CAPITOLUL 10

COMPONENTELE FINANCIAR - MONETARE

Ì102'(/(/('(&5(ù7(5((&2120,&

7HRULD HFRQRPLF  LGHQWLILF  WUHL FDUDFWHULVWLFL DOH DERUG ULL

ILQDQFLDUH vQ FUHúWHUHD HFRQRPLF  VSHFLILFLWDWHD vQ UDSRUW FX

DERUGDUHD SUREOHPHORU ILUPHL UHFXUVXO OD QR iunea de echilibru;

XWLOL]DUHD FUHVFkQG  D PRGHO ULL vQ H[SULPDUHD úL DQDOL]D

IHQRPHQHORU úL SURFHVHORU HFRQRPLFH vQ SDUWLFXODU D FHORU

financiar-monetare.
7HQGLQ D GH FXDQWLILFDUH D IHQRPHQHORU úL SURFHVHORU

HFRQRPLFH FD úL GH IRUPDOL]DUH D FRUHOD LLORU GH WLS FDX] -efect
(factori-IHQRPHQSURFHVSRDWHILLGHQWLILFDW ODFHOHPDLYHFKLúFROL

economice.
/HJ WXUD vQWUH EDQLPRQHG  H[SULPD L FD PDV  PRQHWDU 

0 úL IHQRPHQHLQGLFDWRUL HFRQRPLFL FXP VXQW FUHGLWXO (C),

YROXPXOWUDQ]DF LLORU7VDXUDWDGR bânzii (d) a format obiect de
VWXGLX SHQWUX úFRDOD PHUFDQWLOLVW  VHF ;9, ;9,,
- úL - cu
mijloacele de formalizare uzuale azi -DUSXWHDILH[SULPDW DVWIHO

− IXQF LDFUHGLWXOXL& &0FX& '>0 (1.1)

− IXQF LDYROXPXOXLWUDQ]DF LLORU7 70FX7 ’> 0 (1.2)

− IXQF LDSUH XOXLEDQLORUG G0G ’< 0 (1.3)

Din modelul mercantilist (1.1) -  UH]XOW  F GDF  SUH XO

EDQLORU FUHúWH DWXQFL PDVD PRQHWDU  VH PLFúRUHD]  úL LPSOLFLW VH

GLPLQXHD]  FUHGLWXO VXSRUWXO LQYHVWL LLORU úL YROXPXO WUDQ]DF LLORU

DGLF  vQ FRQVHFLQ  VFDGH ULWPXO FUHúWHULL HFRQRPLFH $FHVWH

FRQH[LXQL DX DVW ]L vQ WHRULD HFRQRPLF  úL ILQDQFLDU  PRGHUQ 

statut de axiome, fiind valorificate în toate demersurile privind

suV LQHUHDGH]YROW ULLúLDWHQXDUHDFRPSRQHQWHLGHJUHVLYHDFLFOXOXL

economic.
ÌQ DFHHDúL PDQLHU  GH DERUGDUH FX PLMORDFHOH DFWXDOH GH

formalizare, este interesant de prezentat un rezultat al unuia dintre

FHL PDL FXQRVFX L UHSUH]HQWDQ L DL úFROLL FLUFXLWXO ui (sec. XVIII),
3LHUUH %RLVJXLOEHUW úL DQXPH HIHFWXO GH DQWUHQDUH JHQHUDW vQ

economie de un anumit venit. Boisguilbert presupune, în

FRQVRQDQ  FX RULHQWDUHD  úFROLL SH FDUH R UHSUH]LQW  F  UHQWD HVWH

VHJPHQWXO GLQ YHQLWXO VRFLDO WRWDO FDUH JHQHUHD]  XQ efect de

DPSOLILFDUH D FHORUODOWH VHJPHQWH GH YHQLW úL vQ ILQDO D vQWUHJXOXL

YHQLW DO VRFLHW LL 9HQLWXO WRWDO97SRDWH ILH[SULPDWFDRIXQF LH

FUHVF WRDUHvQUDSRUWFXUHQWD (R):

VT = f (R), f' > 0. (2.1)
 ,QWURGXFHP RSHUDWRUXO GH YDULD LH  ∆) (similar capitolul 6.4,
UHOD LLOH    SXWHP DVWIHO H[SULPD YDULD LD YHQLWXOXL WRWDO
-
SULQYDULD LDUHQWHL

∆VT = k ∗ ∆R, (2.2)

unde k este factorul de multiplicaUH D YHQLWXOXL WRWDO SULQ YDULD LD
rentei.
Elasticitatea venitului total în raport cu renta, EVT/R, este:
∆VT ∆R
EVT/R = = k ∗ p, (2.3)
VT R
unde p este ponderea rentei în totalul venitului social.
5HOD LD  SUHILJXUHD]  LQGLFDWRULL GH WLS ″coeficient de
multiplicare″/ ″multiplicator″ LQWURGXúL GH .H\QHV UHOD LD 
DUDW  F  PXOWLSOLFDWRUXO YHQLWXOXL VRFLDO WRWDO HVWH GLUHFW

SURSRU LRQDOFXHODVWLFLWDWHDDFHVWXLYHQLWvQUDSRUWFXUHQWDúLLQYHUV

SURSRU LRQDO FX SR nderea rentei în total venit. Cu cât venitul social
total este mai ″inelastic″ în raport cu renta, iar ponderea acesteia
HVWH PDL PDUH vQ WRWDOXO DFHVWXL YHQLW FX DWkW ULWPXO GH FUHúWHUH DO

HFRQRPLHL vQ VSH  DO YHQLWXOXL VRFLDO WRWDO HVWH PDL PLF /D

lLPLW  GDF  YHQLWXO VRFLDO WRWDO HVWH SHUIHFW LQHODVWLF vQ UDSRUW FX

UHQWDDWXQFLULWPXOFUHúWHULLHFRQRPLFHHVWHQXO

″
ùFRDOD HFRQRPLF  D VHFROXOXL ;,;  FODVLF ″ UHSUH]HQWDW 
prin Jean Baptiste Say, David Ricardo, John Stuart Mill, Irwing
)LVKHUúDPGFRQVLGHU F HFKLOLEUXOHFRQRPLFHVWHUHJOHPHQWDW

