Page 184 - DECO402_MACROECONOMIC_THEORY_PUNJABI

smStI ArQSwsqr dy isDWq

È؇ mudrw bwjwr dy sMquln ƒ ivKwaudI hY[ilpsI Aqy ikrstl dy
Anuswr , “LM vk`r ,dI hoeI mudrw pUriq Aqy id`qI geI kImq
p~Dr dy leI, GDD Aqy ibAwz dr dy sMXogW nUM pRkt krdI hY,
jo mudrw mMg Aqy mudrw pUriq dI smwnqw dy nwl ApirvrqnSIl
hY[” (The LM curve plots combinations of GDP and the
interest rate, for a given money supply and given price
level, that are consistent with the equality of money ∆
demand and money supply. – Lipsey and Chrystal)
∆
LM vk`r dI vXuqpiq (Derivation) iqnW sbMDW dy AiDAn nUM
jrUrI bxw idMdI hY: (i) AsIN mudrw dI mMg Aqy ibAwz dI dr
dy iv`c sMbMD sQwipq krdy hW[(ii) AsIN ies g`l dI ivAwiKAw
krdy hW ik iks qrW mudrw dI mMg iv`c pirvrqn dy rwhIN
GDP iv`c pivrqn ibAwz dI dr nUM pRBwivq krdw hY[(iii)
AsIN iek pwsy ‘r’ dy keI mu`lW q`k GDP dy iv`c sMbMD sQwipq
krdy hW Aqy dujy pwsy mudrw dI mMg Aqy mudrw dI pUriq dy
iv`c smwnqw sQwipq krdy hW[
(i) mudrw dI mMg Aqy ibAwz dI dr (Demand for money
and Rate of Interest): mudrw dI mMg qoN Bwv lokW rwhIN
vwsqivk bkwieAw (Real Balances) dI mMg hY[ vwsqivk
bkwieAw dw Bwv mudrw bkwieAw (Money Balances) Aqy
sDwrx bkwieAw (Normal Balances) ijsdw kImq p`Dr iv`c
hox vwly bdlwvW dy nwl smwXojn kIqw jwdW hY[ iesleI jd
kImq p`Dr duguxw ho jwdW hY qd log pwihlW duguxI mwqrw
iv`c mudrw ƒ Apxy kol rKdy hn ijdy nwl auhnW dy vwsqivk
bkwieAw (Real Balances) (Aqy KrId Skiq) siQr bxy
rhy[ ArQivvsQw iv`c vwsqivk bkwieAw dI mMg do kwrkW icqr 18.6
qy inrBr krdI hY: (i) GDP dw p`Dr Aqy (ii) ibAwj dI
dr[GDP dw p`Dr vwsqivk bkwieAw dw spSt inrDwrk hY, ikauik vsquAW Aqy syvwvW ƒ Kirdx dy leI
lok Apxy kol mudrw rKdy hn[GDP dy ayu`c p`Dr dw Bwv vwsqivk Sys dI au`c mMg hY Aqy iehdy ault vI[
ibAwj dr dw Bwv mudrw ƒ Apxy kol rKwx dI Avsr lwgq (Opportunity Cost) hY[ ikauik jd qusI iek
inSicq rwiS Apxy kol nkd dy rup iv`c rKdy ho qW auhwƒ ibAwj dy rup iv`c pRwpq hox vwlI aus Awmdn qo
vNicq rihxw pYdw hY jyVI quhwƒ pRwpq ho skdI sI jykr ies rwiS ƒ qusI bw`xfs Kirdx leI invyS kIqw
huMdw[spSt qor qy ibAwj (r) dI au`cI dr dw Bwv nkd SyS
rKx dI au`c Avsr lwgq hY[ dujy SbdW iv`c, nkd SyS dI
mMg dw iek inSicq GDP p`Dr qy ibAwj dI dr (r) qo ault
sMbD (Inversely related) huMdw hY[
vwsqivk SyS dI mMg dy sMdrB iv`c ‘r’ Aqy GDP dy pRBwv ƒ
icqr 18.7 iv`c ivKwieAw igAw hY[
ryKw L1 ieh ivKwaudI hY ik mudrw dI mMg dw ‘r’ dy nwl
ault sMbD huMdw hY[GDP dy iek inSicq p`Dr qy au`c dw ‘r’
dw Bwv mudrw dI G`t mMg hY (Aqy iehdy ault)[ iesleI
jd r = Or qd mudrw dI mMg = OK Aqy jd ‘r’ G`tky Or
2
1
ho jwdW hY qd mudrw dI mMg v`Dky OK ho jWdI hY[ jd ‘r’ icqr 18.7
1
siQr rihdW hY, qd GDP iv`c viriD huMdI hY, qd L - ryKw
1
srkky L ho jWdI hY, iehdw Bwv ‘r’ dy iek inSicq p`Dr qy
2
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