Fiscal Policy and Stabilization - PowerPoint PPT Presentation

1 / 43
About This Presentation
Title:

Fiscal Policy and Stabilization

Description:

Title: Fiscal Policy and Stabilization Author: sakon sakon Last modified by: apple Created Date: 9/10/2007 6:40:30 AM Document presentation format – PowerPoint PPT presentation

Number of Views:118
Avg rating:3.0/5.0
Slides: 44
Provided by: sak126
Category:

less

Transcript and Presenter's Notes

Title: Fiscal Policy and Stabilization


1
????????????????????????????????????????????
2
??????????????????????????????????????????
  • ??????????????????????????????????????????????????
    ???
  • ??????????????????????????????? (Stabilization
    policy) ???????????????????????????????
  • ??????????????????????????????????????? (Growth
    model)
  • ????????????????????????????????
    (Intergenerational equity) ???????????????????????
    ??????????????????????????

3
??????????????????????????????????????????????
  • ??????????????????????????????????????????????????
    ????
  • ?????????? ? ?????
  • ????????????????????????????????
    ????????????????????????????????
    ????????????????? ???????? ??????????????
    (?????????????? ?????????????? ?????????????????)
    ????????????????????????????
  • ??????????????????????????? ????????????????????
    ?????????????????????????
  • ???????????? (Debt dynamics) ???????????????????
    ????????????? ??????????????????????????????
    ????????????????????????????????????

4
??????????????????????????????????
  • GDP Y C I G X M C S T
  • (I - S) ( M X) (T G )
  • ???????????????????????????? ???????????????????
    ???? ??????????????????
  • ????????? Keynesian ????????????????????????????
    ????????????????????? GDP ????????????????????
    counter-cyclical

5
(No Transcript)
6
(No Transcript)
7
??????????????????????????????????
  • ??????????????????????????????????????????????????
    ???? (?????? fixed exchange rate)
    ????????????????????????????
  • ??????????????????????????????????????????????????
    ???? (?????? flexible exchange rate)
    ???????????????????????????????

8
??????????????????????????????????????
  • ????????????????????????
  • Internal Balance
  • External Balance
  • ??????????????????
  • ????????
  • ???????
  • ????????????????????????????????????? ?

9
?????????????????????????????????????????????
  • ????????????????? gt ????????????????
    (Expansionary Policy)
  • ????????????????????? gt ??????????????
    (Contractionary Policy)

??????????????????????????????????????????????????
????????????????? ?????????????????????????? ????
??? trade-off ????????????????????????????????
10
????????????????????????????????????????????
(Demand Side)
  • ????????? Keynesian (Crowding out Effect)
  • ?????????????????? (?????????????????)
  • price rigidity
  • ????????????? gt ????????????? AD
  • ??????????????????????????????
    multiplier effect ???????? AD ?????????
  • ??????????????????????????????????????????????????
    ?????????? ????????????????
  • ??????????????????????????????????
  • ???????????????????
  • ??????????????????? (fixed or flexible)

11
??????????????????????????? IS-LM (????????
Keynesian)
r
LM
E1
r1
Multiplier effect
E0
E2
r0
Crowding out effect
IS1
IS0
y
y2
y0
y1
12
???????????????????????????????????????????? (???)
  • ????????? Keynesian
  • ?????????????????? (??????????)
  • ???????????????????? ???????? AD ????????
    ???????????????????????????????? (crowding out
    effects) ?????????????????????????????????
  • ??????????????????? (flexible exchange rate)
  • ??????????????????????????????????????????????????
    ???????????????????????????????????????????

13
??????????????????????????? IS-LM(????????
Keynesian) (???)
LM
r1
E1
E1
r1
E0
E2
r0
IS1
IS0
IS0
IS1
y
y2
y0
y1
y1
??????????????????????????????????????????????????
????????????????????????????????????????
??????????????? crowding out ??????????
14
??????????????????????????? IS-LM
(?????????????????????? fixed)
X( ) M(Y, ) F(r) o
BP
? E1 ??????????????????? ? ???? BP
????????????????????????????? ???????????????????
?????????????? BP??????????????????? ? ???? BP
?????????????????????????????? ???????????????????
?????????????? BP ?????????????????
LM
r1
E1
BP
r0
E0
??????? slope ??? BP ?????????? ??????????????????
??????????????? ???????? BP ??????????????????????
????????????????????????????? ????????????????????
???????????????
IS0
IS1
y
y0
y1
15
??????????????????????????? IS-LM
(?????????????????????? flexible)
??????????????????????? ISgtIS
????????????????? ????????????????????????? ??????
????????????? (??????????????)
LM
E1
r1
E1
BP
r0
BPgtBP ??????????????????? ??????????
?????????????????? ?????????????????????? ??????
??????????????????????????
E0
IS1
IS0
y
y0
y1
16
??????????????????????????? IS-LM
(?????????????????????? flexible)
BP
BP
LM
r1
E1
BPgtBP ???????????????????????? ????????????????
??????? ????????????????????
E1
r1
r0
E0
IS0
IS1
IS1
y
y0
y1
y1
17
??????????????????????????? IS-LM
(?????????????????????? flexible)
  • ??????????????????????????????????????????????????
    ??????? flexible

