格里高利经济学精要·辅导gregory_sg15.pdfVIP

Chapter 15 Macro Stabilization Policy After reading Chapter 15, MACRO STABILIZATION POLICY, you should be able to: • Describe how stabilization policy works and the arguments for and against Activism. • Define Inflationary and Deflationary Gaps. • Explain how Fiscal Policy may be used to stabilize the economy and the difference between Automatic Stabilizers and Discretionary Policy • Explain how Monetary Policy may be used to stabilize the economy. • Explain what is meant by the Policy Dilemma . • Understand the difference between the Keynesian Budget Philosophy and Supply Side Economics. • Describe how Nonactivists counter the case for activist policy. • Relate why nonactivists believe the major causes of the Great Depression were government policies and list other reasons about why activist policy should not be used. • Understand the Rational Expectations and Real Business Cycle objection to activist policy. • Discuss the Phillips Curve and explain how it is consistent with Stagflation. • Describe why Keynesian economists contend that activist policy should be used to limit the GDP Gap. Outline I. Macroeconomic Stabilization A) Fiscal Policy is changes in government spending or taxes designed to achieve macroeconomic goals. Monetary Policy is changes in the money supply or credit conditions designed to achieve macroeconomic goals. The three main goals are full employment, price stability, steady economic growth. B) Policy Activism is the use of fiscal and monetary policy to smooth fluctuations in the business cycle. Discretionary Policy is the setting of monetary and fiscal targets by policymakers, based on their best judgments. 148 Gregory • Essentials of Economics, Sixth Edition II. Deflationary and Inflationary GAPs A) When the equilibrium level of output is less than the natural rate, as shown below, a