• Ngân hàng, tín dụng - Chapter 20: Understanding movements in bank reservesNgân hàng, tín dụng - Chapter 20: Understanding movements in bank reserves

    Taxation – When taxes are paid, demand deposits at commercial banks are transferred from private sector to Treasury’s account – Initially these funds are held in the Treasury’s accounts at commercial banks – Money supply falls since government deposits are not counted in the money supply

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  • Ngân hàng, tín dụng - Chapter 21: Monetary policy strategyNgân hàng, tín dụng - Chapter 21: Monetary policy strategy

    Taylor rule – Federal funds rate target is a function of: • The difference between actual inflate rate (INFL) and the target inflation (INFL*) • The percentage difference between actual and potential real GDP (GAP)

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  • Ngân hàng, tín dụng - Chapter 22: The classical foundationsNgân hàng, tín dụng - Chapter 22: The classical foundations

    Divide the economy into two groups—firms and households • Gross domestic product (GDP)—total value of goods and services produced within the United States • GDP can be measured in two ways – The total output sold by firms – The total income received by households • Figure 22A.1 summarizes these relationships – Inner circle records the flows ...

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  • Ngân hàng, tín dụng - Chapter 23: The keynesian frameworkNgân hàng, tín dụng - Chapter 23: The keynesian framework

    Transactions Demand and Monetary Policy (Figure 23.10) (Cont.) – An increase in income • This will cause a rightward shift of the demand curve • Shift of money demand curve will increase interest rates • However, actions by central bank to increase the supply of money might prevent an increase in interest rates • A growing economy will need ...

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  • Ngân hàng, tín dụng - Chapter 24: The islm worldNgân hàng, tín dụng - Chapter 24: The islm world

    Keynesian attack on the above: (Cont.) – Interest-insensitive investment function (Figure 24.20) • The IS curve is very steep • Therefore, declining prices and the reduction in interest rates will not be able to raise investment sufficiently to generate full employment levels

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  • Ngân hàng, tín dụng - Chapter 25: Money and economic stability in the islm worldNgân hàng, tín dụng - Chapter 25: Money and economic stability in the islm world

    When economy is at or near full employment, the Keynesian interest rate mechanism supports the classical argument of automatic adjustments • At full employment, the rate of interest is independent of movements in the money supply

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  • Ngân hàng, tín dụng - Chapter 26: An aggregate supply and demand perspective on money and economic stabilityNgân hàng, tín dụng - Chapter 26: An aggregate supply and demand perspective on money and economic stability

    Monetarists long-run adjustment – Eventually inflation reality sets in and workers expect a continued higher level of price increases and push for wage demands in line with inflation – When this occurs, employers no longer find it profitable to retain the high levels of output and the economy reverts to full employment, YFE – Once these adju...

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  • Ngân hàng, tín dụng - Chapter 27: Rational expectations: theory and policy implicationsNgân hàng, tín dụng - Chapter 27: Rational expectations: theory and policy implications

    Keynesians argue that wage and price rigidity in the economy prevent the aggregate curves from responding as quickly as rational expectations would suggest • The rational expectations adjustment model presents a possibility that reducing inflation is accomplished painlessly – Small increase in unemployment and little lost output as Federal R...

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  • Ngân hàng, tín dụng - Chapter 28: Empirical evidence of the effectiveness of monetary policyNgân hàng, tín dụng - Chapter 28: Empirical evidence of the effectiveness of monetary policy

    These models suggest that fiscal policy has a multiplier of about one without any help from monetary policy, but an accommodating monetary authority can make fiscal policy even more effective • Empirical evidence on fiscal policy confirms the crowding-out effect, but only if the contractionary effects on private spending are given substantial...

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  • Ngân hàng, tín dụng - Chapter 29: Tying it all togetherNgân hàng, tín dụng - Chapter 29: Tying it all together

    Stock and Bond Valuations—A Refresher (Cont.) – Figure 29.2 • Summarizes the effects of goods news on stocks and bonds and the linkages just discussed • One notable departure from the pattern that stocks and bonds move in different directions is the reaction to inflation • Unanticipated good news about inflation (lower than expected) drives ...

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