Economics Revision: Conflicts between Macro Objectives doc

5 85 0
Economics Revision: Conflicts between Macro Objectives doc

Đang tải... (xem toàn văn)

Thông tin tài liệu

Economics(Revision:(Conflicts(between(Macro(Objective s( !"#$%&'(#$#)*%*)+'%,))-$%.+%possible(conflicts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nflation(a n d (u n e mploym e n t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conomic(growth(and(environmental(sustainabilityA%% .: K.6#4%DCE%9&)0+"%.*4%4'(',)61'*+%6=+$%'?+&.%6&'$$=&'%)*%$2.&2'%'*(#&)*1'*+.,% &'$)=&2'$%+"&'. +'* #*9 %+"'%$= $+.#* ./ #,#+7%)5%,#(#*9%$+. *4 .&4 $%5)&%5=+= &'%9' *' &.+#) *$% L: Economic(growth(and(inflation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conomic(growth(and(the(balance(of(payments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nflation(a n d (U n e mploym e n t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esolving(the(possible(conflict(between(growth(and(inflation( % H*%#16&)('1'*+%#*%+"'%supply@side(capacity%)5%+"'%'2)*)17 %G$ " ) 0*%./)( ' %/ 7 %. * %) = + 0 . & 4 %$"#5+%)5% ,)*9%&=* %. 99 &' 9 .+ '%$ = 6 6,7 J%2 .* %" ' ,6 %+) %&' $) ,( '%+ " '%9 &) 0+"%>%#*5 ,. +#) * %+ &. 4 ' %) 5 5:%;'%$''%#* %+ " ' % 4#.9&.1%")0%+"'%[KHX%".$%1)('4%)=+0.&4$%.*4%+"#$%.,,)0$%.99&'9.+'%4'1.*4%GF\N\D\]8^J%+)% )6'&.+'%.+%.%"#9"'&%,'(',%0#+")=+%+"&'.+'*#*9%.%6'&$#$+'*+%#*2&'.$'%#*%+"'%9'*'&.,%6&#2'%,'(',% G#*5,.+#)*J:%^ '%$= &'%7) =%&'( #$'% supp ly@side(policies%+) %= * 4 ' & $+ . * 4 %1)&'%./ ) = +%" ) 0%+"#$%2.* % ".66'*:% Stagflation% X+.95,.+#)*%#$%.%6'&#)4%)5 %' 2) *)1#2%$+ .9 * . + #) * %. 22 ) 16.*#' 4 %/ 7 %&#$#*9%#*5 ,.+ #) * :%N*%) +" '& %0 ) &4 $<%/) +" % )5%+"'$'%-'7%1.2&)%)/3'2+#('$%.&'%0)&$'*#*9:%N+%2.*%".66'*%0"'*%.*%'2)*)17%9)'$%#*+)%.%4)0*+=&*% )&%.%&'2'$$#)*%/=+%0"'*%)+"'&%'?+'&*.,%5)&2'$%.&'%/&#*9#*9%)=+%"#9"'&%#*5,.+#)*:%!"'%)/(#)=$%'?.16,'% )5%+"#$%#$%0"'*%&'2'$$#)*%#$%.55,#2+#*9%.