Macroeconomic Policy：Demystifying Monetary and Fiscal Policy

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Macroeconomic Policy：Demystifying Monetary and Fiscal Policy.pdf (3.83 MB, 需要: 2 个论坛币)

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Macroeconomic Policy：Demystifying Monetary and Fiscal Policy
Farrokh K. Langdana
Foreword by W. Michael Cox
ISBN 978-0-387-77665-1
# Springer ScienceþBusiness Media, LLC 2009
1 Introduction and Overview of the Second Edition. . . . . . . . . . . . . . . . 1
1.1 Chapter Overview. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
1.2 What’s New in This Second Edition . . . . . . . . . . . . . . . . . . . . 5
2 National Income Accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
2.1 Paradigm Shifts: An Introduction . . . . . . . . . . . . . . . . . . . . . . 8
2.2 Some Fundamental Definitions . . . . . . . . . . . . . . . . . . . . . . . . 11
2.2.1 Inflation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
2.2.2 GDP Deflator . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
2.2.3 Consumer Price Index (CPI) . . . . . . . . . . . . . . . . . . . . . 14
2.2.4 Which Measure Does the Fed Use?. . . . . . . . . . . . . . . . 17
2.3 Discussion Questions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
3 Budget Deficits, Trade Deficits, and Global Capital Flows:
The National Savings Identity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23
3.1 The National Savings Identity . . . . . . . . . . . . . . . . . . . . . . . . . 23
3.1.1 Two Crucial Assumptions Underlying the NSI . . . . . . 26
3.1.2 Linking the Twin Deficits . . . . . . . . . . . . . . . . . . . . . . . 28
3.2 Possible Negative Aspects of Bond Financed Deficits . . . . . . . 32
3.2.1 Crowding Out . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32
3.2.2 Trade Deficits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33
3.3 Two Cases of the NSI: The United States and China . . . . . . . 34
3.3.1 US-Type NSI. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34
3.3.2 China-Type NSI . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35
3.4 Factors Influencing Global Capital Flows. . . . . . . . . . . . . . . . 35
3.4.1 Hot Capital: Southeast Asia, Mexico, Iceland . . . . . . . 36
3.5 Discussion Questions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38
4 Aggregate Demand: Setting the Stage for Demand-Side
Stabilization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47
4.1 Demand-Side Stabilization. . . . . . . . . . . . . . . . . . . . . . . . . . . . 47
4.2 Business Cycles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49
……………………
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11 Central Banks and Monetary Policy . . . . . . . . . . . . . . . . . . . . . . . . . 245
11.1 Institutional Framework: The Federal Reserve . . . . . . . . . . . 245
11.2 The Money Creation Process: How the Federal Reserve
Changes the Money Supply . . . . . . . . . . . . . . . . . . . . . . . . . . 247
11.2.1 Reserve Requirements and the Money Multiplier:
The Theory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 248
11.2.2 Open Market Operations (OMOs) . . . . . . . . . . . . . . . 249
11.2.3 Changing the Discount Rate . . . . . . . . . . . . . . . . . . . . 254
11.2.4 Changing the Required Reserve Ratio . . . . . . . . . . . . 255
11.3 The Role of the Central Bank: How Should Monetary
Policy be Conducted? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 255
11.3.1 Milton Friedman and the Role of Monetary
Policy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 256
11.3.2 IS Monetary Discipline Worth the Pain? . . . . . . . . . . 261
11.3.3 The ‘‘Curse’’ of Humphrey-Hawkins. . . . . . . . . . . . . . 262
11.3.4 The Taylor Rule. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 264
11.3.5 Exchange Rate Pegging, Currency Crises, and
Sterilization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 265
11.4 Discussion Questions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 271
Bibliography . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 281
Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 285

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关键词：Demystifying Demystify MacroEcon macroeco Economic Policy Monetary Fiscal Demystifying

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