Post on 05-Apr-2015
Expansive Geldpolitik
mittlere Frist
y0
N0
y(N, )
ND
N
(W/P)0
NS
W
W0
N
P0 ∙ ND
PeNS
y
y
45°
y0
r
r0
yP
y
AS
P0
AD0
LM00P
Pe
W/P
y
N
IS
y0
N0
y(N, )
ND
N
(W/P)0
NS
W
W0
N
P0 ∙ ND
PeNS
y
y
45°
y0
r
r0
yP
y
AS
P0
AD0
LM0
LM1
0P
Pe
W/P
y
N
IS
y0
N0
y(N, )
ND
N
(W/P)0
NS
W
W0
N
P0 ∙ ND
Pe NS
y
y
45°
y0
r
r0
yP
y
AS
P0
AD0AD1
LM0
LM1
0P
Pe
W/P
y
N
IS
y0
N0
y(N, )
ND
N
(W/P)0
NS
W
W0
N
P0 ∙ ND
PeNS
y
y
45°
y0
r
r0
yP
y
AS
P0
AD0AD1
LM0
LM1
0P
Pe
Nachfrageüberschuss
W/P
y
N
IS
y0
N0
y(N, )
ND
N
(W/P)0
NS
W
W0
N
P0 ∙ ND
Pe NS
y
y
45°
y0
r
r0
yP
y
AS
P0
P1
AD0AD1
LM0
LM1
0P
Pe
W/P
y
N
IS
y0
N0
y(N, )
ND
N
(W/P)0
NS
W
W0
N
P0 ∙ ND
PeNS
y
y
45°
y0
r
r1
r0
yP
y
AS
P0
P1
AD0AD1
LM0
LM1
LM2
0P
Pe
W/P
y
N
IS
y0
N0
y(N, )
ND
N
(W/P)0
NS NS
W
W0
N
P0 ∙ ND
P1 ND
Pe NS
y
y
45°
y0
r
r1
r0
yP
y
AS
P0
P1
AD0AD1
LM0
LM1
LM2
0P
Pe
1P
Pe
W/P
y
N
IS
y0
N0
y(N, )
ND
N
(W/P)0
NS NS
W
W0
N
P0 ∙ ND
P1 ND
PeNS
y
y
45°
y0
r
r1
r0
yP
y
AS
P0
P1
AD0AD1
LM0
LM1
LM2
0P
Pe
1P
Pe
Arbeitsnachfrageüberschuss
W/P
y
N
IS
y0
N0
y(N, )
ND
N
(W/P)0 (W/P)1
NS NS
W
W0
N
P0 ∙ ND
P1 ND
W1
PeNS
y
y
45°
y0
r
r1
r0
yP
y
AS
P0
P1
AD0AD1
LM0
LM1
LM2
0P
Pe
1P
Pe
W/P
y
N
IS
y0
N0 N1
y(N, )
ND
N
(W/P)0 (W/P)1
NS NS
W
W0
N
P0 ∙ ND
P1 ND
W1
PeNS
y
y
45°
y0
r
r1
r0
yP
y
AS
P0
P1
AD0AD1
LM0
LM1
LM2
0P
Pe
1P
Pe
W/P
y
N
IS
y1
y0
N0 N1
y(N, )
ND
N
(W/P)0 (W/P)1
NS NS
W
W0
N
P0 ∙ ND
P1 ND
W1
PeNS
y
y
45°
y0 y1
r
r1
r0
yP
y
AS
P0
P1
AD0AD1
LM0
LM1
LM2
0P
Pe
1P
Pe
W/P
y
N
IS
y1
y0
N0 N1
y(N, )
ND
N
(W/P)0 (W/P)1
NS NS
W
W0
N
P0 ∙ ND
P1 ND
W1
PeNS
y
y
45°
y0 y1
r
r1
r0
yP
y
AS
P0
P1
AD0AD1
LM0
LM1
LM2
0P
Pe
1P
Pe
W/P
y
N
IS
expansive Geldpolitik
längere Frist
P
ND
W
W0
N
(W/P)0 = (W/P)1
