上海财大ACCAF1讲义3参考资料

Chapter3,Themacro-economicenvironment,1,1Thestructureandobjectivesoftheeconomy,Macro-economicsisthestudyoftheaggregatedeffectsofthedecisionsofindividualeconomicunits(suchashouseholdsorbusinesses).Itlooksatacompletenationaleconomy,ortheinternationaleconomicsystemasawhole.,2,1.1IncomeandexpenditureflowsThereisacircularflowofincomeintheeconomyThismeansexpenditure,outputandincomewillallhavethesametotalvalueAbasicclosedeconomy:FirmsHouseholds,3,1.2WithdrawalsandinjectionsintothecircularflowofincomeWithdrawals:savings,taxation,importexpenditureInjections:investment,governmentspending,exportincomeFinancialsector:saving,investmentspendingGovernmentsector:taxation,governmentspendingForeignsector:importdemand,exportdemandChangesinbehaviourofoneofthecomponentsofthecircularflowcanleadtosignificantchangesineconomicperformanceasawhole.,4,2Factorswhichaffecttheeconomy,Theeconomyisrarelyinastablestatebecauseofthevariouschangingfactorswhichinfluenceit.Theseincludeinvestmentlevels,themultipliereffect,inflation,savings,confidence,interestratesandexchangerates.,5,2.1ThemultiplierinthenationaleconomyThemultiplierinvolvestheprocessofcirculationofincomeinthenationaleconomy,wherebyaninjectionofacertainsizeleadstoamuchlargerincreaseinnationalincome.Aninitialincreaseinexpenditurewillhaveasnowballeffect,leadingtofurtherandfurtherexpendituresintheeconomy.,6,Theincreaseinnationalincomewillbeamultiplieroftheinitialincreaseinspending,withthesizeofthemultipledependingonfactorssuchaswhatproportionofanynewinvestmentisspentorwhatproportionissaved.,7,2.2Aggregatesupplyanddemand2.2.1AggregatedemandThetotaldemandintheeconomyforgoodsandservicesiscalledaggregatedemand.Include:consumption,investment,governmentspendingandexportsminusimports.,8,TheaggregatedemandcurveTheaggregatedemandcurveslopesfromlefttoright.Ashiftmaybeduetoafactorsuchasanincreaseordecreaseinconsumerconfidence.,9,2.2.2AggregatesupplyTheaggregatesupplyreferstotheabilityoftheeconomytoproducegoodsandservices.TheaggregatesupplecurveTheaggregatesupplycurveslopesupwardsfromlefttorightanddoesnotshiftintheshortterm,10,Wheretheaggregatedemandcurveintersectswiththeaggregatesupplycurve,thetotaldemandforgoodsandservicesintheeconomyisequaltothetotalsupplyofgoodsandservicesintheeconomy.Thisisknownastheequilibriumlevelofnationalincome.Achangeineithertheaggregatesupplyordemandwillhaveanaffectonthepricelevelandthenationalincome.,11,2.2.3AshiftinaggregatedemandP59DiagramAdropinconsumerconfidence:Y0Y1,P0P1Ariseinconsumerconfidence:Y0Y2,P0P2,12,3Thedeterminationofnationalincome,3.1AggregatedemandandsupplyequilibriumDemandforgoodsandservicesisinbalancewiththeavailablesupply,13,3.2Full-employmentnationalincomeIfoneaimofacountryseconomicpolicyisfullemployment,thentheidealequilibriumlevelofnationalincomewillbewhereADandASareinbalanceatthefullemploymentlevelofnationalincome,withoutanyinflationarygap.Whereaggregatedemandatcurrentpricelevelsisexactlysufficienttoencouragefirmstoproduceatanoutputcapacitywherethecountrysresourcesarefullyemployed.,14,3.3InflationarygapsOccurswhenresourcesarefullyemployedAnyincreaseindemandonlyservestoincreaseprices3.4Example,15,3.5DeflationarygapOccurswithunemploymentofresourcesAnychangeindemandwillaffectoutputPricesarefairlyconstantActualnationalincomeisbelowfullemploymentnationalincome,16,3.6StagflationHighunemploymentcombinedwithhighinflationAnylongtermmajorincreaseincosts(apriceshock)islikelytohavethiseffect.,17,3.7SummaryAnequilibriumnationalincomewillbereachedwhereaggregatedemandequalsaggregatesupply.Oneisatalevelofdemandwhichexceedstheproductivecapabilitiesoftheeconomyatfullemployment,andthereisinsufficientoutputcapacityintheeconomytomeetdemandatcurrentprices.Thereisthenaninflationarygap