經(jīng)濟(jì)學(xué)專業(yè)英語教程(第四版-上)課件:Fiscal and Monetary Policy_第1頁
經(jīng)濟(jì)學(xué)專業(yè)英語教程(第四版-上)課件:Fiscal and Monetary Policy_第2頁
經(jīng)濟(jì)學(xué)專業(yè)英語教程(第四版-上)課件:Fiscal and Monetary Policy_第3頁
經(jīng)濟(jì)學(xué)專業(yè)英語教程(第四版-上)課件:Fiscal and Monetary Policy_第4頁
經(jīng)濟(jì)學(xué)專業(yè)英語教程(第四版-上)課件:Fiscal and Monetary Policy_第5頁
已閱讀5頁,還剩20頁未讀 繼續(xù)免費(fèi)閱讀

下載本文檔

版權(quán)說明:本文檔由用戶提供并上傳,收益歸屬內(nèi)容提供方,若內(nèi)容存在侵權(quán),請(qǐng)進(jìn)行舉報(bào)或認(rèn)領(lǐng)

文檔簡(jiǎn)介

《經(jīng)濟(jì)學(xué)專業(yè)英語教程(第四版·上)》

Text:FiscalandMonetaryPolicy

(財(cái)政政策與貨幣政策)1.Keywords2.Stabilizationpolicy3.Fiscalpolicy4.Monetarypolicy5.TranslatethefollowingintoChinese6.Questions1.KeywordsinsufficientdemandplannedspendingstabilizationpolicyexpansionarypolicypotentialoutputexpansionarygapcontractionarypolicyfiscalpolicymonetarypolicygovernmentpurchasesfullemploymentmilitaryspendingtransferpaymentsdisposableincometaxcutcapitalformationbudgetdeficittaxcollectionscapitalgoodslegislativeprocessnationaldefenseautomaticstabilizertaxableincomeTheGreatDepressiongovernmentsecuritiesopen-marketoperationsgovernmentbondscommercialbanksfinancialinstitutiondiscountwindowday-to-dayfluctuationdiscountratelegalreserverequirements2.Stabilizationpolicy2.1Definitionofstabilizationpolicy2.2Expansionaryandcontractionarypolicy2.1DefinitionofstabilizationpolicyPoliciesthatareusedtoaffectplannedaggregateexpenditure,withtheobjectiveofeliminatingoutputgaps,arecalledstabilizationpolicies.Thetwomajortoolsofstabilizationpolicyarefiscalpolicyandmonetarypolicy.2.2ExpansionaryandcontractionarypolicyPolicyactionsintendedtoincreaseplannedspendingandoutputarecalledexpansionarypolicies;expansionarypolicyactionsarenormallytakenwhentheeconomyisinrecession.Contractionarypoliciesarepolicyactionsintendedtoreduceplannedspendingandoutput.3.Fiscalpolicy3.1Definitionoffiscalpolicy3.2Compositionoffiscalpolicy3.3Fiscalpolicyasastabilizationtool:Threequalifications3.4Reasonsforfiscalpolicyasastabilizingforce3.1DefinitionoffiscalpolicyFiscalpolicyreferstodecisionsaboutthegovernment’sbudget—howmuchthegovernmentspendsandhowmuchtaxrevenueitcollects.3.2Compositionoffiscalpolicy3.2.1Governmentpurchasesandplannedspending3.2.2Taxes,transfers,andaggregatespending3.2.1GovernmentpurchasesandplannedspendingGovernmentpurchasesofgoodsandservices,beingacomponentofplannedaggregateexpenditure,directlyaffecttotalspending.Ifoutputgapsarecausedbytoomuchortoolittletotalspending,thenthegovernmentcanhelptoguidetheeconomytowardfullemploymentbychangingitsownlevelofspending.3.2.2Taxes,transfers,andaggregatespendingTransferpaymentsarepaymentsmadebythegovernmenttothepublic,forwhichnocurrentgoodsorservicesarereceived.Examplesoftransferpaymentsareunemploymentinsurancebenefits,SocialSecuritybenefits,andincomesupportpaymentstofarmers.Changesintheleveloftaxesortransferscanbeusedtoaffectplannedaggregateexpenditureandthuseliminateoutputgaps.3.3Fiscalpolicyasastabilizationtool:Threequalifications3.3.1Fiscalpolicyandthesupplyside3.3.2Theproblemofdeficits3.3.3Therelativeinflexibilityoffiscalpolicy3.3.1FiscalpolicyandthesupplysideFiscalpolicyaffectsbothplannedspendingandpotentialoutput.Thus,inmakingfiscalpolicy,governmentofficialsshouldtakeintoaccountnotonlytheneedtostabilizeplannedaggregateexpenditurebutalsothelikelyeffectsofgovernmentspending,taxes,andtransfersontheeconomy’sproductivecapacity.3.3.2TheproblemofdeficitsThegovernment’sbudgetdeficitistheexcessofgovernmentspendingovertaxcollections.Sustainedgovernmentdeficitscanbeharmfulbecausetheyreducenationalsaving,whichinturnreducesinvestmentinnewcapitalgoods—animportantsourceoflongruneconomicgrowth.3.3.3TherelativeinflexibilityoffiscalpolicyInreality,changesingovernmentspendingortaxesmustusuallygothroughalengthylegislativeprocess,whichreducestheabilityoffiscalpolicytorespondinatimelywaytoeconomicconditions.Anotherfactorthatlimitstheflexibilityoffiscalpolicyisthatfiscalpolicymakershavemanyotherobjectivesbesidesstabilizingaggregatespending,fromensuringanadequatenationaldefensetoprovidingincomesupporttothepoor.3.4ReasonsforfiscalpolicyasastabilizingforceThefirstisthepresenceofautomaticstabilizers,provisionsinthelawthatimplyautomaticincreasesingovernmentspendingordecreasesintaxeswhenrealoutputdeclines.Taxesandtransferpaymentsalsorespondautomaticallytooutputgaps.Theseautomaticchangesingovernmentspendingandtaxcollectionshelptoincreaseplannedspendingduringrecessionsandreduceitduringexpansions,withoutthedelaysinherentinthelegislativeprocess.Althoughfiscalpolicymaybedifficulttochangequickly,itmaystillbeusefulfordealingwithprolongedepisodesofrecession.4.Monetarypolicy4.1Definitionofmonetarypolicy4.2Compositionofmonetarypolicy4.1DefinitionofmonetarypolicyMonetarypolicyreferstodecisionsaboutthesizeofthemoneysupply.4.2Compositionofmonetarypolicy4.2.1Open-marketoperations4.2.2Discount-ratepolicy4.2.3Changingreserverequirements4.2.1Open-marketoperationsBysellingorbuyinggovernmentsecuritiesintheopenmarket,thecentralbankcanlowerorraisebankreserves.Theseso-calledopen-marketoperationsareacentralbank’smostimportantstabilizinginstrument.Thebondssoldtotheopenmarket.Thisincludesdealersingovernmentbonds,whothenresellthemtocommercialbanks,bigcorporations,otherfinancialinstitutions,andindividuals.4.2.2Discount-ratepolicyWhencommercialbanksareshortofreserves,theyareallowedtoborrowfromthecentralbank.Theseloansarecalledborrowedreserves.Whenborrowedreservesaregrowing,thebanksareborrowingfromthecentralbank,therebyincreasingtotalbankreserves(borrowedplusunborrowedreserves).Conversely,adropinborrowedreservespromotesacontractionintotalbankreserves.Sometimes,thecentralbankmayraiseorlowerthediscountrate,whichistheinterestratechargedonbankborrowingsfromthecentralbank.Formanyyears,thediscountratewasthebellwetherofmonetarypolicy.4.2.3ChangingreserverequirementsReserverequirementshelpthecentralbankconductitsopen-marketoperationsbyensuringastabledemandforreserves.Bysettingreserverequirementsabovethelevelthatbanksdesire,thecentralbankcandeterminethelevelofreservesandcantherebycontrolthemoneysupplymoreprecisely.TheneteffectisanincreaseintheFederalReserve’scontrolovershort-terminterestrates.5.TranslatethefollowingintoChinese(1)Fiscalpolicyreferstodecisionsaboutthegovernment’sbudget—howmuchthegovernmentspendsandhowmuchtaxrevenueitcollects,whereasmonetarypolicyreferstodecisionsaboutthesizeofthemoneysupply.(2)Supply-sidersfocusedontheneedfortaxcuts,arguingthatlowertaxrateswouldleadpeopletoworkharder(becausetheywouldbeallowedtokeepalargershareoftheirearnings),tosavemore,andtobemorewillingtoinnovateandtakerisks,throughtheirargumentsthatlowertaxeswouldsubstantiallyincreasepotentialoutput,withnosignificanteffectonplannedspending.(3)Theseautomaticchangesingovernmentspendingandtaxcollectionshelptoincreaseplannedspendingduringrecessionsandreduceitduringexpansions,withoutthedelaysinherentinthelegislativeprocess.(4)Insettingpolicy,thecentralbankdecideswhethertopumpmorereservesintothebankingsystembybuyingTreasurybills(i.e.,short-termbonds)andlonger-termgovernmentbondsorwhethertotightenm

