宏观经济学复习课-26-31.pptVIP

* * * * * * * * Actual federal funds rate determination: The reason that an increase in the reserves lowers the federal funds rate can be easily developed by focusing on banks. Using an open market operation, the Fed increases the monetary base, which increases the supply of reserves. At the current federal funds rate, there is now an excess supply of reserves. The interest rate at which banks are willing to make overnight loans to other banks decreases. This type of intuitive explanation often can be quite helpful in supplementing the formal analysis * * * 用来表现税率和税收关线的曲线。其要表达的实质是，并非税率越高，税收就会越高. （想一想，为什么呢？） Laffer Curve 一些细节 这个自己回去看一下书，核心是要知道“折限”这一概念 此外，看一下什么是automatic changes in tax revenues，什么是needs-tested spending 需要知道automatic stimulus 需要知道什么是cyclical balance，什么是structural balance (以及相应的图) 需要知道在政府增加支出时，市场上真实利率会提高，进而让投资下降，产生所谓挤出效应 TAX MULTIPLIER The tax multiplier is the quantity effect a change in taxes on aggregate demand. The government expenditure multiplier is the quantity effect of a change in government expenditure on real GDP. The demand-side effects of a tax cut are likely to be smaller than an equivalent increase in government expenditure. Graphical Illustration of Fiscal Stimulus Figure 30.11 shows how fiscal policy is supposed to work to close a recessionary gap. An increase in government expenditure or a tax cut increases aggregate expenditure. The multiplier process increases aggregate demand. Fiscal Stimulus 31章：货币政策 货币政策：几个定义 Monetary policy：A nation’s monetary policy objectives and the framework for setting and achieving that objective stems from the relationship between the central bank and the government. Goals of Monetary Policy：Maximum employment, stable prices, and moderate long-term interest rates. Key goal is price stability. The monetary policy instrument is a variable that the Fed can directly control or closely target. The FED has two possible instruments: 1. Monetary base 2.Federal funds rate—the interest rate at which banks