8d44\u672c\u6d41\u52a8\u7684\u51b3\u5b9a\u56e0\u7d20\u662f\u5f88\u597d\u7406\u89e3\u7684\uff1a\u5f53\u50a8\u84c4\u4f4e\u4e8e\u6295\u8d44\u65f6\uff0c\u6295\u8d44\u8005\u4ece\u5916\u56fd\u501f\u6b3e\uff1b\u5f53\u50a8\u84c4\u8d85\u8fc7\u6295\u8d44\u65f6\uff0c\u4f59\u989d\u88ab\u8d37\u6b3e\u7ed9\u5176\u4ed6\u56fd\u5bb6\u3002\u4f46\u5982\u4f55\u786e\u4fdd\u4ea7\u54c1\u7684\u56fd\u9645\u6d41\u52a8\u548c\u8d44\u672c\u7684\u56fd\u9645\u6d41\u52a8\u76f8\u5e73\u8861\u5462\uff1f\u8fd9\u4e2a\u95ee\u9898\u6211\u4eec\u5c06\u57284.3\u8282\u8ba8\u8bba\u6c47\u7387\u7684\u65f6\u5019\u56de\u7b54\u3002<\/p>\n<h4>4.2.3 \u653f\u7b56\u5982\u4f55\u5f71\u54cd\u8d38\u6613\u4f59\u989d<\/h4>\n<p>&emsp;&emsp;\u6211\u4eec\u5047\u5b9a\u7ecf\u6d4e\u76ee\u524d\u5904\u4e8e\u8d38\u6613\u5e73\u8861\u7684\u4f4d\u7f6e\uff0c\u4e5f\u5c31\u662f\u50a8\u84c4\u7b49\u4e8e\u6295\u8d44$S = I$\uff0c\u51c0\u51fa\u53e3$NX$\u4e3a\u96f6\u3002<\/p>\n<h5>\u56fd\u5185\u7684\u8d22\u653f\u653f\u7b56<\/h5>\n<p>&emsp;&emsp;\u6211\u4eec\u9996\u5148\u8003\u8651\u6269\u5f20\u6027\u7684\u8d22\u653f\u653f\u7b56\uff0c\u653f\u5e9c\u901a\u8fc7\u589e\u52a0\u8d2d\u4e70\u6765\u6269\u5927\u56fd\u5185\u652f\u51fa\u3002<\/p>\n<p>$$<br \/>\n\\begin{eqnarray}<br \/>\n&amp; \\left\\{<br \/>\n\\begin{array}{**lr**}<br \/>\nS = Y - C - G \\notag \\newline<br \/>\nI = I(r) \\notag \\newline<br \/>\nNX = S - I \\notag \\newline<br \/>\n\\end{array}<br \/>\n\\right. \\newline<br \/>\n&amp; \\because G \\uparrow \\notag \\newline<br \/>\n&amp; \\therefore S \\downarrow \\notag \\newline<br \/>\n&amp; \\therefore NX \\downarrow \\notag \\newline<br \/>\n\\end{eqnarray}<br \/>\n$$<\/p>\n<p>\u968f\u7740\u653f\u5e9c\u652f\u51fa$G$\u7684\u589e\u52a0\uff0c\u56fd\u6c11\u50a8\u84c4$S$\u51cf\u5c11\uff0c\u8fdb\u800c\u9020\u6210\u51c0\u51fa\u53e3$NX$\u7684\u4e0b\u964d\uff0c\u6700\u7ec8\u5bfc\u81f4\u8d38\u6613\u8d64\u5b57\u3002<\/p>\n<p>\u540c\u6837\u7684\uff0c\u5bf9\u4e8e\u51cf\u5c11\u7a0e\u6536$T$\uff0c\u7531\u4e8e\u53c2\u8003<a href=\"#eq:4-9\" target=\"_blank\"  rel=\"nofollow\" >\u5f0f4-9<\/a>\uff1a$C = C(Y - T)$\uff0c\u5bfc\u81f4\u6d88\u8d39\u589e\u52a0\uff0c\u540c\u6837\u9020\u6210\u56fd\u6c11\u50a8\u84c4$S$\u7684\u51cf\u5c11\u3001\u51c0\u51fa\u53e3$NX$\u7684\u4e0b\u964d\uff0c\u4e5f\u4f1a\u5bfc\u81f4\u8d38\u6613\u8d64\u5b57\u3002<\/p>\n<p>&emsp;&emsp;\u6211\u4eec\u53ef\u4ee5\u7528\u56fe10\u6765\u8868\u793a\u8fd9\u79cd\u56fd\u6c11\u50a8\u84c4$S$\u51cf\u5c11\u7684\u60c5\u51b5\uff1a<\/p>\n<figure style=\"width: 614px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\"   class=\"lazyload\" data-src=\"https:\/\/cdn.swordofmorning.com\/SwordofMorning\/Article%20Images\/Political%20Economy\/PEI_03\/10_LOE_Expansionary_domestic_fiscal_policy.drawio.svg\" src=\"https:\/\/cdn.jsdelivr.net\/gh\/moezx\/cdn@3.0.2\/img\/svg\/loader\/trans.ajax-spinner-preloader.svg\" onerror=\"imgError(this)\"  width=\"614\" height=\"446\" alt=\"\u56fe10\" class=\"size-full\" \/ ><figcaption class=\"wp-caption-text\"><noscript><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/cdn.swordofmorning.com\/SwordofMorning\/Article%20Images\/Political%20Economy\/PEI_03\/10_LOE_Expansionary_domestic_fiscal_policy.drawio.svg\" width=\"614\" height=\"446\" alt=\"\u56fe10\" class=\"size-full\" \/><\/noscript> \u56fe10\uff1a\u5c0f\u578b\u5f00\u653e\u7ecf\u6d4e\u4e2d\u7684\u6269\u5c55\u6027\u8d22\u653f\u653f\u7b56<\/figcaption><\/figure>\n<p>\u5982\u679c\u662f\u7d27\u7f29\u6027\u7684\u8d22\u653f\u653f\u7b56\uff0c\u5219\u4e0e\u56fe10\u6240\u63cf\u7ed8\u7684\u7ed3\u679c\u76f8\u53cd\uff1a\u56fd\u6c11\u50a8\u84c4$S$\u7684\u589e\u52a0\u5c06\u5bfc\u81f4S<sub>1<\/sub>\u7684\u53f3\u79fb\uff0c\u5c06\u4f1a\u5bfc\u81f4$NX &gt; 