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Case for Active Stabilization Policy ? The Employment Act has two implications: ? The government should avoid being the cause of economic fluctuations. ? The government should respond to changes in the private economy in order to stabilize aggregate demand. Copyright 169。 2022 SouthWestern 支持積極的穩(wěn)定政策 ? 就業(yè)法案有兩種含義 : ? 政府應(yīng)該避免成為經(jīng)濟(jì)波動(dòng)的原因。 ? 政府應(yīng)該對(duì)私人經(jīng)濟(jì)中的變動(dòng)作出反應(yīng)以便穩(wěn)定總需求。 Copyright 169。 2022 SouthWestern The Case against Active Stabilization Policy ? Some economists argue that moary and fiscal policy destabilizes the economy. ? Moary and fiscal policy affect the economy with a substantial lag. ? They suggest the economy should be left to deal with the shortrun fluctuations on its own. Copyright 169。 2022 SouthWestern 反對(duì)積極穩(wěn)定政策論 ? 一些經(jīng)濟(jì)學(xué)家認(rèn)為,貨幣和財(cái)政政策反而使經(jīng)濟(jì)更加不穩(wěn)定。 ? 貨幣與財(cái)政政策對(duì)經(jīng)濟(jì)的影響有相對(duì)長(zhǎng)的時(shí)滯。 ? 他們建議讓經(jīng)濟(jì)靠自己的力量去克服短期波動(dòng)。 Copyright 169。 2022 SouthWestern Automatic Stabilizers ? Automatic stabilizers are changes in fiscal policy that stimulate aggregate demand when the economy goes into a recession without policymakers having to take any deliberate action. ? Automatic stabilizers include the tax system and some forms of government spending(Transfer payments). Copyright 169。 2022 SouthWestern 自動(dòng)穩(wěn)定器 ? 自動(dòng)穩(wěn)定器 — 當(dāng)經(jīng)濟(jì)進(jìn)入衰退時(shí)決策者不用采取任何有意的行動(dòng)也會(huì)刺激總需求的財(cái)政政策變動(dòng)。 ? 自動(dòng)穩(wěn)定器包括稅制和一些政府支出 (轉(zhuǎn)移支付 )。 Copyright 169。 2022 SouthWestern 用 TR代表轉(zhuǎn)移支付,轉(zhuǎn)移支付通過(guò)影響可支配收入來(lái)影響支出。 △ Y= b△ TR+ b2△ TR+ …+b n△ TR+… = b( 1+b+ b2+…+b n1+… ) △ TR = [b /( 1b) ] △ TR 轉(zhuǎn)移支付乘數(shù) △ Y / △ TR = b /( 1b) 結(jié)論:轉(zhuǎn)移支付與稅收的作用方向相反,程度相同 Copyright 169。 2022 SouthWestern Summary ? Keynes proposed the theory of liquidity preference to explain determinants of the interest rate. ? According to this theory, the interest rate adjusts to balance the supply and demand for money. Copyright 169。 2022 SouthWestern 小結(jié) ? 凱恩斯提出了流動(dòng)偏好理論來(lái)解釋利率的決定因素。 ? 根據(jù)這一理論,利率的調(diào)整使貨幣的供求平衡。 Copyright 169。 2022 SouthWestern Summary ? An increase in the price level raises money demand and increases the interest rate. ? A higher interest rate reduces investment and, thereby, the quantity of goods and services demanded. ? The downwardsloping aggregatedemand curve expresses this negative relationship between the pricelevel and the quantity demanded. Copyright 169。 2022 SouthWestern 小結(jié) ? 物價(jià)水平增加了貨幣需求,并提高了利率。 ? 較高的利率減少了投資,從而減少了物品與勞務(wù)的需求量。 ? 向右下方傾斜的總需求曲線表現(xiàn)了物價(jià)水平與需求量之間的這種負(fù)相關(guān)關(guān)系。 Copyright 169。 2022 SouthWestern Summary ? Policymakers can influence aggregate demand with moary policy. ? An increase in the money supply will ultimately lead to the aggregatedemand curve shifting to the right. ? A decrease in the money supply will ultimately lead to the aggregatedemand curve shifting to the left. Copyright 169。 2022 SouthWestern 小結(jié) ? 政策制定者可以用貨幣政策影響總需求。 ? 貨幣供給的增加最終導(dǎo)致總需求曲線向右移動(dòng)。 ? 貨幣供給的減少最終導(dǎo)致總需求曲線向左移動(dòng)。 Copyright 169。 2022 SouthWestern Summary ? Policymakers can influence aggregate demand with fiscal policy. ? An increase in government purchases or a cut in taxes shifts the aggregatedemand curve to the right. ? A decrease in government purchases or an increase in taxes shifts the aggregatedemand curve to the left. Copyright 169。 2022 SouthWestern 小結(jié) ? 政策制定者可以用財(cái)政政策影響總需求。 ? 政府購(gòu)買(mǎi)增加或減稅使總需求曲線向右移動(dòng)。 ? 政府購(gòu)買(mǎi)減少或增稅使總需求曲線向左移動(dòng)。 Copyright 169。 2022 SouthWestern Summary ? When the government alters spending or taxes, the resulting shift in aggregate demand can be larger or smaller than the fiscal change. ? The multiplier effect tends to amplify the effects of fiscal policy on aggregate demand. ? The crowdingout effect tends to dampen the effects of fiscal policy on aggregate demand. Copyright 169。 2022 SouthWestern 小結(jié) ? 當(dāng)政府改變支出或稅收時(shí),所引起的總需求移動(dòng)可能大于或小于財(cái)政變動(dòng)。 ? 乘數(shù)效應(yīng)傾向于擴(kuò)大財(cái)政政策對(duì)總需求的影響。 ? 擠出效應(yīng)傾向于減少財(cái)政政策對(duì)總需求的影響。 Copyright 169。 2022 SouthWestern Summary ? Because moary and fiscal policy can influence aggregate demand, the government sometimes uses these policy instruments in an attempt to stabilize the economy. ? Economists disagree about how active the government should be in this effort. ? Advocates say that if the government does not respond the result will be undesirable fluctuations. ? Critics argue that attempts at stabilization often turn out destabilizing. Copyright 169。 2022 SouthWestern 小結(jié) ? 由于貨幣與財(cái)政政策可以影響總需求,所以,政府有時(shí)用這些政策工具來(lái)努力穩(wěn)定經(jīng)濟(jì)。 ? 經(jīng)濟(jì)學(xué)家對(duì)政府應(yīng)該如何積極地進(jìn)行這種努力看法并不一致。 ? 支持者認(rèn)為,如果政府不作出反應(yīng),結(jié)果就是不合意的波動(dòng)。 ? 批評(píng)者認(rèn)為,這些努力經(jīng)常是以不穩(wěn)定為結(jié)束。