y
N
y0= y1
y
A
N0 = N1
N0 = N1
N0 = N1 y0= y1
y0 = y1
N
Pe0 NS
P0 ∙ ND
NS
45°y(N, )
AS
P0
P
Pe
ISLM
AD
P
W
y
y
y
r
P
ND
W
W0
N
(W/P)0 = (W/P)1
y
N
y0= y1
y
A
N0 = N1
N0 = N1
N0 = N1 y0= y1
y0 = y1
N
Pe0 NS
P0 ∙ ND
NS
45°y(N, )
P0
P
Pe
ISLM
AD
P
W
y
y
AS y
r
P
ND
W
W0
N
(W/P)0 = (W/P)1
y
N
y0= y1
y
A
N0 = N1
N0 = N1
N0 = N1 y0= y1
y0 = y1
N
Pe0 NS
P0 ∙ ND
NS
45°y(N, )
P0
P
Pe
Nachfrageüberschuss
ISLM
AD
P
W
y
y
AS y
r
P
ND
W
W0
N
(W/P)0 = (W/P)1
y
N
y0= y1
y
A
N0 = N1
N0 = N1
N0 = N1 y0= y1
y0 = y1
N
B
Pe0 NS
P0 ∙ ND
NS
45°y(N, )
P0
P1P
Pe
ISLM
AD
P
W
y
y
AS y
r
P
ND
W
W0
N
(W/P)0 = (W/P)1
y
N
y0= y1
y
A
N0 = N1
N0 = N1
N0 = N1 y0= y1
y0 = y1
N
B
Pe0 NS
P0 ∙ ND
P1 ND
NS
45°y(N, )
P0
P1P
Pe
ISLM
AD
P
W
y
y
Pe1 NS
AS y
r
P
ND
W
W0
N
(W/P)0 = (W/P)1
y
N
y0= y1
y
A
N0 = N1
N0 = N1
N0 = N1 y0= y1
y0 = y1
N
B
Pe0 NS
P0 ∙ ND
P1 ND
NS
45°y(N, )
P0
P1P
Pe
Arbeitsnachfrageüberschuss
ISLM
AD
P
W
y
y
Pe1 NS
AS y
r
P
ND
W
W0
N
(W/P)0 = (W/P)1
y
N
y0= y1
y
A
N0 = N1
N0 = N1
N0 = N1 y0= y1
y0 = y1
N
B
Pe0 NS
P0 ∙ ND
P1 ND
W1
NS
45°y(N, )
P0
P1P
Pe
ISLM
AD
P
W
y
y
Pe1 NS
AS y
r
restriktive Fiskalpolitik
mittlere Frist
r
r´0
y
LM0
P
AS
P0
AD0
y
45°
y0 N
y0
y(N, )y
W
W0
P0ND
ND
W/P
(W/P)0
NS
y
SeNP
0P
Pe
IS0
yN
N
r
r´0
y
LM0
P
AS
P0
AD0
y
45°
y0 N
y0
y(N, )y
W
W0
P0ND
ND
W/P
(W/P)0
NS
y
SeNP
0P
Pe
IS0
IS1
yN
N
r
r´0
y
LM0
P
AS
P0
AD0
AD1
y
45°
y0 N
y0
y(N, )y
W
W0
P0ND
ND
W/P
(W/P)0
NS
y
SeNP
0P
Pe
IS0
IS1
yN
N
r
r´0
y
LM0
P
AS
P0
AD1
AD0
y
45°
y0 N
y0
y(N, )y
W
W0
P0ND
ND
W/P
(W/P)0
NS
y
SeNP
0P
Pe
IS0
IS1
yN
N
Angebotsüberschuss
r
r´0
y
LM0
P
AS
P0
P1
AD1
AD0
y
45°
y0 N
y0
y(N, )y
W
W0
P0ND
ND
W/P
(W/P)0
NS
y
SeNP
0P
Pe
IS0
IS1
yN
N
r
r1
r´0
y
