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1、Chapter14 Stabilization Policy Should policy be active or passive? Should policy be conducted by rule or by discretion? Conclusion: making policy in an uncertain world Should Policy Be Active or Passive? Lags in the implementation and effects of policies (the inside lag and the outside lag, automati
2、c stabilizers) The difficult job of economic forecasting (leading indicator) Ignorance, expectation, and the Lucas critique (the more narrow lesson and the more broader lesson) The historical record Slide 1 Mankiw:Macroeconomics, 4/e by Worth Publishers, Inc. Should Policy Be Conducted by Rule or by
3、 discretion Distrust of policymakers and the political process (the political business cycle) The time inconsistency of discretionary policy Rules for monetary policy (money supply, nominal GDP, inflation) Rules for fiscal policy Slide 2 Mankiw:Macroeconomics, 4/e by Worth Publishers, Inc. Slide 3 Mankiw:Macroeconomics, 4/e by Worth Publishers, Inc. Conclusion: Making Policy in an Uncertain World
