宏观经济学及财务知识分析.ppt

《宏观经济学及财务知识分析.ppt》由会员上传分享，免费在线阅读，更多相关内容在PPT专区-天天文库。

1、CHAPTER13StabilizationPolicy1Copyright©2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.QuestionsWhatprinciplesshouldguidestabilizationpolicy?Whataspectsofstabilizationpolicydoeconomistsargueabouttoday?Ismonetarypolicyorfiscalpolicymoreeffectiveasastabilizationpolicy?Howdoesuncerta

2、intyaffectthewaystabilizationpolicyshouldbemade?2Copyright©2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.QuestionsHowlongarelagsassociatedwithstabilizationpolicy?Isitbetterforstabilizationpolicytobeconductedaccordingtofixedrulesortobeconductedbyauthoritieswithsubstantialdiscreti

3、on?3Copyright©2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.GovernmentPolicyTherearetwokindsofgovernmentpolicyfiscalpolicyshiftstheIScurvemonetarypolicyshiftstheLMcurveThegovernmentusespolicytostabilizethemacroeconomybyminimizingtheimpactofshocks4Copyright©2002byTheMcGraw-HillCo

4、mpanies,Inc.Allrightsreserved.MonetaryPolicyInstitutionsMonetarypolicyintheU.S.ismadebytheFederalReservewhichisthecentralbanktheprincipalpolicy-makingbodyoftheFederalReservesystemistheFederalOpenMarketCommittee(FOMC)theFOMClowersandraisesinterestratesandincreasesanddecreasesthemoneysu

5、pply5Copyright©2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.MonetaryPolicyInstitutionsTheFederalReservehasacentralofficeand12regionalofficesthecentralofficeistheBoardofGovernorsinWashington,DCthe12regionalofficesarethe12FederalreservebanksscatteredaroundtheU.S.themembersoftheBo

6、ardofGovernorsandthePresidentsoftheregionalFederalReserveBanksmakeuptheFOMC6Copyright©2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.Figure13.1-StructureoftheFederalReserveSystem7Copyright©2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.Figure13.2-CompositionoftheFederalOpen

7、MarketCommittee8Copyright©2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.MonetaryPolicyInstitutionsTheFOMCmeetsapproximatelyonceamonthtosetinterestratesemergencymeetingscanalsobescheduledonshortnoticeWhentheFOMCdecidesonapolicychange,itisimplementedimmediatelyittakesonlyminutesfo

8、rinte