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山东大学货币经济学（英）授课教案
课程代码
课程名称
授课教师姓名
0023100710-4
Monetary Economics
Kong Danfeng (孔丹凤)
金融数学 2011 级 39 人
授课对象
留学生 2 人（荷兰、意大利）
本单元或章节的教学目的与要求
Chapter 21 Monetary and Fiscal Policy in the ISLM Model
授课日期
授课方式
职称
授课时数
授课地点
月 日（ ）
授课+讨论
Professor
18 周 周 3
中心理综楼 208
Chapter 21 develops the ISLM model even further, focusing on the effects of monetary and fiscal policy. This
chapter also proceeds in a step-by-step fashion to make it easier for the student to learn the material: (1) it outlines the
factors that shift the IS curve; (2) outlines the factors that shift the LM curve; (3) shows how these shifts cause changes in
the equilibrium level of the interest rate and aggregate output; (4) discusses the effectiveness of monetary versus fiscal
policy; and (5) develops the aggregate demand curve from the ISLM model.
The application on targeting money supply versus interest rates shows how the ISLM model has something
important to say about an issue raised in Chapter 16: Should the Fed conduct monetary policy by targeting the monetary
aggregates or interest rates?
授课主要内容及学时分配
Chapter 21 Monetary and Fiscal Policy in the ISLM Model

Factors That Cause the IS Curve to Shift

Factors That Cause the LM Curve to Shift

Changes in Equilibrium Level of the Interest Rate and Aggregate Output
Response to a Change in Monetary Policy
Response to a Change in Fiscal Policy

Effectiveness of Monetary Versus Fiscal Policy
Monetary Policy Versus Fiscal Policy: The Case of Complete Crowding Out

ISLM Model in the Long Run

ISLM Model and the Aggregate Demand Curve
Deriving the Aggregate Demand Curve
Factors That Cause the Aggregate Demand Curve to Shift

Summary
重点、难点及对学生的要求（掌握、熟悉、了解、自学）
 Why Study Money and Monetary Policy?
Money and Business Cycles
Money and Inflation
Money and Interest Rates
Conduct of Monetary Policy
Fiscal Policy and Monetary Policy
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主要外语词汇
Chapter 21 Monetary and Fiscal Policy in the ISLM Model
aggregate demand curve
long-run monetary neutrality
natural rate level of output
complete crowding out
辅助教学情况（多媒体课件、板书、绘图、标本、示教等）
多媒体课件、板书
课程网站资源 http://www.course.sdu.edu.cn/G2S/Template/View.aspx?action=view&courseType=0&courseId=325
复习思考题
Chapter 21 Monetary and Fiscal Policy in the ISLM Model
1. If taxes and government spending rise by equal amounts. what will happen to the position of the IS curve? Explain this
outcome with a Keynesian cross diagram.
2. What happened to the IS curve during the Great Depression when investment spending collapsed? Why?
3. What happens to the position of the LM curve if the Fed decides that it will decrease the money supply to fight
inflation and if, at the same time, the demand for money falls?
4. "An excess demand for money resulting from a rise in the demand for money can be eliminated only by a rise in the
interest rate." Is this statement true, false, or uncertain? Explain your answer.
In Problems 5-15, demonstrate your answers with an ISLM diagram.
5. In late 1969. the Federal Reserve reduced the money supply while the government raised taxes. What do you think
should have happened to interest rates and aggregate output?
6. “The high level of interest rates and the rapidly growing economy during Ronald Reagan’s third and fourth years as
president can be explained by a tight monetary policy combined with an expansionary fiscal policy." Do you agree
with this statement? Why or why not?
7. Suppose that the Federal Reserve wants to keep interest rates from rising when the government sharply increases
military spending. How can the Fed do this?
8. Evidence indicates that lately the demand for money has become quite unstable. Why is this finding important to
Federa1 Reserve policymakers?
9. "As the price level rises, the equilibrium level of output determined in the ISLM model also rises." Is this statement
true, false, or uncertain? Explain your answer.
10. What will happen to the position of the aggregate demand curve if the money supply is reduced when government
spending increases?
11. How will an equal rise in government spending and taxes affect the position of the aggregate demand curve?
12. If money demand is unaffected by changes in the interest rate, what effect will a rise in government spending have on
the position of the aggregate demand curve?
Using Economic Analysis to Predict the Future
13. Predict what will happen to interest rates and aggregate output if a stock market crash causes autonomous consumer
expenditure to fall.
14. Predict what will happen to interest rates and aggregate output when there is an autonomous export boom.
15. If a series of defaults in the bond market make bonds riskier and as a result the demand for money rises, predict what
will happen to interest rates and aggregate output.
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参考教材（资料）
1、Frederic S. Mishkin, The Economics of Money, Banking and Financial Markets, 8th edition,
Pearson Education, 2007.
2、米什金，《货币金融学（中文版）》（第九版）（郑艳文、荆国勇译），中国人民大学出版社，2011 年。
3、姜旭朝、胡金焱、孔丹凤，《货币经济学》（第二版），经济科学出版社，2008 年。
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