Реферат: Основные показатели макроэкономики /english/
a) The expected rate of net profit;
b) The real rate of interest
The economy's investment-demand curve can be determined by cumulating investment projects and arraying them in descending order according to their expected net profitability and applying the rule that investment will be profitable up to the point at which the real interest rate equals the expected rate of net profit. The investment-demand curve reveals and inverse relationship between the interest rate and the level of aggregate investment.
11 . Shifts in the investment-demand curve can occur as the result of chances in
a) The acquisition, maintenance and operating costs of capital goods;
b) Business taxes;
c) Technology;
d) The stocks of capital goods on hand;
e) Expectations.
12 . We make the simplifying assumption that the level of investment determined by the current interest rate and the investment-demand curve doesn't vary with the level of aggregate income.
13 . The durability of capital goods, the irregular occurrence of major innovations profit volatility, and the variability of expectations all contribute to the instability of investment spending.
Equilibrium National output in Keynesian model
1 . For a closed no-government economy the equilibrium level of NNP is that at which the aggregate expenditures and national output are equal or graphically where the C + In line intersects the 45-degree line. At any NNP greater than the equilibrium NNP, national output will exceed aggregate spending resulting in unintended investment in inventories, depressed profits and eventual declines in output employment and income. At any below equilibrium NNP the aggregate expenditures will exceed the national output, thereby resulting in unintended disinvestment in inventories, substantial profits and eventual increases in NNP.
Fiscal Policy
1 . Government responsibility for achieving and maintaining full employment is set forth in the Employment Act of 1946. The Council Economic Advisers (CEA) was established to advise the President on policies appropriate to fulfilling the goals of the act. The Humphrey-Hawkins Act of 1978 contains specific inflation and unemployment rate objectives.
2 . Increases in government spending expand, and decreases contract, the equilibrium NNP. Conversely, increases in taxes reduce, and decreases expand the equilibrium NNP. Appropriate fiscal policy therefore calls for increases in government spending and decreases in taxes - that is, for a budget deficit - to correct for unemployment. Decreases in government spending and increases in taxes - that is, a budget surplus - are appropriate fiscal policy for correcting demand-pull inflation.
3 . The balanced-budget multiplier indicates that equal increases in government spending and taxation will increase the equilibrium NNP by the amount of the increase in government expenditures and taxes.
4 . Built-in stability refers to the fact that net tax (NT) revenues vary directly with the level of NNP. Therefore, during a rescission the public budget automatically tends toward a stabilizing deficit; Conversely, during expansion the budget automatically tends toward an anti-inflationary surplus. Built-in stability ameliorates, but doesn't correct, undesired changes in the NNP.
5 . The full-employment budget indicates what the Federal budgetary surplus or deficit would be if the economy operated at full employment throughout the year. The full-employment budget is a more meaginful indicator of the government's fiscal posture than is its actual budgetary surplus or deficit.
6 . The enactment and application of appropriate fiscal policy and subject to certain problems and question. Some of the most important are these
a) Can the enactment and application of fiscal policy be better timed so as to maximize its effectiveness in heading off economic fluctuations?
b) Can the economy rely upon Congress to enact appropriate fiscal policy?
c) An expansionary fiscal policy maybe weakened if it crowds out some private investment spending;
d) Some of the effect of an expansionary fiscal policy maybe dissipated in inflation;
e) Fiscal policy maybe rendered ineffective or inappropriate by unforeseen events occurring within the world economy. Also fiscal policy may precipitate changes in exchange rates which weaken its effects;
f) Supply-side economists contend that Keynesian fiscal policy fails to consider the effects of tax changes upon AS.
Monetary Policy
1 . Like fiscal policy, the goal of monetary policy is to assist the economy in achieving a full-employment, noninflationary level of total output.
2 . For a consideration of monetary policy the most important assets of the Federal Reserve Banks are securities and loans to commercial banks. The basic liabilities are the reserves of member banks, Treasury deposits & Federal Reserve Notes.