Macroeconomics-chap5 IS-LM模型(7)

宏观经济学核心理论知识。

5.2.3 ：双重调整Case：GP & MS的同向变化5.2.3 ：双重调整Case：GP & MS的同向变化李 俊 青南开大学经济学院李 俊 青南开大学经济学院5.2.3 ：双重调整Case：GP & MS的反响变化The Clinton-Greenspan Policy Mix The Clinton-Greenspan Policy Mix Record high federal budget deficit (4.5% of GNP) High unemployment and slow growthDeficit reduction reduces output Deficit reduction reduces output Expansionary fiscal policy increases the Expansionary fiscal policy increases the deficit deficit Deficit reduction and expansionary Deficit reduction and expansionary monetary policy monetary policy 南开大学经济学院 李 俊 青Interest Rate, i5.2.3 ：双重调整LM LM´The policy The policy dilemma of dilemma of 1992: 1992:Recall: Recall: IS & LM: Before policy changes Equilibrium A: i & YA i B A´ IS IS´ Y Y´ IS´: After deficit reduced B equilibrium without monetary expansion LM´ after monetary expansioni´ New equilibrium i´, Y´Solution: Solution: Policy Mix Policy Mix 李 俊 青Output, Y南开大学经济学院5.2.3 ：双重调整The U.S. Economy 1991-19981991 Budget surplus (% of GDP) (minus sign: deficit) GDP growth (%) Interest rate (%) 1992 1993 1994 1995 1996 1997 19985.2.3 ：双重调整Observations: some lucks Strong consumer confidence and stock market shifting IS from 1992to 1998 The strong expansion automatically reduced the deficit (1% growth reduces the deficit to GNP ratio by 0.5%)-3.3-4.5-3.8-2.7-2.4-1.4-0.3-0.8-0.9 7.32.7 5.52.3 3.73.4 3.32.0 5.02.7 5.63.9 5.23.7 4.8李 俊 青南开大学经济学院李 俊 青南开大学经济学院