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Expansive Geldpolitik mittlere Frist

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 y y 45° y 0 r r0r0 y P y AS P0P0 AD 0 LM 0 W/P y N

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Page 1: 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 y y 45° y 0 r r0r0 y P y AS P0P0 AD 0 LM 0 W/P y N

Expansive Geldpolitik

mittlere Frist

Page 2: 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 y y 45° y 0 r r0r0 y P y AS P0P0 AD 0 LM 0 W/P y N

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

Page 3: 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 y y 45° y 0 r r0r0 y P y AS P0P0 AD 0 LM 0 W/P y N

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

Page 4: 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 y y 45° y 0 r r0r0 y P y AS P0P0 AD 0 LM 0 W/P y N

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

Page 5: 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 y y 45° y 0 r r0r0 y P y AS P0P0 AD 0 LM 0 W/P y N

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

Page 6: 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 y y 45° y 0 r r0r0 y P y AS P0P0 AD 0 LM 0 W/P y N

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

Page 7: 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 y y 45° y 0 r r0r0 y P y AS P0P0 AD 0 LM 0 W/P y N

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

Page 8: 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 y y 45° y 0 r r0r0 y P y AS P0P0 AD 0 LM 0 W/P y N

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

Page 9: 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 y y 45° y 0 r r0r0 y P y AS P0P0 AD 0 LM 0 W/P y N

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

Page 10: 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 y y 45° y 0 r r0r0 y P y AS P0P0 AD 0 LM 0 W/P y N

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

Page 11: 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 y y 45° y 0 r r0r0 y P y AS P0P0 AD 0 LM 0 W/P y N

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

Page 12: 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 y y 45° y 0 r r0r0 y P y AS P0P0 AD 0 LM 0 W/P y N

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

Page 13: 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 y y 45° y 0 r r0r0 y P y AS P0P0 AD 0 LM 0 W/P y N

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

Page 14: 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 y y 45° y 0 r r0r0 y P y AS P0P0 AD 0 LM 0 W/P y N

expansive Geldpolitik

längere Frist

Page 15: 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 y y 45° y 0 r r0r0 y P y AS P0P0 AD 0 LM 0 W/P y N

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

Page 16: 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 y y 45° y 0 r r0r0 y P y AS P0P0 AD 0 LM 0 W/P y N

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

Page 17: 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 y y 45° y 0 r r0r0 y P y AS P0P0 AD 0 LM 0 W/P y N

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

Page 18: 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 y y 45° y 0 r r0r0 y P y AS P0P0 AD 0 LM 0 W/P y N

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

Page 19: 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 y y 45° y 0 r r0r0 y P y AS P0P0 AD 0 LM 0 W/P y N

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

Page 20: 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 y y 45° y 0 r r0r0 y P y AS P0P0 AD 0 LM 0 W/P y N

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

Page 21: 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 y y 45° y 0 r r0r0 y P y AS P0P0 AD 0 LM 0 W/P y N

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

Page 22: 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 y y 45° y 0 r r0r0 y P y AS P0P0 AD 0 LM 0 W/P y N

restriktive Fiskalpolitik

mittlere Frist

Page 23: 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 y y 45° y 0 r r0r0 y P y AS P0P0 AD 0 LM 0 W/P y 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

yN

N

Page 24: 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 y y 45° y 0 r r0r0 y P y AS P0P0 AD 0 LM 0 W/P y 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

Page 25: 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 y y 45° y 0 r r0r0 y P y AS P0P0 AD 0 LM 0 W/P y 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

Page 26: 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 y y 45° y 0 r r0r0 y P y AS P0P0 AD 0 LM 0 W/P y 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

Page 27: 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 y y 45° y 0 r r0r0 y P y AS P0P0 AD 0 LM 0 W/P y N

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

Page 28: 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 y y 45° y 0 r r0r0 y P y AS P0P0 AD 0 LM 0 W/P y 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

Page 29: 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 y y 45° y 0 r r0r0 y P y AS P0P0 AD 0 LM 0 W/P y 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

Page 30: 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 y y 45° y 0 r r0r0 y P y AS P0P0 AD 0 LM 0 W/P y 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

Page 31: 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 y y 45° y 0 r r0r0 y P y AS P0P0 AD 0 LM 0 W/P y 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

Page 32: 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 y y 45° y 0 r r0r0 y P y AS P0P0 AD 0 LM 0 W/P y 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

W1

ND

W/P

(W/P)1

(W/P)0

NS

NS

y

SeNP

P1ND

1P

Pe

0P

Pe

IS0

IS1

yN

N

Page 33: 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 y y 45° y 0 r r0r0 y P y AS P0P0 AD 0 LM 0 W/P y 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

Page 34: 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 y y 45° y 0 r r0r0 y P y AS P0P0 AD 0 LM 0 W/P y 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

Page 35: 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 y y 45° y 0 r r0r0 y P y AS P0P0 AD 0 LM 0 W/P y 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

Page 36: 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 y y 45° y 0 r r0r0 y P y AS P0P0 AD 0 LM 0 W/P y N

restriktive Fiskalpolitik

längere Frist

Page 37: 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 y y 45° y 0 r r0r0 y P y AS P0P0 AD 0 LM 0 W/P y 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

Page 38: 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 y y 45° y 0 r r0r0 y P y AS P0P0 AD 0 LM 0 W/P y 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

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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

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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

Page 41: 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 y y 45° y 0 r r0r0 y P y AS P0P0 AD 0 LM 0 W/P y 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