GH SLD  SLD D HVWH PHFDQLVPXO FRUHFWRU DO HFRQRPLHL GHRDUHFH

EXQXULORU vQ H[FHV OH VFDGH SUH XO P ULQG FHUHUHD JOREDO  úL

UHDOL]kQGDVWIHOHFKLOLEUXO%DQLLVXQWFRQVLGHUD LQHXWULvQUDSRUWFX

prRFHVXOHFRQRPLFDGLF VXQWWUDWD LLQGHSHQGHQWGHDVSHFWHOHUHDOH

DOH HFRQRPLHL ID  GH FDUH SUH]LQW  WRWXúL R OHJ WXU  GH QDWXU 

FDQWLWDWLY H[SULPDW SULQFXQRVFXWDUHOD LHDOXL)LVKHU0 ∗v=P∗T,

cu M-PDVDPRQHWDU 

v-YLWH]DGHURWD LHDEDQLORU,
P-SUH XOXQLW LLGHWUDQ]DF LH

T- YROXPXOWUDQ]DF LLORU

10.1. Conexiunile financiar - monetare

în modelul neoclasic

0RGHOXOQHRFODVLFS VWUHD] QHXWUDOLWDWHDEDQLORUUHFXUJkQG

OD R DQDOL]  GLKRWRPLF  D HFRQRPLHL EXQXULEDQL GH DVHPHQHD

S VWUHD]  OHJ WXUD FDQWLWDWLY  EDQL HFRQRPLH UHDO  UHOD LD OXL
-
)LVKHU HFKLOLEUXO DXWRPDW DO SLH HL JUD LH IOH[LELOLW LL SHUIHFWH D

SUH XULORU úL VDODULLORU UHJODUHD FHUHULL SULQSUH DVWIHOvQFkWFHUHUHD

QX UHSUH]LQW  R UHVWULF LH SHQWUX HFKLOLEUXO HFRQRPLF Elementul

VSHFLILF LQWURGXV HVWH FRPSRUWDPHQWXO UD LRQDO DO DJHQWXOXL

HFRQRPLFDOF UXLVFRSHVWH

− PD[LPL]DUHD SURILWXOXL FRQGL LRQDW  GH DQXPLWH UHVWULF LL

SHQWUXDJHQWXOSURGXF WRU

− PD[LPL]DUHDXWLOLW LLFRQVXPXOXLSHQWUXDJHQWXOFRQVXPDWRU

Echilibrul economic este prezent în model în sensul

FRQGL LLORU IRUPXODWH GH /HRQ :DOUDV FRPSRUWDPHQWXO UD LRQDO DO

RULF UXL DJHQW HFRQRPLF FRQFXUHQ D SHUIHFW  SH RULFH SLD 

IOH[LELOLWDWHD WRWDO  D SUH XULORU /D DFHVWHD SXWHP DG XJD GUHSW

caracteristici: abRUGDUHD VWDWLF  DWHPSRUDO  úL DQDOL]D GLKRWRPLF 

ÌQ VIkUúLW VXQW LPSOLFLW SUH]HQWH R VHULH GH LSRWH]H SUHFXP

LGHQWLWDWHD FRPSRUWDPHQWDO  úL GH UHVWULF LH SHQWUX WR L DJHQ LL

HFRQRPLFL H[LVWHQ D XQHL IXQF LL GH SURGXF LH JOREDOH XQLIDFWRULDOH

(factorXO GH SURGXF LH HVWH PXQFD H[LVWHQ D FD PHGLX HFRQRPLF
DFWLY D XQXL VWRF GH FDSLWDO úL GH FXQRúWLQ H LQVHSDUDELO GH PXQF 

PRQHGD HVWH FHUXW  QXPDL SHQWUX FLUFXOD LD SURGXVHORU LDU

cuantumul masei monetare este stabilit exogen.

0RGHOXO LQFOXGH IXQF LD GH SURGXF LH PDFURHFRQRPLF 

IXQF LD RIHUWHL GH PXQF  IXQF LD GH LQYHVWL LL IXQF LD GH HFRQRPLL

úL FRQGL LLOH GH HFKLOLEUX JHQHUDO DO VHFWRUXOXL PRQHWDU úL DO SLH HL

muncii.
 )XQF LDGHSURGXF LH

Y = Y(N), (3.1)
XQGH < HVWH SURGXF LD IL]LF  úL 1 IDFWRUXO PXQF  vQ HOHV vQ DFHVW

FRQWH[WFDFHUHUHGHPXQF 1D ).
)XQF LD GH SURGXF LH DUH SURSULHW LOH FXQRVFXWH < ′> úL
Y″< úL SH ED]D HL VH SRDWH IRUPDOL]D FRPSRUWDPHQWXO UD LRQDO DO
SURGXF WRUXOX i:
max Π = max (P ∗ Y - w ∗ N), (3.2)
XQGH 3 HVWH SUH XO XQLW LL IL]LFH GH SURGXF LH LDU Z HVWH VDODULXO

nominal unitar.
'LQ  úL  VH SRDWH GHWHUPLQD FX DMXWRUXO IXQF LHL

ODJUDQJHDQFRQGL LDGHRSWLP

Y′(N) = w/P (3.3)

UHSUH]HQWkQG HJDOLWDWHD vQWUH SURGXFWLYLWDWHD PDUJLQDO  D PXQFLL úL

VDODULXO UHDO 3H ED]D DFHVWHL UHOD LL VH SRDWH IRUPXOD IXQF LD GH

FHUHUHGHPXQF 

−1  w 
ND = [Y ′]   (3.4)
P
FDIXQF LHGHVFUHVF WRUHDFHUHULLGHPXQF vQUDSRUWFXVDODULXOUHDO

ND′< 0. (3.5)
 ÌQIXQF LDGHSURGXF LHLQGLFDWRUXO1DUHvQPRGFODUVHQVXO

de cerere de munF  )RORVLQG LQYHUVD IXQF LHL GH SURGXF LH

HYLGHQ LHPvQPRGH[SUHVDFHVWOXFUXSULQQRWD LD1D , pentru a face

GLVWLQF LH GH RIHUWD GH PXQF  DúD FXP DSDUH HD vQ UHOD LD FDUH

XUPHD] 

)XQF LDRIHUWHLGHPXQF

NS = NS(w/P), cu NS′ >0 (3.6)

)XQF LDGHLQYHVWL LL

I = I(i), cu I′< 0, (3.7)

unde i este rata dobânzii.
)XQF LDGHHFRQRPLL

S = S(i), cu S′>0 (3.8)

5HOD LLOHGHHFKLOLE ru sunt:
− echilibrul general, I = S (3.9)
− HFKLOLEUXOSLH HLPXQFLL1S = ND (3.10)
− echilibrul sectorului monetar, M = k ∗ P ∗ Y, (3.11)
XQGH N HVWH XQ FRHILFLHQW GH OLFKLGLW L FX YDORDUHD HJDO  FX

LQYHUVXO YLWH]HL GH URWD LH D EDQLORU PDVD PRQHWDU  VH FRQVLGHU 

H[RJHQ GHWHUPLQDW  ILLQG XQ LQVWUXPHQW DO SROLWLFLL PRQHWDUH úL

UHSUH]LQW  RIHUWD GH EDQL H[SUHVLD GLQ SDUWHD GUHDSW  D UHOD LHL

UHSUH]LQW FHUHUHDGHEDQL
 'LQ FRQGL LD GH HFKLOLEUX D SLH HL PXQFLL FRUHODW FX

 úL  VH SRDWH GHWHUPLQD QLYHOXO GH HFKLOLEUX DO VDODULXOXL

UHDOZ3 GHRDUHFHVHIRUPHD] UHOD LDvQZ3

[Y ′]−1 (w / P) = N S (w / P) (3.12)
Cu ajutorul salariului real de echilibru, (w/P)*, se poate
GHWHUPLQD GLQ UHOD LD  VDX  QLYHOXO GH HFKLOLEUX DO IRU HL

