CAPITOLUL 13

POLITICI FINANCIAR – MONETARE

Ì102'(/8/2)(57 */2%$/ - CERERE
*/2%$/

0RGHOXO RIHUW  JOREDO  - FHUHUH JOREDO  2* -CG) extinde

modelul IS-/0SULQLQFOXGHUHDSLH HLPXQFLLDVWIHOvQFkWHFKLOLEUXO
general al economiei ia în considerare treL VHJPHQWHGHSLD SLD D

EXQXULORU úL VHUYLFLLORUSLD DPRQHWDU úL SLD DPXQFLL([WHQVLD QX

HVWH QXPDL GH FXSULQGHUH FL úL GH FRQ LQXW vQWUXFkW VXQW OXDWH vQ

FRQVLGHUDUHYDULD LLOHQLYHOXOXLJHQHUDODOSUH XULORULDUSULQDFHDVWD

VH vQORFXLHúWH LSRWH]D DMXVW ULL DXWRQRPH D RIHUWHL FX LSRWH]D PDL

FRQIRUP  UHDOLW LL HFRQRPLFH D GHWHUPLQ ULL DFHVWHLD SULQ SUH  &D

HIHFW DO DFHVWHL DERUG UL PRGHOXO JHQHUHD]  SH ED]D FHORU WUHL

VHJPHQWH GH SLD  R IXQF LH JOREDO  D RIHUWHL úL R IXQF LH JOREDO D

cereULL FDUH GHWHUPLQ  SURGXVXO VRFLDO JOREDO QHW úL QLYHOXO JHQHUDO

DOSUH XULORU&XWRDWHF VHOXFUHD] VLPXOWDQSHFHOHWUHLSLH HQX

H[LVW  DSULRUL QLFL R FHUWLWXGLQH F  YHQLWXO GH HFKLOLEUX SURGXVXO

VRFLDO JOREDO QHW DU FRUHVSXQGH VLWXD LHL GH RFXSDUH GHSOLQ  D
PXQFLL 3HQWUX FD]XO FXUHQW DO IRORVLULL LQFRPSOHWH D IRU HL GH

PXQF  SROLWLFD GH FHUHUH S VWUHD]  UHVXUVH GH LQIOXHQ  IDYRUDELO 

vQ VHQVXO FUHúWHULL JUDGXOXL GH RFXSDUH I U  vQV  D GHYHQL IDFWRU

H[FOXVLY FL R YDULDQW  GH LQWHUYHQ LH SRVLELO  úL XQHRUL HILFLHQW 

DO WXULGHFHOHODOWHWLSXULGHSROLWLFL

13.1. Modelul OG -&*vQHFRQRPLDvQFKLV úLHIHFWXO

politicilor financiar - monetare

0RGHOXO SUH]LQW  R YDULDQW  GH ED]  FODVLF  úL R YDULDQW 

VWDQGDUG GLIHUHQ LDWH SULQ IDSWXO F  SULPD SRUQHúWH GH OD HFKLOLEUXO

GH SH SLD D PXQFLL vQ WLPS FH D GRXD DFFHSW  RFXSDUHD LQFRPSOHW 

D IRU HL GH PXQF  $QDOL]D FDOLWDWLY  UHDOL]DW  FX DMXWRUXO DFHVWXL

PRGHO SHUPLWH FDOLILFDUHD SROLWLFLORU PDFURHFRQRPLFH FD úL VWXGLXO

formelor de manifestarHDLQIOD LHL

&RQFHSHUHD PRGHOXOXL úL IXQF LRQDUHD VD VH ED]HD]  SH

confruntarea cerere-RIHUW  FDUH GHWHUPLQ  SURGXF LD úL QLYHOXO

SUH XULORU GH DVHPHQHD PRGHOXO XWLOL]HD]  FRQFHSWHOH PRGHOXOXL

IS-LM, pe care, de altfel, le extinde.

 )XQF LDF ererii globale
)XQF LD FHUHULL JOREDOH VH GHWHUPLQ  SRUQLQG GH OD SLD D

EXQXULORU úL VHUYLFLLORU úL GH OD SLD D PRQHWDU  úLIDFH OHJ WXUD vQWUH

FHUHUH úL QLYHOXO SUH XULORU $FHDVW  IXQF LH HVWH GHVFUHVF WRDUH

FUHúWHUHD SUH XULORU GHWHUPLQ  R GHSODVDUHD curbei LM spre stânga,

finalizându-se printr-RUHGXFHUHDYHQLWXOXLUHGXFHUHDSUH XULORUDUH
un efect invers. Acest mecanism este cunoscut sub numele de efect
Keynes, pe care autorul l-D H[SOLFDW úL SH VHDPD SLH HL PRQHWDUH
prin rata dobânzii.
Astfel, îQFD]XOFUHúWHULLSUH XULORUVHGLPLQXHD] SXWHUHDGH

FXPS UDUH D FXPS U WRULORU DGLF  D WLWXODULORU GH YHQLWXUL ,PSOLFLW

VH GLPLQXHD]  YDORDUHD UHDO  D YHQLWXULORU ORU 0S FHHD FH

PLFúRUHD] vQPRGUHODWLYFDQWLWDWHDGHEDQLGHSHSLD 7LWXODULLGH

YHQLWXUL YRU UHGLPHQVLRQD UDSRUWXO vQWUH EDQLL GHVWLQD L FRQVXPXOXL

úL FHL FRQVLGHUD L GLVSRQLELOL SHQWUX SODVDPHQWHVSHFXOD LL FHHD FH

YD GXFH OD R FUHúWHUH D UDWHL GREkQ]LL GDWRULW  GLPLQX ULL PDVHL GH

EDQL DORFDWH DFHVWXLDOGRLOHD VFRS&UHúWHUHDUDW ei dobânzii duce la

R UHGXFHUH D FHUHULL GH LQYHVWL LL úL LPSOLFLW D FHOHL JOREDOH $FHVW

PHFDQLVPHVWHLQIOXHQ DWGHHODVWLFLWDWHDFHUHULLGHEDQLvQUDSRUWFX

UDWD GREkQ]LL HIHFWXO V X GLPLQXkQGX VH SH P VXU  FH FHUHUHD HVWH
-
PDL HODVWLF  úL GLVS UkQG vQ FD] GH OLSV  GH OLFKLGLW L ÌQ FD]XO

UHGXFHULL SUH XULORU GHSHQGHQ HOH HYLGHQ LDWH SULQ DFHVW PHFDQLVP

se produc în sens opus.

3H GH DOW  SDUWH FUHúWHUHD SUH XULORU SRDWH LPSOLFD R

GHSODVDUH VSUH VWkQJD D FXUEHL ,6 úL R GLPLQXDUH D YHQLWXOXL ÌQ

termHQLL PRGHOXOXL GH ED]  FODVLF DFHDVWD JHQHUHD]  HIHFWH SH

SLD D EXQXULORU úL VHUYLFLLORU vQ VHQVXO F  R FUHúWHUH D SUH XULORU

VHPQLILF  GLPLQXDUHD YDORULL UHDOH D YHQLWXULORU FRQVXPDWRULORU

FHHD FH UHGXFH FHUHUHD GH FRQVXP úL LPSOLFLW SH FHD JOREDO . În
FD]XOUHGXFHULLGHSUH FRQH[LXQLOHVHSURGXFvQVHQVXQLF

)XQF LDRIHUWHLJOREDOH

)XQF LD RIHUWHL JOREDOH VH GHWHUPLQ  SRUQLQG GH OD SLD D

PXQFLL úL GH OD IXQF LD GH SURGXF LH úL IDFH OHJ WXUD vQWUH RIHUWD

vQWUHSULQGHULORU úL QLYHOXO SUH XULORU $FHDVW  IXQF LH HVWH

FUHVF WRDUH úL GHSHQGHQW  GH QLYHOXO SUH XULORU UHIOHFWkQG

FRPSRUWDPHQWXO GH SH SLD D PXQFLL GDF  VDODULLOH FUHVF DWXQFL

RIHUWD GH PXQF  VH P UHúWH ÌQ FRQGL LLOH YDULDQWHL GH ED] 