.Theotherisatalevelofemploymentwhichisbelowthefullemploymentlevelofnationalincome.Thedifferencebetweenactualnationalincomeandfullemploymentnationalincomeiscalledadeflationarygap.Tocreatefullemployment,thetotalnationalincomemustbeincreasedbytheamountofthedeflationarygap.,18,4Thebusinesscycle,Businesscyclesortradecyclesarethecontinualsequence.rapidgrowthinnationalincome,followedbyaslow-downingrowththenafallinnationalincome.afterwhichcomesgrowthagain,whichpeaksfollowedagainbyrecession,19,4.1PhasesinthebusinesscycleP61DiagramRecession(PointA)Depression(PointB)Recovery(PointC)Boom(PointD)Recessiontendstooccurquickly,whilerecoveryistypicallyaslowerprocess.,20,4.2DiagrammaticexplanationP61DiagramWidefluctuationsinlevelsofeconomicactivityaredamagingtotheoveralleconomic,well-beingofsociety.Governmentsgenerallyseektostabilisetheeconomicsystem.,21,Questions,InthebusinesscycleifArepresentsRecession,BDepression,CRecoveryandDBoom,whichisthecorrectsequence?ABADCBDABCCCBADDACDBAnswer:B,22,5Inflationanditsconsequences,5.1InflationInflationisthenamegiventoanincreaseinpricelevelsgenerally.Itisalsomanifestinthedeclineinthepurchasingpowerofmoney.Deflation(fallingprices)isnormallyassociatedwithlowratesofgrowthandevenrecession.Ahealthyeconomymayrequiresomeinflation.,23,5.2Whyisinflationaproblem?(ahighrateofpriceinflation)5.2.1RedistributionofincomeandwealthInwayswhichmaybeundesirable.Ingeneral,intimesofinflationthosewitheconomicpowertendtogainattheexpenseoftheweak,particularlythoseonfixedincomes.,24,5.2.2BalanceofpaymentseffectsIfacountryhasahigherrateofinflationthanitsmajortradingpartners,itsexportswillbecomerelativelyexpensiveandimportsrelativelycheap.Asaresult,thebalanceoftradewillsuffer,affectingemploymentinexportingindustriesandinindustriesproducingimport-substitutes.Eventually,theexchangeratewillbeaffected.,25,5.2.3UncertaintyofthevalueofmoneyandpricesNoonehascertainknowledgeofthetruerateofinflation.Asaresult,noonehascertainknowledgeofthevalueofmoneyoroftherealmeaningofprices.Aspricesconveylessinformation,theprocessofresourceallocationislessefficientandrationaldecision-makingisalmostimpossible.,26,5.2.4ResourcecostsofchangingpricesSubstantiallabourtimeisspentonplanningandimplementingpricechanges.Customersmayalsohavetospendmoretimemakingpricecomparison.,27,5.2.5EconomicgrowthandinvestmentInflationisharmfultoacountryseconomicgrowthandlevelofinvestment.,28,5.3ConsumerpriceindicesAconsumerpriceindexisbasedonachosenbasketofitemswhichconsumerspurchase.Aweightingisdecidedforeachitemaccordingtotheaveragespendingontheitembyconsumers.,29,5.3.1TheRPIandtheCPIRetailPricesIndex(RPI)measuresthepercentagechangesmonthbymonthintheaveragelevelofpricesofthecommoditiesandservices,includinghousingcost,purchasedbythegreatmajorityofhouseholdsintheUK.UKHICP(HarmonisedIndexofConsumerPrices)iscalledtheConsumerPricesIndex(CPI).TheCPIexcludesmosthousingcosts.,30,5.3.2TheunderlyingrateofinflationUnderlyingrateofinflationisusuallyusedtorefertotheRPIadjustedtoexcludemortgagecostsandsometimesotherelementsaswell(suchasthelocalcounciltax).RPIXistheunderlyingrateofinflationmeasuredastheincreaseintheRPIexcludingmortgageinterestpayment.RPIYgoesfurtherandexcludestheeffectsofsalestax(VAT)changesaswell.,31,5.4Causesofinflation5.4.1DemandpullinflationInflationresultingfromapersistentexcessofaggregatedemandoveraggregatesupply.5.4.2CostpushinflationInflationresultingfromanincreaseinthecostsofproductionofgoodsandservices.5.4.3ImportcostfactorsWhenthecostsofessentialimportsariseregardlessofwhetherornottheyareinshortsupply.,32,5.4.4ExpectationsandinflationRegardlesswhetherthefactorsthathavecausedinflationarestillpersistentornot,therewillariseagenerallyheldviewofwhatinflationislikelytobe.Wage-pricespiral5.