Intermediate Macroeconomics Lecture 11 1
1 Intermediate Macroeconomics Lecture 11
The Macroeconomic Policy Debate o William McChesney Martin The fed s job is to take away the punch bowl just as the party gets going 联储的工作是在宴会进行时拿走盛满酒的酒杯 The economy is inherently unstable
2 The Macroeconomic Policy Debate ⚫ William McChesney Martin The fed.’s job is to take away the punch bowl just as the party gets going 联储的工作是在宴会进行时拿走盛满酒的酒杯。 The economy is inherently unstable
The Macroeconomic Policy Debate ● Milton friedman 我们需要的不是把经济之车的方向盘一直调整到 不可预期的无规则之路上的高超货币司 机 The economy is naturally stable 3
3 The Macroeconomic Policy Debate ⚫ Milton Friedman 我们需要的不是把经济之车的方向盘一直调整到 不可预期的无规则之路上的高超货币司 机．．． The economy is naturally stable…
The Macroeconomic Policy Debate Active or passive? 2. Free to use discretion or fixed policy rule?
4 The Macroeconomic Policy Debate 1. Active or passive? 2. Free to use discretion or fixed policy rule?
Should policy Be Active or Passive? ● Active In the absence of an active government role in the economy, events like the Great Depression could occur regularly fight shocks by fiscal/monetary policy 5
5 Should Policy Be Active or Passive? ⚫ Active In the absence of an active government role in the economy, events like the Great Depression could occur regularly. → fight shocks by fiscal/monetary policy