PHFDQLVPXOIXQF LRQHD] GHWHUPLQkQGQLYHOXOGHHFKLOLEUXDOSLH HL

PXQFLL FDUH HVWH FRQVLGHUDW D FRUHVSXQGH RFXS ULL GHSOLQH D IRU HL
GH PXQF  ÌQ FRQGL LLOH YDULDQWHL VWDQGDUG PHFDQLVPXO

IXQF LRQHD]  JHQHUkQG XQ DQXPLW JUDG GH RFXSDUH GHWHUPLQDW GH

IXQF LDGHSURGXF LHÌQDFHDVW YDULDQW DPRGHOXOXLFD]XORFXS ULL

GHSOLQH D IRU HL GH PXQF  HVWH XQ FD] SDUWLFXODU úL OLPLW  SHQWUX

FDUHJUDILFXOIXQF LHLGHRIHUW HVWHYHUWLFDO

0HFDQLVPXO HFKLOLEUXOXL HFRQRPLF vQ FRQGL LLOH DFHVWXL

PRGHO LD vQ FRQVLGHUDUH U VSXQVXO RIHUWHL GH PXQF  OD

FUHúWHUHDUHGXFHUHD SUH XULORU 'DF  SUH XULOH FUHVF VDODULLOH UHDOH

VFDG ÌQ P VXUD vQ FDUH RIHUWD GH PXQF  QX VH UHGXFH UH]XOW  F 

RIHUWDQ LL GH PXQF  VXQW LQWHUHVD L vQ PRG KRW UkWRU GH VDODULXO

QRPLQDO $FHDVW  vPSUHMXUDUH HVWH GHQXPLW  ″LOX]LH PRQHWDU ″, de

FDUHEHQHILFLD] vQWUHSULQ] WRULLDGLF FHLFHIRUPXOHD] FHUHUHDGH

PXQF  $VWIHO VLPSOLILFkQG OXFUXULOH GDF  VDODULLOH QRPLQDOH VXQW

IL[H FUHúWHUHD SUH XULORU GHWHUPLQ  UHGXFHUHD VDODULLORU UHDOH FHHD

FH DWUDJH R FUHúWHUH D FHUHULL GH PXQF  SHQWUX F  PXQFD GHYLQH R

″PDUI ″ UHODWLY PDL LHIWLQ  vQ FRPSDUD LH FX FHOHODOWH $FHVW

FRPSRUWDPHQWVHUHIOHFW vQHYROX LDRIHUWHLGHEXQXUL$FHDVWDHVWH

OHJDW  GH FHUHUHD GH PXQF  PDL H[DFW GH FDQWLWDWHD GH PXQF 

IRORVLW  GH SURGXF WRUL SULQ IXQF LD GH SURGXF LH 'HRDUHFH PXQFD

HVWHPDLLHIWLQ WHQWD LDSURGXF WRULORUHVWHV P UHDVF YROXPXOGH

PXQF  XWLOL]DW GDU RIHUWD GH EXQXUL UH]XOWDW  VXSOLPHQWDU QX SRDWH

ILDEVRUELW GLQFDX]DGLPLQX ULLVDODULXOXLUHDO&UHúWHUHDGHSUH XUL

VWLPXOHD]  RIHUWD GDU QX DUH HIHFWXO VFRQWDW ÌQ VLWXD LD XWLOL] ULL

GHSOLQH D IRU HL GH PXQF  FHHD FH FRQVWLWXLH FD]XO OLPLW  RIHUWD

GHYLQH WRWDO LQHODVWLF  JUDILFXO HL HVWH YHUWLFDO GHRDUHFH SURGXF LD

QXSRDWHFUHúWHvQFLXGDFUHúWHULLSUH XULORU

13.1.3. Echilibrul gOREDOúLúRPDMXOFDUDFWHULVWLFLOH

politicilor economice de remediere
ÌQ YDULDQWD GH ED]  FODVLF  D PRGHOXOXL 2* &* IXQF LD
-
RIHUWHL JOREDOH HVWH YHUWLFDO  DGLF  RIHUWD HVWH LQHODVWLF  ID  GH

SUH  LDU HFKLOLEUXO GH SH SLD D PXQFLL 1H GHWHUPLQ  QLYHO ul de

HFKLOLEUXDOSURGXF LHL<HILJXUD

&HUHUHDGHPXQF &1úLRIHUWDGHPXQF 21IXQF LLGH

salariul real (w/p, în care w este salariul unitar nominal, iar p

QLYHOXO SUH XULORU GHWHUPLQ  QLYHOXO GH HFKLOLEUX DO RFXS ULL 1H

ocupare consiGHUDW  D IL FRPSOHW  $FHVWD GHWHUPLQ  OD UkQGXO OXL

QLYHOXO GH HFKLOLEUX DO SURGXF LHL <H 3ROLWLFD HFRQRPLF  GH

UHPHGLHUHDUHvQYHGHUHFHUHUHDSULQDF UHLVWLPXODUHVHDúWHDSW V 

VH vQYLRUH]H SURGXF LD 3ROLWLFD GH FUHúWHUH D FHUHULL VH UHIOHFW  în
deplasarea spre dreapta a curbei cererii, din CG0 în CG1. Deoarece
SURGXF LD HVWH ULJLG  LQHODVWLF  OD SUH  SXQFWXO GH HFKLOLEUX VH

GHSODVHD] GLQ$vQ%SURGXFkQGFDHIHFWGRDUFUHúWHUHDSUH XULORU

3ROLWLFD HVWH LQHILFLHQW  GHRDUHFH QX FRQGXFH QLFL OD FUHúWHUHD

SURGXF LHLQLFLODFUHúWHUHDYROXPXOXLGHPXQF DWUDVvQSURGXF LH
















)LJ(FKLOLEUXOSLH HLPXQFLLúLHFKLOLEUXOJOREDOvQYDULDQWD

GHED] FODVLF DPRGHOXOXL2* – CG

În varianta standard a modelului OG – &* IXQF LD RIHUWHL

JOREDOHHVWHRIXQF LHFXGRX UDPXULRUDPXU FUHVF WRDUHSHQWUX

FD]XO RFXS ULL LQFRPSOHWH D IRU HL GH PXQF  úL R D GRXD UDPXU 

YHUWLFDO  SHQWUX FD]XO RFXS ULL FRPSOHWH D IRU HL GH PXQF 
(FKLOLEUXOGHSHSLD DEXQXULORUúLVHUYLFLLORUHFKLOLEUXOSURGXF LHL

<HGHWHUPLQ HFKLOLEUXOGHSHSLD DPXQFLL1HILJXUD






































)LJ(FKLOLEUXOSLH HLPXQFLLúLHFKLOLEUXOJOREDOvQYDULDQWDVWDQGDUG

a modelului OG – CG

ÌQ FRQGL LL GH RFXSDUH LQFRPSOHW  D IRU HL GH PXQF 

(segmentul AA1VHSRDWHSURPRYDRSROLWLF GHVXV LQHUHDFHUHULL

GHSODVDUHD IXQF LHL GH FHUHUH VSUH GUHDSWD GLQ &*0 în CG1.
3URGXF LD FUHúWH GH OD <0 la Y1 FHHD FH P UHúWH JUDGXO GH RFXSDUH

de la N0 la N1, respectiv scade gradul de RFXSDUH LQFRPSOHW 

(segmentul BB1).
 2FXSDUHD LQFRPSOHW  D IRU HL GH PXQF  HVWH FD]XO FHO PDL

IUHFYHQWvQWkOQLWvQSUDFWLFDHFRQRPLF úLGHDFHHDHVWHFHOPDLPXOW

VWXGLDW ÌQ DFHVW FD] SXQFWXO GH HFKLOLEUX VH VLWXHD]  SH UDPXUD

FUHVF WRDUH D IXQF LHL RIHUWHL JOREDOH LDU HFKLOLEUXO VH QXPHúWH

″echilibrul de subutilizare″ ùRPDMXO DIHUHQW VH QXPHúWH ″úRPDM GH

tip keynesist″ úL HVWH UH]XOWDWXO XQHL LQVXILFLHQWH P ULPL D FHUHULL

JOREDOH DGLF  DO VLWX ULL SUHD VSUH VWkQJD D FXUEHL DFHVWHLD 3XWHUHD

SXEOLF SR ate interveni cu politici economice de stimulare a cererii,

FDUH JHQHUHD]  HIHFWHOH PHQ LRQDWH PDL VXV DVWIHO vQFkW SROLWLFD

UHVSHFWLY  VH GRYHGHúWH D IL HILFLHQW  - DGLF  GXFH OD GLPLQXDUHD

gradului de neocupare a muncii. Stimularea cererii prin politici

JXYHUQDPHQWDOH VH IDFH GH UHJXO  SULQ PLMORDFH EXJHWDUH VDX

PRQHWDUH $FHVWH PLMORDFH JHQHUHD]  vQ DIDUD HIHFWXOXL XUP ULW

FUHúWHUHD JUDGXOXL GH RFXSDUH úL XQ HIHFW DGLDFHQW QHGRULW -

FUHúWHUHDSUH XULORUvQILJXUDGHODS0 la p1). Efectul nedorit este
UH]XOWDWXO ILH DO FUHúWHULL FHUHULL JOREDOH FD UH]XOWDW DO VXSOLPHQW ULL

FKHOWXLHOLORUSXEOLFHILHDOPRQHWL] ULLHFRQRPLFH0RGHOXODWHVW R

OHJ WXU  GH WLS GLUHFW vQWUH QLYHOXO GH DFWLYLWDWH úLQLYHOXOJHQHUDODO

SUH XULORU FD UH]XOWDW DO YDULD LHL FHUHULL $FHDVWD VXJHUHD] 

H[LVWHQ D XQHL UHOD LL LQYHUVH vQWUH úRPDM úL LQIOD LH UHOD LH SXV  vQ
HYLGHQ  SULQ IXQF LD OXL 3KLOLSV 5HOD LD úRPDM LQIOD LH
- HVWH