0$\uff0c\u4ea7\u751f\u8d38\u6613\u76c8\u4f59\u3002<\/p>\n<h5>\u56fd\u5916\u7684\u8d22\u653f\u653f\u7b56<\/h5>\n<p>&emsp;&emsp;\u8fd9\u91cc\u6211\u4eec\u8003\u8651\u56fd\u5916\u7684\u8d22\u653f\u653f\u7b56\uff0c\u8fd9\u91cc\u6307\u7684\u662f\u90a3\u4e9b\u5bf9\u4e16\u754c\u5229\u7387\u6709\u5f71\u54cd\u7684\u5927\u56fd\u7684\u653f\u7b56\uff0c\u56e0\u4e3a\u50cf\u6211\u4eec\u4e00\u6837\u7684\u5c0f\u578b\u7ecf\u6d4e\u4f53\u65e0\u6cd5\u5f71\u54cd\u4e16\u754c\u5229\u7387\u3002\u57281.4\u8282\u4e2d\uff0c\u6211\u4eec\u8ba8\u8bba\u4e86\u4e00\u56fd\u5f53\u4e2d\u7684\u56fd\u6c11\u50a8\u84c4$S$\u548c\u5229\u7387$r$\u7684\u5173\u7cfb\u2014\u2014\u5229\u7387\u4f7f\u5f97\u6295\u8d44\u548c\u50a8\u84c4\u8fbe\u5230\u5747\u8861\uff0c\u7531\u4e8e\u4e16\u754c\u662f\u4e00\u4e2a\u5927\u7684\u5c01\u95ed\u7ecf\u6d4e\u4f53\uff0c\u6211\u4eec\u56e0\u6b64\u53ef\u4ee5\u5957\u7528\u8fd9\u4e2a\u6a21\u578b\u3002<\/p>\n<p>&emsp;&emsp;\u6211\u4eec\u540c\u6837\u4ece\u56fd\u5916\u7684\u6269\u5f20\u6027\u8d22\u653f\u51fa\u53d1\u3002\u53c2\u8003\u56fe4\u548c\u56fe5\uff0c\u4e8e\u662f\u6211\u4eec\u6709\uff1a<\/p>\n<p>$$<br \/>\n\\left\\{<br \/>\n\\begin{array}{**lr**}<br \/>\nY = C + I + G \\notag \\newline<br \/>\nI(r) = Y - C - G = S \\notag \\newline<br \/>\n\\end{array}<br \/>\n\\right.<br \/>\n$$<\/p>\n<p>$$<br \/>\n\\begin{eqnarray}<br \/>\n\\because G \\uparrow \\notag \\newline<br \/>\n\\therefore S \\downarrow \\notag \\newline<br \/>\n\\therefore I(r) \\downarrow \\notag \\newline<br \/>\n\\therefore r \\uparrow \\notag \\newline<br \/>\n\\end{eqnarray}<br \/>\n$$<\/p>\n<p>\u5982\u679c\u56fd\u5916\u589e\u52a0\u653f\u5e9c\u8d2d\u4e70$G$\uff0c\u5219\u540c\u6837\u4f1a\u964d\u4f4e\u8be5\u56fd\u7684\u56fd\u6c11\u50a8\u84c4$S$\u3002\u540c\u65f6\u4e3a\u4e86\u5b9e\u73b0\u5747\u8861\uff0c\u6295\u8d44$I(r)$\u4e5f\u5c06\u51cf\u5c11\uff0c\u5176\u85c9\u7531\u5229\u7387$r$\u7684\u4e0a\u5347\u5b8c\u6210\u8c03\u8282\u3002\u800c\u8be5\u56fd\u7684\u7ecf\u6d4e\u4f53\u91cf\u8db3\u591f\u5f71\u54cd\u4e16\u754c\u5229\u7387\uff0c\u56e0\u6b64\u4e16\u754c\u5229\u7387$r^{*}$\u4e5f\u4f1a\u4e0a\u5347\u3002<\/p>\n<figure style=\"width: 679px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\"   class=\"lazyload\" data-src=\"https:\/\/cdn.swordofmorning.com\/SwordofMorning\/Article%20Images\/Political%20Economy\/PEI_03\/11_LOE_Expansionary_foreign_fiscal_policy.drawio.svg\" src=\"https:\/\/cdn.jsdelivr.net\/gh\/moezx\/cdn@3.0.2\/img\/svg\/loader\/trans.ajax-spinner-preloader.svg\" onerror=\"imgError(this)\"  width=\"679\" height=\"419\" alt=\"\u56fe11\" class=\"size-full\" \/ ><figcaption class=\"wp-caption-text\"><noscript><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/cdn.swordofmorning.com\/SwordofMorning\/Article%20Images\/Political%20Economy\/PEI_03\/11_LOE_Expansionary_foreign_fiscal_policy.drawio.svg\" width=\"679\" height=\"419\" alt=\"\u56fe11\" class=\"size-full\" \/><\/noscript> \u56fe11\uff1a\u5c0f\u578b\u5f00\u653e\u7ecf\u6d4e\u4e2d\u7684\u56fd\u5916\u7684\u6269\u5f20\u6027\u8d22\u653f\u653f\u7b56<\/figcaption><\/figure>\n<p>\u540c\u6837\u7684\uff0c\u5982\u679c\u662f\u7d27\u7f29\u6027\u7684\u8d22\u653f\u653f\u7b56\u5219\u5bfc\u81f4\u76f8\u53cd\u7684\u7ed3\u679c\u3002<\/p>\n<h5>\u6295\u8d44\u9700\u6c42\u7684\u79fb\u52a8<\/h5>\n<p>&emsp;&emsp;\u73b0\u5728\u6211\u4eec\u5047\u8bbe\u8fd9\u4e2a\u7ecf\u6d4e\u4f53\u5728\u7ed9\u5b9a\u5229\u7387\u7684\u6761\u4ef6\u4e0b\u51fa\u73b0\u4e86\u6295\u8d44\u9700\u6c42\u7684\u589e\u52a0\uff0c\u8fd9\u53ef\u80fd\u662f\u56e0\u4e3a\u653f\u5e9c\u76d1\u7ba1\u653e\u677e\u6216\u662f\u5176\u4ed6\u539f\u56e0\u5bfc\u81f4\u7684\u3002\u56fe12\u8bf4\u660e\u4e86\u8fd9\u79cd\u60c5\u51b5\uff0c\u5f53\u672c\u56fd\u50a8\u84c4\u4e0d\u53d8\u7684\u60c5\u51b5\u4e0b\uff0c\u53ea\u80fd\u901a\u8fc7\u4ece\u56fd\u5916\u501f\u8d37\u6765\u6ee1\u8db3\u672c\u56fd\u7684\u6295\u8d44\u9700\u6c42\u3002<\/p>\n<figure style=\"width: 614px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\"   