西方经济学10.ppt

西方经济学10.ppt

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Chapter10FiscalPolicyandMonetaryPolicy1TodaysQuoteThegovernmentsviewoftheeconomycouldbesummedupinafewshortphrases:

Ifitmoves,taxit.Ifitkeepsmoving,regulateit.Andifitstopsmoving,subsidizeit.-RonaldReagan2TodaysQuestionsWhydoestheChinesegovernmentinvestsomuchmoneyoninfrastructureconstructions?

Whatmeasuresdoesthegovernmenthavetodealwithunemployment/inflation?

3FiscalGuidelinesProblemSolutionPolicytoolsUnemployment（recession）IncreaseaggregatedemandIncreasegovernmentspendingCuttaxesInflationReduceaggregatedemandCutgovernmentspendingIncreasetaxes41.TheObjectivesofEconomicPoliciesFullEmploymentStablePricesContinuousgrowthBalancedinternationalaccount52.FiscalPolicyFiscalpolicyistheuseofrevenuecollectionandgovernmentspendingtoinfluencetheeconomy.Thefiscalsystemismainlycomprisedoftwoaspects,i.e.fiscalrevenueandgovernmentspending.6FiscalRevenueTaxes:

Non-taxrevenues:

In-the-budgetrevenueOff-the-budgetrevenue（e.g.land-transferringfees,whichisacrucialsourceoffundsforlocalgovernments）.FiscalRevenueofChina（2007）Source:

ChinaStatisticalYearbook20087GovernmentspendingGovernmentpurchases:

Armspurchase,administrativeexpenses,paymenttogovernmentofficials,publicprojects,etc.Transferpayment.Socialsecurity,governmentaid,andallowances.8MainItemsofNationalGovernmentExpenditure（2007）9FiscalDeficitandFiscalSurplusDefinition:

Fiscaldeficit:

revenuespendingApproachesofFiscalPolicies:

Balancingapproach:

Governmentshouldnotbalancespendingagainstrevenue.Discretionaryapproach:

Governmentshoulddecidespendingonthebasisofneed,notbalancing.10FiscalPoliciesAutomaticadjustment:

Taxchange;governmentspending;pricesofagriculturalproducts.Initiativeadjustment:

Expansionarypolicies:

Taxcut,governmentspendingexpansionsContractionaryfiscalpolicies:

Taxrateraise,governmentspendingreductionCompensatoryfiscalpolicy:

acombineduseofthetwotypesofpolicies.11PotentialProblemsofDiscretionaryFiscalPoliciesTimeelapse.Uncertainty.Uncertaintyinthesizeofthemultipliers.Uncertaintyinthetimeofpolicyfunctioning.Uncertaintyoftheeconomicenvironment.12TheMeaningOfMoneyMoneyisthesetofassetsinaneconomythatpeopleregularlyusetobuygoodsandservicesfromotherpeople.MoneyvsCurrencyMoneyvsWealthMoneyvsIncome13TheFunctionsofMoneyMoneyhasthreefunctionsintheeconomy:

MediumofexchangeStandardofvalueStoreofvalue14TheFunctionsOfMoney:

MediumOfExchangeAmediumofexchangeisanitemthatbuyersgivetosellerswhentheywanttopurchasegoodsandservices.anythingthatisreadilyacceptableaspayment.15TheFunctionsofMoneyStandardofvalueAStandardofvalueistheyardstickpeopleusetopostpricesandrecorddebts.StoreofValueAstoreofvalueisanitemthatpeoplecanusetotransferpurchasingpowerfromthepresenttothefuture.16TheFunctionsofMoneyLiquidityLiquidityistheeasewithwhichanassetcanbeconvertedintotheeconomysmediumofexchange.17TheKindsofMoneyCommoditymoneytakestheformofacommoditywithintrinsicvalue.Examples:

Gold,silver,cigarettes.Fiatmoneyisusedasmoneybecauseofgovernmentdecree.Itdoesnothaveintrinsicvalue.Examples:

Coins,currency,checkdeposits.18MoneyintheCanadianEconomyThequantityofmoneycirculatingintheeconomyiscalledthemoneystockCurrencyisthepaperbillsandcoinsinthehandsofthepublic.Demanddepositsarebalancesinbankaccountsthatdepositorscanaccessondemandbywritingacheck.19TheSimpleCaseof100-Percent-ReserveBankingDepositsthatbankshavereceivedbuthavenotloanedoutarecalledreservesIfalldepositsareheldasreserves,thiswouldbecalled100-percent-reservebankingThefinancialpositionofthebankcanbeexpressedwithaT-accountFirstNationalBankFirstNationalBankAssetsLiabilitiesReserves$100Deposits$10020MoneyCreationwithFractional-ReserveBankingReservesaredepositsthatbankshavereceivedbuthavenotloanedout.Inafractional-reservebankingsystem,banksholdafractionofthemoneydepositedasreservesandlendouttherest.Thefractionoftotaldepositsthebankholdsasreservesiscalledthereserveratio.21MoneyCreationwithFractional-ReserveBankingWhenabankmakesaloanfromitsreserves,themoneysupplyincreases.Themoneysupplyisaffectedbytheamountdepositedinbanksandtheamountthatbanksloan.22MoneyCreationwithFractional-ReserveBankingDepositsintoabankarerecordedasbothassetsandliabilities.Thefractionoftotaldepositsthatabankhastokeepasreservesiscalledthereserveratio.Loansbecomeanassettothebank.23MoneyCreationwithFractional-ReserveBankingThisT-Accountshowsabankthatacceptsdeposits,keepsaportionasreserves,andlendsouttherest.Itassumesareserveratioof10%.AssetsLiabilitiesFirstNationalBankReserves$10.00Loans$90.00Deposits$100.00TotalAs