FRQGL LRQDW GHUDSRUWXOGLQWUHHIHFWXOGHSUH úLHIHFWXOGHYHQLW/D

UkQGXOV XDFHVW raport depinde de elasticitatea-SUH DRIHUWHLFXFkW

DFHDVWD HVWH PDL PDUH FX DWkW UDSRUWXO HVWH PDL PDUH úL LPSOLFLW

LQIOD LDJHQHUHD] XQúRPDMPDLPDUH

13.1.4. Modelul simplificat OG - CG

Spre deosebire de modelele prezentate anterior, în care
SUH XOHUDIL[vQDFHVWPRGHOSUH XOHVWHFRQVLGHUDWYDULDELO

0RGHOXO VLPSOLILFDW RIHUW  JOREDO -FHUHUH JOREDO  FXSULQGH

trei module:
a) XQ PRGXO GH WLS LQYHVWL LL HFRQRPLL ,6 vQ FDUH IXQF LD GH
-
FRQVXP HVWH PRGLILFDW  SULQ LQFOXGHUHD QLYHOXOXL JHQHUDO DO

SUH XULORUSFDUHDIHFWHD] FRQVXPXO SULQWU RUHOD LHLQYHUV úL

-
DO F UHL LPSDFW HVWH FXDQWLILFDW SULQWU -un factor de sensitivitate
(h), exprimând modificarea consumului la modificarea cu o
XQLWDWHDQLYHOXOXLJHQHUDODOSUH XULORU

− IXQF LDGHFRQVXP

& = F∗ (< − 7Q ) + & 0 − K∗ S (1.1)

− IXQF LDGHLQYHVWL LL

 , = D∗ < − E∗ U + , 0 (1.2)

− HFXD LDGHHFKLOLEUX

< = &+,+* (1.3)

− valorile e[RJHQH DOH FKHOWXLHOLORU JXYHUQDPHQWDOH úL

impozitelor nete:
* = * 0  7Q = 7Q 0 (1.4)
b) XQ PRGXO GH WLS FHUHUH GH PRQHG -RIHUW  GH PRQHG  /0 vQ

FDUH IXQF LD FHUHULL GH EDQL HVWH PRGLILFDW  SULQ LQFOXGHUHD

DFHOXLDúL QLYHO JHQHUDO DO SUH XULORU FDUH DIHFWHD]  FHUHUHD GH

bani printr-R UHOD LH GLUHFW  úL DO F UXL LPSDFW HVWH FXDQWLILFDW

printr-XQIDFWRUGHVHQVLWLYLWDWHMH[SULPkQGYDULD LDFHUHULLGH

EDQLODYDULD LDFXRXQLWDWHDQLYHOXOXLJHQHUDODOSUH XULORU

− IXQF ia cererii de bani:

0G = O1 ∗ <1 − O 2 ∗ U + / 0 + M∗ S (2.1)

− nivelul ofertei de bani, dat exogen:

0V = 00 (2.2)

− HFXD LDGHHFKLOLEUXSHSLD DPRQHWDU 

0G = 0V (2.3)
c) XQ PRGXO UHSUH]HQWkQG IXQF LD GH RIHUW  < GHSHQGHQW 

SR]LWLY GH SUH  SULQWU -un factor de sensitivitate (k) exprimând

 YDULD LD RIHUWHL OD YDULD LD FX R XQLWDWH D QLYHOXOXL JHQHUDO DO

SUH XULORU úL vQ FDUH HVWH LQWURGXV XQ IDFWRU GH FRUHF LH S0 )
UHSUH]HQWkQGQLYHOXOPLQLPGHSUH VXEFDUHRIHUWDHVWHQXO 

N∗ (S − S 0 )GDF S ! S


 (3)
GDF S ≤S


'LQPRGXOXO,6VHVHOHFWHD] <VXEIRUPD

(1 − − )∗ =F D < &
0 + , 0 + * 0 − F∗ 7Q 0 − E∗ U − K∗ S (4.1)
Din mRGXOXO/0VHVHOHFWHD] <VXEIRUPD

O
1 ∗ < = 0 0 + O 2 ∗ U − / 0 − M∗ S (4.2)
'LQ UHOD LLOH  úL  VH GHWHUPLQ  R OHJ WXU  vQWUH<úL

p de forma:
 b ∗ l1   b ∗ j
Y ∗ 1 − c − a +  = − h +  ∗ p + C 0 + I 0 + G 0 − c ∗ Tn 0 +
 l2   l 2 
b
+ ∗ M0 (4.3)
l2
(FXD LLOHúLIRUPHD] XQVLVWHPvQ<úLSGLQFD re
se pot determina nivelele de echilibru:

∗ (& 0 + , 0 + * 0 − F∗ 7Q 0 +
1
< =
K E  M
1− F − D + + ∗  O1 + 
N O
2
 N
 b  b ∗ j 
+ ∗ M 0 −  h +  ∗ p 0  (5.1)

l2  l2  
1
S = ∗< +S0 (5.2)
N

5HOD LD  H[SULP  RIHUWD JOREDO  LDU UHOD LD  FHUHUHD

JOREDO úLHOHGHILQHVFIRQGXOPRGHOXOXLFDPRGHODORIHUWHLJOREDOH

úL DO FHUHULL JOREDOH 3DQWD IXQF LHL GH RIHUW  HVWH N LDU SDQWD

IXQF LHLGHFHUHUHHVWH

∗M
E
K +
O K ∗ O 2 + E∗ M
− 2
=− . (6)
∗ O1
E O ∗ (1 − F − D ) + E∗ O
1− F − D + 2 1
O
2

3DQWD IXQF LHL GH FHUHUH HVWH QHJDWLY  úL HVWH GHWHUPLQDW 

SULQQXP U WRUGHVHQVLWLYLW LOHIXQF LLORUGHFRQVXPLQYHVWL LLúL

FHUHUH GH EDQL vQ UDSRUW FX SUH XULOH )XQF LLOH GH FRQVXP úL

LQYHVWL LLOH GHILQHVF FHUHUHD SH SLD D EXQXULORU úL VHUYLFLLORU EXQXUL

úL VHUYLFLL GH FRQVXP úL EXQXUL úL VHUYLFLL GH LQYHVWL LL IXQF LD

FHUHULLGHEDQLGHILQHúWHFHUHUHDSHSLD DPRQHWDU ÌPSUHXQ FXHOH

GHILQHVF FHUHUHD JOREDO  3UH XULOH GH FDUH FHOH WUHL IXQF LL VXQW

GHSHQGHQWH VXQW SUH XOWDULIXO SHQWUX EXQXUL úL VHUYLFLL GH FRQVXP

SúLSUH XOEDQLORUUHVSHFWLYUDWDGREkQ]LLU
 (ODVWLFLWDWHD FHUHULL JOREDOH GHSLQGH GH WR L SDUDPHWULL

PRGXOHORU,6úL/0úLHVWHFXDWkWPDLPDUHFXFkW

− VXQW PDL PDUL vQFOLQD LD PDUJLQDO  VSUH FRQVXP F úL VSUH

LQYHVWL LL D VHQVLWLYLWDWHD FRQVXPXOXL vQ raport cu nivelul

JHQHUDODOSUH XULORUKúLVHQVLWLYLWDWHDFHUHULLGHEDQLvQUDSRUW

FXQLYHOXOJHQHUDODOSUH XULORUM

− HVWHPDLPLF VHQVLWLYLWDWHDFHUHULLGHEDQLvQUDSRUWFXSURGXVXO

final (l1).
,PSDFWXO VHQVLWLYLW LORU LQYHVWL LLORU úL D FHUH rii de bani în
UDSRUW FX UDWD GREkQ]LL E úL UHVSHFWLY O2 ) este ″confuz″ întrucât cei
GRL SDUDPHWUL DSDU DWkW OD QXP U WRUXO FkW úL OD QXPLWRUXO

UHVSHFWLYHLHODVWLFLW L

0 ULPHD FHUHULL JOREDOH FD úL SR]L LD HL vQWU -un plan de
coordonate (Y,p) sunt dependente de nivelele autonome ale
LQYHVWL LLORU FKHOWXLHOLORU JXYHUQDPHQWDOH LPSR]LWHORU QHWH úL

RIHUWHL GH EDQL SULPHOH WUHL LQkQG GH PRGXOXO ,6 LDU XOWLPD GH

PRGXOXO/0IDFWRULSULQFDUHVHUHIOHFW SROLWLFLOHPDFURHFRQRPLFH

prin care poate intervenLDXWRULWDWHDSXEOLF 

1LYHOXOGHHFKLOLEUXDOSURGXVXOXLILQDO< GHWHUPLQ SULQ

IXQF LD GH SURGXF LH PDFURHFRQRPLF  QLYHOXO GH RFXSDUH D IRU HL
GH PXQF   (IHFWXO QHIDYRUDELO SULYLQG úRPDMXO HVWH UH]XOWDWXO

LQVXILFLHQ HL SURGXVXOXL ILQDO LDU DFHVWD - potrivit expresiei

nivelului de echilibru (4.4) - poate fi rezultatul:
− LQVXILFLHQ HLLQYHVWL LLORUDXWRQRPH

− LQVXILFLHQ HLFKHOWXLHOLORUJXYHUQDPHQWDOH

− LQVXILFLHQ HLRIHUWHLGHPRQHG

− excesului de fiscalitate,
− QLYHOXOXLSUHDULGLFDWDOSUH XOXLPLQLPD l ofertei.
− vQFOLQD LHLSUHDVF ]XWHVSUHFRQVXPúLVSUHLQYHVWL LL