LM0
LM1
P
AS
P0
P1
AD1
AD0
y
45°
y0 N
y0
y(N, )y
W
W0
P0ND
ND
W/P
(W/P)0
NS
y
SeNP
0P
Pe
IS0
IS1
yN
N
r
r1
r´0
y
LM0
LM1
P
AS
P0
P1
AD1
AD0
y
45°
y0 N
y0
y(N, )y
W
W0
P0ND
ND
W/P
(W/P)0
NS
y
SeNP
P1ND
0P
Pe
IS0
IS1
yN
N
r
r1
r´0
y
LM0
LM1
P
AS
P0
P1
AD1
AD
y
45°
y0 N
y0
y(N, )y
W
W0
P0ND
ND
W/P
(W/P)0
NS
NS
y
SeNP
P1ND
1P
Pe
0P
Pe
IS0
IS1
yN
N
r
r1
r´0
y
LM0
LM1
P
AS
P0
P1
AD1
AD0
y
45°
y0 N
y0
y(N, )y
W
W0
P0ND
ND
W/P
(W/P)0
NS
NS
y
SeNP
P1ND
1P
Pe
0P
Pe
IS0
IS1
yN
N
Arbeitsangebotsüberschuss
r
r1
r´0
y
LM0
LM1
P
AS
P0
P1
AD1
AD0
y
45°
y0 N
y0
y(N, )y
W
W0
P0ND
W1
ND
W/P
(W/P)1
(W/P)0
NS
NS
y
SeNP
P1ND
1P
Pe
0P
Pe
IS0
IS1
yN
N
r
r1
r´0
y
LM0
LM1
P
AS
P0
P1
AD1
AD0
y
45°
y0 N
y0
N1 N0
y(N, )y
W
W0
P0ND
W1
ND
W/P
(W/P)1
(W/P)0
NS
NS
y
SeNP
P1ND
1P
Pe
0P
Pe
IS0
IS1
yN
N
r
r1
r´0
y
LM0
LM1
P
AS
P0
P1
AD1
AD0
y
45°
y1 y0 N
y0
y1
N1 N0
y(N, )y
W
W0
P0ND
W1
ND
W/P
(W/P)1
(W/P)0
NS
NS
y
SeNP
P1ND
1P
Pe
0P
Pe
IS0
IS1
yN
N
r
r1
r´0
y
LM0
LM1
P
AS
P0
P1
AD1
AD0
y
45°
y1 y0 N
y0
y1
N1 N0
y(N, )y
W
W0
P0ND
W1
ND
W/P
(W/P)1
(W/P)0
NS
NS
y
SeNP
P1ND
1P
Pe
0P
Pe
IS0
IS1
yN
N
restriktive Fiskalpolitik
längere Frist
r
r´0
y
LM0
P AS
P0
AD0
y
45°
y0 N
y0
y(N, )y
W
W0
P0ND
ND
W/P
(W/P)0
NS
y
Se NP 0
0P
Pe
IS0
yN
N
r
r´0
y
LM0
P AS
P0
AD0
y
45°
y0 N
y0
y(N, )y
W
W0
P0ND
ND
W/P
(W/P)0
NS
y
Se NP 0
0P
Pe
IS0
yN
N
IS1
r
r´0
y
LM0
P AS
P0
AD0
y
45°
y0 N
y0
y(N, )y
W
W0
P0ND
ND
W/P
(W/P)0
NS
y
Se NP 0
0P
Pe
IS0
yN
N
AD1
IS1
r
r´0
y
LM0
P AS
P0
AD0
y
45°
y0 N
y0
y(N, )y
W
W0
P0ND
ND
W/P
(W/P)0
NS
y
Se NP 0
0P
Pe
IS0
yN
N
AD1
IS1
Angebotsüberschuss
r
r´0
y
LM0
P AS
P0
AD0
y
45°
y0 N
y0
y(N, )y
W
W0
P0ND
ND
W/P
(W/P)0
NS
y
Se NP 0
0P
Pe
IS0
yN
N
P1
AD1
IS1
r
