macro11macroeconomicpolicy宏观经济学(南开大学,龚刚)

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1、MacroeconomicsLecture11MacroeconomicPolicyI.IntroductionTheobjectivetostudyhowmacroeconomicpoliciescanbeappliedtosolvepracticalmacroeconomicproblems.II.DemandManagementasAnObjectiveThreebasicmacroeconomicproblemsUnemployment;Inflation;Recession(reflectedaslowlevelinGDP）II.DemandManagementasA

2、nObjectiveThecausesofmacroeconomicproblemsAccordingtotheAS-ADmodel,thesethreeproblemscanallbeexpressedasaninappropriatebalancebetweenaggregatedemandandaggregatesupply,givenastableaggregatesupplycurve.II.DemandManagementasAnObjectiveThecausesofmacroeconomicproblems(continued)Inparticular,unemp

3、loymentandrecessionoftenindicatesaninsufficiencyinaggregatedemandwhileinflationoftenindicatestoomuchaggregatedemand.II.DemandManagementasAnObjectiveTheObjectiveofMacroeconomicPolicyThisseemstosuggestthattheobjectiveofmacroeconomicpoliciesistoadjusttheaggregatedemandtowardsitsappropriatelevel.

4、Therefore,themacroeconomicpolicyasproposedbyKeynesisoftennamedasdemandmanagementpolicy.II.DemandManagementasAnObjectiveExpansionaryversusContractionary:Amacroeconomicpolicythatincreasestheaggregatedemandisconsideredtobeanexpansionary(oraggressive)policyAnexpansionarypolicyisoftenappliedwhenth

5、eeconomyisinrecession(lowoutput,lowinflationandhighunemploymentrate)II.DemandManagementasAnObjectiveExpansionaryversusContractionary(countinued):Amacroeconomicpolicythatreducestheaggregatedemandisconsideredtobeacontractionarypolicy.Acontractionarypolicyisoftenappliedwhentheeconomyisinexpansio

6、n(highoutput,highinflationandlowunemploymentrate)III.MonetaryPolicyTherearetwotypesofmacroeconomicpolicy:Thefiscalpolicy;Themonetarypolicy.EitherofthemcanbeexpansionaryorcontractionaryMonetarypolicyisexecutedbycentralbankIII.MonetaryPolicyTherearebasicthreeinstrumentsofmonetarypolicy:openmarke

7、toperationBuyingorsellingthegovernmentbondWhygovernmentbond?changediscountrate;changerequiredreserveratio.III.MonetaryPolicyExpansionaryMonetaryPolicybuyingbond;reducediscountrate;reducerequiredreserveratio.Oftenimpliesastimulationtoinc