GH PXQF  1  úL DSRL GLQ UHOD LD  QLYHOXO GH HFKLOLEUX DO

SURGXF LHL< 

&X 0 GHWHUPLQDW H[RJHQ úL FX <  VH SRDWH RE LQH GLQ

UHOD LDQLYHOXOSUH XOXLGHHFKLOLEUX

P* = M/k ∗ Y* (3.13)
úLDSRLQLYHOXOVDODULXOXLQRPLQDOGHHFKLOLEUX

W* = (w/P)* ∗ P* (3.14)
5HOD LDHFKLOLEUXOXLJHQHUDOHVWHGHIDSWRHFXD LHv n i,
SULQ D F UHL UH]ROYDUH VH RE LQH QLYHOXO GH HFKLOLEUX DO GREkQ]LL L 

úL DSRL QLYHOXO GH HFKLOLEUX DO LQYHVWL LLORU ,  GLQ  úL DO

economiilor, S* (din (3.8)).

&RQH[LXQLOH vQWUH LQGLFDWRULL GH]YROW ULL HFRQRPLFH úL

algoritmul de dezvoltare a modelului neoclasic sunt prezentate în

figura 49.
 








Salariul Salariul







real nominal











Gradul de Cererea/Oferta







ocupare




cererii de
bani


Echilibrul












sectorului





monetar

Consumul Oferta de
bani

Economii
















Echilibrul
sectorului Rata dobânzii
monetar







economii

Fig. 49 Mecanismul echilibrului economic

0RGHOXO FXSULQGH úDSWH HFXD LL úL úDSWH YDULDELOH HQGRJHQH

GLQFDUHFLQFLUHDOHSURGXF LDFHUHUHDRIHUWDGHPXQF LQYHVWL LLOH

salariul reDO UDWD GREkQ]LL úL GRX  QRPLQDOH QLYHOXO SUH XULORU úL

salariul nominal), ultimele fiind de fapt determinate de cuantumul

PDVHL PRQHWDUH 0HFDQLVPXO HFKLOLEUXOXL HFRQRPLF SUHVXSXQH úL
HYLGHQ LD]  XQ ODQ  GH FDX]DOLW L GLQ FDUH XQHOH VXQW H[FOXVLY GH

QDWXU ILQDQFLDU PRQHWDU 

-
− JUDGXO GH RFXSDUH úL VDODULXO UHDO VXQW XQLF GHWHUPLQDWH GH

HFKLOLEUXO GH SH SLD D PXQFLL FDUH HVWH LQGHSHQGHQW úL

determinant în raport cu restul economiei;

− SURGXF LDHVWHGHWHUPLQDW GHGHSHQGHQ DGHIRU DGHPXQF SH

baza grDGXOXLGHRFXSDUHDDFHVWHLDvQFRQGL LLGHHFKLOLEUX

− HFRQRPLLOH úL LQYHVWL LLOH FD úL UDWD GREkQ]LL VXQW GHWHUPLQDWH

GH IRUPD GH GHSHQGHQ  D ORU úL LQGHSHQGHQW GH FHOHODOWH

FRQGL LLGHHFKLOLEUX

− HFKLOLEUXO RIHUWHLFHUHULL GH EDQL GHWHUPLQ  QLYHOXO SUH XULORU SH

ED]DYROXPXOXLGHHFKLOLEUXDOSURGXF LHL

ÌQ SUH]HQWDUHD DFHVWRU FDX]DOLW L D IRVW LQWURGXV LQGLFDWRUXO

″grad de ocupare″ UHIHULWRU OD IRU D GH PXQF  SULQ FDUH VH GRUHúWH

H[SULPDUHD P VXULL vQ FDUH HVWH XWLOL]DW SRWHQ LDOXO GH PXQF 

ModHOXO QX XWLOL]HD]  vQ PRG H[SUHV DFHVW LQGLFDWRU HO SRDWH IL

GHWHUPLQDW FD R FRQVHFLQ  D HFKLOLEUXOXL GH SH SLD D PXQFLL FDUH

SHUPLWH RE LQHUHD QLYHOXOXL GH HFKLOLEUX DO IRU HL GH PXQF  úL D

P ULPLLHYLGHQWH[RJHQHDSRSXOD LHLDFWLYHGLVSRQLELOHH xpresie

DSRWHQ LDOXOXLGHPXQF DHFRQRPLHLVWXGLDWH
 0RGHOXO SUH]LQW  SURSULHW L LQWHUHVDQWH SULYLQG

FRPSRQHQWHOHúLSROLWLFLOHILQDQFLDU -monetare:
(i) sectorul financiar-monetar este ″lipit″, nu este integrat efectiv în
PRGHOOHJ WXULOHVDOHFXUHVWXO economiei fiind limitate strict la
YROXPXO SURGXF LHL DVWIHO F  SLD D ILQDQFLDU  DSDUH FD R SLD 

DSDUWHUXSW GHFRQWH[WXOJHQHUDODOSLH HL

(ii) FRPSRQHQWHOH ILQDQFLDUH VXQW LQWURGXVH SULQ PDVD PRQHWDU 

YDULDELO  H[RJHQ  SULQ HFRQRPLL LQYHVWL LL úL UDW a dobânzii,

FDUHIRUPHD] RVWUXFWXU QHOHJDW GHUHVWXOPRGHOXOXL

(iii) SROLWLFD EXJHWDU  QX HVWH HILFLHQW  GHRDUHFH FUHúWHUHD

LQYHVWL LLORU SXEOLFH QX GXFH OD FUHúWHUHD SURGXF LHL FL GRDU OD

PRGLILFDUHD VWUXFWXULL HL DVWIHO vQ FRQGL LLOH vQ FDUH ILVFDOLWD tea
HVWH GDW  úL QX VH PRGLILF  YHQLWXULOH VWDWXOXL VXQW GHWHUPLQDWH

de gradul de ocupare de care depind atât veniturile menajelor,

FkW úL DOH SURGXF WRULORU GDF  VH VWDELOHúWH HFKLOLEUXO SLH HL

muncii la un nivel al gradului de ocupare sub cel preconizat,

YHQLWXULOH EXJHWXOXL YRU IL PDL PLFL vQ FRQVHFLQ  LQYHVWL LLOH

SXEOLFH FD úL FRQVXPXO SXEOLF JXYHUQDPHQWDO vQ JHQHUDO QX

VH YRU SXWHDvQI SWXL VDXPDMRUDGHFkWSULQ vQGDWRUDUHDVWDWXOXL

FD XUPDUH UDWD GREkQ]LL FUHúWH úL VH DFFHQWXHD]  WHQGLQ D spre
HFRQRPLL úL LPSOLFLW GH GLPLQXDUH D FRQVXPXOXL vQWUXFkW
 FRQVXPXO JXYHUQDPHQWDO FUHúWH VH SURGXFH GRDU R FRPSHQVDUH

vQWUH XQD úL DOWD GLQWUH FRPSRQHQWHOH FRQVXPXOXL FHO SULYDW úL

FHO SXEOLF úL GHFL GRDU R PRGLILFDUH D VWUXFWXULL FRQVXPXOXL

global vQ VHQVXO FUHúWHULL SRQGHULL FHOXL SXEOLF úL DO UHGXFHULL
ponderii celui privat.
(iv) SROLWLFD PRQHWDU  QX HVWH HILFLHQW  GHRDUHFH DIHFWHD] 

