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第四章 产品市场和货币市场的一般均衡上一章只关注商品市场，而不管货币市场。
但是，市场经济不但是产品经济，还是货币经济，不但有产品市场还有货币市场，而且两个市场相互影响、相互依存：产品市场上总产出或总收入增加了，需要使用货币的交易量增加，在利率不变时，货币需求会增加，如果货币供给量不变，利率会上升，而利率上升会影响投资支出，从而对整个产品市场发生影响。
本章将两个市场同时加以考虑的基础上来分析国民收入的决定。
主要是用著名的IS-LM模型来解释的。
I指投资，S指储蓄，L指货币需求，M指货币供给。
切入点：上一章我们假定投资为常数，本章认为投资是利息率的函数，利息率又是货币供求关系确定的，从而引入货币市场。
本章主要内容⏹In this chapter you will learn:⏹一、投资的决定⏹二、IS曲线⏹三、利率的决定⏹四、LM曲线⏹五、IS-LM分析⏹六、凯恩斯有效需求理论的基本框架一、投资的决定⏹1.投资需求⏹2.决定投资的因素⏹3.投资需求函数⏹4.投资需求曲线的移动⏹5.资本的边际效率⏹(5）投资减免税。
⏹(6）投资风险。
⏹除了上述经济因素外，还有各种非经济因素：政治因素、意识形态因素、法律因素、人文环境因素、劳动力素质因素、政府管理因素、公共设施因素、生活设施因素、教育环境因素等等。
3.投资需求函数⏹在影响投资的其他因素都不变，而只有利率发生变化时，投资与实际利率之间的函数关系为投资函数。
投资用i表示，实际利率用r表示，则：i＝i（r）⏹投资是利率的减函数，即投资与利率反方向变动。
⏹线性投资函数：i＝e-dr （满足di/dr ＜ 0）⏹e为不受r影响的投资量，即自主投资（利率即使为0时能有的投资量）。
d 是利率对投资需求的影响系数，表示利率变化一个百分点，投资会变化的数量。
4.投资需求曲线的移动⏹（1）厂商预期。
预期的产出和产品需求增加，会增加投资。
预期的劳动成本增加，会减少投资；但是资本密集型的会增加投资。
第3章 产品市场与货币市场的一般均衡3.1 考点难点归纳产品市场和货币市场的关系如下：产品市场总产出增加，货币需求增加，如果货币供给不变，利率上升，进而影响投资支出。
凯恩斯经济学的重要特征就是认为产品市场和货币市场都不是相互独立的，货币对经济非中性。
1．投资的决定经济学中所讲的投资，是指资本的形成，即社会实际资本的增加，包括厂房、设备和存货的增加，新住宅的建筑等，其中主要是厂房、设备的增加。
在西方国家，人们购买证券、土地和其他财产，都被说成投资，但在经济学中，这些都不能算是投资，而只是资产权的转移。
决定投资的因素有很多，主要的因素有实际利率水平、预期收益率和投资风险等。
投资被视为外生变量参与总需求的决定，但一项投资是否可行，首先要对成本和收益进行比较。
由于用于投资的资金多半来源于外借，利息可视为其成本，而预期利润率可视作收益。
当前者小于后者时，投资是可行的，当投资预期利润率固定时，投资需求就与利率成反向变动关系，这种关系称为投资函数，可写作)(r I I =。
一般而言，假定投资需求与利率存在线性关系，即dr e I -=。
其中，e 为自主投资，d 为利率对投资需求的影响系数。
2．资本边际效率及资本边际效率曲线资本边际效率是指使一项资本物品在使用期内各预期收益的现值之和等于这项资本品的供给价格或者重置成本的贴现率，它可被视为将一项投资按复利方法计算得的预期利润率，其公式为n i i ni r J r R R )1()1(1+++=∑=。
R 代表资本品的供给价格或重置成本，i R 代表使用期内各年份的预期收益，J 代表资本品在第n 年年末的处置残值，r 代表资本边际效率。
遵循边际效用递减规律，资本边际效率曲线由左上向右倾斜，表示资本边际效率之值随资本存量的增加而下降，而将曲线上各资本边际效率之值与利息率作比较，即可得均衡投资量。
根据凯恩斯的观点，资本边际效率由预期收益和资本资产的供给价格或者说重置成本决定。
产品市场和货币市场的一般均衡(总分：100.00，做题时间：90分钟)一、Section Ⅰ Use of English(总题数：1，分数：10.00)The world religion is derived from the Latin noun religion, which denotes both (1) observance of ritual obligations and an inward spirit of reverence. In modern usage, religion covers a wide spectrum of (2) that reflects the enormous variety of ways the term can be (3) At one extreme, many committed believers (4) only their own tradition as a religion, understanding expressions such as worship and prayer to refer (5) to the practices of their tradition. They may (6) use vague or idealizing terms in defining religion, (7) , true love of God, or the path of enlightenment. At the other extreme, religion may be equated with (8) , fanaticism, or wishful thinking.By defining religion as a sacred engagement with what is taken to be a spiritual reality, it is possible to consider the importance of religion in human life without making (9) about what is really is or ought to be. Religion is not an object with a single, fixed meaning, or (10) a zone with clear boundaries. It is an aspect of Human (11) that may intersect, incorporate, or transcend other aspects of life and society. Such a definition avoid the drawbacks of (12) the investigation of religion to Western or biblical categories (13) monotheism or church structure, which are not (14) .Religion in this understanding includes a complex of activities that cannot be (15) to any single aspect of human experience. It is a part of individual life but also of (16) dynamics. Religion includes not only patterns of language and thought. It is sometimes an (17) part of a culture. Religious experience may be expressed (18) visual symbols, dance and performance, elaborate philosophical systems, legendary and imaginative stories, formal (19) , and detailed rules of some ways. There are as many forms of religious expression as there are human cultural (20) .（分数：10.00）(1).[A] earnest [B] clumsy [C] naive [D] frivolous（分数：0.50）A. √B.C.D.解析：(2).[A] urgency [B] meaning [C] condition [D] sense（分数：0.50）A.B. √C.D.解析：(3).[A] exhibited [B] translated [C] interpreted [D] illustrated（分数：0.50）A.B.C. √D.解析：(4).[A] assure [B] admit [C] indulge [D] recognize（分数：0.50）A.B.C.解析：(5).[A] excessively [B] comprehensively [C] flexibly [D] exclusively（分数：0.50）A.B.C.D. √解析：(6).[A] nevertheless [B] moreover [C] furthermore [D] accordingly（分数：0.50）A. √B.C.D.