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Econ Question(1)...10 POINTS

3. If there is a recession explain what monetary policies would be advocated by the following groups to eliminate the recession. a. Monetarists b.Keynesians

2 個解答

評分
  • 1 十年前
    最愛解答

    you ask for monetary policy???

    a)

    monetarists: they will advocate expansionary monetary policy, that means, increase money supply. If money supply increase, interest rate decreases(the reason for decreasing is due to bond, but it is irrelevant to this question, so, i will not explain it here as it may be too long). Then, in an IS-LM model, LM curve shifts downward(many people say it is shift to the right, but in fact, it is not exactly true), then, national income(Y)will increase to eliminate the recession.

    b)

    Keynesians: if i am exactly referring to your question, my answer is: they will not advocate ANY monetary policy. It is because Keynesians are just focusing on goods market, so, they will not use ANY monetary policy.

    But instead, they will use expansionary fiscal policy, that means, cut the tax(T) or increase the government expenditure(G) or both. Then, income will first increased by multiplier, e.g. increase in G x Keynesians' multiplier[1/(1-c+ ct)], IS curve will shift to the right, but there will be crowding-out effect. Whatever, Y will increase to eliminate the recession.

  • 1 十年前

    首先,本人係用中文學econ,所以將會用中文解答你的問題,請自行轉譯為英文

    keynesians:首先凱恩斯(以下會用k代替)身處的年代,物價可升但不可跌,而且利率即使十分低,投資行為並不會因此活躍,故此在k的理論中他假設了物價水平不變,利率和投資沒有關係,基於以上的假設,他會完全著眼於利用增加政府支出和減少稅收來增加國民收入,而完全忽略利率與投資

    E=C+I+G+X-M

    E=a+c﹝Y-(T+tY)﹞+(I+iY)+G+X-(M+mY)

    E=a+cY-cT-ctY+I+iY+G+X-M-mY

    E=a-cT+I+G+X-M+Y(c-ct+i-m)

    E=a-cT+I+G+X-M+Y﹝c(1-t)+i-m﹞

    上面的列式可見,倘若G和T的上升幅度(not百分比)

    由於T上升後有部份會用作消費

    而c是介於1與0之間,結果T上升後部份縮減

    從而影響國民收入部份縮減

    反之G上升後能夠完全反映於國民收入

    結果在k的學派認為G上升比T下降比為有力刺激經濟

    從而使經濟復甦

    資料來源: 自己
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