r´0
y
LM0
P AS
P0
AD0
y
45°
y0 N
y0
y(N, )y
W
W0
P0ND
ND
W/P
(W/P)0
NS
y
Se NP 0
0P
Pe
IS0
yN
N
P1
AD1
IS1 LM1
r´1
r
r´0
y
LM0
P AS
P0
AD0
y
45°
y0 N
y0
y(N, )y
W
W0
P0ND
ND
W/P
(W/P)0
NS
y
Se NP 0
0P
Pe
IS0
yN
N
P1 ND
P1
AD1
IS1 LM1
r´1
Se NP 1
r
r´0
y
LM0
P AS
P0
AD0
y
45°
y0 N
y0
y(N, )y
W
W0
P0ND
ND
W/P
(W/P)0
NS
y
Se NP 0
0P
Pe
IS0
yN
N
P1 ND
P1
AD1
IS1 LM1
r´1
Se NP 1
Arbeitsangebotsüberschuss
r
r´0
y
LM0
P AS
P0
AD0
y
45°
y0 N
y0
y(N, )y
W
W0
P0ND
ND
W/P
(W/P)0
NS
y
Se NP 0
0P
Pe
IS0
yN
N
P1 ND
W1
P1
AD1
IS1 LM1
r´1
Se NP 1
r
r´0
y
LM0
P AS
P0
AD0
y
45°
N
y(N, )y
W
W0
P0ND
ND
W/P
(W/P)0
NS
y
Se NP 0
0P
Pe
IS0
yN
N
P1 ND
W1
P1
AD1
IS1 LM1
r´1
Se NP 1
y0= y1
N0 = N1
y0= y1
Einführung eines Mindestlohns
längere Frist
r
r´0
y
LM0
P ASAD
y
45°
y0 N
y0
y(N, )y
W
P0ND
ND
W/P
(W/P)0
NS
y
Se NP 0
0P
Pe
IS0
yN
N
W0
P0
r
r´0
y
LM0
P ASAD
y
45°
y0 N
y0
y(N, )y
W
P0ND
ND
W/P
(W/P)0
NS
y
Se NP 0
0P
Pe
IS0
yN
N
W0
P0
W
r
r´0
y
LM0
P ASAD
y
45°
y0 N
y0
y(N, )y
W
P0ND
ND
W/P
(W/P)0
NS
y
Se NP 0
0P
Pe
IS0
yN
N
W0
P0
W
r
r´0
y
LM0
P ASAD
y
45°
y1 y0 N
y0
y1
y(N, )y
W
P0ND
ND
W/P
(W/P)0
NS
y
Se NP 0
0P
Pe
IS0
yN
N
W0
P0
W
r
r´0
y
LM0
P ASAD
y
45°
y1 y0 N
y0
y1
y(N, )y
W
P0ND
ND
W/P
(W/P)0
NS
y
Se NP 0
0P
Pe
IS0
yN
N
W0
P0
W
r
r´0
y
LM0
P ASAD
y
45°
y1 y0 N
y0
y1
y(N, )y
W
P0ND
ND
W/P
(W/P)0
NS
y
Se NP 0
0P
Pe
IS0
yN
N
W0
P0
W
Nachfrageüberschuss
r
r´0
y
LM0
P AS
P1
AD
y
45°
y1 y0 N
y0
y1
y(N, )y
W
P0ND
ND
W/P
(W/P)0
NS
y
Se NP 0
0P
Pe
IS0
yN
N
W0
P0
W
r
r´0
y
LM0
P AS
P1
AD
y
45°
y1 y0 N
y0
y1
y(N, )y
W
P0ND
ND
W/P
(W/P)0
NS
y
Se NP 0
0P
Pe
IS0
yN
N
W0
P0
LM1
r1
W
r
r´0
y
LM0
P AS
P1
AD
y
45°
y1 y0 N
y0
y1
y(N, )y
W
P0ND
ND
W/P
(W/P)0
NS
y
Se NP 0
