chapter 25 060413-1 档案 - ncnu moodle 课程.ppt

*/37 A Recessionary Gap:衰退缺口時如何回復均衡 Initial aggregate supply: AS1 Actual output: Y1, potential output Y2, and actual inflation ?1. Initial equilibrium:B. Recessionary gap: output is below potential output. ? Expected inflation will decrease (from ?1 to ?2). ? Makes AS1 to shift to AS2 ? Actual inflation falls (from ?1 to ?2). Inflation (?) Output (Y) AD AS1 Y* LRAS Y1 ?1 B ?2 AS2 */37 Self-Correcting Mechanism (自我修正機制): Given enough time (long-run), output gaps disappear without any changes in monetary or fiscal policies. By AD-LRAS model, expansionary gaps are eliminated by raising inflation, while recessionary gaps are eliminated by decreasing inflation.長期都會自動回復均衡,古典學派想法 ? The so-called self-correcting mechanism.自我修正機制 Different from Keynesian model, which concentrates on the short-run; no price adjustments. 凱因斯模型沒有價格調整，因為他們專注於短期現象 Since the economy can self-correct, do we need monetary and fiscal policies?既然自我修正，為何需要政策？ ? Whether the stabilization policies are needed depends on the speed of the self-correction process.是否需要政策，重點在於調整速度的快慢 */37 Self-Correcting Mechanism: (自我修正機制): If self-correction takes place very slowly, monetary or fiscal policies can help to stabilize output or spending. 如果自我修正的速度太慢，就需要穩定政策 The less (more) rapid the self-correction process, the more (less) need for active monetary or fiscal policies to eliminate output gaps. When the economy faces a large output gaps, e.g. a very high unemployment, fiscal and monetary policy are more likely to useful to eliminate the gap. 如果缺口很大，政策的需要也愈急迫 */37 Shocks to Potential Output:可能產出的衝擊 A positive shock to potential output causes the long-run aggregate supply (LRAS) curve to shift to the right. 正向的衝擊帶來後果 Opens a recessionary gap in the short-run and decreases inflatio