− VHQVLWLYLW LLSUHDUHGXVHDRIHUWHLvQUDSRUWFXSUH XULOH

13.1.5. Politici financiar - monetare posibile

în modelul OG - CG
0RGHOXO RIHUW  JOREDO  - FHUHUH JOREDO  VXJHUHD]  XQHOH

poVLELOLW LGHLQWHUYHQ LHSHQWUXFRQVROLGDUHDHFKLOLEUXOXLHFRQRPLF

VDXSHQWUXUHODQVDUHSUHFXPúLSHQWUX ″frânarea″XQHLFUHúWHULFDUH
DUSXWHDILDSUHFLDW FDSUHDDFFHOHUDW 

− DXWRULWDWHD SXEOLF  SRDWH LQWHUYHQL SULQ SROLWLFL EXJHWDUH

respectiv prin sXV LQHUHD JXYHUQDPHQWDO  D FHUHULL FUHúWHUHD

 FKHOWXLHOLORUEXJHWDUHúLSULQGLPLQXDUHDILVFDOLW LL

− %DQFD&HQWUDO SRDWHLQWHUYHQLSULQPRQHWL]DUHDHFRQRPLHL

− DJHQ LL HFRQRPLFL SRW LQIOXHQ D SULQ GLPLQXDUHD FRVWXULORU GH

SURGXF LH DO F URU QLYHO SUHD ULGLFDW GXFH OD FUHúWHUHD SUH XOXL

PLQLP DO RIHUWHL GH DVHPHQHD SULQ UHFRQVLGHUDUHDSR]L LHL ID 

GH SURILWXO QRUPDORELúQXLWRUGLQDU DFFHSWkQG V -úL FRQWLQXH

DFWLYLWDWHDFKLDUGDF UDWDSURILWXOXLQXHVWHSUHDULGLFDW 

3ROLWLFDEXJHWDU DUHRLQFLGHQ DVXSUDFUHúWHULLHFRQRPLFH

DWkW SULQ VXV LQHUHD EXJHWDU  FkW úL SULQ UHOD[DUHD ILVFDO 

0XOWLSOLFDWRUXO VXV LQHULL EXJHWDUH HVWH GH IRUPD  LDU FHO DO

UHOD[ ULL ILVFDOH GH DFHHDúL IRUP  GDU PXOWLSOLFDW FX F vQFOLQD LD

PDUJLQDO  VSUH FRQVXP úL HYL dent, de semn diferit. Efectele

SROLWLFLL EXJHWDUH VXQW DIHFWDWH vQ VHQVXO GLPLQX ULL ORU DWkW GH

″frâna″ ILQDQFLDU  YH]L  GH OD  FkW úL GH ″frâna″
SUH XULORU $FHDVWD GLQ XUP  GLPLQXHD]  HIHFWXO XQHL UHODQV UL

EXJHWDUHGLQFDX]DFUHúWHULLSUH XULORUFDUHGHWHUPLQ RGLPLQXDUHD

cererii.
În cei doi multiplicatori se pot selecta trei efecte distincte:
(i) 1 - c - D  HIHFWXO YHQLWXOXL X]XDO DúD FXP VH UHJ VHúWH vQ PXOWH

DOWH PRGHOH OLQLDUH GH FUHúWHUH GH VRUJLQWH NH\QHVLVW  úL FKLDU
 FODVLF 

(ii) h/k ″frâna″SUH XULORUJHQHUDW GHHIHFWXOGHVHQVFRQWUDUSH

FDUHYDULD LDSUH XOXLvODUHDVXSUDFHUHULLUHVSHFWLYRIHUWHL

(iii) ( E O
2 )∗ ( O
1 + M N ) ″frâna″ ILQDQFLDU  JHQHUDW  GH YDULD LD UDWHL

dobânzii.
″Frâna″ SUH XULORU HVWH FX DWkW PDL SXWHUQLF  FX FkW FHUHUHD

HVWH PDL VHQVLELO   OD SUH  K ULGLFDW úL FX FkW RIHUWD HVWH PDL SX LQ

VHQVLELO  OD SUH  N UHGXV 3HQWUX DFHDVW  ″IUkQ ″ pot fi relevate

GRX FD]XULH[WUHPH

− ″frâna″ QXO  vQ FD]XO vQ FDUH OLP N = ∞  DGLF  RIHUWD HVWH

perfecWHODVWLF vQUDSRUWFXSUH XULOHFD]vQFDUHPXOWLSOLFDWRULL

UHYLQODYDORDUHDFHORUGLQPRGHOHOHFXSUH XULIL[H

− ″frâna″ LQILQLW vQFD]XOvQFDUHN DGLF RIHUWDHVWHSHUIHFW

LQHODVWLF vQUDSRUWFXSUH XULOHFD]vQFDUHPXOWLSOLFDWRULLGHYLQ

nXOLDGLF QXVHSRDWHDFFHGHODFUHúWHUHHFRQRPLF 

″Frâna″ ILQDQFLDU  DUH R DOW  GLPHQVLXQH GHFkW vQ PRGHOHOH

FX SUH  IL[ WRFPDL GDWRULW  YDULD LHL SUH XULORU &RPSRQHQWD

VXSOLPHQWDU  ID  GH FD]XO SUH XULORU IL[H HVWH MN R FRPSRQHQW 

GH QDWXU  V  amplifice ″frâna″ ILQDQFLDU  ID  GH FD]XO SUH XULORU

IL[H ([SOLFD LD HVWH GDW  GH IDSWXO F  vQ FD]XO XQHL UHODQV UL GH

WLSXO FUHúWHUHD FKHOWXLHOLORU SXEOLFH VDX UHOD[DUHD ILVFDOLW LL VH

SURGXFH R DQXPLW  LQIOD LH DFHDVWD FRQWULEXLH OD FUHúWHUHD

produF LHLFDUHGHWHUPLQ RFUHúWHUHDFHUHULLGHEDQLúLLPSOLFLWR

PDMRUDUH D UDWHL GREkQ]LL FDUH GLPLQXHD]  ″avântul″

vQWUHSULQ] WRULORUDGLF DPSOLILF  ″frâna″ILQDQFLDU 3HQWUXDFHDVW 

″IUkQ ″SRWILUHOHYDWHGHDVHPHQHDGRX FD]XULH[WUHPH

− ″frâna″ ILQDQFLDU  QX VH DPSOLILF  SH VHDPD SUH XULORU vQ FD]XO

vQ FDUH M   DGLF  FHUHUHD GH EDQL HVWH SHUIHFW LQHODVWLF  vQ

UDSRUWFXSUH XULOH

− ″frâna″ ILQDQFLDU  HVWH GH YDORDUH ″infinit″, în cazul în care

OLP M = ∞  DGLF  FHUHUHD GH EDQL HVWH SHUIHFW HODVWLF  vQ UDSRUW

FX SUH XULOH FD] vQ FDUH PXOWLSOLFDWRULL GHYLQ QXOL DGLF  QX VH

SRDWHDFFHGHODFUHúWHUHDHFRQRPLF 

3ROLWLFD PRQHWDU  DUH R LQFLGHQ  GH DFHODúL VHQV DWkW

DVXSUDSURGXVXOXLILQDOFkWúLDVXSUDSUH XULORUVXV LQHUHDPRQHWDU 

GXFH OD FUHúWHUHD SURGXVXOXL ILQDO úL D SUH XULORU 0XOWLSOLFDWRUXO

aferent acesteia este tot de forma (4.6) dar multiplicat cu b/l2DGLF 

este corectat cu factori cu impact ″confuz″ GHRDUHFH DF LRQHD]  úL

GLUHFW úL LQYHUV ÌQ FD]XO H[WUHP DO XQHL RIHUWH perfect elastice în
UDSRUW FX SUH XULOH   OLP N = ∞ ), multiplicatorul monetar revine la
YDORDUHDGLQPRGHOHOHFXSUH IL[YH]LGLQ

3ROLWLFLOH GH RIHUW  sunt caracteristice acestui tip de model

úL VXQW JHQHUDWH GH OHJ WXUD H[LVWHQW  vQWUH FRVWXULOH GH SURGXF LH úL

RIHUW  3kUJKLD GH DF LXQH RUHSUH]LQW FRVWXULOH GHSURGXF LHDGLF 

XQ LQVWUXPHQW OD vQGHPkQD DJHQ LORU HFRQRPLFL /DQ XO

FRQH[LXQLORU vO UHSUH]LQW  VXFFHVLXQHD GH OHJ WXUL FRVWXUL GH

SURGXF LH  RIHUW  JOREDO 

- - echilibrul economiei. Pot fi identificate
politici structurale úLpolitici propriu-zise de costuri.
3ROLWLFLOH VWUXFWXUDOH GH RIHUW  VH ED]HD]  SH FUHúWHUHD

SURGXFWLYLW LL IDFWRULORU GH SURGXF LH vQ LSRWH]D F  UHPXQHUDUHD

DFHVWRUDQXVHPRGLILF 

AprecieP F  R DERUGDUH PDL UHDOLVW  HVWH DFHHD FDUH

presupune crearea unui ecart între dinamicile celor doi indicatori:

ULWPXO GH FUHúWHUH D UDQGDPHQWXOXL XWLOL] ULL IDFWRULORU V  ILH PDL

marH GHFkW DO FUHúWHULL UHPXQHU ULL DFHVWRUD $FHDVWD GHWHUPLQ  R

GLPLQXDUH D FRVWXULORU XQLWDUH GH SURGXF LH úL R FUHúWHUH D RIHUWHL

DQWUHQkQGWRWRGDW FUHúWHUHDJUDGXOXLGHRFXSDUH

Politicile cost - RIHUW  VH ED]HD]  SH GLPLQXDUHD FRVWXULORU

GH SURGXF LH GHWHUPLQDWH GH IDFWRUL H[RJHQL SURGXF LHL

″vQJKH DUHD″ YHQLWXULORU vQOHVQLUL ILVFDOH SHQWUX DJHQ LL SURGXF WRUL

úDPG

ÌQ FRQGL LLOH XQHL SURGXFWLYLW L GDWH D PXQFLL GH SLOG 

″vQJKH DUHD″ salariilor ar conduce la o diminuare a costurilor

unitaUHGHSURGXF LHFXHIHFWvQFUHúWHUHDRIHUWHL2DVWIHOGHSROLWLF 

HVWH DSUHFLDW  FD ILLQG ″pe termen scurt″, deoarece în timp

″vQJKH DUHD″ VDODULLORU úL vQ JHQHUDO D YHQLWXULORU RULF UXL IDFWRU GH

SURGXF LH DIHFWHD]  QHJDWLY FHUHUHD DQXOkQG HIHFWXO GH FUHúWHUH D

ofertei. Un astfel de efect negativ nu se va produce sau va fi

vQWkU]LDW GDF  SURGXF WRULL YRU GLPLQXD SUH XULOH GH YkQ]DUH 'DF 

FHUHUHD HVWH WRWDO LQHODVWLF  OD SUH  FXUED &* YHUWLFDO  DWXQFL QX

RIHUWD FL SUH XULOH YRU FUHúWH GDF  FHUHUHD HVWH DEVROXW HODVWLF 

FXUED&*RUL]RQWDO DWXQFLRIHUWDFUHúWH

ÌQ FRQGL LLOH vQ FDUH VH IDF vQOHVQLUL ILVFDOH SURGXF WRULORU

atunci se vor diminua unele din cheltuielile ce cad în sarcina

întreprinderii, în general din categoria costurilor fixe: impozite pe
FO GLUL SH WHUHQ HWF 2 DVWIHO GH SROLWLF  HVWH DSUHFLDW  FD ILLQG ″pe
termen lung″ GHRDUHFH VWLPXOHD]  RIHUWD I U  V  DIHFWH]H QHJDWLY

cererea.
 ÌQ FRQGL LLOH vQ FDUH VH SRDWH HVWLPD QLYHOXO SURILWXOXL

RELúQXLW DFHVWD SRDWH IL WUDGXV OD QLYHO GH SURGXV úL VH SRDWH

GHWHUPLQD FDUH HVWH SUH XO PLQLP OD FDUH RIHUWD GHYLQH YLDELO 

Astfel, parametrul p0 YH]L UHOD LD  SRDWH IL DFFHSWDW DWkW FD
LQGLFDWRU DO SUH XOXL FkW úL DO FRVWXOXL XQLWDU GH SURGXF LH

'HSHQGHQ D RIHUWHL GH DFHVW SDUDPHWUX HVWH GDW  FRQIRUP UHOD LHL

(5.1) de multiplicatorul:
G< K + E∗ M O
=− 2

+ E∗ (O1 + )∗
. (7)
GS
0 1− F − D + K N M N O
2

)RUPHDOHSURFHVXOXLLQIOD LRQLVW

6WUXFWXUD úL PHFDQLVPXO GH IXQF LRQDUH DOH PRGHOXOXL

OG-&* HYLGHQ LD]  GRX  IRUPH GH LQIOD LH GXS  FDX]HOH FDUH OH

deteUPLQ LQIOD LDSULQFHUHUHúLLQIOD LDSULQFRVWXUL

,QIOD LD SULQ FHUHUH HVWH UH]XOWDWXO VWLPXO ULL FHUHULL FDUH

GHSODVHD]  VSUH GUHDSWD FXUED FHUHULL JOREDOH &* úL GHWHUPLQ  R

FUHúWHUHJHQHUDOL]DW DSUH XULORU

Stimulii cererii pot fi de origine dLIHULW FDGHH[HPSOX

− R SROLWLF  GH UHODQVDUH EXJHWDU  SULQ FDUH VH PDMRUHD] 

cheltuielile publice sau se reduce fiscalitatea;

− R SROLWLF  GH UHODQVDUH PRQHWDU  SULQ FDUH VH P UHúWH RIHUWD GH

bani;
− RSROLWLF GHVWLPXODUHDLQYHVWL LLORUVDXDFRQVXPXOXLvQVSH 

DFRPSRQHQWHLDXWRQRPHDFHORUGRX YDULDELOH

'HRDUHFH RIHUWD QX HVWH DEVROXW HODVWLF  VH SURGXFH R

FUHúWHUH D SUH XULORU ILH F  SURGXF LD FUHúWH FD]XO XQHL IXQF LL

FUHVF WRDUHFHPRGHUHD] RIHUWDILHF SURGXF LDU PkQHVWD LRQDU 

(cazXO RFXS ULL GHSOLQH D IRU HL GH PXQF  VDX DO IHQRPHQXOXL

″LQIOD LHL ″
GHVFKLVH  DGLF  DFHOD FH DSDUH FkQG IXQF LD RIHUWHL

JOREDOH2*HVWHYHUWLFDO 

ÌQ FD]XO DFHVWHL IRUPH GH LQIOD LH SRVLELOLW LOH GH

FRPEDWHUH SH FDUH DXWRULWDWHD SXEOLF  OH DUH OD vQGHPkQ  VXQW

UHVWULF LLOH EXJHWDUHG*0 < 0 sau dTn0 > 0, conform (4.4)) sau cele
monetare (dM0 <  WRW FRQIRUP  ,QFLGHQ D ILHF UHL GLQ FHOH

GRX PRGDOLW LGHLQWHUYHQ LHGHSLQGHGHSDQWDIXQF LHL2*

,QIOD LD SULQ FRVWXUL este rezultatul unor pHUWXUED LL FH VH
PDQLIHVW ODQLYHOXORIHUWHLvQVHQVXOFUHúWHULLDXWRQRPHDFRVWXULORU

GH IDEULFD LH SH IRQGXO XQHL FUHúWHULVWDJQ UL D SURGXF LHL &DX]HOH

FUHúWHULORU GH FRVW UH]LG  GLQ PDMRUDUHD H[RJHQ  D VDODULLORU

QRPLQDOH VDX D SUH XULORU PDWHULLORU SULPHXWLOLW LORUHQHUJLHL

3URGXF LDSRDWHFUHúWHFRQVHFXWLYPDMRU ULLGHSUH GHYkQ]DUHFDUH

úL HO OD UkQGXO V X GHULY  GLQ FUHúWHUHD GH FRVW úL DO FDUDFWHUXOXL

FUHVF WRU DO IXQF LHL GH RIHUW  ÌQ DOWH FLUFXPVWDQ H SURGXF LD SRDWH

U PkQHVWD LRQDU FXPHVWHFD]XOOLPLW DOFHUHULLDEVROXWLQHODVWLFH

ODSUH IXQF LDGHFHUHUHJOREDO HVWHYHUWLFDO 

ÌQ FD]XO DFHVWHL IRUPH GH LQIOD LH SXWHUHD SXEOLF  QX PDL

SRDWHDF LRQDSULQSROLWLFLUHVWULFWLYHEXJHWDUHúLPRQHWDUHGHRDUHFH

acestea sunt absoluW LQHILFLHQWH 6LQJXUD SROLWLF  UHVWULFWLY 

HILFLHQW  HVWH FHD SULYLQG YHQLWXULOH vQ SULPXO UkQG VDODULLOH GDU úL

profitul, renta, dobânzile, cu scopul de a diminua costurile de

SURGXF LH 3ULQ PLFúRUDUHD QLYHOXOXL SUH XOXL PLQLP S0 úL DO SDQWHL

l/k a fuQF LHL RIHUWHL JOREDOH DFHDVWD HVWH GHSODVDW  vQ MRV

GHWHUPLQkQG VLPXOWDQ úL R GLPLQXDUH JHQHUDOL]DW  D SUH XULORU

,QFLGHQ D FHORU GRL IDFWRUL FRUHFWRUL S0 úL ON GHSLQG GH SDQWD

IXQF LHLFHUHULLJOREDOH

6HSDUDUHD FHORU GRX  IRUPH GH LQIOD LH HVWH P ai ales

WHRUHWLF  vQ SUDFWLF  HOH VH UHJ VHVF DGHVHD DF LRQkQG VLPXOWDQ

într-XQ SURFHV FXPXODWLY SH R VSLUDO  LQIOD LRQLVW  $VWIHO R

SHUWXUED LH OD QLYHOXO FHUHULL FDUH JHQHUHD]  R FUHúWHUH GH SUH XUL

GHWHUPLQ  R UHDF LH D WLWXODULORU GH YHQLWXUL vQ SU imul rând a

VDODULD LORU GH D UHYHQGLFD PDMRUDUHD YHQLWXULORU ORU QRPLQDOH 3H
GH DOW  SDUWH R SHUWXUED LH OD QLYHOXO RIHUWHL FDUH JHQHUHD]  R

