Expansive Geldpolitik mittlere Frist. y0 y0 N0N0 y(N, ) NDND N (W/P) 0 N S W W0W0 N P 0 N D P e N S...

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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

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