Principles of Macroeconomics, CaseFairOster, 10e宏观经济学原理casefairoster10E.pptVIP

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Principles of Macroeconomics, CaseFairOster, 10e宏观经济学原理casefairoster10E.ppt

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Principles of Macroeconomics, CaseFairOster, 10e宏观经济学原理casefairoster10E

* of 22 ? 2014 Pearson Education, Inc. * of 30 PART III The Core of Macroeconomic Theory ? 2012 Pearson Education, Inc. Publishing as Prentice Hall Prepared by: Fernando Quijano w/Shelly Tefft CASE ? FAIR ? OSTER PRINCIPLES OF ECONOMICS E L E V E N T H E D I T I O N PEARSON CHAPTER OUTLINE 28 Cost Shocks in the AD/AS Model Fiscal Policy Effects Fiscal Policy Effects in the Long Run Monetary Policy Effects The Fed’s Response to the Z Factors Shape of the AD Curve When the Fed Cares More about the Price Level than Output What Happens When There is a Zero Interest Rate Bound? Shocks to the System Cost Shocks Demand-Side Shocks Expectations Monetary Policy since 1970 Inflation Targeting Looking Ahead The level of net taxes, T (taxes minus transfer payments) is an important fiscal policy variable along with government spending. The political debate in 2012 was more about taxes and transfers than about government spending. Earlier, we learned that the tax multiplier is smaller in absolute value than is the government spending multiplier. The main point for this chapter is that both a decrease in net taxes and an increase in government spending increase output (Y). Both result in a shift of the AD curve to the right. Fiscal Policy Effects ? FIGURE 28.1 A Shift of the AD Curve When the Economy is on the Nearly Flat Part of the AS Curve This is the case in which an expansionary fiscal policy works well. There is an increase in output with little increase in the price level. When the economy is producing on the nearly flat portion of the AS curve, firms are producing well below capacity, and they will respond to an increase in demand by increasing output much more than they increase prices. Here, an expansionary fiscal policy does not work well. The output multiplier is close to zero. Output is initially close to capacity, and attempts to increase it further mostly lead to a higher price level. With a higher price level, the Fed increases the interest r