%2)=*+&7%/=+%+"'%6&#2'$%)5%#16)&+'4%6&)4=2+$%.&'%$=&9#*9% 2.=$#*9%6&#2'$%+)%&#$'%.*4%&'.,%#*2)1'$%.*4%6&)5#+$%+)%5.,,:%%!"'%&#$'%#*%+"'%2)$+%)5%#16)&+$%2.*%/'% $")0*%/7%.*%#*0.&4%$"#5+%#*%+"'%$")&+%&=*%.99&'9.+'%$=66 ,7%2=&('%,'.4#*9%+)%.%2)*+&.2+#)*%#*%&'.,% *.+#)*.,%)=+6=+%.*4%.*%#*2&'.$'%#*%6&#2'$:% _*'%)5%+"'%4.*9'&$%)5%$+.95,.+#)*%#$%+".+%+"'%5.,,%#*%&'.,%#*2) 1'$%2.=$ ' $%2 ) * $ = 1'&%.*4 %#* ( ' $+1'*+% $6'*4#*9%+)%5.,,%.*4%+"=$%+"'%&.+'%)5%'2)*)1#2%9&)0+"%$=55'&$%+))%G.%4'+'&#)&.+#)*%#*%.%+"#&4%)/3'2+#('% )5%6),#27J:%;.9'%4'1.*4%1.7%.,$)%6#2-%=6%.$%6')6,'%'?6'&#'*2'%&#$#*9%6&#2'$:%!"'%2'*+&.,%/.*-%*''4$% +)%2)*$#4'&%.66&)6&#.+'%6),#27%&'$6)*$'$%+)%+"#$:%!))%$'('&'%.%+#9"+'*#*9%)5%1)*'+.&7%6),#27%5)&% '?.16,'%0#,,%"',6%+)%2=&/%#*5,.+#)*%/=+%&#$-%2.=$#*9%.%4''6%&'2'$$#)*:%%The(combination(of(deflation( and(a(sustained(drop(in(economic(output(is(termed(an(economic(depression% E&#2'%,'(',% K'.,%`.+#)*.,%N*2)1'% HCB% XKHX% Pe( Y1( H*%)=+0.&4%$"#5+%#*%[KHX%"',6$%+)% #*2&'.$'%+"'%'2)*)17a$%+&'*4%&.+'%) 5% 9&)0+"%>%#+%&'6&'$'* +$ %.* %# * 2&' . $' %#* % 6)+'*+#.,%DCE% [KHXB% [KHXI% YFC2( Y1( HCI% Deflation% % C'5,.+#)*%#$%.%$=$+.#*'4%5.,,%#*%+"'%6&#2'$%)5%9))4$%.*4%$'&(#2'$<%.*4%+"= $ %+" ' %) 66)$#+'%) 5 %#* 5 ,. +#) *:% N*2&'.$' 4 %. ++ '* + #) * %" . $%5) 2 = $ '4 %) * %+ " ' %'2 ) * ) 1#2%#16. 2+%)5%6'&$#$+' * +%6 & #2' %4 ' 5,.+ #) * %#* %$ '( ' &. ,% 2)=*+&#'$%#*%&'2'*+%7'.&$%>%*)+./,7%#*%b.6.*%G#*5,.+#)* %8O:LR%#*%IOBOJ%.*4%.,$)%#*%$) 1'%Y=&)%H&'.% E&#2'%['(',% K'.,%`.+#)*.,%N*2)1'% HC% XKHXB% EB% cB% [KHX% c52% XKHXI% EI% cI% ^.*7%)5%+"'%2.=$'$%)5%2)$+8 6=$"%#*5,.+#)*%2)1'%5&)1% '?+'&*.,%'2)*)1#2%$")2-$%>% ':9:%=*'?6'2+'4%(),.+#,#+7%#*% +"'%6&#2'$%)5%2)11) 4#+#'$% .*4%1)('1'*+$%#*%+"'% '?2".*9'%&.+':%% H%2)=*+&7%2.*%.,$)%#16)&+% 2)$+86=$"%#*5,.+#)*%5&)1% .*)+"'&%2)=*+&7%+".+%#$% $=55'&#*9%5&)1%&#$#*9%#*5,.+#)*% )5%#+$%)0*:% D'*'&.,% E&#2'%['(',% K'.,%`.