Professional Documents
Culture Documents
post by Sunday, September 27, 2009
3
4 5
6
3 7889
:;
<=
4>
?@
83
A
B:; 5
C
;3
@
; 643
4:
BD:= <<=> ?@
A
;=ႚ 3B<=
flow))
C႒@
= <=3
;
(circular flow
;
=ႛ 5:
;=ႚ 4O=
4>
3B<=
C
3
;=ႚ money supply P8?<P 5< P
= instrument potency ႒@
4>
QA6C;=ႚ 33
:
;
B
?@3 instrument potency 4 55 ;6P>
;3
?
5;A
႟ 8 5
5 5<႓@ 5 5 ;
3
5=?@5
B
3B<==
C
3
4> <
<
8
84
:55႒@ <
;= 554>
<
:
;; ႒@ ; ;4>
5;
55884
5;
5 58 84 55;
558 84
:; 3P<P
5
5
5B
5 B<
= :
3
5႒@=ႛ <
;4> 6C
< ; 6C8 ?@ ႒@
;4> ?@3555 B
:;
= ႟ 3
4> T@
;
3
4>
3
4> 5
:
3
4>
?@3
C
= 3
;
A
@
; 3
A6P > V 4 3
= 4>
6
33 ႛ =:
?@ A
႒@<3 ;4 ?@
C;=ႚ P3
3
3ႛ = 4>
T
3== 5:4 A
ႛ =;=ႚ A
:>ႛ 55
Aႛ =;=ႚ A
4:; A
;
<
႓@3ႛ :4> ?@
4ႛ
;=ႚ A
A3 == 5:4 :4 ;;=ႚ 5= ;43ႛ :4>
< = 55=ႛ :4>
C႒@
= U3
A
B B <P;=ႚ
<=
C
3
A6P> 3 8 <
;< P 4
A
<P; ႛ =ႚ 85=ႛ
5;:4 ;=4:; 5
< U3
:4; ;;3
=
?4
34> ? 4 <= 55
႓@
3
B<
4> 6
3=:
C
= < U3
3
3 ႛ => ?@3 3
=5
B< P ;=ႚ <= 3
<
4
4> ႒@
3=
ႚ 3; 3 3
4>
?@3=ႛ ႟ 3 ႒@
3
႒@
႟ 3A
33
<4 3
= 3
= ;႓@ :4:
;
6P>
;
5; ?@W
8< @
;<
3
:႓@ <B
U4P<
3<4> ?@3 <B႒@
;=ႚ 3:
4:;= = P8? 8? ႓@
8
33;
ႛ 4> 5
C
;5<5 58
8=ႛ @= <B
P8? @;= <B
P8? 33ႛ
;6P> 5X
= @
;44 @ 4=
ႛ W
W
“;D<
64 ႒@
“ :<3= W
;=ႚ 5A
;=ႚ @
;@ ႛ = B=ႛ B;=ႚ money
supply ႓@ ;
3= instrument potency
=
4> ?@3
C႒@
= ႟ 8;A
5:႒@
= B;=ႚ
;=ႚ
5:3ႛ :4>
:
T3
= ;
= indicator 4> 5
: 5<=
retail prices = 4> 3;
;=ႚ
A
T <:4 ;
8
;
@
; B
;
4> =ႛ ;=ႚ
55<Z
PB@4 @
; ႓ႛ = 5
;=ႚ
A
7 ;
=ႛ [ ;
5
=
;4>
3
= B3
3= QA6C=ႛ 5;
P8?3< P 5<4>
A
B@
; ;
<;
3B3 ႛ = 4>
=5 income redistribution
redistribution
tribution balance of payments =ႛ 5;5:;
5:
4>
A
8;< P
(T
- 3
3<
)
) =ႛ 3<
:;= <P
;=ႚ
8 @
;
<P
8A= 55 ;;< P
redistribute 34> ?@5
5:
<
;;
=ႛ ;@ B
4>
=5 fluctuations
4> 5=?@5
@
;5<58 585
<
;;
3
4> ;=ႛ 8 ႛ ႚ =3
4> B
4P= dB: : 4>
B 5; ?U3
7e8 dB 3= `88 =ႛ ႓@ 5=ႛ ;
B3႓@
<==ႛ ;
4 :ႚ>
335
dB<
?U3
7e8 4 3=
;
႓@> ?@355 @
;<
=;4>
<B 8<3
6=ႛ 34:႓@ U4P
;
4> ?4 ?@3;A
;=ႚ @
; @ႛ = B႓@
3
ႛ =
4>
533;
5
;
<
;;
= 53
;
=:=
3=ႛ 4>
68
;5 B
;
;@ 3= 4>
;=ႚ @
; ;@<
;;
<
;4:; B
;= 4:=
<
ႚ3=႓@ 3 P
<P
8
6845
4 4;
@
;33<P
3=<=> 53; 55
5
= @
;3;
4 <
<@ 5;4;
=ႛ ;
ႚ B
< ႓@
B3
ႚ
:= 55 =႓@> B:;
5
T@
4 @
W
=> ?@3;A
@
;;@5U
4B B;
3
= =
5:=>
A
@
;5Z=ႛ
<4 ;
5X= Balance of
payments 4 4> 43ႛ
<4:; ?@;=ႚ ႚA
h
:= 55 3
4> B
= B< A
B 3=
dB ႓@ 4> ?@
ႚ
C3
႓@ <
C ႒@
4> ?@5
5;5=ႛ <:4>
;=ႚ 5: ;ႚ5 3=
5;5 <=;
4> <
;;
@ ႛ =ႚ5 @
;3
A
;
6Z
;< P
;;4> 53 h
@
;
@
;3႒@5
3 risk professionals 55: 5354 5 ႛ
8
84>
5: A
OC 3B ;=5
<::;
;
;4 :4;
3
႓@:
=ႛ 5j;
4႒@3
႓@> 3 @44
;3
ႛ => 5=35
5
:=<3=
3 5:႒@
= ;
5
4> 3<
5: ႒@
=
;
5
3
4> ?@
3
33 3=ႛ 6
OQ?5U5
6
OQ?5U5
ever-ever- rising inflationary spiral :=
33
3 ႓@;႓@ <
= 55
;
=> ?@3 :8= 5:=ႛ
@
;5:
553 3= ႚ
W
;
;4 <3
= P8?