LM
E1
r1
BPBP
r0
E0
IS1
IS0IS1
y0
y
y1
18
???????????????????????????????????????????? (???)
  • ????????? Non-Keynesian ??????????????????????????
    ???
  • Rational Expectations
  • Ricardian Equivalence ???????????????????????????
    ?????????????????? (?????????????????) ?????
    ??????????????????
  • ??????????????????????????????????????????????????
    ??????????? (?????????) ????????????????
  • Uncertainty

19
??????????????????? New Classical
Approach (Rational Expectations)
20
Ricardian Equivalence
?????????????? ??????? ??????? ????????? ?????????
????????? ???? ???????????????? ????????????
??????? ??????????????????? ???????
????????? ???????????????? ???? ??????????????????
?? ????????????????? ???????????????????? ???????
????????
I0 (g0-t0)
??????????????????????????
21
????????????????????????????????????????????
(Supply Side)
  • ??????????? ???????????????????
    ????????????????????????????
  • ??????????????????????????? - ???????????????
  • ????????????????????????????????

22
????????????????????????????????????????????
  • ???????????????????????? (inside and outside
    lags)
  • Inside lag ???????????????????????????????????????
    ???????????? ?????????????????????????????????????
    ???? ????????????????????????????
  • Outside lag ??????????????????????????????????????
    ?????????????
  • Political economy
  • ????????????????

23
?????????????????????????????
  • Automatic Stabilizers
  • Discretionary

24
Automatic Stabilizers
  • Automatic Stabilizer ?????????????????????????????
    ???????????????????????????????????
    ???????????????????????????????????????????????
  • ??. ??????????????????????????????????????????????
    ??

25
??????????????? automatic stabilizers
26
??????????????? automatic stabilizers
???
27
??????????????????????????????????????????????????
?????????????????????????????????????
???????????????????????????????? automatic
stabilizer.
28
??????????????????????????????????????????????????
??????????????
  • ?????????????????????????? ??????????????????????
    ????????????????????????????????????????????
  • ????????????????????????????? (Automatic
    stabilization) ??????????????????
    ??????????????????????????????????????????????????
    ??????? ??????????????????????????????????????
    ??????????????? ???? ???????????????????

29
??????????????????????????????????????????????
  • 1. Advocates of active policy believe
  • ??????????????????????????????????????????????????
    ?????????????
  • ??????????????????????????????????????????????????
    ?????????????????
  • 2. Advocates of passive policy believe
  • ??????????????????????????????????????????????????
    ?????????????????????????
  • ??????????????????????????????????????????????????
    ????????????????????????????????????????

30
??????????????????????????????????????????????
  • 3. Advocates of discretionary policy believe
  • ??????????????????????????????????????????????????
    ?????????????????????????
  • 4. Advocates of policy rules believe
  • ??????????????????????????????????????????????????
    ??????????????????????????????????
    ??????????????????????????????????????????????
  • ??????????????????????????????????????????????????
    ? ????????????????????????????????

31
Arguments for active policy
  • Recessions cause economic hardship for millions
    of people.
  • The Employment Act of 1946 it is the
    continuing policy and responsibility of the
    Federal Government topromote full employment and
    production.
  • The model of aggregate demand and supply
    (Chapters 9-13) shows how fiscal and monetary
    policy can respond to shocks and stabilize the
    economy.

32
Arguments against active policy
  • Long variable lags
  • inside lag the time between the shock and the
    policy response
  • takes time to recognize shock
  • takes time to implement policy, especially
    fiscal policy
  • outside lag the time it takes for policy to
    affect economy

If conditions change before policys impact is
felt, then policy may end up destabilizing the
economy.
33
??????????????????????????????????????????????????
??????????????
  • ?????????????????????????? (Discretionary
    stabilization) ??????????????????????????????????
    ?????? ???????????????????????

34
Discretionary stabilization
  • ???????????????????????????? ???? ?????????
    ???????????????????????????
  • ??????????
  • ??????????????????????
  • ??????????????????????????????????????? ?

35
????????????????????????
  • ?????????????????????????
  • ????????? ??????????????? ????????????????
  • ????????????????????????????????????????????????
    ??????????????????????????????????????????????????
    ?? ???????????????????????????????????????????????
    ??????????????????????????????????????????????????
    ???????????????

36
??????????????????????????????????????? ?
  • ??????????????????????????????????????? ?
  • ???????????????????
  • ???????
  • ????
  • ?????????
  • ???
  • ?????????????? ? ?????????????????????????????????
    ??????????????????

37
??????????????????????????????????????????????????
????????????
  • ????????????????????????????????
  • ??????????? ???????????????????????????
  • ?????????? ??????????????????????????
  • ????????????????????????????????
    ??????????????????????????????????
    ????????????????????????????? ????????????????????
    ?????

38
????????????????????? ????????????????????????????
????
38 of 47
39
???????????????????
  • Y0 ?????????????????????????????? inflation.
    ??????????????? potential output ???? potential
    GDP.

??????????????????????? AS ?????????????????????
40
????????????????????????
  • AD ???????????????????????????????????????????????
    ?????????????????????????
  • ?????????????????????????? AS ?????????????,
    ??????????????????????????????????????

41
????????????????????????
  • ????????? AS ?????? ?????? multiplier
    ??????????? ??????????????????????????????
  • ?????????????????????????????????????????????????

42
????????????????????
  • ????? AS ????????????????????????
    ??????????????????????????????????????????????????
    ?

43
????????????????????????Keynesian
  • ?????????????????????????????? YF
Write a Comment
User Comments (0)
About PowerShow.com