Содержание
- 2. 22-1 Disinflation, Deflation, and the Liquidity Trap Low output leads to a decrease in the price
- 3. Recall from Chapter 7 and this graph that: Output is now below the natural level of
- 4. Chapters 8 and 9 presented a more realistic version of the model. Suppose output is below
- 5. The built-in mechanism that can lift economies out of recessions is this: Output below the natural
- 6. Recall from Chapter 14 that: What matters for spending decisions, and thus what enters the IS
- 7. 22-1 Disinflation, Deflation, and the Liquidity Trap The Nominal Interest Rate, the Real Interest Rate, and
- 8. Because output is below the natural level of output, inflation falls. The decrease in inflation now
- 9. 22-1 Disinflation, Deflation, and the Liquidity Trap The Liquidity Trap When the nominal interest rate is
- 10. The demand for money is as shown in Figure 22-3. As the nominal interest rate decreases,
- 11. Now consider the effects of an increase in the money supply: Starting from the equilibrium of
- 12. The liquidity trap describes a situation in which expansionary monetary policy becomes powerless. The increase in
- 13. 22-1 Disinflation, Deflation, and the Liquidity Trap The Liquidity Trap For low levels of output, the
- 14. 22-1 Disinflation, Deflation, and the Liquidity Trap The Liquidity Trap To derive the LM curve, Figure
- 15. 22-1 Disinflation, Deflation, and the Liquidity Trap The Liquidity Trap The equilibrium is given by point
- 16. 22-1 Disinflation, Deflation, and the Liquidity Trap The Liquidity Trap In the presence of a liquidity
- 17. At a negative real interest rate of 10%, consumption and investment are likely to be very
- 18. 22-1 Disinflation, Deflation, and the Liquidity Trap Putting Things Together: The Liquidity Trap and Deflation In
- 19. 22-2 The Great Depression The Great Depression was characterized by a sharp increase in unemployment, followed
- 20. 22-2 The Great Depression
- 21. Focusing only on unemployment and output for the moment, two facts emerge from the table: How
- 22. The Initial Fall in Spending 22-2 The Great Depression From September 1929 to June 1932, the
- 23. The Contraction in Nominal Money 22-2 The Great Depression The impact of the stock market crash
- 24. The Contraction in Nominal Money 22-2 The Great Depression During the Great Depression, the decrease in
- 25. The result of low output was strong deflation and a sharp increase in the real interest
- 26. Monetary policy played an important role in the recovery. From 1933 to 1941, the nominal money
- 27. The puzzle is why deflation ended in 1933. One proximate cause may be the set of
- 28. The robust growth that Japan had experienced since the end of World War II came to
- 29. 22-3 The Japanese Slump From 1992 to 2002, average GDP growth in Japan was less than
- 30. 22-3 The Japanese Slump Low growth in output has led to an increase in unemployment. Inflation
- 31. 22-3 The Japanese Slump The numbers in Table 22-4 raise an obvious set of questions: What
- 32. There are two reasons for the increase in a stock price: A change in the fundamental
- 33. 22-3 The Japanese Slump The Rise and Fall of the Nikkei The increase in stock prices
- 34. The fact that dividends remained flat while stock prices increased strongly suggests that a large bubble
- 35. 22-3 The Japanese Slump The Failure of Monetary and Fiscal Policy Japan has been in a
- 36. Monetary policy was used, but it was used too late, and when it was used, if
- 37. Fiscal policy was used as well. Taxes decreased at the start of the slump, and there
- 38. 22-3 The Japanese Slump The Failure of Monetary and Fiscal Policy Government spending increased and government
- 39. Output growth has been higher since 2003, and most economists cautiously predict that the recovery will
- 40. It is suggested that even if the nominal interest rate is already equal to zero and
- 41. The Japanese Banking Problem Like the Great Depression in the U.S., the sharp decrease in output
- 43. Скачать презентацию