鲁迪格·多恩布什-宏观经济学(第十三版)IPPTChap009.pptVIP

鲁迪格·多恩布什-宏观经济学(第十三版)IPPTChap009.ppt

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Policy PreviewChapter #9Copyright ? 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. IntroductionFocus of this chapter is monetary policyExamine how the central bank sets interest rates in order to control aggregate demandBegin with a “media level” description of the operation of central bank policy (who, what, why, when, and how)Fundamentally, the central bank moves interest rates in response to deviations of output and inflation from desired levels ? a notion that is summarized by the Taylor ruleFinally, discuss how the central bank decides how much to move interest rates9-2 The “Who” of PolicyAlthough both fiscal and monetary policy can be used to fine tune the economy, as a practical matter, most short-run fine tuning is done with monetary policyThe “who” of stabilization policy = central bankIn the U.S., the central bank is the Federal Reserve BankFormally, U.S. monetary policy is established by vote of the Fed’s Open Market Committee (FOMC)The chairman (Ben Bernanke) can typically swing that voteIn other countries, the formal decision making authority is vested solely in the governor of the central bank9-3 The “What” of PolicyWhat the Fed actually does is set a key interest rate in the economy ? the federal funds rateRaising interest rates tends to cool off the economyLowering interest rates tends to heat up the economyLower interest rates encourage greater investment spending and greater spending on some consumption goods, thus increasing ADMonetary policy works through ADMonetary policy has little influence on AS9-4 The “Why” of PolicyCentral banks choose short-run policy with two goals in mind:Maintain high economic activityMaintain low inflation rates ? An obvious conflict between these goalsAdditional conflict between central bank’s preferences and capabilitiesExcept at high inflation rates, boosting economic activity does much more to enhance economic welfare than

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