+#)*.,%N*2)1'% HCB% XKHX% E'% c'% [KHX% c52% HCI% cI% EI% D'*'&.,% E&#2'%['(',% HCB% XKHX% EB% cB% [KHXB% [KHXI% cdFI% cI% HCI% EI% H%5.,,%#*%.99&'9.+'%4'1.*4% H%&#$'%#*%,)*9%&=*%.99&'9.+'%$=66,7% 2)=*+&#'$%$=2"%.$%N&',.*4%D&''2'%0"'&'%6&#2'$%".('%/''*%5.,,#*9<%*.+#)*.,%)=+6=+%".$%4&)66'4% $".&6,7%.*4%=*'16,)71 '* +%".$%/''*%&#$#*9:% N+%#$%*)&1.,,7%.$$)2 #. +' 4 %0 #+ " %5. ,,#* 9%,' ( ',%) 5 %H C %,'.4 #* 9 %+) %. %* '9 . +#( '%) = +6 = + %9. 6 %0 " ' &' %.2 += . ,%D C E %e % 6)+'*+#.,%DCE:%U=+%4'5,.+#)*%2.*%/'%2.=$'4%/7%.*%#*2&'.$'%#*%.%*.+#)*a$%6&)4=2+#('%6)+'*+#.,<%0"#2"% ,'.4$%+)%. * %' ?2 ' $$ %)5 %.9 9 &' 9. +' %$ =6 6 ,7 %) (' &%4 ' 1 . * 4 :% N*+=#+#(',7 %. %6 ' &#) 4 %) 5%5. ,,#* 9 %6 &#2 ' $%$ '' 1$%9))4 %* '0$%5)&%2)*$=1'&$%.*4%)=9"+%+)%6&)16+%.%&#$'%#*% +"'%(),=1' %)5%9)) 4 $%.*4 %$'&( #2'$%$),4 %.*4 %.%/) ) $+%+)%'2) *) 1 #2%9&) 0 +"f %X)%0 " 7%1 #9"+%4 '5,.+#)* %/' % #*%2)*5,#2+ %0 #+" %) + "' &%1.2&)'2) * ) 1#2%)/3'2+#( ' $%$ =2 " %. $%' 2) * ) 1#2%9&)0+" %. * 4 %&' 4 =2 #* 9 % =*'16,)71'*+f% Possible(damaging(co ns e q u e n c e s (o f(persistent(price(deflation( B: Holding(back(on(spendingA%F)*$= 1'&$%1. 7 %6)$+6)*'%4'1.*4%#5%+"'7%'?6'2+%6&#2'$%+)% 5.,,%5=&+"'&%#*%+"'%5=+=&' :%% I: Debts(increaseA%!"'%&'. ,%( . ,= '%) 5 %4 '/+%&#$'$%0" ' * %+ " '%9 ' * ' &. ,%6 &#2 ' %,'( ' ,%#$%5. ,,#* 9 %. * 4 %. % "#9"'&%&'.,%4'/+%1)=*+.#*%2.*%/'%.%4&.9%)*%2)*$=1'&%2)*5#4'*2'%.*4%6')6,'a$% 0#,,#*9*'$$%+)%$6'*4:%!"#$%#$%'$6'2#.,,7%+" ' %2. $ ' %0 #+ " %1)&+9.9' %4 ' / + $%. *4%)+"' &%/ #9 %,) . * $ :% L: The(real(cost(of(borrowing(increasesA%K'.,%#*+' &' $+ %&. +' $ %0 #,,%& #$' %#5%* ) 1#*.,%&.+' $%) 5% #*+'&'$+%4)%*)+%5.,,%#*%,#*'%0#+"%6&#2'$:%N5%#*5,.+#) * %#$ %* ' 9 . +#( ' <%+" ' %&'.,%2)$+%)5%/)&&)0#*9% #*2&'.$' $%. * 4 %+" #$%2 . *%" . ( '%. %* ' 9. +#( ' %'55 '2 +%) * %#* (' $ +1'*+%$6'* 4 #* 9 %/ 7%/ = $#* ' $ $' $% S: Lower(profit(marginsA%[)0 ' &%6 &#2 ' $%" #+%& ' (' * ='$%.