第Ⅰ講貨幣と金融-法政大学.pptVIP

② New Monetarists’ Method based on Rules ? stopped discretionary monetary policy and adopted stable money supply policy based on rules ? achieved price stability and economic stability in the late 1970s and the early 1980s = k% rule ②ニューマネタリストのルール方式 ?裁量政策を止め、ルールに基づく安定的貨幣供給政策 ?70年代後半～80年代前半に物価安定（中央銀行の最高目標）や景気安定を達成 ＝ｋ％ルール ①Keynesian Deficit Fiscal Policy ?Perpetuates the issuing of deficit bonds?discretionary increase in deficits ?accumulation of huge amount of fiscal deficit（700 trillion yen in 2002 fiscal year) ?huge future tax burden ?suppress consumption?decrease in sales?decrease in profits ?decrease in investment?prolong deflation 　Keynes?fiscal deficits in depression should be financed by fiscal surplus in boom ①ケインジアン赤字財政政策 ?赤字国債発行の恒常化?赤字の裁量的垂れ流し政策 ?巨額の財政赤字累積（2002年度約700兆円） ?将来税負担の巨額化 ?消費抑制効果?売上げ減少?利益減少 ?設備投資の減少?デフレの長期化の要因 　Keynes?不況時の財政赤字を好況時の財政黒字で補填しバランスを取る ②New Monetarist’s Act of Balancing the Budget Enact a rule of multi-year balanced budget as a law or constitution Single-year balanced budget 　? Multi-year balanced budget American Reagan administration enacted Gram=Radoman Act …Clinton administration achieved a balanced budget ②ニューマネタリストの財政均衡化法 不況時に短期的に財政赤字になっても長期的には財政均衡化させるルールを制定 単年度均衡財政主義 　?多年度均衡財政主義 米国グラム＝ラドマン法…レーガン政権、クリントン政権で均衡化 Naotsugu HAYASHI 　林 直嗣 Professor of Economics 　経済学教授 Faculty of Business Administration 　経営学部 Hosei University 　法政大学 ① Rise in prices P ?decrease in real balance of money M/P ? LM curve shifts to the left ? decrease in aggregate demand Y ? aggregate demand curve D is downward-sloping ①物価Pの上昇 ?実質貨幣残高M/Pの減少 ?ＬＭ曲線の左方シフト ?総需要Yの減少 ?総需要曲線Dは右下がり Aggregate demand curve and aggregate supply curve ② Macro production function Y = F(N) From the condition for profit maximization Marginal productivity of labor dY/dN= F’(N) = real wages W/P ?the first axiom of the classical school decreasing marginal productivity of labor = increasing marginal cost ?aggregate supply curve S