YDULDELOHOH LQGLFDWRULLQRPLQDOHúLQXSHFHOHUHDOHDVWIHOODR

SURGXF LH GDW  FUHúWHUHD RIHUWHL PRQHWDUH GHWHUPLQ  FUHúWHUHD

SUH XULORU LPSOLFLW D VDODULLORU QRPLQDOH FD SUH  DO IRU HL GH

PXQF  vQ YHGHUHD S VWU ULL VDODULLORU UHDOH vQ FD] F  DFHVWHD

VFDG VH YD GLPLQXD úL FHUHUHD GH PXQF  úL DWXQFL SURGXF LD VH

va diminua, accentuând efectul nefavorabil al ofertei majorate

GH EDQL GDF  GLPSRWULY  RIHUWD GH EDQL VH UHGXFH DWXQFL vQ

FRQGL LLOH XQHL SURGXF LL GDWH  SUH XULOH VH PLFúRUHD]  LPSOLFLW

SUH XO PXQFLL FX DWkW PDL PXOW GDF  VH FRQVLGHU  GDWIL[DW

VDODULXO QXO DVWIHO vQFkW JUDGXO GH RFXSDUH VH S VWUHD]  úL vQ

FRQVHFLQ úLSURGXF LD

(v) FD R FRQVHFLQ  D SROLWLFLL PRQHWDUH LQHILFLHQWH VH SRW SXQH vQ

HYLGHQ  HIHFWHOH QHGRULWH vQ FH SULYHúWH SURGXF LD DVWIHO GDF 

VDODULXOQRPLQDOFUHúWHPDLOHQWGHFkWSUH XULOHDWXQFLVHUHGXFH

VDODULXO UHDO úL RIHUWD GH PXQF  FX HIHFWH vQ GLPLQXDUHD
 SURGXF LHL QRLOH FRQGL LL GH SH SLD D PXQFLL RIHUWD PDL PLF 

GXF OD FUHúWHUHD UHODWLY  D FHUHULL GH PXQF  FX HIHFWH vQ

FUHúWHUHD SUH XOXL PXQFLL úL D FRVWXOXL SURGXF LHL FHHD FH vL

GHVFXUDMHD] SHSURGXF WRUL

MRGHOXO SUH]LQW  úL DOWH SURSULHW L SULYLQG IRORVLUHD IRU HL

GH PXQF  úL VHQVLWLYLWDWHD SURGXF LHL QXPDL OD ″stimulii reali″,
DVXSUD F URUD QX LQVLVW P GHRDUHFH FRPSRQHQWHOH GH QDWXU 

financiar-PRQHWDU VXQWPDLSX LQSUH]HQWHúLDFWLYH

10.2. Conexiunile financiar monetare în abordarea

NH\QHVLVW

$ERUGDUHD NH\QHVLVW  VH ED]HD]  SH PRGHOXO úFROLL

QHRFODVLFH úL SH YDORULILFDUHD XQRUD GLQ FULWLFLOH DGXVH DFHVWXLD GH

F WUH HFRQRPLúWLL ″QHRUWRGRFúL″ FHL FH VXQW vQ FRQWUDGLF LH FX

LSRWH]HOH PHFDQLVPHOH úL FRQFOX ziile invocate sau formulate de

DFHDVW  úFRDO  FXP VXQW 6LPRQ GH 6LVPRQGL 7KRPDV 5REHUW

Malthus, John Atkinson Hobson sau Jan Gesel.

ÌQ FH SULYHúWH PRGHOXO úFROLL QHRFODVLFH .H\QHV vO UH LQH FD

SHXQFD]SDUWLFXODUvQVHQVXOF XWLOL]DUHDGHSOLQ DIRU HLGHPXQF 

HVWHRH[FHS LHúLQXRUHJXO UHJXODHVWHRFXSDUHDLQFRPSOHW 

 (FRQRPLúWLL ″QHRUWRGRFúL″ KHWHURGRFúL VXQW FHL FDUH

IRUPXOHD]  XQHOH PHFDQLVPH VDX OHJLW L DOH HFRQRPLHL FH

FRQWUDYLQ úFROLL FODVLFHQHRFODVLFH GLQ FDUH vQ WLPS XQHOH V -au

GRYHGLW D IL PDL DSURDSH GH UHDOLWDWHD HFRQRPLF  8QD GLQ WH]HOH

DGRSWDWH GH .H\QHV GH OD DFHúWL ″QHRUWRGRFúL″ vQ VSH  GH OD

6LVPRQGLHVWHF SURGXVXODQXDOQXVHLGHQWLILF FXYHQLWXODQXDOúL

F  LSRWH]D HJDOLW LL ORU SRDWH IL DFFHSWDW  GRDU FD R LSRWH] 

VLPSOLILFDWRDUH 0 ULPHD YHQLWXOXL DQXDO HVWH GHWHUPLQDW  FD

GLIHUHQ  vQWUH YDORDUHD SURGXF LHL úL FRVWXO V X IRUPDW GLQ

FRQVXPXO LQWHUPHGLDU úL DPRUWL]DUH VDX FD VXP  vQWUH FRVWXO

IDFWRUXOXL PXQF  úL SURILW &HOH PDL FRQVLVWHQWH REVHUYD LL FULWLFH ,
DGDSWDWH GH .H\QHV VH UHIHU  OD PHFDQLVPXO UHOD LHL FRQVXP -
SURGXF LH vQ FDUH UROXO SULPRUGLDO HVWH DWULEXLW FHOXL GLQWkL

(Hobson); de asemenea, teza lui Malthus privind rolul consumului

vQUDSRUWFX SURGXF LDUHGXFHUHD FRQVXPXOXLSRDWHEORFDSURGXF LD

GHRDUHFH HVWH HFKLYDOHQW  FX GLPLQXDUHD GLVSDUL LD GHEXúHHORU

UHGXFHUHD DFHVWXLD PDL DOHV vQ SHULRDGD UHFHVLXQLL vQJUHXQHD] 

