Blessed are the young, for they shall inherit the national debt Herbert hoover When a government spends more than it collects in taxes, it borrows from the private sector to finance the budget deficit. The accumulation of past borrowin is the government debt. Debate about the appropriate amount of government debt in the United States is as old as the country itself. Alexander Hamilton be- lieved thata national debt, if it is not excessive, will be to us a national blessing, whereas James Madison argued that \a public debt is a public curse \Indeed, the location of the nations capital was chosen as part of a deal in which the federal

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The Federal Reserve 's job is to take away the punch bowl just as the party William McChesney martin tiously turning the steering wheel to adjust to the unexpected irregule ties of the route, but some means of keeping the monetary passenger who is in the back seat as ballast from occasionally leaning over and giving the steering wheel a jerk that threatens to send the car off the road Milton friedman

Introduction to Economic Fluctuations The modern world regards business cycles much as the ancient Egyptians regarded the overflowing of the Nile. The phenomenon recurs at intervals, it is of great importance to everyone, and natural causes of it are not in sight -John Bates Clark, 1898 Economic fluctuations present a recurring problem for economists and policy-

The Open Economy No nation was ever ruined by tr Benjamin Franklin Even if you never leave your home town, you are an active participant in a global conomy. When you go to the grocery store, for instance, you might choose be- tween apples grown locally and grapes grown in Chile. When you make a de posit into your local bank, the bank might lend those funds to your next-door

一、本节教学目的与要求: 1、两部门模型的基本假设 2、凯恩斯主义的消费函数及其边际消费倾向的概念 3、凯恩斯主义的储蓄函数及其边际储蓄倾向的概念; 4、凯恩斯主义的投资函数

1.实际利率(当预期通胀率较小时,有r=名义利率一预期通胀率)影响消费和 储蓄。一方面,实际利率是现期消费和未来消费(即储蓄)的相对价格,消费和实 际利率成反向变动:另一方面,由于已积累的资产能得到由利率带来的收益,又使 得消费和实际利率有同方向变动趋向。因而,利率对消费和储蓄的影响是不明确 的,有争议的。实际数据表明几乎没有什么影响

一、学习提要 收入假说:凯恩斯在《通论》中提出消费支出和收入之间有稳定的 函数关系,消费函数若假设为C=a+by,其中a>0,0