单词 | IS-LM model |
释义 | IS-LM model A model often used as an extremely simple example of general equilibrium in macroeconomics. The IS curve shows the combinations of national income, Y, and interest rate, r, at which ex ante savings and investment are equal. The LM curve shows the combinations of Y and r at which the supply of and the demand to hold money are equal. Where the IS and LM curves cross, both the market for goods and the market for money balances are simultaneously in equilibrium. IS-LM is a pure comparative statics model: it suppresses consideration of how the price level is determined and whether the labour market is in equilibrium. IS-LM is a teaching device and not a realistic model of any actual economy. The horizontal axis shows real GDP, labelled Y; the vertical axis shows the rate of interest, labelled r. ISEIS shows the IS curve. This is the locus of combinations of Y and r at which savings and investment are equal. Because higher Y increases savings and lower r increases investment, the IS curve is downward sloping. LMELM shows the LM curve. This is the locus of combinations of Y and r at which the supply and demand for money are equal. Because higher Y increases the demand for money and higher r decreases it, the LM curve is upward sloping. E is the equilibrium point, at which the IS and LM curves cross. BPEBP shows the BP curve. This is the locus of combinations of Y and r consistent with overall equilibrium in the balance of payments. Because increases in Y tend to worsen the current account, and increases in r tend to improve the capital account, the BP curve slopes upwards. With high international capital mobility, BP is very elastic, and is flatter than the LM curve, as drawn. Under earlier conditions of strict capital controls and low international capital mobility, BP may have been steeper than LM. The IS-LM diagram is frequently drawn omitting the BP curve. |
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