Fiscal and Monetary Policy Actions in the Short Run · 短期内的财政与货币政策行动
| English | 中文 | Pinyin · 拼音 |
|---|---|---|
| Monetary policy/ˈmʌnɪtəri ˈpɒlɪsi/ | 货币政策 | huò bì zhèng cè |
| business cycle/ˈbɪznəs ˈsaɪkl/ | 经济周期 | jīng jì zhōu qī |
| money market/ˈmʌni ˈmɑːkɪt/ | 货币市场 | huò bì shì chǎng |
| investment/ɪnˈvestmənt/ | 投资 | tóu zī |
| Stabilization policy/ˌsteɪbɪlaɪˈzeɪʃn ˈpɒlɪsi/ | 稳定政策 | wěn dìng zhèng cè |
| Full employment/fʊl emˈplɔɪmənt/ | 充分就业 | chōng fèn jiù yè |
| potential GDP/pəˈtenʃl ˌdʒiː diː ˈpiː/ | 潜在GDP | qián zài GDP |
| Price stability/praɪs stəˈbɪlɪti/ | 价格稳定 | jià gé wěn dìng |
Two hands on the same wheel
- The government steers aggregate demand with fiscal policy — spending and taxes.
- The central bank steers it with monetary policy — the money supply and interest rates.
- Both can push AD the same way, at the same time.
- Together they aim to smooth the business cycle.
同一个方向盘上的两只手
- 政府用财政政策——支出和税收——引导总需求。
- 中央银行用货币政策——货币供给和利率——引导它。
- 两者能同时把 AD 推向同一个方向。
- 它们共同致力于平滑经济周期。
The monetary chain
- Monetary policy 货币政策 works through the money market 货币市场: buying bonds raises the money supply and lowers the interest rate.
- A lower interest rate makes borrowing cheaper, so investment 投资 rises, lifting $C + I$.
- So AD shifts right — the same direction as expansionary fiscal policy.
- The chain: money supply ↑ → interest rate ↓ → investment ↑ → AD →.
货币传导链
- 货币政策(monetary policy)通过货币市场(money market)起作用:买债券增加货币供给、降低利率。
- 更低的利率使借贷更便宜,所以投资(investment)上升,抬升 $C + I$。
- 于是 AD 右移——与扩张性财政政策同一个方向。
- 链条:货币供给 ↑ → 利率 ↓ → 投资 ↑ → AD →。
The AD-AS model · 总需求—总供给模型
Both fiscal and monetary policy shift AD. Combine expansionary versions and the rightward shifts add up, closing a recessionary gap faster. · 财政和货币政策都移动 AD。把扩张性版本组合起来,右移叠加,更快填补衰退缺口。
Put the expansionary monetary chain in order. · 把扩张性货币链条按顺序排列。
More money lowers the rate, which lifts investment and shifts AD right. · 更多货币降低利率,抬升投资,使 AD 右移。
Expansionary monetary policy shifts AD in the same direction as: · 扩张性货币政策使 AD 移动的方向,与什么相同:
Both cut interest rates or taxes to raise spending, shifting AD right. · 两者都通过降息或减税来提高支出,使 AD 右移。
When the central bank buys bonds, the interest rate: · 当中央银行买债券时,利率:
Buying bonds raises the money supply, lowering the equilibrium interest rate. · 买债券增加货币供给,降低均衡利率。
Two goals of stabilization
- Stabilization policy 稳定政策 smooths the business cycle 经济周期, aiming for two things.
- Full employment 充分就业: pull real output back to potential GDP 潜在GDP, so unemployment returns to its natural rate.
- Price stability 价格稳定: keep inflation low and steady.
稳定政策的两个目标
- 稳定政策(stabilization policy)平滑经济周期(business cycle),追求两件事。
- 充分就业(full employment):把实际产出拉回潜在GDP(potential GDP),使失业回到自然率。
- 价格稳定(price stability):让通胀保持低而稳。
Select both · 两者 goals of stabilization policy. · 选出稳定政策的两个目标。
Stabilization aims for full employment and price stability. · 稳定政策追求充分就业和价格稳定。
Stabilization policy tries to pull real output back to ______ GDP. · 稳定政策试图把实际产出拉回______ GDP。
At potential GDP, unemployment is at its natural rate. · 在潜在 GDP,失业处于自然率。
Combining the tools
- Fiscal and monetary policy can be combined for a stronger effect.
- Worked idea. An economy is in a recessionary gap: output is 1,000b, potential is 1,080b.
- The central bank buys bonds (rate 5% → 3%, lifting investment) and the government cuts taxes (lifting consumption).
- Both shifts push AD right, so the joint policy closes the gap faster than either tool alone.
组合使用工具
- 财政政策和货币政策可以组合使用,以获得更强的效果。
- 例题。 一个经济处于衰退缺口:产出 1,000 十亿,潜在 1,080 十亿。
- 中央银行买债券(利率 5% → 3%,抬升投资)同时政府减税(抬升消费)。
- 两次移动都把 AD 右移,所以联合政策比单一工具更快填补缺口。
To fight a deep recession, a tax cut and lower interest rates together shift AD further right than either alone. · 为对付严重衰退,减税加降息一起,比单独一个把 AD 右移得更多。
Both are expansionary, so their rightward shifts add up. · 两者都是扩张性的,所以它们的右移叠加。
Fiscal and monetary policy both shift AD, and can be combined. The monetary chain is money supply ↑ → interest rate ↓ → investment ↑ → AD →. Stabilization policy targets full employment and price stability by pulling output back to potential.
财政和货币政策都移动 AD,可以组合。货币链条是 货币供给 ↑ → 利率 ↓ → 投资 ↑ → AD →。稳定政策通过把产出拉回潜在,瞄准充分就业和价格稳定。