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1、Chapter21–AdvancedTopics21AdvancedTopicsFOCUSOFTHECHAPTER•Thischapterpresentsanoverviewoffourrecentideasandmodelsthathaverevolutionizedmodernmacroeconomics¾rationalexpectationsmodeling,therandomwalktheoryofGDP,realbusinesscycletheory,andNewKeynesianmodelsofpricestickiness.N
2、otalloftheseideasfittogether¾some,infact,contradicteachother.•Muchofthetechnicalmaterialdevelopedinthischapterisoptional,orevensuper-optional¾youmayormaynotberequiredtoworkthroughit.Chapters8and17provideveryreadablepolicyimplicationsoftheideasdevelopedhere.Ifyoureadnothinge
3、lse,readthose.SECTIONSUMMARIES1.AnOverviewoftheNewMacroeconomicsThissectionprovidesaninformalintroductiontofoursubjects:rationalexpectationsmodeling,therandomwalktheoryofGDP,realbusinesscycletheory,andNewKeynesianmodelsofpricestickiness.Wediscusseachbriefly,notinghoweachisr
4、elatedtothetraditionalaggregatesupply-aggregatedemandmodel.Therationalexpectationsmodeloutlinedinthischapter(theLucasmodel)triestoexplainhowoutputcandeviatefrompotentialoutputandunemploymentfromitsnaturalratewithoutrequiringthatpricesadjustsluggishly.Wetookapreliminary,non-
5、technicallookatthismodelinChapter6(Section6–3).Youmayrecallsomeofthefollowing:InLucas’smodel,peoplecannotdirectlyobservethepricelevel,andmustthereforeformexpectationsofit.Whentheseexpectationsarewrong,people’sestimatesoftherealwagearealsowrong,whichcausesthemtosupply“toomuc
6、h”or“toolittle”labor¾anamountgreaterorlessthantheywouldchoosetosupplyiftheyknewwhattheirrealwagereallywas.Thelabormarketdoesclearinthismodel;themainwayinwhichtheaggregate21-13Chapter21–AdvancedTopicssupplyassumptionsdifferfromtheclassicalcaseoftheAS-ADmodelisthatthelaborsup
7、ply,inthiscase,dependsontheexpectedrealwageratherthantheactualrealwage.Theassumptionthatpeople’sexpectationsareformedrationally(seeTheLanguageofEconomics6forareviewofwhatthismeans)createsanevengreaterdifferencebetweenthismodelandthestandardAS-ADmodel:onlyunanticipatedADshif
8、tscanaffectoutputandunemploymentintheshortrun.Insteadofapricelevelwhichisslowtoadj