0P
Pe
IS0
yN
N
P1 ND
W0
P0
LM1
r´1
Se NP 1
W
r
r´0
y
LM0
P AS
P1
AD
y
45°
y1 y0 N
y0
y2
y1
y(N, )y
W
P0ND
ND
W/P
(W/P)0
NS
y
Se NP 0
0P
Pe
IS0
yN
N
P1 ND
W1
P0
LM1
r´1
Se NP 1
W
r
r´0
y
LM0
P AS
P1
AD
y
45°
y1 y2 y0 N
y0
y2
y1
y(N, )y
W
P0ND
ND
W/P
(W/P)0
NS
y
Se NP 0
0P
Pe
IS0
yN
N
P1 ND
W1
P0
LM1
r´1
Se NP 1
W
Produktivitätserhöhungin der längeren Frist
AS
AD
LM
IS
45°y (N, K0)
NS
ND
PeNS
PND
y
yy y
y
N
N
N P
rW
W/P Pe/P
N0
y (N, K1)
AS
AD
LM
IS
45°y (N, K0)
NS
ND(K0)
Pe0NS
P0ND(K0)
y
yy y
y
N
N
N P
rW
W/P Pe0/P0
N0
ND(K1)
P0ND(K1)
y (N, K1)
AS
AD
LM
IS
45°y (N, K0)
NS
ND(K0)
Pe0NS
P0ND(K0)
y
yy y
y
N
N
N P
rW
W/P Pe0/P0
N0 N1
ND(K1)
P0ND(K1)
y (N, K1)
AS
AD
LM
IS
45°y (N, K0)
NS
ND(K0)
Pe0NS
P0ND(K0)
y
yy y
y
N
N
N P
rW
W/P Pe0/P0
N0 N1
ND(K1)
P0ND(K1)
y (N, K1)
AS0
AD
LM
IS
45°y (N, K0)
NS
ND(K0)
Pe0NS
P0ND(K0)
y
yy y
y
N
N
N P
rW
AS1
P0
W/P Pe0/P0
N0 N1
ND(K1)
P0ND(K1)
y (N, K1)
AS0
AD
LM
IS
45°y (N, K0)
NS
ND(K0)
Pe0NS
P0ND(K0)
y
yy y
y
N
N
N P
rW
AS1
P0
Angebotsüberhang
W/P Pe0/P0
N0 N1
ND(K1)
P0ND(K1)
y (N, K1)
AS0
AD
LM
IS
45°y (N, K0)
NS
ND(K0)
Pe0NS
P0ND(K0)
y
yy y
y
N
N
N P
rW
AS1
P0
P1
W/P Pe0/P0
Rückwirkung auf den Arbeitsmarkt
N0 N1
ND(K1)
P0ND(K1)
y (N, K1)
AS0
AD
LM
IS
45°y (N, K0)
NS
ND(K0)
Pe0NS
P0ND(K0)
y
yy y
y
N
N
N P
rW
AS1
P0
P1
W/P Pe0/P0
P1
Pe1NS
AS1
P0
N0 N1
ND(K1)
P0ND(K1)
y (N, K1)
AS0
AD
LM
IS
45°y (N, K0)
NS Pe0/P0 = NS Pe1/P1
ND(K0)
Pe0NS
P0ND(K0)
y
yy y
y
N
N
N P
rW P1ND(K1)
W/P
Wirkung auf Güter- und Geldmarkt
LM1Pe1NS
AS1
P0
N0 N1
ND(K1)
P0ND(K1)
y (N, K1)
AS0
AD
LM0
IS
45°y (N, K0)
NS Pe0/P0 = NS Pe1/P1
ND(K0)
Pe0NS
P0ND(K0)
y
yy y
y
N
N
N P
rW P1ND(K1)r0
r1
P1
W/P
Produktivitätserhöhung
mittlere Frist
