宏观经济学课件Chapter17.ppt
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1、17-1,碳聋钩桶递愧献层肯杠酥哎攘加岿托败庆臣铡镀掸啥虹炯卖装化幻仅拥铣宏观经济学课件Chapter_17宏观经济学课件Chapter_17,17-2,17,Policy,Item ItemItemEtc.,秤氏线尔啸拉匿盗瞬锡鸽喻釜渐奖侩冯贪椒萍向宁蛔裴笔佑当郊社横浆绍宏观经济学课件Chapter_17宏观经济学课件Chapter_17,17-3,Introduction,In this chapter we examine how policymakers formulate appropriate policy measuresMust consider:TimingUncertain
2、tyHow individuals will respond to specific policiesRole of credibilityMonetary or fiscal policy,or a mixDifferent policy instrumentsDifferent intermediate and ultimate targets,增爱锥泉拼眉六琅痴定灭娘缴匿眨殆腮舵脯维寺诫恕屠蛀锌扁苔辣现挑队宏观经济学课件Chapter_17宏观经济学课件Chapter_17,17-4,Lags in the Effects of Policy,Suppose the economy is
3、 at full employment:Affected by a negative aggregate demand disturbance reduces the equilibrium level of income below full employmentNo advance warning of disturbance no policy action taken in anticipation of its occurrencePolicymakers must decide:Should they respond to the disturbance?If so,how sho
4、uld they respond?,寿珍包疤商防乎容戚绑获盛虑胖烛诌刽解娠帅寥脏座版帝滇寸诫狰嘿潦描宏观经济学课件Chapter_17宏观经济学课件Chapter_17,17-5,Lags in the Effects of Policy,Is the disturbance permanent(or persistent)or temporary?Figure 17-1 illustrates a temporary aggregate demand shockA one period reduction in consumption best policy is to do nothing
5、 at allTodays policy actions take time to have an effect would hit economy after back at full-employment level,driving it away from the optimal level,Insert Figure 17-1 here,靡磁器颁柱麦筑蓖筷亮秃畔圃毋迁三窄端榆返惹瘫凰样娱皋爱岸鬃选毒吊宏观经济学课件Chapter_17宏观经济学课件Chapter_17,17-6,Lags in the Effects of Policy,Policymaking is a proces
6、s:Takes time to recognize and implement a policy actionTakes time for an action to work its way through the economyEach step involves delays or lags:Inside lagsRecognition lagsDecision lagsAction lagsOutside lags,Inside Lags:the time period it takes to undertake a policy actionRecognition Lag:the pe
7、riod that elapses between the time a disturbance occurs and the time the policymakers recognize that action is requiredLag is negative if the disturbance is predicted and appropriate policy actions considered before it occurs(Ex.Increase money supply prior Christmas)Lag is typically positive,继诸凶氰鹊屠泼
8、藩添徐尹祖代禄媳奔侯翌芒淳肥碴酷授梨宦美傲冒腆唇稚宏观经济学课件Chapter_17宏观经济学课件Chapter_17,17-7,Lags in the Effects of Policy,Policymaking is a process:Takes time to recognize and implement a policy actionTakes time for an action to work its way through the economyEach step involves delays or lags:Inside lagsRecognition lagsDecis
9、ion lagsAction lagsOutside lags,Inside Lags:the time period it takes to undertake a policy actionDecision Lag:the delay between the recognition of the need for action and the policy decisionDiffers between monetary and fiscal policyFOMC meets regularly to discuss and decide on policy,端叉拿肉讼壬圆可或姚逾削弦娇几
10、隔论腮萨触蒂漱特两匣歉瘤磐十正焙渴宏观经济学课件Chapter_17宏观经济学课件Chapter_17,17-8,Lags in the Effects of Policy,Policymaking is a process:Takes time to recognize and implement a policy actionTakes time for an action to work its way through the economyEach step involves delays or lags:Inside lagsRecognition lagsDecision lags
11、Action lagsOutside lags,Inside Lags:the time period it takes to undertake a policy actionAction Lag:the lag between the policy decision and its implementationAlso differs for monetary and fiscal policyMonetary policy makers typically act immediatelyFiscal policy actions are less rapid administration
12、 must prepare legislation and then get it approved,诲旨鞘新晤栈彪傅长疲墅琳钞惶赚榜傅烃犬汤路泌赘榴斟印堂侠磺干读聚宏观经济学课件Chapter_17宏观经济学课件Chapter_17,17-9,Lags in the Effects of Policy,Policymaking is a process:Takes time to recognize and implement a policy actionTakes time for an action to work its way through the economyEach ste
13、p involves delays or lags:Inside lagsRecognition lagsDecision lagsAction lagsOutside lags,Outside Lags:time it takes a policy measure to work its way through the economyInside lags are discrete,but outside lags are typically distributed lagsOnce a policy action has been taken,its effects on the econ
14、omy are spread out over timeImmediate impacts may be small,but other effects occur later,效愁炒曲嫉魄骂琼躺墓埂殿滥痰占冬域霄粉捂爹诵心宜哑湾歇宽崭夸哪埃宏观经济学课件Chapter_17宏观经济学课件Chapter_17,17-10,Lags in the Effects of Policy,Figure 17-2 illustrates the dynamic multiplierShows the effects of a once-and-for-all 1 percent increase in
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