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1、Copyright 2002byTheMcGraw HillCompanies Inc Allrightsreserved 13 1 CHAPTER13 StabilizationPolicy Copyright 2002byTheMcGraw HillCompanies Inc Allrightsreserved 13 2 Questions Whatprinciplesshouldguidestabilizationpolicy Whataspectsofstabilizationpolicydoeconomistsargueabouttoday Ismonetarypolicyorfis
2、calpolicymoreeffectiveasastabilizationpolicy Howdoesuncertaintyaffectthewaystabilizationpolicyshouldbemade Copyright 2002byTheMcGraw HillCompanies Inc Allrightsreserved 13 3 Questions Howlongarelagsassociatedwithstabilizationpolicy Isitbetterforstabilizationpolicytobeconductedaccordingtofixedrulesor
3、tobeconductedbyauthoritieswithsubstantialdiscretion Copyright 2002byTheMcGraw HillCompanies Inc Allrightsreserved 13 4 GovernmentPolicy TherearetwokindsofgovernmentpolicyfiscalpolicyshiftstheIScurvemonetarypolicyshiftstheLMcurveThegovernmentusespolicytostabilizethemacroeconomybyminimizingtheimpactof
4、shocks Copyright 2002byTheMcGraw HillCompanies Inc Allrightsreserved 13 5 MonetaryPolicyInstitutions MonetarypolicyintheU S ismadebytheFederalReservewhichisthecentralbanktheprincipalpolicy makingbodyoftheFederalReservesystemistheFederalOpenMarketCommittee FOMC theFOMClowersandraisesinterestratesandi
5、ncreasesanddecreasesthemoneysupply Copyright 2002byTheMcGraw HillCompanies Inc Allrightsreserved 13 6 MonetaryPolicyInstitutions TheFederalReservehasacentralofficeand12regionalofficesthecentralofficeistheBoardofGovernorsinWashington DCthe12regionalofficesarethe12Federalreservebanksscatteredaroundthe
6、U S themembersoftheBoardofGovernorsandthePresidentsoftheregionalFederalReserveBanksmakeuptheFOMC Copyright 2002byTheMcGraw HillCompanies Inc Allrightsreserved 13 7 Figure13 1 StructureoftheFederalReserveSystem Copyright 2002byTheMcGraw HillCompanies Inc Allrightsreserved 13 8 Figure13 2 Compositiono
7、ftheFederalOpenMarketCommittee Copyright 2002byTheMcGraw HillCompanies Inc Allrightsreserved 13 9 MonetaryPolicyInstitutions TheFOMCmeetsapproximatelyonceamonthtosetinterestratesemergencymeetingscanalsobescheduledonshortnoticeWhentheFOMCdecidesonapolicychange itisimplementedimmediatelyittakesonlymin
8、utesforinterestratestoshiftinresponsetoFOMCactions Copyright 2002byTheMcGraw HillCompanies Inc Allrightsreserved 13 10 MonetaryPolicyInstitutions TheFOMCchangesinterestratesbycarryingoutopen marketoperationsinanexpansionaryopen marketoperation theFederalReservebuysgovernmentbonds increasingbankreser
9、ves andloweringinterestratesinacontractionaryopen marketoperation theFederalReservesellsgovernmentbonds decreasingbankreserves andraisinginterestrates Copyright 2002byTheMcGraw HillCompanies Inc Allrightsreserved 13 11 MonetaryPolicyInstitutions TheFederalReservecanalsoalterinterestratesintwootherwa
10、ystheBoardofGovernorscanalterlegallyrequiredbankreservestheBoardofGovernorscanlendmoneydirectlytofinancialinstitutionsThesetoolsareusedveryrarely Copyright 2002byTheMcGraw HillCompanies Inc Allrightsreserved 13 12 FiscalPolicyInstitutions FiscalpolicyintheU S ismanagedbyCongresstheCongresscreatesthe
11、taxlawsthatdeterminetheamountoftaxesimposedbythefederalgovernmenttheCongress sspendingbillsdeterminethelevelofgovernmentpurchasesTaxandspendinglevelsaresetthroughaprocesscalledthebudgetcycle Copyright 2002byTheMcGraw HillCompanies Inc Allrightsreserved 13 13 Figure13 4 TheBudgetProcess Copyright 200
12、2byTheMcGraw HillCompanies Inc Allrightsreserved 13 14 GovernmentExpenditures MandatoryexpendituresincludespendingforSocialSecurity Medicare Medicaid unemploymentinsurance andfoodstampsDiscretionaryexpendituresmustbeappropriatedeachyearbyCongresstheseincludedefensespending NASA highwayspending educa
13、tionspending andsoforth Copyright 2002byTheMcGraw HillCompanies Inc Allrightsreserved 13 15 Figure13 5 MajorFederalGovernmentExpendituresbyCategory 1960 2000 Copyright 2002byTheMcGraw HillCompanies Inc Allrightsreserved 13 16 Figure13 6 FederalGovernmentDiscretionarySpending ExcludingDefense 2000 Co
14、pyright 2002byTheMcGraw HillCompanies Inc Allrightsreserved 13 17 FiscalPolicyInstitutions Becauseofthewaythebudgetprocessissetup makingfiscalpolicyintheU S iscomplicatedandtime consumingthetimebetweenwhenapolicyproposalismadeandwhenitbecomeseffective theinsidelag cantakeyearstheinsidelagassociatedw
15、ithmonetarypolicychangescanbemeasuredindaysorweeks Copyright 2002byTheMcGraw HillCompanies Inc Allrightsreserved 13 18 TheHistoryofEconomicPolicy TheEmploymentActof1946establishedCongress sJointEconomicCommitteeandthePresident sCouncilofEconomicAdvisorscalledonthePresidenttoestimateandforecastthecur
16、rentandfuturelevelofeconomicactivityintheU S announcedthatitwastheresponsibilityofthefederalgovernmenttofosterandpromotefreeenterpriseandthegeneralwelfare Copyright 2002byTheMcGraw HillCompanies Inc Allrightsreserved 13 19 TheHistoryofEconomicPolicy BeforetheGreatDepression thegeneralbeliefwasthatthegovernmentcouldnotstabilizetheeconomyandshouldnottrytodosoItwaslargelyduetothewritingsofJohnMaynardKeynesthateconomistsandpoliticiansbecameconvincedthatgovernmentscouldhaltdepressionsandsmoothouttheb