r
r´0
y
LM0
PASAD
y
45°
y0 N
y0
y(N, )y
W
P0ND
ND
W/P
(W/P)0
NS
y
Se NP 0
0P
Pe
IS0
yN
N
W0 P0
r
r´0
y
LM0
PAD
y
45°
y0 N
y0
y(N, )y
W
P0ND
ND
W/P
(W/P)0
NS
y
Se NP 0
0P
Pe
IS0
yN
N
W0P0
AS
r
r´0
y
LM0
PAD
y
45°
y0 N
y0
y(N, )y
W
P0ND
ND
W/P
(W/P)0
NS
y
Se NP 0
0P
Pe
IS0
yN
N
W0P0
AS
r
r´0
y
LM0
PAD
y
45°
y0 N
y0
y(N, )y
W
P0ND
ND
W/P
(W/P)0
NS
y
Se NP 0
0P
Pe
IS0
yN
N
W0P0
AS
r
r´0
y
LM0
PAD
y
45°
y0 N
y0
y(N, )y
W
P0ND
ND
W/P
(W/P)0
NS
y
Se NP 0
0P
Pe
IS0
yN
N
W0P0
AS
y1
r
r´0
y
LM0
PAD
y
45°
y0 N
y0
y(N, )y
W
P0ND
ND
W/P
(W/P)0
NS
y
Se NP 0
0P
Pe
IS0
yN
N
W0P0
AS
y1
y1
r
r´0
y
LM0
PAD
y
45°
y0 N
y0
y(N, )y
W
P0ND
ND
W/P
(W/P)0
NS
y
Se NP 0
0P
Pe
IS0
yN
N
W0P0
AS
y1
y1
Angebotsüberschuss
r
r´0
y
LM0
PAD
y
45°
y0 N
y0
y(N, )y
W
P0ND
ND
W/P
(W/P)0
NS
y
Se NP 0
0P
Pe
IS0
yN
N
W0P0
AS
y1
y1
P1
r
r´0
y
LM0
PAD
y
45°
y0 N
y0
y(N, )y
W
P0ND
ND
W/P
(W/P)0
NS
y
Se NP 0
0P
Pe
IS0
yN
N
W0P0
AS
y1
y1
P1
LM1
r´1
r
r´0
y
LM0
PAD
y
45°
y0 N
y0
y(N, )y
W
P0ND
ND
W/P
(W/P)0
NS
y
Se NP 0
0P
Pe
IS0
yN
N
W0P0
AS
y1
y1
P1
LM1
r´1
r
r´0
y
LM0
PAD
y
45°
y0 N
y0
y(N, )y
W
P0ND
ND
W/P
(W/P)0
NS
y
Se NP 0
0P
Pe
IS0
yN
N
W0P0
AS
y1
y1
P1
LM1
r´1
r
r´0
y
LM0
PAD
y
45°
y0 N
y0
y(N, )y
W
P0ND
ND
W/P
(W/P)0
NS
y
Se NP 0
0P
Pe
IS0
yN
N
W0P0
AS
y1
y1
P1
LM1
r´1
Angebotsüberschuss
r
r´0
y
LM0
PAD
y
45°
y0 N
y0
y(N, )y
W
P0ND
ND
W/P
(W/P)0
NS
y
Se NP 0
0P
Pe
IS0
yN
N
W0P0
AS
y1
y1
P1
LM1
r´1
(W/P)1
W1
Angebotsüberschuss
r
r´0
y
LM0
PAD
y
45°
y0 N
y0
y(N, )y
W
P0ND
ND
W/P
(W/P)0
NS
y
Se NP 0
0P
Pe
IS0
yN
N
W0P0
AS
y1
y1
P1
LM1
r´1
(W/P)1
W1
r
r´0
y
LM0
PAD
y
45°
y0 N
y0
y(N, )y
W
P0ND
ND
W/P
(W/P)0
NS
y
Se NP 0
0P
Pe
IS0
yN
N
W0P0
AS
y1
y2
y1
P1
LM1
r´1
(W/P)1
W1