P1

AD1

IS1

Page 42: 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 y y 45° y 0 r r0r0 y P y AS P0P0 AD 0 LM 0 W/P y 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

P1

AD1

IS1 LM1

r´1

Page 43: 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 y y 45° y 0 r r0r0 y P y AS P0P0 AD 0 LM 0 W/P y 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

P1 ND

P1

AD1

IS1 LM1

r´1

Se NP 1

Page 44: 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 y y 45° y 0 r r0r0 y P y AS P0P0 AD 0 LM 0 W/P y 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

P1 ND

P1

AD1

IS1 LM1

r´1

Se NP 1

Arbeitsangebotsüberschuss

Page 45: 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 y y 45° y 0 r r0r0 y P y AS P0P0 AD 0 LM 0 W/P y 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

P1 ND

W1

P1

AD1

IS1 LM1

r´1

Se NP 1

Page 46: 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 y y 45° y 0 r r0r0 y P y AS P0P0 AD 0 LM 0 W/P y N

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

Page 47: 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 y y 45° y 0 r r0r0 y P y AS P0P0 AD 0 LM 0 W/P y N

Einführung eines Mindestlohns

längere Frist

Page 48: 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 y y 45° y 0 r r0r0 y P y AS P0P0 AD 0 LM 0 W/P y N

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

Page 49: 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 y y 45° y 0 r r0r0 y P y AS P0P0 AD 0 LM 0 W/P y N

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

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N

W0

P0

W

Page 50: 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 y y 45° y 0 r r0r0 y P y AS P0P0 AD 0 LM 0 W/P y N

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

Page 51: 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 y y 45° y 0 r r0r0 y P y AS P0P0 AD 0 LM 0 W/P y N

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

Page 52: 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 y y 45° y 0 r r0r0 y P y AS P0P0 AD 0 LM 0 W/P y N

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

Page 53: 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 y y 45° y 0 r r0r0 y P y AS P0P0 AD 0 LM 0 W/P y N

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

Page 54: 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 y y 45° y 0 r r0r0 y P y AS P0P0 AD 0 LM 0 W/P y N

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

Page 55: 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 y y 45° y 0 r r0r0 y P y AS P0P0 AD 0 LM 0 W/P y N

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

Page 56: 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 y y 45° y 0 r r0r0 y P y AS P0P0 AD 0 LM 0 W/P y N

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

Page 57: 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 y y 45° y 0 r r0r0 y P y AS P0P0 AD 0 LM 0 W/P y N

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

Page 58: 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 y y 45° y 0 r r0r0 y P y AS P0P0 AD 0 LM 0 W/P y N

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

Page 59: 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 y y 45° y 0 r r0r0 y P y AS P0P0 AD 0 LM 0 W/P y N

Produktivitätserhöhungin der längeren Frist

Page 60: 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 y y 45° y 0 r r0r0 y P y AS P0P0 AD 0 LM 0 W/P y N

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

Page 61: 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 y y 45° y 0 r r0r0 y P y AS P0P0 AD 0 LM 0 W/P y N

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

Page 62: 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 y y 45° y 0 r r0r0 y P y AS P0P0 AD 0 LM 0 W/P y N

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

Page 63: 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 y y 45° y 0 r r0r0 y P y AS P0P0 AD 0 LM 0 W/P y N

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

Page 64: 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 y y 45° y 0 r r0r0 y P y AS P0P0 AD 0 LM 0 W/P y N

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

Page 65: 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 y y 45° y 0 r r0r0 y P y AS P0P0 AD 0 LM 0 W/P y N

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

Page 66: 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 y y 45° y 0 r r0r0 y P y AS P0P0 AD 0 LM 0 W/P y N

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

Page 67: 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 y y 45° y 0 r r0r0 y P y AS P0P0 AD 0 LM 0 W/P y N

Rückwirkung auf den Arbeitsmarkt

Page 68: 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 y y 45° y 0 r r0r0 y P y AS P0P0 AD 0 LM 0 W/P y N

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

Page 69: 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 y y 45° y 0 r r0r0 y P y AS P0P0 AD 0 LM 0 W/P y N

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

Page 70: 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 y y 45° y 0 r r0r0 y P y AS P0P0 AD 0 LM 0 W/P y N

Wirkung auf Güter- und Geldmarkt

Page 71: 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 y y 45° y 0 r r0r0 y P y AS P0P0 AD 0 LM 0 W/P y N

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

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Produktivitätserhöhung

mittlere Frist

Page 73: 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 y y 45° y 0 r r0r0 y P y AS P0P0 AD 0 LM 0 W/P y N

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

Page 74: 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 y y 45° y 0 r r0r0 y P y AS P0P0 AD 0 LM 0 W/P y N

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

Page 75: 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 y y 45° y 0 r r0r0 y P y AS P0P0 AD 0 LM 0 W/P y N

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

Page 76: 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 y y 45° y 0 r r0r0 y P y AS P0P0 AD 0 LM 0 W/P y N

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

Page 77: 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 y y 45° y 0 r r0r0 y P y AS P0P0 AD 0 LM 0 W/P y N

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

Page 78: 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 y y 45° y 0 r r0r0 y P y AS P0P0 AD 0 LM 0 W/P y N

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

Page 79: 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 y y 45° y 0 r r0r0 y P y AS P0P0 AD 0 LM 0 W/P y N

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

Page 80: 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 y y 45° y 0 r r0r0 y P y AS P0P0 AD 0 LM 0 W/P y N

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

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