class=\"lazyload\" data-src=\"https:\/\/cdn.swordofmorning.com\/SwordofMorning\/Article%20Images\/Political%20Economy\/PEI_03\/12_LOE_investment_demand_.drawio.svg\" src=\"https:\/\/cdn.jsdelivr.net\/gh\/moezx\/cdn@3.0.2\/img\/svg\/loader\/trans.ajax-spinner-preloader.svg\" onerror=\"imgError(this)\"  width=\"614\" height=\"419\" alt=\"\u56fe12\" class=\"size-full\" \/ ><figcaption class=\"wp-caption-text\"><noscript><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/cdn.swordofmorning.com\/SwordofMorning\/Article%20Images\/Political%20Economy\/PEI_03\/12_LOE_investment_demand_.drawio.svg\" width=\"614\" height=\"419\" alt=\"\u56fe12\" class=\"size-full\" \/><\/noscript> \u56fe12\uff1a\u5c0f\u578b\u5f00\u653e\u7ecf\u6d4e\u4e2d\u7684\u6295\u8d44\u9700\u6c42\u589e\u957f<\/figcaption><\/figure>\n<h3>4.3 \u6c47\u7387<\/h3>\n<p>&emsp;&emsp;\u5728\u8003\u5bdf\u4e86\u8d44\u672c\u4ee5\u53ca\u4ea7\u54c1\u7684\u56fd\u9645\u6d41\u52a8\u4e4b\u540e\uff0c\u6211\u4eec\u901a\u8fc7\u8003\u8651\u9002\u7528\u4e8e\u8fd9\u4e9b\u4ea4\u6613\u7684\u4ef7\u683c\u6765\u6269\u5c55\u5206\u6790\u3002\u4e24\u4e2a\u56fd\u5bb6\u4e4b\u95f4\u7684<strong>\u6c47\u7387(exchange rate)<\/strong>\u662f\u8fd9\u4e9b\u56fd\u5bb6\u5c45\u6c11\u76f8\u4e92\u8fdb\u884c\u8d38\u6613\u7684\u4ef7\u683c\u3002\u5728\u672c\u8282\uff0c\u6211\u4eec\u9996\u5148\u8003\u5bdf\u6c47\u7387\u8861\u91cf\u4e86\u4ec0\u4e48\uff0c\u7136\u540e\u8ba8\u8bba\u6c47\u7387\u662f\u5982\u4f55\u51b3\u5b9a\u7684\u3002<\/p>\n<h4>4.3.1 \u540d\u4e49\u6c47\u7387\u548c\u5b9e\u9645\u6c47\u7387<\/h4>\n<h5>\u540d\u4e49\u6c47\u7387<\/h5>\n<p>&emsp;&emsp;<strong>\u540d\u4e49\u6c47\u7387(nominal exchange rate)<\/strong>\u6307\u7684\u662f\u4e24\u4e2a\u56fd\u5bb6\u901a\u8d27\u7684\u76f8\u5bf9\u4ef7\u683c\u3002\u4f8b\u5982\u7f8e\u5143\u548c\u65e5\u5143\u7684\u6c47\u7387\u662f1\u7f8e\u5143\u5151\u6362100\u65e5\u5143\uff0c\u90a3\u4e48\u5728\u5916\u6c47\u5e02\u573a\u4e0a\uff0c\u4f60\u5c31\u53ef\u4ee5\u4f7f\u7528\u8be5\u6bd4\u4f8b\u6765\u8fdb\u884c\u8d27\u5e01\u4e92\u6362\u3002\u6211\u4eec\u5e38\u8bf4\u7684\u56fd\u5bb6\u4e4b\u95f4\u7684\u201c\u6c47\u7387\u201d\u901a\u5e38\u6307\u7684\u662f\u540d\u4e49\u6c47\u7387\u3002<\/p>\n<p>&emsp;&emsp;\u5f531\u7f8e\u5143\u80fd\u5151\u6362\u7684\u65e5\u5143\u4ece100\u65e5\u5143\u4e0a\u5347\u5230110\u65e5\u5143\u65f6\uff0c\u6211\u4eec\u8bf4\u7f8e\u5143<strong>\u5347\u503c(appreciation)<\/strong>\uff0c\u6216\u8005\u8bf4\u7f8e\u5143<strong>\u575a\u633a(strengthening)<\/strong>\uff1b\u65e5\u5143\u5219\u662f<strong>\u8d2c\u503c(depreciation)<\/strong>\uff0c\u6216\u8005\u8bf4<strong>\u75b2\u8f6f(weakening)<\/strong>\u3002<\/p>\n<h5>\u5b9e\u9645\u6c47\u7387<\/h5>\n<p>&emsp;&emsp;\u5b9e\u9645\u6c47\u7387<strong>\u5b9e\u9645\u6c47\u7387(real exchange rate)<\/strong>\u6307\u7684\u662f\u4e24\u4e2a\u56fd\u5bb6\u4ea7\u54c1\u7684\u76f8\u5bf9\u4ef7\u683c\u3002\u5047\u8bbe\u4e00\u8f86\u798f\u7279\u6c7d\u8f66\u5728\u65e5\u672c\u7684\u552e\u4ef7\u4e3a6,000,000\u65e5\u5143\uff0c\u5728\u7f8e\u56fd\u7684\u552e\u4ef7\u662f30,000\u7f8e\u5143\uff0c\u6309\u7167\u540d\u4e49\u5229\u73871:100\u6765\u8ba1\u7b97\u3002\u5b83\u4eec\u7684\u5b9e\u9645\u6c47\u7387\u5219\u662f\uff1a<\/p>\n<p>$$<br \/>\n\\begin{eqnarray}<br \/>\n0.5 &amp;=&amp; 100 \\times \\frac{30,000}{6,000,000}  \\notag \\newline<br \/>\n\\text{\u5b9e\u9645\u6c47\u7387} &amp;=&amp; \\text{\u540d\u4e49\u6c47\u7387} \\times \\text{\u4ef7\u683c\u6c34\u5e73\u6bd4} \\notag \\newline<br \/>\n\\epsilon &amp;=&amp; e \\times \\frac{P}{P^{*}} \\tag{4-12}<br \/>\n\\end{eqnarray}<br \/>\n$$<\/p>\n<h4>4.3.2 \u5b9e\u9645\u6c47\u7387\u4e0e\u8d38\u6613\u4f59\u989d<\/h4>\n<p>&emsp;&emsp;\u5047\u8bbe\u7f8e\u56fd\u7684\u5b9e\u9645\u6c47\u7387\u4f4e\u3002\u5728\u8fd9\u79cd\u60c5\u51b5\u4e0b\uff0c\u7531\u4e8e\u7f8e\u56fd\u4ea7\u54c1\u76f8\u5bf9\u4fbf\u5b9c\uff0c\u7f8e\u56fd\u6d88\u8d39\u8005\u5c06\u66f4\u5c11\u5730\u8d2d\u4e70\u8fdb\u53e3\u4ea7\u54c1\uff0c\u66f4\u503e\u5411\u4e8e\u8d2d\u4e70\u672c\u56fd\u7684\u4ea7\u54c1\u3002\u540c\u6837\u7684\uff0c\u5916\u56fd\u4eba\u4e5f\u5c06\u66f4\u591a\u5730\u8d2d\u4e70\u7f8e\u56fd\u7684\u4ea7\u54c1\u3002\u4e8e\u662f\u7f8e\u56fd\u7684\u51c0\u51fa\u53e3\u5c06\u4f1a\u63d0\u9ad8\u3002<\/p>\n<p>&emsp;&emsp;\u5047\u8bbe\u7f8e\u56fd\u7684\u5b9e\u9645\u6c47\u7387\u9ad8\u3002\u7f8e\u56fd\u4eba\u5c31\u4f1a\u503e\u5411\u4e8e\u8d2d\u4e70\u8fdb\u53e3\u5546\u54c1\uff0c\u800c\u5916\u56fd\u4eba\u4e5f\u5c06\u51cf\u5c11\u8d2d\u4e70\u7f8e\u56fd\u4ea7\u54c1\u3002\u56e0\u6b64\u51c0\u51fa\u53e3\u5c31\u4f1a\u964d\u4f4e\u3002<\/p>\n<p>&emsp;&emsp;\u6211\u4eec\u628a\u8fd9\u79cd\u51c0\u51fa\u53e3\u548c\u5b9e\u9645\u6c47\u7387\u7684\u5173\u7cfb\u5199\u4e3a\uff1a<\/p>\n<p>$$<br \/>\nNX = NX(\\epsilon) \\tag{4-13}<br \/>\n$$<\/p>\n<p>\u8be5\u51fd\u6570\u8bf4\u660e\u4e86\uff0c\u51c0\u51fa\u53e3\u662f\u5173\u4e8e\u5b9e\u9645\u6c47\u7387\u7684\u51fd\u6570\uff0c\u5176\u5173\u7cfb\u662f\u8d1f\u76f8\u5173\u7684\u3002<\/p>\n<h4>4.3.3 \u5b9e\u9645\u6c47\u7387\u7684\u51b3\u5b9a\u56e0\u7d20<\/h4>\n<p>&emsp;&emsp;\u6211\u4eec\u5df2\u7ecf\u77e5\u9053\u4e86$NX = NX(\\epsilon)$\uff0c\u73b0\u5728\u6211\u4eec\u8981\u6765\u56de\u7b54\u4ec0\u4e48\u51b3\u5b9a\u4e86\u5b9e\u9645\u6c47\u7387\u3002<\/p>\n<ul>\n<li>\u4e00\u79cd\u901a\u8d27\u7684\u5b9e\u9645\u4ef7\u503c\u4e0e\u51c0\u51fa\u53e3\u8d1f\u76f8\u5173\u3002\u5f53\u5b9e\u9645\u6c47\u7387\u4f4e\u7684\u65f6\u5019\uff0c\u56fd\u5185\u4ea7\u54c1\u76f8\u5bf9\u4e8e\u56fd\u9645\u4ea7\u54c1\u66f4\u4fbf\u5b9c\uff0c\u51c0\u51fa\u53e3\u589e\u52a0\u3002<\/li>\n<li>\u8d38\u6613\u4f59\u989d(\u51c0\u51fa\u53e3)\u5fc5\u987b\u7b49\u4e8e\u8d44\u672c\u51c0\u6d41\u51fa\uff0c\u8d44\u672c\u51c0\u6d41\u51fa\u7b49\u4e8e\u50a8\u84c4\u51cf\u53bb\u6295\u8d44\u3002\u50a8\u84c4\u51fd\u6570\u7531\u6d88\u8d39\u51fd\u6570\u548c\u8d22\u653f\u653f\u7b56\u786e\u5b9a\uff1b\u6295\u8d44\u7531\u6295\u8d44\u51fd\u6570\u548c\u4e16\u754c\u5229\u7387\u786e\u5b9a\u3002<\/li>\n<\/ul>\n<p>\u56fe13\u8bf4\u660e\u4e86\u8fd9\u79cd\u60c5\u51b5\uff1a<\/p>\n<figure style=\"width: 649px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\"   class=\"lazyload\" data-src=\"https:\/\/cdn.swordofmorning.com\/SwordofMorning\/Article%20Images\/Political%20Economy\/PEI_03\/13_LOE_EX_howto_.drawio.svg\" src=\"https:\/\/cdn.jsdelivr.net\/gh\/moezx\/cdn@3.0.2\/img\/svg\/loader\/trans.ajax-spinner-preloader.svg\" onerror=\"imgError(this)\"  width=\"649\" height=\"456\" alt=\"\u56fe13\" class=\"size-full\" \/ ><figcaption class=\"wp-caption-text\"><noscript><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/cdn.swordofmorning.com\/SwordofMorning\/Article%20Images\/Political%20Economy\/PEI_03\/13_LOE_EX_howto_.drawio.svg\" width=\"649\" height=\"456\" alt=\"\u56fe13\" class=\"size-full\" \/><\/noscript> \u56fe13\uff1a\u5b9e\u9645\u6c47\u7387\u662f\u5982\u51b3\u5b9a\u7684<\/figcaption><\/figure>\n<p>\u56e0\u4e3a\u201c\u51c0\u51fa\u53e3\u662f\u5173\u4e8e\u5b9e\u9645\u6c47\u7387\u7684\u51fd\u6570\uff0c\u5176\u5173\u7cfb\u662f\u8d1f\u76f8\u5173\u7684\u201d\uff0c\u6240\u4ee5$NX(\\epsilon)$\u662f\u4e00\u4e2a\u5411\u53f3\u4e0b\u65b9\u503e\u659c\u7684\u66f2\u7ebf\uff1b\u6295\u8d44\u548c\u50a8\u84c4\u4e0d\u53d6\u51b3\u4e8e\u5b9e\u9645\u6c47\u7387\uff0c\u6240\u4ee5\u4e24\u8005\u662f\u5782\u76f4\u7684\u3002\u8fd9\u4e24\u6761\u7ebf\u7684\u4ea4\u70b9\u51b3\u5b9a\u4e86\u5747\u8861\u7684\u5b9e\u9645\u6c47\u7387\u3002<\/p>\n<p>&emsp;&emsp;\u540c\u6837\u7684\uff0c\u6211\u4eec\u53ef\u4ee5\u4f7f\u7528\u201c\u5916\u6c47\u7684\u4f9b\u7ed9\u548c\u9700\u6c42\u201d\u6765\u7406\u89e3\u56fe13\u3002\u5782\u7ebf$S-I$\u4ee3\u8868\u4e86\u8d44\u672c\u51c0\u6d41\u51fa\uff0c\u8868\u793a\u7528\u4e8e\u4ea4\u6362\u5916\u6c47\u7684\u7f8e\u5143\u7684\u4f9b\u7ed9\uff1b\u5411\u53f3\u4e0b\u65b9\u503e\u659c\u7684\u66f2\u7ebf$NX(\\epsilon)$\u4ee3\u8868\u4e86\u5916\u56fd\u4eba\u5bf9\u7f8e\u5143\u7684\u9700\u6c42\u3002<\/p>\n<h4>4.3.4 \u653f\u7b56\u5982\u4f55\u5f71\u54cd\u5b9e\u9645\u6c47\u7387<\/h4>\n<p>&emsp;&emsp;\u548c\u6211\u4eec\u57284.2.3\u8282\u4e2d\u8ba8\u8bba\u7684\u65b9\u5f0f\u7c7b\u4f3c\uff0c\u6211\u4eec\u8fd9\u91cc\u8ba8\u8bba\u653f\u7b56\u5bf9\u5b9e\u9645\u6c47\u7387\u7684\u5f71\u54cd\u3002\u8fd9\u91cc\u6211\u4eec\u7701\u7565\u516c\u5f0f\u63a8\u7406\u548c\u4f5c\u56fe\uff0c\u56e0\u4e3a\u5b83\u548c\u524d\u9762\u7684\u5185\u5bb9\u662f\u76f8\u4f3c\u7684\u3002<\/p>\n<p>&emsp;&emsp;\u6211\u4eec\u8003\u8651\u6269\u5f20\u6027\u7684\u56fd\u5185\u8d22\u653f\u653f\u7b56\u3002\u8be5\u653f\u7b56\u4f7f\u5f97$S-I$\u51cf\u5c11\uff0c\u8fdb\u800c\u4f7f\u5f97\u5b9e\u9645\u6c47\u7387\u4e0a\u5347\uff0c\u6700\u7ec8\u5bfc\u81f4\u51c0\u51fa\u53e3$NX$\u7684\u51cf\u5c11\u3002<\/p>\n<p>&emsp;&emsp;\u6211\u4eec\u8003\u8651\u56fd\u5916\u7684\u6269\u5f20\u6027\u8d22\u653f\u653f\u7b56\u3002\u8be5\u653f\u7b56\u4f7f\u5f97\u4e16\u754c\u5229\u7387$r$\u4e0a\u5347\uff0c\u5bfc\u81f4\u6295\u8d44$I(r)$\u51cf\u5c11(\u56e0\u4e3a\u662f\u6295\u8d44\u662f\u8d37\u6b3e\u6765\u7684)\u3002\u4e8e\u662f$S-I$\u4e0a\u5347\uff0c\u5bfc\u81f4\u6c47\u7387\u4e0b\u964d\uff0c\u6700\u7ec8\u5bfc\u81f4\u51c0\u51fa\u53e3$NX$\u7684\u4e0a\u6da8\u3002<\/p>\n<p>&emsp;&emsp;\u6211\u4eec\u8003\u8651\u56fd\u5185\u6295\u8d44\u9700\u6c42\u7684\u589e\u52a0\u3002\u6295\u8d44$I$\u7684\u589e\u52a0\u5bfc\u81f4$S-I$\u7684\u51cf\u5c11\uff0c\u8fd9\u548c\u6269\u5f20\u6027\u7684\u56fd\u5185\u8d22\u653f\u653f\u7b56\u4e00\u6837\u3002<\/p>\n<h3>4.4 \u5f00\u653e\u7684\u5927\u578b\u7ecf\u6d4e<\/h3>\n<p>&emsp;&emsp;\u5728\u672c\u8282\uff0c\u6211\u4eec\u5c06\u5c01\u95ed\u7ecf\u6d4e\u548c\u5c0f\u578b\u5f00\u653e\u7ecf\u6d4e\u7ed3\u5408\u8d77\u6765\uff0c\u4ee5\u8ba8\u8bba\u4ecb\u4e8e\u4e8c\u8005\u4e4b\u95f4\u7684\u5927\u578b\u5f00\u653e\u7ecf\u6d4e\u3002<\/p>\n<h4>4.4.1 \u8d44\u672c\u51c0\u6d41\u51fa<\/h4>\n<p>&emsp;&emsp;\u5c0f\u578b\u548c\u5927\u578b\u5f00\u653e\u7ecf\u6d4e\u4e4b\u95f4\u6700\u91cd\u8981\u7684\u533a\u522b\u662f\u8d44\u672c\u7684\u51c0\u6d41\u51fa\u7684\u884c\u4e3a\u3002\u5c0f\u578b\u5f00\u653e\u7ecf\u6d4e\u4e2d\uff0c\u6709\u4e00\u4e2a\u56fa\u5b9a\u7684\u4e16\u754c\u5229\u7387\uff0c\u8d44\u672c\u81ea\u7531\u5730\u6d41\u5165\u6216\u6d41\u51fa\u3002\u5927\u578b\u5f00\u653e\u7ecf\u6d4e\u5219\u6709\u4e00\u4e2a\u4e0d\u540c\u7684\u5047\u8bbe\uff0c\u4e3a\u4e86\u7406\u89e3\u8fd9\u4e2a\u5047\u8bbe\uff0c\u6211\u4eec\u9700\u8981\u7262\u8bb0\u8d44\u672c\u51c0\u6d41\u51fa\u662f\u56fd\u5185\u6295\u8d44\u8005\u5411\u56fd\u5916\u7684\u8d37\u6b3e\uff0c\u51cf\u53bb\u56fd\u5916\u7684\u6295\u8d44\u8005\u5411\u56fd\u5185\u7684\u8d37\u6b3e\u3002<\/p>\n<p>&emsp;&emsp;\u5047\u8bbe\u6211\u4eec\u8981\u9009\u62e9\u6295\u8d44\u7684\u65b9\u5411\uff0c\u5982\u679c\u56fd\u5916\u7684\u6536\u76ca\u66f4\u9ad8\u6211\u4eec\u5c06\u6295\u8d44\u56fd\u5916\uff0c\u5982\u679c\u56fd\u5185\u7684\u6536\u76ca\u9ad8\u6211\u4eec\u5219\u5c06\u6295\u8d44\u56fd\u5185\u3002\u56e0\u6b64\uff0c\u6211\u4eec\u5c06\u8d44\u672c\u5411\u5176\u4ed6\u56fd\u5bb6\u7684\u6d41\u52a8\u6807\u8bb0\u4e3a\uff1a<\/p>\n<p>$$<br \/>\nCF = CF(r) \\tag{4-14}<br \/>\n$$<\/p>\n<p>\u8fd9\u662f\u8bf4\uff0c\u8d44\u672c\u5411\u5176\u4ed6\u56fd\u5bb6\u7684\u6d41\u52a8\u548c\u56fd\u5185\u7684\u5229\u7387\u6210\u8d1f\u76f8\u5173\u3002\u5229\u7387\u8d8a\u9ad8\uff0c\u6295\u8d44\u5230\u56fd\u5916\u7684\u50a8\u84c4\u5c31\u8d8a\u5c11\uff0c\u4ece\u5176\u4ed6\u56fd\u5bb6\u6d41\u5165\u7684\u8d44\u91d1\u5c31\u8d8a\u591a\u3002\u56fe14\u8bf4\u660e\u4e86\u8fd9\u79cd\u60c5\u51b5\uff1a<\/p>\n<figure style=\"width: 1494px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\"   class=\"lazyload\" data-src=\"https:\/\/cdn.swordofmorning.com\/SwordofMorning\/Article%20Images\/Political%20Economy\/PEI_03\/14_BOE_CF_.drawio.svg\" src=\"https:\/\/cdn.jsdelivr.net\/gh\/moezx\/cdn@3.0.2\/img\/svg\/loader\/trans.ajax-spinner-preloader.svg\" onerror=\"imgError(this)\"  