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Seventh Edition - The Addison-Wesley Series in Economics Phần 9

Nói một cách khác, tăng chi tiêu kết quả từ chính sách tài khóa mở rộng đã đông đúc chi tiêu đầu tư và xuất khẩu ròng giảm do sự gia tăng lãi suất. | CHAPTER 24 Monetary and Fiscal Policy in the ISLMModel 571 answer is that because the LM curve is vertical the rightward shift of the IS curve raises the interest rate to i2 which causes investment spending and net exports to fall enough to offset completely the increased spending of the expansionary fiscal policy. Put another way increased spending that results from expansionary fiscal policy has crowded out investment spending and net exports which decrease because of the rise in the interest rate. This situation in which expansionary fiscal policy does not lead to a rise in output is frequently referred to as a case of complete crowding out.1 Panel b shows what happens when the Federal Reserve tries to eliminate high unemployment through an expansionary monetary policy increase in the money supply . Here the LM curve shifts to the right from LM1 to LM2 because at each interest rate output must rise so that the quantity of money demanded rises to match the increase in the money supply. Aggregate output rises from Y1 to Y2 the economy moves from point 1 to point 2 and expansionary monetary policy does affect aggregate output in this case. We conclude from the analysis in Figure 6 that if the demand for money is unaffected by changes in the interest rate money demand is interest-inelastic monetary policy is effective but fiscal policy is not. An even more general conclusion can be reached The less interest-sensitive money demand is the more effective monetary policy is relative to fiscal policy.2 Because the interest sensitivity of money demand is important to policymakers decisions regarding the use of monetary or fiscal policy to influence economic activity the subject has been studied extensively by economists and has been the focus of many debates. Findings on the interest sensitivity of money demand are discussed in Chapter 22. Application Targeting Money Supply Versus Interest Rates In the 1970s and early 1980s central banks in many countries pursued a .