5
5 B
ႚ 354>
3
; P8?
3
3
; P8?5
=
8435
:=5
(Demand- Demand-pull inflation)
inflation) =ႛ ; 5
(Cost-
Cost-push inflation)
inflation)
55
5
5B4 34> @
;5:
55 = aggregate demand =ႛ
aggregate supply ႚ;=ႚ : 5:54> aggregate demand :
<<P 5; ;@=
@
;3
=ႛ
<
;=ႚ <= 4> <:;
5
3
643
5;55 3ႚ :m;3= :
6
OQ?B
; aggregate supply curve =ႛ
BD4> ?@ curve := :A
equilibrium price level = 4> ႓@;35
=ႛ =႓@
4>
5
aggregate demand aggregate supply ႚ := ;
U 3
= =ႛ
55
4> 8435
:=5
U=
:
aggregate demand
3
႓@
= AD curve A
B
6 ;ႚ<
= 55 :3
>
>
5
ႚ;=5 aggregate demand 3
=5
3= <
4> 8435
:=5
= 5
;
<3
(<ႚA) 5; 5<;
3
(<ႚA) ;@
C
3
(<ႚA) ႚ
C
8435
3
(<ႚA) ?@55
33= 4>
; 5
U=
aggregate supply curve 646 ;ႚ3
<
=
55
5 5 :3
> ;႒@
3
=5 @
;35=ႛ
3
C
3
34> ?@5
႓@
C3
<
4>
?@3 ; 5
3
;= 5
;
< ; ႒@
3
35
3
5;;=ႚ <4855
3
= 4>
6
OQ?B
;
35
5 5
<
5
5 5
<6
8
<6
8<4p
dB
;
= ;႒@
3
;:;
5 =
3;4 6
OQ?
;ႛ<
A= 5
5< ;<
36P> P8?;;
demanddemand--side P8?=ႛ supply
supply--side P8?
;=5
6
OQ?5 <6
;
B<
<
4>
Demand-
Demand-side P8?
monetary policy =ႛ fiscal policy :႓@ ;4
4> Fiscal policy 5;5<;
5
=ႛ <:4> aggregate demand 5;5<;3
5
r
<<P
s <=
3
= P8?5<႓@ 3
B5
33
3ႛ ;4> ?
deflationary
fiscal policy 4>
55
= reflationary fiscal policy
533=W
=ႛ
:
=5 ?@:
6P>
= Monetary policy
႟ 8<= (money supply)supply) 5 (interest rate)
rate)
=ႛ
<:4> 5; ႟ 8 3
5; ႟ 8 53;
<33<B instrument potency 3
B5
33
3:
;<
QA6C <
6Z
;T?
5
= B3=ႛ aggregate demand 3
5
33;
ႛ 4>
Supply-
Supply-side P8?
; ႒@
3
=ႛ <:4> ?@3 ;
=ႛ
8 monopoly 3
(T
- <B႒@
5<;=ႚ ; <
ႛ <B P8?
3
; P8
3;
< 8?
8?
႒@ <<B
<Z
<
3႒@
34
take take--over 3
< ႛ <B
)) =ႛ 3
; P8?
(T
- tax incentives
<< ႓ႛ ; 5
:U dB
;@ 3<
5
3<; 5@5T
5
<B
)) 34>
O
3=4=ႛ
5<5
= 4> ?
B@
; <
; :<
;
:55<@<P
; = 63
;= @ ႛ =4 5;<;
U 3
;A
@
;5:
55;=ႚ 5X 35
;<
54>
Colander, D. (1995) “The stories we tell: A reconsideration of AS/AD analysis“, Journal of Economic Perspectives, 9: 169-
169-
88
Cukierman, A. (1995) Central Bank Strategy, Credibility and Independence: Theory and Evidence, MOT Press, Cambridge,
Cambridge,
MA
149
Romer, D. (2000) “Keynesian macroeconomics without the LM curve“, Journal of Economic Perspectives, 14: 149-
49-69
(photos-
(photos- google images)