SURFHVXO GH DPHOLRUDUH D VW ULL HFRQRPLHL DWkW SULQ IHQRPHQXO

LQVXILFLHQ HLGHEXúHHORUFkWúLSULQIDSWXOF JHQHUHD] HFRQRP ii în

FUHúWHUH FD GLIHUHQ  vQWUH YHQLW úL XQ FRQVXP vQ VF GHUH FHHD FH

FUHHD]  SUHVLXQL LQYHVWL LRQDOH FHL FH HFRQRPLVHVF VXQW GRUQLFL V 

LQYHVWHDVF  SHQWUXD úLYDORULILFDHFRQRPLLOHvQWU
- -un mediu în care
deja capitalul este în exces în raport cu evROX LDFHUHULLGH FRQVXP
$FHVWPHFDQLVPHVWHFRPSOHWDWSULQREVHUYD LDOXL+REVRQF VXUVD

capitalului (a dimensiunii capitalului angajat) este de fapt un

U VSXQVODVWLPXOXOFHUHULLLPSOLFLWFRQVXPXOXLDFWXDOHúLYLLWRDUH

În planul sectorului financiar-PRQHWDU .H\QHV DGRSW  WH]D

OXL *HVHO SULYLQG IDSWXO F  UDQGDPHQWXO FDSLWDOXOXL QX SRDWH IL

LGHQWLILFDW FX UDWD GREkQ]LL REVHUYD LD FRUHFW  vQ IRQG úL TXDVL -
XQDQLP DFFHSWDW  D]L HVWH PRWLYDW  vQV  GH *HVHO vQ PRG OLPLWDW

doar prin factori psihologiFL 'LIHUHQ LHUHD HVWH IRUPXODW  GH *HVHO

pe baza naturii fenomenologice a celor doi indicatori: randamentul

capitalului este un fenomen tehnico-economic, efect al progresului
teKQLF RUJDQL] ULL vQWUHSULQGHULL úL FRQGL LLORU GH H[SORDWDUH UDWD

dobânzii este un fenomen pur monetar.

)XQF LD RIHUWHL JOREDOH úL IXQF LD FHUHULL JOREDOH H[SULP 

OHJ WXUD vQWUH QLYHOXO RIHUWHL JOREDOH 2* UHVSHFWLY FHUHULL JOREDOH

&*úLJUDGXOGHRFXSDUHFXDQWLILFDWSULQQXP UXOFHORUDQJDMD L1

OG = OG(N) (4.1.1)
CG = CG(N) (4.1.2)
0 ULPHD RIHUWHL JOREDOH HVWH SURGXVXO DúWHSWDWGRULW GH

vQWUHSULQ] WRUL úL VXILFLHQW SHQWUX FD HL V  DFFHSWH DQJDMDUHD

UHVSHFWLYXOXL YROXP GH PXQF  LPSOLFLW D FDSLWDOXOXL QHFHVDU

SURGXF LHL úL SH FDUH DFHúWLD vO SRW SXQH vQ IXQF LXQH vQ WHUPHQLL

XQXL UDQGDPHQW SULQ FDUH V  SRDW  DFFHGH OD XQ SURILW PD[LP vQ

FRQGL LLOHUHVSHFWLYHLSLH H

0 ULPHD FHUHULL JOREDOH HVWH SURGXVXO SH FDUH

vQWUHSULQ] WRULL VSHU  V -O RE LQ  vQ FRQGL LL GDWH GH SLD  DVWIHO

vQFkWV SRDW UHDOL]DYROXPXOGRULWDOLQYHVWL LLORUúLFRQVXPXOXL

ÌQ PRG RELúQXLW XQ SURGXF WRU QX SURGXFH ″pe stoc″ úL GLQ
acest motiv GHUD LRQDOLWDWHSURGXF LDHVWHHJDO FXRIHUWD9ROXPXO

SURGXF LHL DSUR[LPHD]  ELQH SURGXVXO RE LQXW GH vQWUHSULQ] WRU FD

úL YHQLWXULOH RE LQXWH GH DJHQ LL HFRQRPLFL vQ JHQHUDO DVWIHO F  VH

introduce ca IXQF LHGHSURGXF LHGHSHQGHQ D

Y = h(N), cu h′>0, (4.2)
XQGH 1 DUH VHQVXO GH FHUHUH GH PXQF  DGLF  1D SRWULYLW QRWD LHL

folosite în modelul neoclasic.

)XQF LD GH FRQVXP H[SULP  OHJ WXUD vQWUH FRQVXP & úL

venit (Y):
C = C(Y) (4.3)
Dintre factorii obiectivi (patrimoniul, fiscalitatea, rata
GREkQ]LL ú D P G úL VXELHFWLYL SVLKRORJLFL FDUH SRW IL

FRQVLGHUD L D GHWHUPLQD FRQVXPXO .H\QHV VH RSUHúWH DVXSUD

YHQLWXOXLVSUHGHRVHELUHGHFODVLFLFDUHH[SOLF YDULD L a consumului
SULQ YDULD LD UDWHL GREkQ]LL PRWLYkQGX úL DOHJHUHD SULQ DVFHQGHQ D
-
YHQLWXOXLSULQLPSDFWXO PDLPRGHVWDODOWRUIDFWRULRELHFWLYLúLSULQ

TXDVLFRQVWDQ DSHWHUPHQVFXUWDIDFWRULORUVXELHFWLYL

3HED]DDFHVWHLGHSHQGHQ HúLvQOHJ WXU FXHD.H\QHV

IRUPXOHD]  OHJHD SVLKRORJLF  IXQGDPHQWDO  GDF  YHQLWXULOH FUHVF

DWXQFL FUHúWH úL FRQVXPXO vQWUH FHOH GRX  FUHúWHUL S VWUkQGX -se
UHOD LDGHRUGLQH

0 < ∆C < ∆Y, (4.4)

unde ∆ este un operator GH YDULD LD DEVROXW  VLPLODU FDSLWROXO 

UHOD LLOH - (8.4)).

