Page 185 - DECO402_MACROECONOMIC_THEORY_PUNJABI

iekweI-18: AweI eys-eyl eym ivSlySx

mudrw dI mMg iv`c viriD dw hoxw hY[ iesleI jykr ‘r’ = Or qdih mudrw dI mMg OK qo v`Dky OK ho jWdI È؇
2 1 2
hY qd GDP iv`c viriD huMdI hY ijvy ik L - ryKw dy L qo L iKskwv rwhI ivKwieAw igAw hY[
1 1 2
(I) GDP bdlwv dw ibAwj dr pRBwv
(Impact of GDP Changes on Rates of Interest)
hux AwsI jwx cuky hW ik vwsqivk GDP iv`c bdlwv dw s¨`dw
hY ik ibAwj dI dr dw inrDwrx mudrw dI mMg Aqy purqI rwhI
huMdw hY[ ieh q`Q ik GDP dw p`Dr mMg qy pRBwv pYdW hY Aqy
mudrw dI mMg ibAwj dr ƒ pRBwivq krdI hY, ien swirAw dw
inihqwrQ GDP, ibAwj dr Aqy mudrw dI mMg dy iv`c AMqr-
SMbD dI siQiq dw pwieAw jwxW hY[ icqr 18.8 iv`c ies
AMqr – SMbD dI kirAwSIlqw ƒ ivKwieAw igAw hY[
not: mudrw dI purqI (ryKw M) ƒ siQr ivKwieAw igAw hY
ikauik iehdw inrDwrx modirk AiDkwirAW rwhI svqMqr rup
iv`c (Autonomously) kIqw jwdW hY[ ieh ArQ-ivvsQw dy icqr 18.8
vsqivk SyS (Real Balance) dI purqI ƒ ivKwaudw hY[ ieh
ies mwinAqw qy AwDwirq hY ik kImq p`Dr siQr bixAw rihdw hY[
iek inSicq mudrw dI mMg (L) Aqy mudrw dI purqI (M) qy sMquilq ibAwj dI dr (Or) aus ibMdu qy inrDwirq
huMdI hY ijQy L =M[
GDP iv`c viriD hox nwl mudrw dI mMg v`DdI hY, Plsvrup mudrw dI mMg dw vkr L qo au`qy dI Aor iKskky
1
L bx jwdW hY[ iehdy Plsvrup ibAwj dI dr Or qo v`Dky Or ho jWdI hY[ iesI qrW, jykr GDP iv`c kMmI
2 1
huMdI hY qW mudrw dI mMg iv`c vI kMmI ho jwvygI, ijsdy Plsvrup mudrw dI mMg dw vkr L qo pICy dI Aor
1
iKskky L bx jwdW hY[ Plsvrup ibAwj dr Or qo G`tky Or ho jWdI hY[ iesleI GDP iv`c bdlwv, mudrw
3 2
dI mMg iv`c bdlwv dy jirey ibAwj dI dr iv`c bdlwv dw kwrx bxdw hY[
ieQy ieh g`l iDAwj dyx Xog hY ik GDP iv`c hox vwly bdlwv dw pRBwv kyvl mudrw dI lyn-dyn dI mMg
(Transaction Demand) qy pYdw hY, mudrw dy sty dy leI mMg (Speculative Demand) qy nhI[AsI jwxdy
hW ik mudrw dI lyx-dyx dI mMg dw ‘r’ dy nwl koeI isDw sMbD nhI hMudw; qd Blw GDP iv`c bdlwv hox nwl
‘r’ ikvy pRBwivq huMdw hY? iehdy leI idqW igAw qrk ies qrW hY: jd mudrw dI lyx – dyx dI mMg v`DdI hY
(GDP iv`c viriD dy kwrx) qd mudrw ikQo dI AMdI hY, ikauik swfI ieh mwinAqw hY ik mudrw dI purqI siQr
rihMdI hY[ (ijs qrW dw icqr iv`c KVI (aDrvwDr) ryKw (Vertical Straight Line) rwhI ivKwieAw igAw hY)
lyx-dyx dI mMg dw dbwau sty leI mudrw dy invyS (Speculative Investment of Money) qy dbwv pYdW hY[
v`D rwhI lyx-dyx dI mMg ƒ purw krx dy leI lok ApxI pRiqBuiqAw/bw`xf`s ƒ vyc iddy hn[ bw`xfs dI vyc
iv`c viriD auhnW dI kImq ƒ ifgw iddI hY, qdnuswr ibAwj dr v`Dx lgdI hY[ iesleI GDP iv`c lyx-
dyx dy leI mudrw dI mMg iv`c viriD-pRiqBuiqAW/bw`xfs ƒ vycx dw dbwv, ijdy nwl lyx-dyx dw pRXojn leI
nkd SyS (Cash Balances) ƒ v`DwieAw jw sky[ bw`xfs dI kImq iv`c igrwvt-ibAwj dr iv`c viriD[

(II) iek Aor ‘r’ Aqy GDP dy iBn p`DrW dy iv`c sMbD Aqy dujI Aor L Aqy M dy iv`c smwnqw : LM
vkr (Relationship between different levels of r and GDP on the one hand and Equality
between L and M on the other: LM Curve)
ikauik vwsqivk GDP iv`c bdlwv dy kwrx mudrw mMg Aqy ibAwj dI dr iv`c bdlwv huMdw hY, GDP dy hr
p`Dr dy leI ibAwj dI dr auh hoxI cwihdI hY jyVI mudrw dI mMg Aqy mudrw dI purqI iv`c smwnqw lwvy, ieh
mwndy hoey ik kImq p`Dr Aqy sMpiq p`Dr smwn rwihdy hn[ ibAwj dr Aqy vwsqivk GDP dy iBn sMXogo ƒ
imlw dyx nwl swƒ LM vkr pRwpq kr lYdy hn[ icqr 18.9 mudrw bwjwr sMquln nwl LM vkr dI pRwpiq/
ivXuqpiq ƒ pyS krdw hY[

LOVELY PROFESSIONAL UNIVERSITY 179