Question

一道宏观经济学的英文题，用中文回答就好了

Macroeconomic data do not show a strong correlationbetween investment and interest rates. Let’s examine why this might be so. Use
our model in which the interest rate adjusts to equilibrate the supply of
loanable funds (which is upward sloping) and the demand for loanable funds
(which is downward sloping).

a. Suppose the demand for loanable funds was stable butthe supply fluctuated from year to year. What might cause these fluctuations in
supply? In this case, what correlation between investment and interest rates
would you find?

b. Suppose the supply of loanable funds was stable butthe demand fluctuated from year to year. What might cause these fluctuations in
demand? In this case, what correlation between investment and interest rates
would you find now?

c. Suppose that both supply and demand in this marketfluctuated over time. If you were to construct a scatterplot of investment and
the interest rate, what would you find?

d. Which of the above three cases seems most empiricallyrealistic to you?

Answer 1

a.当货币当局增加印制和发行钞票时，货币供给就会增加，可贷资金随之增长。新的均衡点会沿着需求曲线移动，表现为投资和利率之间的负相关关系。
b。当经济周期性波动时，需求波动引起投资波动，资金需求也会随之波动。新的均衡点会沿着供给曲线移动，表现为投资于利率之间的正相关关系。
c。如果两条曲线同时移动，均衡点的轨迹很可能是没有规律的。
d.上述的第三种情况出现的可能性最大。因此在现实中往往观察不到投资和利率之间的显著关系！

Answer 2

a 对当前经济的预期会使供给曲线发生平移。这时结论上看利率和投资负相关。
b 央行货币供给影响供给。这时看上去是正相关。
c 应该会发现点均匀分布在一个区域内，没有明显相关关系。
d 当然是c

感觉这题有点自由心证和自欺欺人...

Answer 3

投资和利率之间有必然关系，是可观察到的。