&RQVHFLQ HOHDFHVWHLOHJ WXULVXQW

(i) SRVLELOLWDWHDGHDGHILQLvQFOLQD LDPDUJLQDO VSUHFRQVXP

c = ∆C/∆Y, cu c∈(0,1); (4.5)

(ii) GDF  JUDGXO GH RFXSDUH FUHúWH vQ FRQGL LL QRUPDOH GH SLD 

DWXQFL FUHVF úL YHQLWXULOH LDU vQFOLQD LD PDUJLQDO  VSUH FRQVXP

VHGLPLQXHD] 

(iii) XWLOL]DUHD YHQLWXOXL SUHVXSXQH XQ SURFHV GH FRQVXP úL XQXO GH
HFRQRPLVLUH GH]HFRQRPLVLUHD HVWH VLWXD LD vQ FDUH FRQVXPXO

este mai mare decât veQLWXO úL DSDUH SH IRQGXO GLPLQX ULL

YHQLWXOXL DWXQFL FkQG DFHVWD FRERDU  VXE XQ DQXPLW QLYHO

 SURFHVXO HVWH UH]XOWDWXO WHQGLQ HL DJHQ LORU HFRQRPLFL GH D úL -
S VWUD VWDQGDUGXO GH YLD  DWLQV vQDLQWH FD YHQLWXO V  vQFHDS  V 

VFDG 

(iv) FRPSOHPHQWDUD vQFOLQD LHL marginale spre consum este

vQFOLQD LDPDUJLQDO VSUHHFRQRPLL

∆Y − ∆C ∆S
s = 1− c = = , (4.6)
∆Y ∆Y
XQGH6UHSUH]LQW HFRQRPLLOH< &6úL ∆Y = ∆C+∆S (4.7)
*UDGXO GH RFXSDUH QX SRDWH FUHúWH GHFkW vQ FRUHOD LH FX

crHúWHUHD LQYHVWL LLORU GDF  DFHVWHD GLQ XUP  QX FUHVF vQVHDPQ F 

DFHODúLFDSLWDOVHSXQHvQPLúFDUHFXXQYROXPGHPXQF PDLPDUH

FHHD FH SHQWUX vQWUHSULQ] WRU vQVHDPQ  FRVWXUL VXSOLPHQWDUH úL

implicit, profit mai mic, deoarece rezultatul fizic al actiYLW LLQXVH

PRGLILF 

)DFWRUXO FDUH UHJOHD]  FRUHOD LD vQWUH YDULD LD JUDGXOXL GH

RFXSDUH úL YDULD LD LQYHVWL LLORU SUHFXP úL HIHFWHOH DFHVWHL FRUHOD LL

HVWH vQFOLQD LD PDUJLQDO  VSUH FRQVXP'DF vQFRQGL LL GHFUHúWHUH

D JUDGXOXL GH RFXSDUH úL LPSOLFLW D YHQLWXOXL DFHDVW  vQFOLQD LH QX

VH PRGLILF  QX VFDGH DWXQFL FRQVXPXO FD úL HFRQRPLLOH FUHVF vQ

DFHODúL ULWP FX YHQLWXO 6SRUXO GH HFRQRPLL QX HVWH vQ P VXU  V 

DVLJXUH XQ VSRU VXILFLHQW LQYHVWL LLORU DFHVWHD QX SRW JHQHUD R

vPEXQ W LUH VXILFLHQW  D UDQGDPHQWXOXL PXQFLL DVWIHO vQFkW VXUVD

GH YHQLWXUL VXSOLPHQWDUH QX HVWH VXILFLHQW  LDU DJHQ LL HFRQRPLFL

SURGXF WRUL vúL GLPLQXHD]  FHUHUHD GH PXQF  úL VFDGH LPSOLFLW

gradul de ocupare.
3H GH DOW  SDUWH GDF  vQFOLQD LD PDUJLQDO  VSUH FRQVXP

scDGH SUHD PXOW FRQVXPXO YD FUHúWH vQ SUHD PLF  P VXU  vQ UDSRUW

FX HFRQRPLLOH DVWIHO vQFkW OD LQYHVWL LL FUHVFkQGH úL LPSOLFLW OD R

SURGXF LH FUHVFkQG  VH YD IRUPXOD SH SLD  R FHUHUH LQVXILFLHQW 

FDUH YD JHQHUD GLPLQXDUHD SUH XULORU úL D FkúWLJXULORU

vQWUHSULQ] WRULORU LDU DFHúWLD  YRU DYHD WHQGLQ D V  GLPLQXH]H

SURGXF LDúLvQFRQVHFLQ JUDGXOGHRFXSDUH

ÌQ WHUPHQLL OHJ WXULL H[SULPDWH GH UHOD LD  YDULD LD

consumului în raport cu venitul, fie &

′ , este:


∆C
C Y ′ = lim =c (4.8)
∆Y→ 0 ∆Y
úLGDF  LQHPFRQWGHUHOD LDSXWHPDILUPDF

&
′ > 0 úL & ′ ∈ (01) , (4.9)


OXFUXFHGHPRQVWUHD] QXPHULFFRQVHFLQ DFDOLWDWLY DOHJLL

psiholoJLFHIXQGDPHQWDOHIRUPXODWHSULQUHOD LD

ÌQ FRQGL LLOH GH HFKLOLEUX H[SULPDWH GH HJDOLWDWHD vQWUH

HFRQRPLLúLLQYHVWL LL6 ,úL LQkQGVHDPDGHUHOD LLOH - (4.9),

avem:
 I = Y - C = Y - C(Y) (4.10)
din care, pULQGLIHUHQ LHUHRE LQHP
dY dC dY dY 1
1= − ⋅ sau = sau
dI dY dI dI 1 − dC dY

1
k= cu kc′>úLN> 1, (4.11)
1− c
XQGHN G<G, PXOWLSOLFDWRUXOLQYHVWL LLORU

c = dC/dY aproximat cu ∆C/∆Y.

Multiplicatorul investL LLORU FDUDFWHUL]HD]  LQWHQVLWDWHD

FUHúWHULL HFRQRPLFH LQGLIHUHQW GH P ULPHD vQFOLQD LHL PDUJLQDOH

VSUH FRQVXP FUHúWHUHD FX R XQLWDWH D LQYHVWL LLORU GHWHUPLQ 

FUHúWHUHD FX PDL PXOW GHFkW FX R XQLWDWH D YHQLWXOXL FRQIRUP

 FX FkW vQFOLQD LD HVWH PDL PDUH FX DWkW FUHúWHUHD HVWH PDL

mare. În planul sectorului financiar-PRQHWDUDFHDVWDvQVHDPQ F OD

YDORUL PLFL DOH vQFOLQD LHL VSUH FRQVXP DJHQ LL HFRQRPLFL vúL

JHQHUHD]  VLQJXUL UHVXUVHOH SHQWUX LQYHVWL LL GDU HVWH QHFHVDU 

stimularea acestora prin politici financiar-monetare, deoarece

HIHFWXOORUvQSODQXOFUHúWHULLHFRQRPLFHHVWHPLF

)XQF LD GH LQYHVWL LL H[SULP  OHJ WXUD GLQWUH LQYHVWL LL úL

IDFWRULLFHOHGHWHUPLQ 3RWULYLWXQXOGLQIDFWRULHVWHYHQLWXO

<DO WXULGHFDUH.H\QHVLQWURGXFHGXS PRGHOXOQHRFODVLFúLUDWD

dobânzii (i):
 I = I(Y,i) cu IY′>úL,i′< 0 (4.12)
,QWURGXFHUHD UDWHL GREkQ]LL FD IDFWRU DO LQYHVWL LLORU HVWH