GLPLQXDUH D SUH XULORU HVWH DGHVHD ″FRUHFWDW ″ GH vQV úL SXWHUHD

SXEOLF  SHQWUX D QX GLPLQXD ULWPXO FUHúWHULL economice) prin

SROLWLFLGHVWLPXODUHEXJHWDU VDXPRQHWDU 

13.2. Modelul OG -&*vQHFRQRPLDGHVFKLV

úLHIHFWXOSROLWLFLORUILQDQFLDU - bugetare

0RGHOXO SHQWUX HFRQRPLD GHVFKLV  DUH DYDQWDMXO GH D SXWHD

HYLGHQ LD LPSDFWXO SLH HL PRQGLDOH DVXSUD HFKLOLEUXO ui

PDFURHFRQRPLF QD LRQDO LQWHUQ 0RGHOXO HVWH IOH[LELO vQ FHHD FH

SULYHúWH SROLWLFLOH HFRQRPLFH GHRDUHFH UHODWLYL]HD]  SROLWLFLOH GH

FHUHUH FD UH]XOWDW DO SROLWLFLL HFRQRPLFH H[WHUQH úL YDORULILF  PDL

ELQHSROLWLFLOHGHRIHUW vQFRQWH[WXOFRQFXUHQ HLVWU LQH

0RGHOXO SHQWUX HFRQRPLD GHVFKLV  DUH R IXQF LH GH FHUHUH

VSHFLILF  úL DQXPH IXQF LD FHUHULL QHWH &*Q GHILQLW  SULQ

corectarea cererii interne (C + I + G) cu exportul net (X - M),

respectiv:
CGn = C + I + G + X - M . (8)
)DFWRULLGHFDUHGHSLQGHFHUHUHDQHW VXQW
− LQWHUQLFDGHSLOG FRPSRQHQWDDXWRQRP DFHUHULLvQFOLQD LD

PDUJLQDO VSUHFRQVXPvQFOLQD LDPDUJLQDO VSUHLQYHVWL LL

úDPG

− H[WHUQL UHIOHFWD L SULQ EDODQ D GH SO L FXUHQW  FD GH SLOG 

conjunctura economiei mondiale, competitivitatea produselor

QD LRQDOHvQUDSRUWFXFHOHVWU LQHDWkWSHSLD DLQWHUQ FkWúLSH

FHDPRQGLDO HWF

5HOD LD vQWUH FHUHUHD LQWHUQ  QHW  úL EDODQ D GH SO L VH

UHIOHFW  JUDILF SULQ GHSODVDUHD FXUEHL cererii spre dreapta (stânga)

DWXQFL FkQG EDODQ D GH SO L VH DPHOLRUHD]  GHWHULRUHD] 

$PHOLRUDUHDGHWHULRUDUHDEDODQ HLGHSO LHVWHGHWHUPLQDW vQPRG

VSHFLILF GH FUHúWHUHD VF GHUHD H[SRUWXULORU úL UHVSHFWLY VF GHUHD

FUHúWHUHD LPSRUWXULORU )DFWRULL GH FRQMXQFWXU  úL FRPSHWLWLYLWDWH

DSDU vQ DFHVW DO WUHLOHD FHUF GH FRQH[LXQL vQ VHQVXO F  GLQDPLFD

H[SRUWXOXLLPSRUWXOXLHVWHGHWHUPLQDW GHDPHOLRUDUHD

GHWHULRUDUHD FRQMXQFWXULL HFRQRPLHL PRQGLDOH FD úL GH UHGXFHUHD

FUHúWHUHDSUH XULORUUHODWLYHDOHSURGXVHORUQD LRQDOHvQFRPSDUD LH

FX FHOH DOH SURGXVHORU VWU LQH 3RDWH IL PHQ LRQDW úL XQ DO SDWUXOHD

cerc de conexiuni prin luarea în considerare a deprecierii

DSUHFLHULL PRQHWDUH FDUH LQIOXHQ HD]  SUH XULOH UHODWLYH OH UHGXFH

respectiv OHP UHúWH

 &HUHUHD DSDUH DVWIHO GHILQLW  vQ DERUG ULOH SUH]HQWDWH SkQ 

DFXP FD FHUHUH JOREDO  &* FX VHQVXO GH LQWHUQ úLFDFHUHUH QHW 

&*Q &HOH GRX  H[SUHVLL VXQW IRUPDOL]DWH SULQ IXQF LL GLVWLQFWH

SHQWUX FDUH vQ SULPXO UkQG VH UHPDUF  SDQWD GLIHULW  'LQ

SDUDPHWULL GH FDUH GHSLQGH P ULPHD DFHVWHLD UH]XOW  F  vQ FD]XO

celei de-D GRXD FRQWUROXO GH F WUH DXWRULWDWHD SXEOLF  HVWH PDL

dificil.
0HFDQLVPXO GH IXQF LRQDUH D HFRQRPLHL vQ HYROX LD HL F WUH

SXQFWXO GH HFKLOLEUX HVWH DVHP Q WRU FD]XOX i economiei închise,

QXPDL F  GH DVW  GDW  SXQFWXO GH HFKLOLEUX HVWH GHWHUPLQDW SULQ

LQWHUVHF LD IXQF LHL GH RIHUW  JOREDO  2* FX FHD D FHUHULL QHWH

Echilibrul macroeconomic nu presupune nici deplina ocupare a

IRU HL GH PXQF  QLFL XQ QLYHO PLQLP DO SUH XULORU LDU GHSHQGHQ D

GLUHFW  D RIHUWHL GH SUH  IDFH FD YDULD LHL FHUHULL V -L FRUHVSXQG  R

UHOD LH LQYHUV  vQWUH SUH  úL úRPDM (YROX LLOH SULYLQG SUH XO úL

úRPDMXO FRQVWLWXLH R PRWLYD LH SHQWUX LQWHUYHQ LRQLVPXO VWDWDO

pentru a corecta prin diverse P VXUL FRPSOHPHQWDUH HIHFWHOH

QHGRULWHSULYLQGFHLGRLLQGLFDWRULúLPDLFXVHDP SHFHOHSULYLQG

úRPDMXO

,PSDFWXO FRPHU XOXL H[WHUQ DVXSUD QLYHOXOXL GH HFKLOLEUX DO

DFWLYLW LL HFRQRPLFH úL JUDGXOXL GH RFXSDUH HVWH GH IDFWXU  GLUHFW 
vQFHSULYHúWHH[SRUWXOúLLQYHUV vQFHSULYHúWHLPSRUWXO

− SURGXF LDúLJUDGXOGHRFXSDUHFUHVFVFDGGDF H[SRUWXOFUHúWH

(scade).
− SURGXF LDúLJUDGXOGHRFXSDUHVFDGFUHVFGDF LPSRUWXOFUHúWH

(scade).

0RGHOXOVLPSOLILFDWSHQWUXHFRQRPLDGHVFKLV

Principalele ipoteze simplificatoare sunt:

− VHIDFHDEVWUDF LHGHSLH HOHILQDQFLDU -monetare
− VH FRQVLGHU  FRQVWDQWH FXUVXULOH GH VFKLPE DOH YDOXWHORU úL

SUH XULORU EXQXULORU VWU LQH DVWIHO vQFkWEDODQ DFRPHUFLDO %F

depinde numai de variabilele interne: produs fiQDO < úL SUH XO
intern (p);
− IXQF LDRIHUWHLJOREDOHHVWHFRQVLGHUDW OLQLDU VWULFWFUHVF WRDUH

úLSUHVXSXQkQGXQSUH PLQLPGHH[LVWHQ S0 ).
0RGHOXOSUHVXSXQHGRX EORFXUL

(i) EORFXOGHFRPDQG

• IXQF LDFHUHULL & = F(< − 7Q ) + & 0 − K∗ S (9.1)

• funF LDGHLQYHVWL LL I = a ∗ Y − b ∗ r + I 0 (9.2)

 • EDODQ DFRPHUFLDO  %F = ; 0 − P ∗ < − Q∗ S (9.3)
• HFXD LDGHHFKLOLEUXDSURGXVXOXLILQDO

< = & + , + * + %F (9.4)

• valorile exogene ale consumului public, veniturile nete ale
EXJHWXOXLúLUDWHLGREkQ]LL

G = G0, Tn = Tn0, r = r0 (9.5)

(ii) IXQF LDGHRIHUW  < = N∗ ( S − S 0 ) , (10)

