接著上篇CFA經(jīng)濟(jì)學(xué)知識(shí)考點(diǎn)，接下來我們說一下影響LM曲線平移的因素和充分就業(yè)時(shí)的產(chǎn)出水平，我們就以案例為例講一下知識(shí)點(diǎn)！
  CFA考點(diǎn)四：影響LM曲線平移的因素
An increase in the price level would shift the
A IS curve.
B LM curve.
C aggregate demand curve.
B is correct. The LM curve represents combinations of income and the interest rate at which the demand for real money balances equals the supply. For a given nominal money supply, an increase in the price level implies a decrease in the real money supply. To decrease the demand for real money balances, either the interest must increase or income must decrease. Therefore, at each level of the interest rate, income (= expenditure) must decrease—a leftward shift of the LM curve.
解題思路：影響LM的平移的因素就是比實(shí)際貨幣供給。實(shí)際貨幣供給=名義貨幣供給/物價(jià)水平。因此，物價(jià)水平的改變可以影響LM曲線的平移。

易錯(cuò)點(diǎn)分析：這道題有些同學(xué)選擇了C選項(xiàng)。C選項(xiàng)中提及的總需求AD曲線，它的橫坐標(biāo)就是物價(jià)水平P，因此，物價(jià)水平的變動(dòng)只會(huì)引起曲線上的點(diǎn)沿著曲線移動(dòng)，而非曲線的平移。
此外還需注意到，一國(guó)總產(chǎn)出可以表示為Y=C+I+G+(X-M)，等式右邊*項(xiàng)消費(fèi)C和總產(chǎn)出Y有關(guān)，第二項(xiàng)投資I和利率水平r有關(guān)。那么剩下來的兩項(xiàng)政府支出G以及凈出口(X-M)便是影響IS曲線平移的因素，和物價(jià)水平?jīng)]有關(guān)系。

  CFA考點(diǎn)五：充分就業(yè)時(shí)的產(chǎn)出水平

The full employment, or natural, level of output is best described as:

A the maximum level obtainable with existing resources.

B the level at which all available workers have jobs consistent with their skills.

C a level with a modest, stable pool of unemployed workers transitioning to new jobs.

C is correct. At the full employment, or natural, level of output the economy is operating at an efficient and unconstrained level of production. Companies have enough spare capacity to avoid bottlenecks, and there is a modest, stable pool of unemployed workers (job seekers equal job vacancies) looking for and transitioning into new jobs.


解題思路：充分就業(yè)時(shí)仍然會(huì)存在一部分失業(yè)，但是這部分失業(yè)是穩(wěn)定溫和的，并且這些失業(yè)工人可以通過培訓(xùn)實(shí)現(xiàn)再就業(yè)。

易錯(cuò)點(diǎn)分析：這道題會(huì)有不少CFA報(bào)名考生誤選了A選項(xiàng)。A選項(xiàng)暗含了利用所有勞動(dòng)力的意思，但是我們說充分就業(yè)的情況下，依然存在結(jié)構(gòu)性失業(yè)以及摩擦性失業(yè)。所以相比較C選項(xiàng)，A選項(xiàng)的說法不夠準(zhǔn)確。