溫馨提示

  • 1. 本站所有資源如無特殊說明,都需要本地電腦安裝OFFICE2007和PDF閱讀器。圖紙軟件為CAD,CAXA,PROE,UG,SolidWorks等.壓縮文件請(qǐng)下載最新的WinRAR軟件解壓。
  • 2. 本站的文檔不包含任何第三方提供的附件圖紙等,如果需要附件,請(qǐng)聯(lián)系上傳者。文件的所有權(quán)益歸上傳用戶所有。
  • 3. 本站RAR壓縮包中若帶圖紙,網(wǎng)頁內(nèi)容里面會(huì)有圖紙預(yù)覽,若沒有圖紙預(yù)覽就沒有圖紙。
  • 4. 未經(jīng)權(quán)益所有人同意不得將文件中的內(nèi)容挪作商業(yè)或盈利用途。
  • 5. 人人文庫網(wǎng)僅提供信息存儲(chǔ)空間,僅對(duì)用戶上傳內(nèi)容的表現(xiàn)方式做保護(hù)處理,對(duì)用戶上傳分享的文檔內(nèi)容本身不做任何修改或編輯,并不能對(duì)任何下載內(nèi)容負(fù)責(zé)。
  • 6. 下載文件中如有侵權(quán)或不適當(dāng)內(nèi)容,請(qǐng)與我們聯(lián)系,我們立即糾正。
  • 7. 本站不保證下載資源的準(zhǔn)確性、安全性和完整性, 同時(shí)也不承擔(dān)用戶因使用這些下載資源對(duì)自己和他人造成任何形式的傷害或損失。

最新文檔

評(píng)論

0/150

提交評(píng)論