解析：(7).[A] in a sense [B] as a result [C] for example [D] for all（分数：0.50）A.B.C. √D.解析：(8).[A] ignorance [B] awareness [C] aversion [D] insistence（分数：0.50）A. √B.C.D.解析：(9).[A] wishes [B] claims [C] attempts [D] pleas（分数：0.50）A.B. √C.D.解析：(10).[A] barely [B] hardly [C] ever [D] even（分数：0.50）A.B.C.D. √解析：(11).[A] institution [B] attribute [C] distinction [D] experience（分数：0.50）A.B.C.D. √解析：(12).[A] limiting [B] fastening [C] tightening [D] fixing（分数：0.50）A.B. √C.D.(13).[A] such as [B] for instance [C] in particular [D] as to（分数：0.50）A. √B.C.D.解析：(14).[A] permanent [B] apparent [C] universal [D] exceptional（分数：0.50）A.B.C. √D.解析：(15).[A] imitated [B] bound [C] reduced [D] exposed（分数：0.50）A.B.C. √D.解析：(16).[A] strand [B] group [C] class [D] band（分数：0.50）A.B. √C.D.解析：(17).[A] dominant [B] principal [C] prevalent [D] integral（分数：0.50）A.B.C.D. √解析：(18).[A] in line with [B] in terms of [C] in regard to [D] in exchange for（分数：0.50）A.B. √C.D.解析：(19).[A] ceremonies [B] occasions [C] associations [D] formalities（分数：0.50）A. √B.C.D.解析：(20).[A] outlooks [B] circumstances [C] environments [D] surroundings（分数：0.50）A.B.C. √D.解析：二、Section Ⅱ Reading Comprehension(总题数：0，分数：0.00)三、Part A(总题数：0，分数：0.00)四、Text 1(总题数：1，分数：10.00)When Rupert Murdoch sees beams of light in the American advertising market, it is not necessarily time to reach for the sunglasses. Last October, when the impact of September 11th was only beginning to tell, the boss of NASCAR, a media group, had already identified " strong rays of sunshine". With ad sales still languishing, Mr. Murdoch declared last month that " there are some hints of a modest upswing in tile US advertising market". His early optimism turned out to be misplaced. Now, however, other industry observers are beginning to agree with him.Advertising usually exaggerates the economic cycle, falling sharply and early in a downturn, and rebounding strongly once the economy has begun to recover. This is because most managers prefer to trim their ad budgets rather than their payrolls, and restore such spending only once they feel sure that things are looking up. Last year, America's ad market shrank by 9. 8% , according to CMIR, a research firm. Although ad spending has not yet recovered across all media, some analysts now expect overall ad spending to start to grow in the third quarter.The signs of improvement are patchy, however. Ad spending on radio and television seems to be inching up—advertising on American National Radio was up 2% in January on the same period last year, according to Aegis—while spending on magazines and newspapers is still weak. Even within any one market, there are huge differences; just pick up a copy of one of the now-slimline high-teeh magazines that once bulged with ads, and compare it with the hefty celebrity or women's titles. Advertisers in some categories, such as the travel industry, are still reluctant to buy space or airtime, while others, such as the car and movie businesses, have been bolder. The winter Olympics, held last month in Salt Lake City, has also distorted the spending on broadcast advertising in the first quarter.Nonetheless, there is an underlying pattern. One measure is the booking of ad spots for national brands on local television. By early March, according to Mr. Westerfield's analysis, such bookings were growing fast across eight out of the top ten advertising sectors, led by the financial and motor industries. UBS Warburg now expects the " upfront" market, which starts in May when advertisers book advance ad spots on the TV networks for the new season in September, to be up 4% on last year. On some estimates, even online advertising could pick up by the end of the year.（分数：10.00）(1).What does the author mean by "it is not necessarily time to reach for the sunglasses" (Para.1)?[A] The sunshine is not terribly strong.[B] It is not good time to develop advertising.[C] There is no need to worry about economy now.[D] The real economic recovery has yet to take place.（分数：2.00）A.B.C.D. √解析：[解析] 本题考查句子含义。