în care k este sesitivitatea ofertei în raport cXSUH XO

ÌQ HFXD LD GH HFKLOLEUX  VH VXEVWLWXLH YDORULOH WXWXURU

LQGLFDWRULORUGLQPRGHOúLVHRE LQHH[SUHVLDIXQF LHLFHUHULLQHWHFD

RUHOD LHvQWUHFHUHUHúLSUH 

1
Y= ∗
1− c − a + m
∗ [− (h + n )∗ p + C 0 − b ∗ r0 + I 0 + G 0 − c ∗ Tn 0 + X 0 ]. (11)

'LQIXQF LDGHRIHUW VHRE LQHH[SUHVLDSUH XOXL

1
S = ∗ < + S0 , (10.1)
N

GXS  FDUH VH VXEVWLWXLH DFHDVWD vQ UHOD LD  úL VH RE LQH YDORDUHD

de echilibru a produsului final:

C 0 + I 0 − b ∗ r0 + G 0 − c ∗ Tn 0 + X 0 − (h + n )∗ p 0
Y* = (12.1)
1 − c − a + m + (h + n ) k
úLDSRLHFXD LDSUH XOXLGHHFKLOLEUX

C 0 + I 0 − b ∗ r0 + G 0 − c ∗ Tn 0 + X 0 + k ∗ (1 − c − a + m )∗ p 0
p* = .
k ∗ (1 − c − a + m ) + h + n
(12.2)
'LQ UHOD LD FHUHULL QHWH VH REVHUY  GHSHQGHQ D HL GH IDFWRULL

H[RJHQL FRQVXP SULYDW UDWD GREkQ]LL LQYHVWL ii, consum public,

YHQLWXULSXEOLFHH[SRUWGDUúLGHQLYHOHOHGHVHQVLWLYLWDWHvQUDSRUW

FX SUH XO D EDODQ HL FRPHUFLDOH úL UHVSHFWLY D FRQVXPXOXL SULYDW

K FX FkW DFHVWH VHQVLWLYLW L VXQW PDL PDUL FX DWkW QLYHOXO FHUHULL

nete este mai mic. NiveluOFHUHULLQHWHFDúLSR]L LDJUDILF DGUHSWHL

FH R UHSUH]LQW  vQWU XQ SODQ <S SRW IL LQIOXHQ DWH SULQ LQWHUYHQ LD
-
DXWRULW LL SXEOLFH SULQ LQWHUPHGLXO FRQVXPXOXL SXEOLF úL DO

ILVFDOLW LL GDU GHSLQG úL GH IDFWRUL H[WHUQL FXP VXQW H[SRUWXULOH úL

senVLWLYLWDWHDvQUDSRUWFXSUH XODEDODQ HLFRPHUFLDOH

'LQ UHOD LD GH HFKLOLEUX D SURGXVXOXL ILQDO SRW IL VHOHFWD L

IDFWRULL GH LQIOXHQ  vQ OHJ WXU  FX FDUH VH SRW IRUPXOD SROLWLFL GH

FRUHF LH $VWIHO GDF  QLYHOXO SURGXF LHL HVWH FRQVLGHUDW D IL

insufiFLHQW SROLWLFLOH GH FRUHF LH DX vQ YHGHUH XUP WRDUHOH FDX]H

posibile:
− LQVXILFLHQ DLQYHVWL LLORU,0úLDFKHOWXLHOLORUSXEOLFH*0 );
− ILVFDOLWDWHDH[FHVLY 7Q0 );
− LQVXILFLHQ DvQFOLQD LHLVSUHFRQVXPFúLVSUHLQYHVWL LLD

− SUH XO PLQLP DO RIHUWHL SU ea ridicat (p0), poate din cauza
FRVWXULORU PDUL GH SURGXF LH úL D UDQGDPHQWXOXL VF ]XW DO

IDFWRULORUGHSURGXF LH

− QLYHOXO VF ]XW DO HODVWLFLW LL VHQVLWLYLW LL RIHUWHL vQ UDSRUW FX

SUH XON

− LQVXILFLHQ DH[SRUWXULORU;0 );
− vQFOLQD LDVSUHLPSRUWH[FHVLY P

3ULPLLWUHLIDFWRUL LQGHFHUHUHDLQWHUQ XUP WRULLGRL LQGH

RIHUW LDUXOWLPLLGRL LQGHFRPHU XOH[WHUQ



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)LJ0HFDQLVPXOGHIXQF LRQDUHDPRGHOXOXL

cerere JOREDO -RIHUW JOREDO vQHFRQRPLD

GHVFKLV
 Presupunem un punct de echilibru, fie A (fig. 65) generat de
LQWHUVHF LD GUHSWHL RIHUWHL JOREDOH 2*0 FX FHUHUHD JOREDO  &* n0,
FRQVLGHUDWH OD XQ QLYHO LQL LDO GDW &RUHF LD DFHVWXL QLYHO GH

echilibru se poate realiza prin diverse politici economice, astfel:

a) SROLWLF  GH VXV LQHUH D FHUHULL FDUH SUHVXSXQH R FUHúWHUH D

FHUHULL QHWH SH VHDPD FRPSRQHQWHORU H[RJHQH úL I U 

modificaUHD SDUDPHWULORU HFRQRPLFL DFHDVWD vQVHDPQ 

deplasarea spre dreapta a dreptei cererii (nivel CGn1), care duce

SXQFWXOGHHFKLOLEUXGLQ$vQ%GHRDUHFHQXDPSUHVXSXVF VH

PRGLILF  úL RIHUWD UH]XOWDWXO HVWH XQ QLYHO PDL PDUH DO

produsului final, ceea cH DU SXWHD vQVHPQD úL XQ JUDG PDL PDUH
″ ″
GH RFXSDUH D IRU HL GH PXQF  GDU SUH XO  VRFLDO DU IL FUHúWHUHD

QLYHOXOXLJHQHUDODOSUH XULORUJUDILFVHREVHUY F SURLHF LDOXL

% SH D[D DEVFLVHORU HVWH OD GUHDSWD SURLHF LHL OXL $ FHHD FH

VHPQLILF  R FUHúWHUH D OXL < LDU SURLHF LD DFHOXLDúL SXQFW % SH

D[DRUGRQDWHORUHVWHGHDVXSUDSURLHF LHLOXL$FHHDFHVHPQLILF 

RFUHúWHUHDOXLS

b) SROLWLF  GH UHGXFHUH D FHUHULL FDUH VH YL]XDOL]HD]  JUDILF SULQ

deplasarea spre stânga a dreptei cererii nete (nivel CGn2) cu

efecte exact opuse celor generate de politica de tip a);
c) SROLWLF  GH UHGXFHUH D FRVWXULORU , care are ca efect diminuarea
FKHOWXLHOLORU vQWUHSULQ] WRULORU úL vQ FRQVHFLQ  D SURGXF LHL

JUDILFvQVHDPQ GHSODVDUHDVSUHGUHDSWDDRIHUWHLJOREDOHQLYHO

OG1), cu mutarea punctului de echilibru din A în D; rezultatul

HVWH FUHúWHUHD SURGXF LHL úL GLPLQXDUHD QLYHOXOXL JHQHUDO DO

SUH XULORU DGLF  XQ UH]XOWDW VDOXWDU SHQWUX FRQVXPDWRUL úL FDUH

GHYLQH JHQHUDO DJUHDW DGLF  úL GH F WUH SURGXF WRU úL GH F WUH

stat GDF  FHOH GRX  PRGLILF UL VH SURGXF DVWIHO vQFkW YDORDUHD

produsului final ( S∗ < V FUHDVF 

d) SROLWLF  PL[W ,
 GH VXV LQHUH D FHUHULL úL UHGXFHUH D FRVWXULORU

FDUH JUDILF VH YL]XDOL]HD]  SULQ GHSODVDUHD VSUH GUHDSWD DWkW D

cererii nete (nivel CGn1 FkW úL D RIHUWHL JOREDOH QLYHO 2*1);
UH]XOWDWXOHVWHvQDFHVWFD]GHFUHúWHUHSXWHUQLF DSURGXF LHLFX

RYDULD LHPLF VDXQXO DQLYHOXOXLGHSUH 

&D]XO OLPLW  HVWH UHSUH]HQWDW GH FHUHUHD DEVROXW HODVWLF 

VLWXD LH vQ FDUH JUDILFXO HL HV te orizontal (nivel CGn3). În acest caz,
SROLWLFLOH GH VXV LQHUH D FHUHULL úL GH UHGXFHUH D FRVWXULORU VXQW

LQHILFLHQWH vQWUXFkW SXQFWXO GH HFKLOLEUX ILH VH PHQ LQH vQ $ ILH VH

PRGLILF QHVHPQLILFDWLYWUHFHGLQ$vQ)

 13.2.2. Analiza politicilor de cerere
Politicile de cerere au în vedere efectele pe care le pot
JHQHUD FKHOWXLHOLOH SXEOLFH úL ILVFDOLWDWHD $FHVWH HIHFWH VXQW GH

DFHODúL VHQV DWkW SHQWUX SURGXF LH FkW úL SHQWUX SUH XUL 2 VXV LQHUH

IUkQDUH D FHUHULL SULQ FUHúWHUHD GLPLQXDUHD FKHOW uielilor publice

VDX SULQ vQ VSULUHD DWHQXDUHD ILVFDOLW LL GHWHUPLQ  R FUHúWHUH

VF GHUHDFHUHULLQHWHFHHDFHDQWUHQHD] RPLúFDUHvQDFHODúLVHQV

D SURGXF LHL úL LPSOLFLW D SUH XULORU vQ ILJXUD  GHSODVDUHD

GUHSWHL &*Q GLQ SR]L LD  vQ SR]L LD 1, respectiv 2). O parte a
DFHVWXL HIHFW SRDWH IL DQXODW  GH GLQDPLFD VROGXOXL VFKLPEXULORU

