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Current Issues in Macro Theory and Policy
Содержание
- 1. Current Issues in Macro Theory and Policy
- 2. Causes of Macro InstabilityMainstream viewHeld by most economistsPrice stickinessUnexpected demand shocksVariable investment spendingUnexpected supply shocksLO136-
- 3. Causes of Macro InstabilityMonetarist viewGovernment interference is
- 4. Causes of Macro InstabilityCoordination failuresFail to reach
- 5. Does the Economy Self Correct?New classical view
- 6. New Classical View of Self-CorrectionAD2AD1AS1AS2ASLRPrice LevelP1P2P3Real Domestic OutputQ1Q2abcDoes the Economy Self Correct?LO336-
- 7. New Classical View of Self-CorrectionAD3AD1AS1AS3ASLRPrice LevelP1P4P5Real Domestic OutputQ1Q4Q3aedfDoes the Economy Self Correct?LO336-
- 8. Does the Economy Self Correct?Mainstream viewDownward wage
- 9. Rules or Discretion?In support of policy rulesReduce
- 10. Rules or Discretion?Defense of discretionary stabilization policyDiscretionary
- 11. Rules or Discretion?LO436-
- 12. Скачать презентанцию
Causes of Macro InstabilityMainstream viewHeld by most economistsPrice stickinessUnexpected demand shocksVariable investment spendingUnexpected supply shocksLO136-
Слайды и текст этой презентации
Слайд 2Causes of Macro Instability
Mainstream view
Held by most economists
Price stickiness
Unexpected demand
shocks
Variable investment spending
Unexpected supply shocks
LO1
36-
Слайд 3Causes of Macro Instability
Monetarist view
Government interference is the problem
Equation of
exchange MV = PQ
Stable velocity
Monetary causes of instability
Inappropriate monetary policy
LO1
36-
Слайд 4Causes of Macro Instability
Coordination failures
Fail to reach equilibrium because of
lack of coordination mechanism
Limited information
Expectations and self-fulfilling prophecy
Unemployment equilibrium
Inflation equilibrium
LO1
36-
Слайд 5Does the Economy Self Correct?
New classical view
Rational expectations theory
Monetarists
Automatic
correction will occur
Speed of adjustment
Unanticipated price-level changes
Fully anticipated price-level changes
LO2
36-
Слайд 6 New Classical View of Self-Correction
AD2
AD1
AS1
AS2
ASLR
Price Level
P1
P2
P3
Real Domestic Output
Q1
Q2
a
b
c
Does the
Economy Self Correct?
LO3
36-
Слайд 7 New Classical View of Self-Correction
AD3
AD1
AS1
AS3
ASLR
Price Level
P1
P4
P5
Real Domestic Output
Q1
Q4
Q3
a
e
d
f
Does the
Economy Self Correct?
LO3
36-
Слайд 8Does the Economy Self Correct?
Mainstream view
Downward wage inflexibility
Efficiency wage theory
Greater
work effort
Lower supervision costs
Reduced job turnover
Insider-outsider relationships
LO3
36-
Слайд 9Rules or Discretion?
In support of policy rules
Reduce macro instability
Monetary rule
Shift
AD to keep up with AS
Price stability achieved
Inflation targeting
Balanced budget
LO4
36-
Слайд 10Rules or Discretion?
Defense of discretionary stabilization policy
Discretionary monetary policy
Velocity is
not stable
Discretionary fiscal policy
Useful during recession
Policy successes
LO4
36-