*4 %6 &) 5 #+$ %5) &%/=$#*'$$ ' $%8%+ " #$%2 . * %,'.4% +)%"#9"'&%=*'1 6 ,)7 1 '* +%.$%5#&1$ %$''- %+)%&'4 =2' %+"' #&%2)$+$%/7 %$"'4 4 #*9%,./ )= &:% W: Confidence(and(savingA%d.,,#*9%.$$'+%6 & #2' $%#* 2 ,= 4#* 9 %. %4 &) 6 %#*%6 &) 6 ' &+7 %(. ,= ' $ %" #+ $% 0'.,+"%.*4%2)*5#4'*2'%>%,'.4#*9%+ ) %4 ' 2 ,#* ' $%#* %H C%.*4%+" ' %+" & ' . +%) 5%. %4''6'&%& ' 2' $ $#) * :% Resolving(the(threat(of(price(deflation( g Monetary(Policy( o %N*+'&'$+ %&. + '$ A%C ' ' 6 %2 = +$ %#* %#* + ' &' $ +%&. + ' $%2 . * %/ ' %1.4'%+) %$+ #1 =,.+'%+"' %4 ' 1.*4%5) &% 1)*'7%.*4%+"'&'/7%/))$+%2)*$=16+#)*% o h=.*+#+.+#('%Y.$#*9%>%6&#*+#*9 %1)*'7%#* %+ " ' %" ) 6 ' %+".+<%/7%#*3' 2 +#* 9 %#+%#*+)%+"'% '2)*)17<%6')6,'%.*4%2)16.*#'$%0#,,%/'%1)&'%,#-',7%+)%$6'*4:% g Fiscal(policy( o i'7*'$#.*%'2)*)1#$+$%/',#'('%+".+%5#$2.,%6),#27%#$%.%1)&'%'55'2+#('%#*$+&=1'*+%)5% 6),#27%0"'*%.*%'2)*)17%#$%$+=2-%#*%.%4'5,.+#)*.&7%&'2'$$#)*:%% o !"'%-'7%i'7*'$#.*%#*$#9"+%#$%+".+%.%1.&-'+%$7$+'1%4)'$%*)+%".('%6)0'&5=,%$',58 .43=$+1'*+$%/.2-%+)%5=,,8'16,)71'*+%.5+'&%+"'&'%".$%/''*%.%*'9.+#('%'2)*)1#2% $")2-:%i'7*'$%+.,-'4%)5%6'&$#$+'*+%=*4'&8'16,)71 '*+%'j=#,#/&#=1%>%.*%'2 ) * ) 17% )6'&.+#*9%#*%$'1#86'&1.*'*+%&'2'$$#)*%,'.4#*9%.%6'&$#$+'*+%9.6%/'+0''*%.2+=.,% 4'1.*4%.*4%+"'%6)+'*+#.,%,'(',%)5%DCE:%% o i'7*'$%.&9='4%+".+%+"#$%3=$+#5#'4%.*%'?)9'*)=$%#*3'2+#)*%)5%.99&'9.+'%4'1.*4%.$%.% $+#1=,=$%+)%9'+%.*%'2)*)17%)*%+"'%6.+" %/.2-%+)%5=,,G'&J%'16,)71'* +%.*4%+)%6&'('*+% 4'5,.+#)*% ^)&'%&'(#$#)*%&'$)=&2'$%.&'%.(.#,./,'%5&)1%+"'%!=+)&I=%Y2)*)1#2$%U,)9% . Economics( Revision:( Conflicts( between( Macro( Objective s( !"#$%&'(#$#)*%*)+'%,))-$%.+%possible (conflicts% /'+0''*%1.2&)'2. % 4'1.*4%)('&%.99&'9.+'%$=66,7% ;.9'% N*5,.+#)*% GRJ% Resolving(the(possible(conflict (between( growth(and(inflation( % H*%#16&)('1'*+%#*%+"'%supply@side(capacity%)5%+"'%'2)*)17

Ngày đăng: 08/03/2014, 06:20

Tài liệu cùng người dùng

Tài liệu liên quan