H[WHUQHUHVSHFWLYGHvQFOLQD LDPDUJLQDO VSUHLPSRUWXULPVDXGH

VHQVLWLYLWDWHDVFKLPEXULORUH[WHUQHvQUDSRUWFXSUH XULOHQ

'LQ UHOD LD  VH SRW SXQH vQ HYLGHQ  PXOWLSOLFDWRULL

bugetari:
G< 1
= (13.1)
G*
0 1 − F − D + P + (K + Q ) N

G< −F
= (13.2)
G7Q
0 1 − F − D + P + (K + Q ) N

0 ULPHD PXOWLSOLFDWRULORU HVWH vQ HVHQ  GHWHUPLQDW  GH

trei componente:
− efectul de venit (similar cu cel din modelul economiei închise),
HYLGHQ LDWGHH[SUHVLD - c - a);
− frâna importurilor (similar celei din modelul economiei
GHVFKLVHHYLGHQ LDWGHvQFOLQD LDPDUJLQDO DLPSRUWXULORUP

− IUkQDSUH XULORUHYLGHQ LDW SULQH[SUHVLDKQN

Frâna pUH XULORU GHSLQGH GH VHQVLWLYLWDWHD vQ UDSRUW FX

SUH XULOH D RIHUWHL N D FRQVXPXOXL K úL D VFKLPEXULORU H[WHUQH

(n). ″Frâna″HVWHFXDWkWPDLSXWHUQLF FXFkW

− RIHUWDHVWHPDLSX LQHODVWLF vQUDSRUWFXSUH XULOHNPLFDGLF 

dreapta OG are pantaDFFHQWXDW 

− FRQVXPXO úL VFKLPEXULOH H[WHUQH VXQW PDL HODVWLFH vQ UDSRUW FX

SUH XULOHKúLQPDULDGLF GUHDSWD&*QDUHSDQWDOLQ 

)UkQDSUH XULORUSUH]LQW GRX YDORULH[WUHPH

− FkQG HVWH QXO  DVWIHO vQFkW PXOWLSOLFDWRULL EXJHWDUL UHYLQ OD

valorile GLQ PRGHOXO HFRQRPLHL GHVFKLVH FX SUH XUL IL[H DFHVW

OXFUX HVWH SRVLELO GDF  RIHUWD HVWH DEVROXW HODVWLF  GUHDSWD 2*

HVWH RUL]RQWDO  GHRDUHFH N →∞ VDX GDF  FHUHUHD úL VFKLPEXULOH

H[WHUQHDXVHQVLWLYLWDWHQXO vQUDSRUWFXSUH XULOHK Q 

− când este de valoare infinit, astfel încât multiplicatorii bugetari

GHYLQ QXOL DFHVW OXFUX HVWH SRVLELO GDF  RIHUWD HVWH DEVROXW
 LQHODVWLF  GUHDSWD 2* HVWH YHUWLFDO  GHRDUHFH N →∞ VDX GDF 

FHUHUHD úL VFKLPEXULOH H[WHUQH DX LQILQLW  VHQVLWLYLWDWH vQ UDSRUW

FXSUH ul (h sau n →∞).

'LQWUH FHLODO L IDFWRUL FH GHWHUPLQ  QLYHOXO SURGXF LHL VXQW

GH UHPDUFDW H[SRUWXULOH úL LQYHVWL LLOH DO F URU HIHFW HVWH GH DFHODúL

FDOLEUXFXFHODOFKHOWXLHOLORUEXJHWDUH'LQUHOD LDVHREVHUY 

F  PXOWLSOLFDWRULL LQYHVWL LLORU (dY/dI0 úL H[SRUWXOXL G<G;0) sunt

identici cu cel al cheltuielilor bugetare.

$QDOL]DSROLWLFLORUGHRIHUW

3ROLWLFLOHGH RIHUW DXvQYHGHUHvQHVHQ HIHFWHOHJHQHUDWH

GH FRVWXUL FDUH OD UkQGXO ORU VXQW LQIOXHQ DWH GH DPHOLRUDUHD

randameQWHORU IDFWRULORU GH SURGXF LH úL vQ JHQHUDO D vQWUHJXOXL

DSDUDW GH SURGXF LH FkW úL GH SROLWLFLOH GH OLPLWDUH D FRVWXULORU

IDFWRULORUGHSURGXF LH

3ROLWLFLOHGHRIHUW SUH]LQW ID GHFHOHGHFHUHUHDYDQWDMXO

F  H[LVW  DOWHUQDWLYD FUHúWHULL SURGXF LHL vQ FRQGL LLOH vQ FDUH

SUH XULOH VFDG $VWIHO vQFD]XOJHQHUDODFFHSWDWDOIXQF LHLGHRIHUW 

FUHVF WRDUH úL DO IXQF LHL GH FHUHUH GHVFUHVF WRDUH R FUHúWHUH D

ofertei (în figura 65, deplasarea spre dreapta a dreptei OG, cu

PHQ LQHUHD FHUHULL vQ DFHHDúL SR]L LH LQL LDO  &*Q0 GHWHUPLQ  R

FUHúWHUHDSURGXF LHLVLPXOWDQFXGLPLQXDUHDSUH XULORU

0XOWLSOLFDWRUXOSUH XULORUFRQIRUPHVWHGHIRUPD

G< − (K + Q )
= . (13.3)
GS
0 1 − F − D + P + (K + Q ) N

5HOD LD GH GHSHQGHQ  HVWH LQYHUV  DVWIel încât, cel mai
DGHVHD vQ DQDOL]HOH SUDFWLFH LQWHUHVHD]  FD]XO UHGXFHULL SUH XULORU

GHRDUHFH DFHDVWD vQVHDPQ  FUHúWHUHD SURGXF LHL FX HIHFWH DGLDFHQWH

LPSRUWDQWH GHVHRUL XUP ULWH vQ PRG H[SUHV FXP VXQW FUHúWHUHD

JUDGXOXL GH RFXSDUH FUHúWHUHD YHQLWXULORU DJHQ LORU HFRQRPLFL úL

implicit, ale statului etc.

(ILFLHQ DSROLWLFLORUGHRIHUW HVWHGHWHUPLQDW GHDFHLDúLWUHL

IDFWRUL FD úL IUkQD SUH XULORU GH GDWD DFHDVWD HL DF LRQHD]  SDU LDO

GLIHULWSROLWLFDGHRIHUW HVWHFXDWkWPDLHILFDFHFXFkW

− RIHUWD HVWH PDL HODVWLF  vQ UDSRUW FX SUH XULOH N PDUH DGLF 

GUHDSWD2*DUHSDQWDOLQ 

− FRQVXPXO úL VFKLPEXULOH H[WHUQH VXQW PDL HODVWLFH vQ UDSRUW FX

SUH XULOH K úL Q PDUL HVWH GH UHPDUFDWLPSDFWXOGXEOXDO FHORU

GRX  VHQVLWLYLW L DWkW SULQ QXP U WRUXO FkW úL SULQ QXPLWRUXO

multiplicatorului.
 ÌQFOLQD LDPDUJLQDO VSUHLPSRUWPGLPLQXHD] HILFDFLWDWHD

SROLWLFLORU GH RIHUW  GXS  FXP ″efectul de competitivitate″

H[SULPDW SULQ VHQVLWLYLWDWHD OD SUH  D VFKLPEXULORU FRPHUFLDOH Q

OHP UHúWHLPSDF tul.

(ODVWLFLWDWHD vQ UDSRUW FX SUH XULOH D FHUHULL QHWH

UHSUH]HQWkQG FHUHUHD GH SURGXVH QD LRQDOH LQGXFH GRX  YDORUL

OLPLW DOHPXOWLSOLFDWRUXOXL

− PXOWLSOLFDWRUXO QXO FHHD FH vQVHDPQ  F  QX VH SURGXFH R

UHODQVDUH FL GRDU R GLPLQXDUH D SUH XULORU DFH st lucru se

vQWkPSO  GDF  FHUHUHD HVWH LQHODVWLF  GDF  GUHDSWD &*Q HVWH

YHUWLFDO DGLF DWXQFLFkQGFRQVXPXOúLVFKLPEXULOHH[WHUQHDX

VHQVLWLYLWDWHDODSUH QXO K úLQ 

− PXOWLSOLFDWRUXO WLQ]kQG OD LQILQLW FHHD FH vQVHDPQ  R UHODQVDUH

puterniF  D SURGXF LHL I U  YDULD LD SUH XULORU DFHVW OXFUX VH

vQWkPSO  GDF  FHUHUHD HVWH DEVROXW HODVWLF  GUHDSWD &*Q HVWH

RUL]RQWDO DGLF DWXQFLFkQGQWLQGHVSUHLQILQLWFDGHSLOG vQ

FD]XOXQHLSXWHUQLFHFRQFXUHQ HH[WHUQH