• 德鲁克简介 • 管理的任务 • 企业的性质 • 组织的命运 • 工作的活力

The Macroeconomic Policy Debate William McChesney Martin The fed.'s job is to take away the punch bowl just as the party gets going 联储的工作是在宴会进行时拿走盛满酒的酒杯。 The economy is inherently unstable

Inflation, Unemployment, and the Phillips Curve Phillips Curve: relationship between inflation and unemployment A..Phillips (1958) \The relationship between unemployment and the rate of change of money wages in the united kingdom, 1861- 1957,\ Economica 25

Government Debt Scale of govern. debt Is budget deficit correctly measured? Traditional view of govern. Debt Ricardian equivalence Other possible effects of govern. debt

Money Supply 100%-reserve banking Fractional-reserve banking

The Data of macroeconomics * Measure of economic activity Gross Domestic Product(GDP) Total expenditure on domestically-produced final goods and services Total income earned by domestically located factors of production

Economics Studies human behavior Uncertainty ** It depends...*** on what?--- factors Why?--- intuitions How?--- logic Conclusions?

Microeconomics behind Macroeconomics Consumption Investment Money and Advances in business cycle model

Interest-Rate Differentials Country risk&ex -rate- expectations Country risk Political upheaval default on loan repayments higher i-rate to compensate Ex-rate expectations expect RMB to appreciate loans in RMB can pay a lower i-rate

The Open Economy in the SR The Mundell-Fleming Model Model under floating ex-rate Model under fixed ex-rate Interest-rate- differentials Debate over floating v.s. fixed ex-rate Mundell-Fleming model with changing price level Model in large open economy