PRWLYDW  GH IDSWXO F  DFHVWD HVWH OLPLWD VXSHULRDU  D HILFLHQ HL

marginale a capitaOXOXL úL FDUH VH DWLQJH QXPDL vQ FRQGL LLOH vQ FDUH
SURILWXO HVWH PD[LP ÌQ DFHVWH FRQGL LL GDF  HILFLHQ D PDUJLQDO  D

capitalului este mai mare decât rata dobânzii, atunci economiile se

YRU vQGUHSWD VSUH LQYHVWL LLOH UHDOH vQWUHSULQGHUL HFKLSDPHQWH

utilaje etc.), astfel încât, printr-R SURGXF LH VXSOLPHQWDU  UDSRUWXO

FHUHUHRIHUW  YD GXFH OD GLPLQXDUHD SUH XULORU GH YkQ]DUH úL

HILFLHQ D FDSLWDOXOXL LQFOXVLY FHD PDUJLQDO  VH YD PLFúRUD 'DF 

GLPSRWULY  HILFLHQ D PDUJLQDO  D FDSLWDOXOXL HVWH PDL PLF  GHFkW

rata dobânzii, atunci economiile se vor îndrepta spre plasamente

(depozite bancare) astfel încât, printr-XQ UHFXO DO SURGXFWLYLW LL

UDSRUWXO FHUHUHRIHUW  YD GXFH OD FUHúWHUHD SUH XULORU GH YkQ]DUH úL

HILFLHQ DFDSLWDOXOXLLQFOXVLYFHDPDUJLQDO VHYDP UL

,QYHVWL LD SRDWH IL FRQVLGHUDW  FD ILLQG SUH XO FDSLWDOXOXL

S. D F UXL DFFHSWDUH GH F WUH vQWUHSULQ] WRU HVWH GHWHUPLQDW  GH

randamentul capitalului (rK):

I = pK = f(rK), cu f′> 0. (4.13)
3UH XO FDSLWDOXOXL HVWH GDW GH YDORDUHD DFWXDO  D úLUXOXL GH

HIHFWH GH FDUH EHQHILFLD]  vQWUHSULQ] WRUXO SULQ XWLOL]DUHD

FDSLWDOXOXLSHGXUDWDGHYLD HFRQRPLF GYHDDFHVWXLD

d .v .e. −t

pK = ∑ rk t (1 + i) ,
t =1
(4.14)

unde t este indice de timp, iar rkt este efectul produs de utilizarea
capitalului în anul t. Acest efect este echivalent cu randamentul
capitalului.
)DFWRUXO L HVWH HILFLHQ D PDUJLQDO  D FDSLWDOXOXL úL HVWH SULQ

FRQ LQXW DFHD UDW  GH GREkQG  FDUH DSOLFDW  VXFFHVLXQLL GH

randamente anuale DOH FDSLWDOXOXL IDFH YDORDUHD DFWXDO  D DFHVWXL

úLUHJDO FXSUH XOODFDUHHVWHRIHULWD]LDFHVWFDSLWDO

$FHDVW  DUJXPHQWD LHPRWLYHD] LQWURGXFHUHD UDWHLGREkQ]LL

FD IDFWRU DO LQYHVWL LHL GH FDUH VH OHDJ  PLMORFLW SULQ LQWHUPHGLXO

randamentului capiWDOXOXL 'LQUHOD LDVHREVHUY GHSHQGHQ D

LQYHUV  vQWUH SUH XO FDSLWDOXOXL HFKLYDOHQWXO LQYHVWL LHL úL UDWD

dobânzii.
)XQF LD FHUHULL GH EDQL HVWH R IXQF LHFHIDFH OHJ WXUD vQWUH

FHUHUHD GH EDQL 0G SH GH R SDUWH úL YROXPXO GH DFWLYLWDWH

(exSULPDWSULQ<úLUDWDGREkQ]LLLSHGHDOW SDUWH

ÌQVFRSXOGHILQLULLDFHVWHLIXQF LL.H\QHVLQWURGXFHQR LXQHD

GH SUHIHULQ SHQWUXOLFKLGLW L H[SULPDW SULQPRWLYHOH SHQWUXFDUH

DJHQ LLHFRQRPLFLIRUPXOHD] FHUHUHGHEDQL

− PRWLYXOWUDQ]DF LLORUFXFkWYROXPXOGHWUDQ]DF LLHVWHPDLPDUH

úL LPSOLFLW QLYHOXO YHQLWXULORU VRFLDOH UH]XOWDWH FX DWkW DJHQ LL

economici vor avea nevoie de sume mai mari de bani pentru a

le rula:
Mdt = Mdt(Y), MdtY′> 0, (4.15)
unde Mdt este cerHUHDGHEDQLJHQHUDW GHYROXPXOWUDQ]DF LLORU

− PRWLYXO SUHFDX LHL FX FkW YROXPXO GH WUDQ]DF LL HVWH PDL PDUH

úLLPSOLFLWYROXPXOYHQLWXULORUVRFLDOHUHDOL]DWHFXDWkWUH]HUYD

SHFDUHúL RFRQVWLWXLHDJHQ LLHFRQRPLFLHVWHPDLPDUH

-
Mdp = Mdp(Y), MdpY′> 0, (4.16)

− PRWLYXOVSHFXOD LHLFXFkWUDWDGREkQ]LLSHSLD HVWHPDLPDUH

FX DWkW WHQGLQ D DJHQ LORU HFRQRPLFL GH WLS 8&( úL 8&6 YH]L

FDSLWROXO  GH D VSHFXOD GLVSRQLELOLW LOH ORU HVWH PDL PLF 

deoarece plasamentele bancare sunt suficient de atractive din

punct de vedere al surplusurilor de valoare (dobânda) pe care le
SURPLWvQDFHVWHFRQGL LLFHUHUHDGHEDQLSHQWUXVSHFXOD LLYDIL

PDLPLF 

Mds = Mds(i), Mdsi′< 0, (4.17)

0RWLYXO SUHFDX LHL HVWH FRQVLGHUDW GH PXO L HFRQRPLúWL FD

ILLQG GHWHUPLQDW FHO SX LQ vQ HJDO  P VXU  GH DWUDF LD VDX

DYHUVLXQHD ID  GH ULVF D DJHQ LORU HFRQRPLFL DGLF  GH XQ IDFWRU
VXELHFWLY 'LQ DFHVW PRWLY FHUHUHD GH EDQL SHQWUX SUHFDX LH SRDWH

IL LQWURGXV  FD R YDORDUH H[RJHQ  R FRQVWDQW  FDUH YD PRGLILFD

cererea de bani independent de factorii cauzali variabili pe care

PRGHOXO vL LD vQ FRQVLGHUDUH $VWIHO vQ PRGHO QX VH OXFUHD]  FX

FHUHUHD WRWDO  GH EDQL 0G FL FX GLIHUHQ D GLQWUH DFHDVWD úL

constanta cererii de bani pHQWUXSUHFDX LH

Md1 = Md - Mdp, cu Mdp = constant, exogen (4.18)
6SHFXOD LD HVWH GHILQLW  FD ILLQG GRULQ D GH D SURILWD GH