width=\"1494\" height=\"348\" alt=\"\u56fe14\" class=\"size-full\" \/ ><figcaption class=\"wp-caption-text\"><noscript><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/cdn.swordofmorning.com\/SwordofMorning\/Article%20Images\/Political%20Economy\/PEI_03\/14_BOE_CF_.drawio.svg\" width=\"1494\" height=\"348\" alt=\"\u56fe14\" class=\"size-full\" \/><\/noscript> \u56fe14\uff1a\u8d44\u672c\u51c0\u6d41\u51fa\u5982\u4f55\u53d6\u51b3\u4e8e\u5229\u7387<\/figcaption><\/figure>\n<p>\u5728\u56fe14\u4e2d\uff0c(a)\u662f\u5927\u578b\u5f00\u653e\u7ecf\u6d4e\u7684\u8d44\u672c\u6d41\u5165\u4e0e\u6d41\u51fa\u60c5\u51b5\uff0c\u5b83\u53d6\u51b3\u4e8e\u672c\u56fd\u7684\u5b9e\u9645\u5229\u7387\uff1b(b)\u662f\u5c01\u95ed\u7ecf\u6d4e\uff0c\u5b83\u6ca1\u6709\u8d44\u672c\u6d41\u5165\u548c\u6d41\u51fa\uff1b(c)\u662f\u5c0f\u578b\u5f00\u653e\u7ecf\u6d4e\uff0c\u5b83\u5177\u6709\u5b8c\u5168\u7684\u8d44\u672c\u6d41\u52a8\u6027\u3002\u6211\u4eec\u9700\u8981\u6ce8\u610f\u7684\u662f\uff0c\u5bf9\u4e8e\u5927\u578b\u5f00\u653e\u7ecf\u6d4e\uff0c\u5982\u679c\u501f\u8d37\u8d8a\u591a($CF$\u8d1f\u5f97\u8d8a\u591a)\uff0c\u5b83\u7684\u4f53\u91cf\u8db3\u4ee5\u9020\u6210\u4e16\u754c\u5229\u7387\u7684\u4e0a\u5347\u3002\u56e0\u6b64(a)\u548c(c)\u4e4b\u95f4\u5b58\u5728\u8fd9\u79cd\u533a\u522b\u3002<\/p>\n<h4>4.4.2 \u6a21\u578b<\/h4>\n<p>&emsp;&emsp;\u4e3a\u4e86\u7406\u89e3\u5927\u578b\u5f00\u653e\u7ecf\u6d4e\u5982\u4f55\u8fd0\u4f5c\uff0c\u6211\u4eec\u8003\u8651\u4e24\u4e2a\u5e02\u573a\uff1a\u51b3\u5b9a\u5229\u7387\u7684\u53ef\u8d37\u8d44\u91d1\u5e02\u573a\uff0c\u51b3\u5b9a\u6c47\u7387\u7684\u5916\u6c47\u5e02\u573a\u3002<\/p>\n<h5>\u53ef\u8d37\u8d44\u91d1\u5e02\u573a<\/h5>\n<p>&emsp;&emsp;\u4e00\u4e2a\u7ecf\u6d4e\u7684\u50a8\u84c4$S$\u53ef\u4ee5\u7528\u4e8e\uff1a\u56fd\u5185\u6295\u8d44$I$\uff0c\u548c\u8d44\u672c\u51c0\u6d41\u51fa$CF$\uff1a<\/p>\n<p>$$<br \/>\nS = I + CF \\tag{4-15}<br \/>\n$$<\/p>\n<p>\u56fd\u6c11\u50a8\u84c4\u7531\u4ea7\u51fa\u6c34\u5e73\u3001\u8d22\u653f\u653f\u7b56\u548c\u6d88\u8d39\u51fd\u6570\u51b3\u5b9a\uff0c\u6295\u8d44\u548c\u8d44\u672c\u51c0\u6d41\u51fa\u90fd\u53d6\u51b3\u4e8e\u56fd\u5185\u7684\u5b9e\u9645\u5229\u7387\uff0c\u6211\u4eec\u53ef\u4ee5\u5199\u6210\uff1a<\/p>\n<p>$$<br \/>\n\\overline{S} = I(r) + CF(r) \\tag{4-16}<br \/>\n$$<\/p>\n<p>&emsp;&emsp;\u56fe15\u8868\u793a\u53ef\u8d37\u8d44\u91d1\u5e02\u573a\uff0c\u53ef\u8d37\u8d44\u91d1\u7684\u4f9b\u7ed9\u662f\u56fd\u6c11\u50a8\u84c4\uff0c\u53ef\u8d37\u8d44\u91d1\u7684\u9700\u6c42\u662f\u56fd\u5185\u6295\u8d44\u548c\u56fd\u5916\u6295\u8d44\u4e4b\u548c\u3002\u5229\u7387\u4f7f\u5176\u8fbe\u5230\u5747\u8861\u3002<\/p>\n<figure style=\"width: 525px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\"   class=\"lazyload\" data-src=\"https:\/\/cdn.swordofmorning.com\/SwordofMorning\/Article%20Images\/Political%20Economy\/PEI_03\/15_BOE_loanable_funds_market_.drawio.svg\" src=\"https:\/\/cdn.jsdelivr.net\/gh\/moezx\/cdn@3.0.2\/img\/svg\/loader\/trans.ajax-spinner-preloader.svg\" onerror=\"imgError(this)\"  width=\"525\" height=\"336\" alt=\"\u56fe15\" class=\"size-full\" \/ ><figcaption class=\"wp-caption-text\"><noscript><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/cdn.swordofmorning.com\/SwordofMorning\/Article%20Images\/Political%20Economy\/PEI_03\/15_BOE_loanable_funds_market_.drawio.svg\" width=\"525\" height=\"336\" alt=\"\u56fe15\" class=\"size-full\" \/><\/noscript> \u56fe15\uff1a\u5927\u578b\u5f00\u653e\u7ecf\u6d4e\u7684\u53ef\u8d37\u8d44\u91d1\u5e02\u573a<\/figcaption><\/figure>\n<h5>\u5916\u6c47\u5e02\u573a<\/h5>\n<p>&emsp;&emsp;\u4e4b\u524d\u7684\u7ae0\u8282\u544a\u8bc9\u6211\u4eec\uff0c$NX = S - I$\u3002\u7531\u4e8e$NX$\u662f\u5b9e\u9645\u6c47\u7387$\\epsilon$\u7684\u51fd\u6570\uff1b\u5e76\u4e14$CF = S - I$\u3002\u56e0\u6b64\uff1a<\/p>\n<p>$$<br \/>\nNX(\\epsilon) = CF \\tag{4-17}<br \/>\n$$<\/p>\n<p>\u540c\u6837\u7684\uff0c\u56fe16\u8868\u793a\u4e86\u5916\u6c47\u5e02\u573a\uff1a<\/p>\n<figure style=\"width: 519px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\"   class=\"lazyload\" data-src=\"https:\/\/cdn.swordofmorning.com\/SwordofMorning\/Article%20Images\/Political%20Economy\/PEI_03\/16_BOE_exchange_market_.drawio.svg\" src=\"https:\/\/cdn.jsdelivr.net\/gh\/moezx\/cdn@3.0.2\/img\/svg\/loader\/trans.ajax-spinner-preloader.svg\" onerror=\"imgError(this)\"  width=\"519\" height=\"336\" alt=\"\u56fe16\" class=\"size-full\" \/ ><figcaption class=\"wp-caption-text\"><noscript><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/cdn.swordofmorning.com\/SwordofMorning\/Article%20Images\/Political%20Economy\/PEI_03\/16_BOE_exchange_market_.drawio.svg\" width=\"519\" height=\"336\" alt=\"\u56fe16\" class=\"size-full\" \/><\/noscript> \u56fe16\uff1a\u5927\u578b\u5f00\u653e\u7ecf\u6d4e\u7684\u5916\u6c47\u5e02\u573a<\/figcaption><\/figure>\n<p>&emsp;&emsp;\u6700\u540e\u6211\u4eec\u8003\u8651\u540d\u4e49\u6c47\u7387\uff1a<\/p>\n<p>$$<br \/>\ne = \\epsilon \\times \\frac{P^{*}}{P} \\tag{4-18}<br \/>\n$$<\/p>\n<h4>4.4.3 \u653f\u7b56<\/h4>\n<p>&emsp;&emsp;\u73b0\u5728\u6211\u4eec\u8ba8\u8bba\u5927\u578b\u7ecf\u6d4e\u4e2d\u7684\u653f\u7b56\uff0c\u56fe17\u8868\u793a\u4e86\u5927\u578b\u5f00\u653e\u7ecf\u6d4e\u4e2d\u7684\u5747\u8861\uff1a<\/p>\n<figure style=\"width: 1009px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\"   class=\"lazyload\" data-src=\"https:\/\/cdn.swordofmorning.com\/SwordofMorning\/Article%20Images\/Political%20Economy\/PEI_03\/17_BOE_model_.drawio.svg\" src=\"https:\/\/cdn.jsdelivr.net\/gh\/moezx\/cdn@3.0.2\/img\/svg\/loader\/trans.ajax-spinner-preloader.svg\" onerror=\"imgError(this)\"  width=\"1009\" height=\"728\" alt=\"\u56fe17\" class=\"size-full\" \/ ><figcaption class=\"wp-caption-text\"><noscript><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/cdn.swordofmorning.com\/SwordofMorning\/Article%20Images\/Political%20Economy\/PEI_03\/17_BOE_model_.drawio.svg\" width=\"1009\" height=\"728\" alt=\"\u56fe17\" class=\"size-full\" \/><\/noscript> \u56fe17\uff1a\u5927\u578b\u5f00\u653e\u7ecf\u6d4e\u4e2d\u7684\u5747\u8861<\/figcaption><\/figure>\n<p>\u56fe(a)\u8868\u793a\uff0c\u53ef\u8d37\u8d44\u91d1\u5e02\u573a\u51b3\u5b9a\u4e86\u5747\u8861\u5229\u7387\uff1b\u56fe(b)\u8868\u793a\uff0c\u5229\u7387\u51b3\u5b9a\u4e86\u8d44\u672c\u51c0\u6d41\u51fa\uff0c\u8d44\u672c\u51c0\u6d41\u51fa\u51b3\u5b9a\u4e86\u9700\u8981\u6362\u6210\u5916\u56fd\u901a\u8d27\u7684\u7f8e\u5143(\u672c\u5e01)\u4f9b\u7ed9\uff1b\u56fe(c)\u8868\u793a\uff0c\u5b9e\u9645\u6c47\u7387\u4f7f\u5f97\u7f8e\u5143\u7684\u4f9b\u7ed9\u548c\u6765\u81ea\u51c0\u51fa\u53e3\u7684\u5bf9\u7f8e\u5143\u7684\u9700\u6c42\u8fbe\u5230\u5747\u8861\u3002<\/p>\n<p>&emsp;&emsp;\u6211\u4eec\u540c\u6837\u4e2d\u6269\u5f20\u6027\u7684\u56fd\u5185\u8d22\u653f\u653f\u7b56\u51fa\u53d1\u3002<\/p>\n<figure style=\"width: 969px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\"   class=\"lazyload\" data-src=\"https:\/\/cdn.swordofmorning.com\/SwordofMorning\/Article%20Images\/Political%20Economy\/PEI_03\/18_Exp_Dome_.drawio.svg\" src=\"https:\/\/cdn.jsdelivr.net\/gh\/moezx\/cdn@3.0.2\/img\/svg\/loader\/trans.ajax-spinner-preloader.svg\" onerror=\"imgError(this)\"  width=\"969\" height=\"750\" alt=\"\u56fe18\" class=\"size-full\" \/ ><figcaption class=\"wp-caption-text\"><noscript><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/cdn.swordofmorning.com\/SwordofMorning\/Article%20Images\/Political%20Economy\/PEI_03\/18_Exp_Dome_.drawio.svg\" width=\"969\" height=\"750\" alt=\"\u56fe18\" class=\"size-full\" \/><\/noscript> \u56fe18\uff1a\u5927\u578b\u5f00\u653e\u7ecf\u6d4e\u4e2d\u7684\u6269\u5f20\u6027\u8d22\u653f\u653f\u7b56<\/figcaption><\/figure>\n<p>&emsp;&emsp;\u5176\u4ed6\u7684\u653f\u7b56\u5728\u6b64\u4e0d\u5728\u8d58\u8ff0\u3002<\/p>\n<h4>4.4.5 \u603b\u7ed3<\/h4>\n<p>&emsp;&emsp;\u548c\u5728\u5c0f\u578b\u5f00\u653e\u7ecf\u6d4e\u4e2d\u770b\u5230\u7684\u4e00\u6837\uff0c\u6269\u5f20\u6027\u7684\u8d22\u653f\u653f\u7b56\u7684\u5f71\u54cd\u90fd\u662f\u4e00\u6837\u7684\uff0c\u90fd\u5bfc\u81f4\u4e86\u8d38\u6613\u8d64\u5b57\uff1b\u540c\u6837\uff0c\u589e\u52a0\u50a8\u84c4\u6216\u8005\u51cf\u5c11\u6295\u8d44\u4e5f\u5c06\u5e26\u6765\u8d38\u6613\u76c8\u4f59\u3002\u56e0\u6b64\uff0c\u5927\u578b\u5f00\u653e\u7ecf\u6d4e\u867d\u7136\u4f1a\u5f71\u54cd\u4e16\u754c\u5229\u7387\uff0c\u4f46\u5b9e\u9645\u4e0a\u4f7f\u7528\u5c0f\u578b\u5f00\u653e\u7ecf\u6d4e\u7684\u6a21\u578b\u4e5f\u662f\u9002\u7528\u7684\u3002<\/p>\n<h2>\u4e94\u3001\u5931\u4e1a\u548c\u52b3\u52a8\u5e02\u573a<\/h2>\n<p>&emsp;&emsp;\u56e0\u4e3a\u539f\u4f5c\u6240\u8ba8\u8bba\u7684\u8bb8\u591a\u653f\u7b56\u3001\u52b3\u52a8\u529b\u5e02\u573a\u4ee5\u53ca\u7ec4\u7ec7\u5728\u56fd\u5185\u662f\u72ec\u5177\u7279\u8272\u7684\u3001\u4e0d\u9002\u7528\u7684\uff0c\u6211\u8ba4\u4e3a\u5bf9\u4e8e\u672c\u7ae0\u53ea\u9700\u8981\u4e86\u89e3\u4e00\u4e0b\u672f\u8bed\u5373\u53ef\u3002<\/p>\n<ol>\n<li>\u6469\u64e6\u6027\u5931\u4e1a(frictional unemployment)\u662f\u6307\u5f53\u4eba\u4eec\u653e\u5f03\u539f\u6765\u7684\u804c\u4e1a\u518d\u5bfb\u627e\u65b0\u7684\u5de5\u4f5c\uff0c\u53ef\u80fd\u9700\u8981\u82b1\u8d39\u4e00\u6bb5\u65f6\u95f4\u800c\u51fa\u73b0\u7684\u5931\u4e1a\u72b6\u51b5\u3002<\/li>\n<li>\u7ed3\u6784\u6027\u5931\u4e1a(structural unemployment)\u662f\u6307\u5e02\u573a\u7ade\u4e89\u7684\u7ed3\u679c\u6216\u8005\u662f\u751f\u4ea7\u6280\u672f\u6539\u53d8\u800c\u9020\u6210\u7684\u5931\u4e1a\uff0c\u901a\u5e38\u7531\u4e8e\u5c31\u4e1a\u5e02\u573a\u5e76\u4e0d\u5e73\u8861\uff0c\u67d0\u4e9b\u884c\u4e1a\u6b63\u6269\u5f20\uff0c\u53e6\u4e00\u4e9b\u5219\u8870\u9000\uff0c\u9020\u6210\u90e8\u5206\u5de5\u4eba\u5931\u4e1a\u3002<\/li>\n<li>\u6240\u5f97\u66ff\u4ee3\u7387\uff08income replacement ratio\uff09\u662f\u6307\u9000\u4f11\u540e\u5e73\u5747\u6bcf\u6708\u53ef\u652f\u914d\u91d1\u989d\u4e0e\u9000\u4f11\u5f53\u65f6\u7684\u6bcf\u6708\u85aa\u8d44\u7684\u6bd4\u4f8b\u3002\u7ef4\u6301\u4e00\u5b9a\u7684\u6240\u5f97\u66ff\u4ee3\u7387\uff0c\u5219\u662f\u9000\u4f11\u540e\u6bcf\u6708\u6536\u5165\u662f\u5426\u80fd\u7ef4\u6301\u751f\u6d3b\u6c34\u51c6\u4e4b\u5173\u952e\u3002\u8fd9\u91cc\u4e5f\u80fd\u7528\u4e8e\u8003\u5bdf\u5931\u4e1a\u671f\u95f4\u7684\u4fdd\u9669\u3001\u8865\u8d34\u548c\u6551\u6d4e\u7684\u66ff\u4ee3\u7387\u3002<\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"<p>Political Economy Introduction 02\u300aMarcoeconomics\u300bChapter 2 &emsp; &#8230;<\/p>","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[42],"tags":[243],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/swordofmorning.com\/index.php\/wp-json\/wp\/v2\/posts\/1290"}],"collection":[{"href":"https:\/\/swordofmorning.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/swordofmorning.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/swordofmorning.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/swordofmorning.com\/index.php\/wp-json\/wp\/v2\/comments?post=1290"}],"version-history":[{"count":1,"href":"https:\/\/swordofmorning.com\/index.php\/wp-json\/wp\/v2\/posts\/1290\/revisions"}],"predecessor-version":[{"id":1291,"href":"https:\/\/swordofmorning.com\/index.php\/wp-json\/wp\/v2\/posts\/1290\/revisions\/1291"}],"wp:attachment":[{"href":"https:\/\/swordofmorning.com\/index.php\/wp-json\/wp\/v2\/media?parent=1290"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/swordofmorning.com\/index.php\/wp-json\/wp\/v2\/categories?post=1290"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/swordofmorning.com\/index.php\/wp-json\/wp\/v2\/tags?post=1290"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}