SUHWHQ LDGHDúWLFHHDFHYLLWRUXOUH]HUY SLH HLHYROX LHLDFHVWHLD

&HUHUHDWRWDO GHEDQLHVWHDVWIHO

Md = Mdt + Mdp + Mds,

FDUH SRDWH IL IRUPDOL]DW  SULQ GRX  FRPSRQHQWH GHSHQGHQWH

factorial:
Md = f(Y) + g(i), cu MdY′>úL0Gi′< 0 (4.19)
ÌQ FHHD FH SULYHúWH RIHUWD GH EDQL 0V DFHDVWD HVWH

FRQVLGHUDW FDRP ULPHH[RJHQ GDW GHF WUH%DQFD1D LRQDO 

Ms = dat (4.20)
Modelul lui Keynes include:
− IXQF LDFHUHULLGHEDQL

− oferta de bani (4.20)

− HFXD LDGHHFKLOLEUXDSLH HLPRQHWDUH
 Md = Ms (4.21)
− IXQF LDGHFRQVXP

− IXQF LDGHLQYHVWL LL

− IXQF LDGHSURGXF LH

− FRQGL LD GH RSWLP SHQWUX SURGXF WRU GH IRUPD  LGHQWLF 

cu cea din modelul neoclasic

− HFXD LDúRPDMXOXL

ù 3'- N* , (4.22)
XQGH ù HVWH P ULPHD úRPDMXOXL 3' HVWH SRSXOD LD GLVSRQLELO 

RIHUWD GH PXQF  úL 1  HVWH FHUHUHD GH PXQF  vQ FRQGL LL GH

HFKLOLEUXDúDFXPUH]XOW GLQIXQF LDGHFHUHUHGHPXQF 6SUH

deosebire de modelul neoclasic, IXQF LD GH FHUHUH GH PXQF 

HVWHIRUPXODW GLQIXQF LDGHSURGXF LHFDLQYHUV DDFHVWHLD

ND = [h ] (Y )
−1
(4.23)

− HFXD LDGHVWUXFWXU DYHQLWXOXL

Y=C+S (4.24)
− HFXD LD GH HFKLOLEUX PDFURHFRQRPLF vQ DEVHQ D UHOD LLORU

economice externe:
S=I (4.25)
'LQUHOD LLOHVHRE LQH
 i = [g] (Ms − f (Y)) ,
−1
(4.26)

unde []
⋅
−1
VHPQLILF LQYHUVDIXQF LHL []
⋅ .
)XQF LD GH LQYHVWL LL VH UHVFULH FD R IXQF LH GH R VLQJXU 

YDULDELO UHVSHFWLY<DGLF 

(
I = I Y, [ g ]
−1
(Ms − f (Y))) .
3HED]DUHOD LLORUúLVHRE LQHRHFXD LHvQ

Y de forma:

(
C(Y)+I Y, [g]
−1
(Ms − f (Y))) = Y,
SULQ D F UHL UH]ROYDUH VH RE LQH QLYHOXO GH HFKLOLEUX DO YHQLWXULORU

fie Y*.
&X DMXWRUXO OXL <  VH RE LQ YDORULOH GH HFKLOLEUX SHQWUX

GREkQG ILHL GLQúLSHQWUXFRQVXPILH& GLQ&X

DMXWRUXOOXL< úLL VHRE LQQLYHOHOHGHHFKLOLEUXSHQWUXFHUHUHDGH

EDQL0G GLQúLSHQWUXLQYHVWL LL, GLQ

&X DMXWRUXO OXL <  VH RE LQH GLQ IXQF LD FHUHULL GH PXQF 

(4QLYHOXOGHHFKLOLEUXDOFHUHULLGHPXQF 1D LDUGLQFRQGL LD

GH RSWLP D SURGXF WRUXOXL  FX DMXWRUXO YDORULL 1D  VH RE LQH

nivelul de echilibru al salariului real, (w/P)* = h′( ND  1RW P

GHRVHELUHDIRUPDO ID GHUHOD LDvQFDUHIXQF LDGHSURGXF LH

este Y(N) cu derivata Y′(N), în timp ce în modelul lui Keynes am

IRORVLW SHQWUX IXQF LD GH SURGXF LH QRWD LD K1 FX GHULYDWD K ′(N).
5 PkQH YDODELO  REVHUYD LD IRUPXODW  OD PRGHOXO QHRFODVLF vQ

OHJ WXU FXIXQF LDGHSURGXF LH

În fine, SH ED]D UHOD LHL  VH SRDWH GHWHUPLQD QLYHOXO
úRPDMXOXL vQ FRQGL LL GH HFKLOLEUX 3RSXOD LD GLVSRQLELO  HVWH GH

DVHPHQHDRP ULPHH[RJHQ GHWHUPLQDW vQSULPXOUkQGGHIDFWRUL

GH QDWXU  GHPRJUDILF  ÌQWU R DQDOL]  PDL FRPSOH[  SRW IL SXVH vQ
-
evidHQ  GHSHQGHQ H DOH DFHVWXL LQGLFDWRU GH YDULDELOH HFRQRPLFH

FXPVXQWYHQLWXOVDODULXOUHDOúDPG

&RQH[LXQLOH vQWUH LQGLFDWRULL GH]YROW ULL HFRQRPLFH úL

algoritmul de rezolvare a modelului sunt prezentate în figura 50.

0RGHOXOLQFOXGH]HFHHFXD LLúLWUHLFDWHJRULLGHYDULDELOH

− variabile independente, determinate de factori psihologici, între

FDUH VH LQFOXG vQFOLQD LD PDUJLQDO  VSUH FRQVXP

FRPSRUWDPHQWXO ID  GH OLFKLGLWDWH úL HILFLHQ D PDUJLQDO 

HVWLPDW DFDSLWDOXOXLODFDUHVHDGDXJ RIHUWD de bani;

− YDULDELOH LQWHUPHGLDUH UDWD GREkQ]LL GHWHUPLQDW  GH SUHIHULQ D

SHQWUXOLFKLGLWDWHúLGHFDQWLWDWHDGHEDQLGHWHUPLQ ODUkQGXOHL

LQYHVWL LLOH úL LQYHVWL LLOH GHWHUPLQDWH GH UDWD GREkQ]LL úL

determinând, la rândul lor, nivelul venitului);

− vaULDELOHGHSHQGHQWHYHQLWXOúLJUDGXOGHRFXSDUH
 
Fu





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monetare

Oferta de bani

Fig. 50 Mecanismul echilibrului economic

În afara acestor variabile, în model intervin ca date exogene

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