4.5MoneysupplygrowthMonetaristshavearguedthatinflationiscausedbyincreasesinthesupplyofmoney.,33,Questions,TheConsumerPricesIndex(CPI)istheEuropeanequivalentoftheRetailPricesIndex(RPI).Trueorfalse?ATrueBFalseAnswer:B,34,6Unemployment,6.1TherateofunemploymentNumberofunemployed/totalworkforce*100%FlowsintounemploymentMembersoftheworkinglabourforcebecomingunemployedPeopleoutofthelabourforcejoiningtheunemployedFlowsoutofunemploymentUnemployedpeoplefindjobsLaid-offworkersbeingre-employedUnemployedpeoplestoppingthesearchforwork,35,6.2ConsequencesofunemploymentLossofoutput:theeconomyisnotproducingasmuchoutputasitcouldLossofhumancapital:theunemployedlabourwillgraduallylossitsskillsIncreasinginequalitiesinthedistributionofincome:thepoorgetpoorerSocialcosts:personalsufferinganddistress,increasesincrimeIncreasedburdenofwelfarepayment,36,6.3CausesofunemploymentRealwageunemploymentWhenthesupplyoflabourexceedsthedemandforlabour,butrealwagesdonotfallforthelabourmarkettoclear.StrongtradeunionsMinimumwagerateFrictionalFrictioninthelabourmarket:difficultyinmatchingquicklyworkerswithjobsTemporary,37,SeasonalIncertainindustries,thedemandforlabourfluctuatesinseasonalpatternsthroughouttheyearShort-termStructuralLong-termchangesoccurintheconditionsofanindustryHighregionalunemploymentinthelocationoftheindustryaffectedLonger-term,38,TechnologicalStructuralunemployment,whichoccurswhennewtechnologiesareintroducedOldskillsarenolongerrequiredAlaboursavingaspectCyclicalordemand-deficientDomesticandforeigntradegothroughcyclesofboom,decline,recession,recovery,thenboomagain,andsoonCanbelong-term,39,6.4GovernmentemploymentpoliciesSpendingmoremoneydirectlyonjobs(forexamplehiringmorecivilservants)EncouraginggrowthintheprivatesectoroftheeconomyEncouragingtraininginjobskillsOfferinggrantassistancetoemployersinkeyregionalareas,40,Encouraginglabourmobilitybyofferingindividualsfinancialassistancewithrelocationexpense,andimprovingtheflowofinformationonvacanciesReducingwagestomarketclearinglevelsAbolishingclosedshopagreementsAbolishingminimumwageregulations,41,Questions,Whichofthefollowingisnotacategoryofunemployment?ATechnologicalBCyclicalCDemographicDSeasonalAnswer:C,42,Howisstructuralunemploymentcaused?ALong-termchangesoccurintheconditionsofanindustryBStrongtradeunionsresistafallintheirwagesCThedemandforlabourfluctuatesthroughouttheyearDThereisdifficultyinmatchingworkerswithjobsAnswer:A,43,Whydoesunemploymentresultinlossofoutput?AUnemployedpeopleearnlessthanemployedpeopleBUnemployedlabourwillgraduallyloseitsskills,andabilitytocontributetoproductionlevelsCUnemployedbringssocialproblemsDTheeconomyisnotproducingasmuchasitcould,becausethepotentiallabourforceisnotfullyutilisedAnswer:D,44,7Theobjectivesofeconomicgrowth,7.1EconomicgrowthEconomicgrowthmaybemeasuredbyincreasesintherealgrossnationalproduct(GNP)perheadofthepopulation.EconomicgrowthmaybebalancedwhenallsectorsoftheeconomyexpandtogetherUnbalancedActualeconomicgrowthistheannualpercentageincreaseinnationaloutput,whichtypicallyfluctuatesinaccordancewiththetradecycle.Potentialeconomicgrowthistherateatwhichtheeconomywouldgrowifallresources(egpeopleandmachinery)wereutilised.,45,7.2ActualgrowthActualgrowthinthelongrunisdeterminedbytwofactorsThegrowthinpotentialoutput(aggregatesupply)Thegrowthinaggregatedemand(AD)7.3PotentialgrowthThecausesofgrowthinpotentialoutputarethedeterminantsofthecapacityoftheeconomy(thesupplyside)ratherthanactualspending(thedemandside)TheremaybeincreasesintheamountofresourcesavailableLandandrawmaterialsLabour(thesizeoftheworkingpopulation)CapitalIncreasesintheproductivityofresources,46,7.4FactorsneededforsustainedeconomicgrowthSustainedeconomicgrowthdependsheavilyonanadequatelevelofnewinvestment,whichwillbeundertakenifthereareexpectationsoffuturegrowthindemand.7.5NaturalresourcesImposealimitontherateofgrowth,47,7.6TechnologicalprogressThesameamountsofthefactorsofproductioncanproduceahigheroutputNewproductswillbedeveloped,thuseaddingtooutputgrowthCapitalsaving/Neutral/LaboursavingTechnologicalprogressmaythereforestimulategrowthbutatthesametimeconflictwiththegoaloffullemployment.,48,7.7ExternaltradeinfluencesoneconomicgrowthIftradingpartnershaveslowgrowth,theamountofexportsacountrycanselltothemwillgrowonlyslowly,andthislimitsthecountrysownopportunitiesforinvestmentandgrowth.,49,7.8AdvantagesanddisadvantagesofeconomicgrowthAdvantagesEconomicgrowthshouldleadtoahigherincomeperheadwhichcaninturnleadtohigherlevelsofconsumptionandabetterstandardofliving.Acountrywitheconomicgrowthismoreeasilyabletoprovidewelfareserviceswithoutcreatingintolerabletaxburdensonthecommunity.DisadvantagesFasteruseofnaturalresourcesPollutionPeopleunabletoadapttothedemandsfornewskillsandmoretraining,structuralunemploymentIntheshort-run,highergrowthrequiresacutinconsumption,50,Questions,Whichofthefollowingisnotadisadvantageofeconomicgrowth?AIncreasedpollutionBStructuralunemploymentCFasteruseofnaturalresourcesDHigherstandardoflivingAnswer:D,51,8Governmentpoliciesformanagingtheeconomy,FourmainobjectivesofeconomicpolicyToachieveeconomicgrowthTocontrolpriceinflationToachievefullemploymentToachieveabalancebetweenexportsandimports8.1GovernmentspendingGovernmentspendmoneyonsuchashealth,socialservices,education,transport,defence,grantstoindustryandsoon.,52,8.2SignificanceofgovernmenttaxandspendingdecisionstocompaniesExpendituredecisionsbygovernmentaffectsupplierstothegovernmentAknock-oneffectthroughouttheeconomyTaxationaffectsconsumerspurchasingpowerTaxesoncompanyprofitsandtaxallowancesaffecttheafter-taxreturnoninvestmentInvestmentbythepublicsectorwilltendtodirectedtowardsactivitiesinwhichthepublicsectorisinvolvedoronfulfillingsocialnees.Publicsectorinvestmentmighthavealongertimescaleorlessquantifiableeconomicbenefitsthantheprivatesectorisabletocopewith,53,8.3EconomicplanningGovernmentplanseconomicactivityindetail:thedirectorofeconomicactivity,outoffavourGovernmentplanningonalesserscale,withthegovernmentasanenablerofprivatesectoractivityandascorrectorofmarketimperfectionsGovernmentsmostimportanteconomicroleisthelegalsystemrelatingtobusinessGovernmentalsohasaresponsibilityformacro-economicmanagement,toprovidestableconditionsGovernmentscanraisetradebarrierstoprotectdomesticindustryGovernmentscansubsidiseexports,orpromotetheminotherwaysGovernmentscanalsoencourageinwardinvestmentbyforeigncountriesRegionalpolicyTaxincentivesorgrantsfroinvestingincertainareasRelaxingorenforcingtownandcountyplanningrestrictionsDevelopingnewtownstoreducepopulationpressureinmajorconurbationsPromotionofinfrastructuredevelopments,54,8.4StateinfluencesoverorganisationsOveralleconomicpolicyIndustrypolicyEnvironmentandinfrastructurepolicySocialpolicyForeignpolicy,55,8.5GovernmentinfluenceovercommercialdecisionsOutputcapacityCompetitionMonopoliesSalesdemand8.6GovernmentinfluenceoveroperationaldecisionsHealthandsafetyEmploymentConsumersTax,56,Questions,WhichofthefollowingisNOTatargetofmacroeconomicpolicyobjectives?AEconomicgrowthBWagesandsalariesCInflationDUnemploymentAnswer:B,57,9Fiscalpolicy,Governmentpolicyontaxation,publicborrowingandpublicspending9.1FiscalpolicyandtheBudgetTheformalplanningoffiscalpolicyisusuallydoneonceayearandissetoutintheBudgetExpenditureRevenuesBorrowingTheamountthatthegovernmentmustborroweachyearisknownasthePublicSectorNetCashRequirement(PSNCR),58,9.2BudgetsurplusandbudgetdeficitHowthegovernmenttostimulatedemandintheeconomyItcanincreasedemanddirectlybyspendingmoreitselfThisextraspendingcouldbefinancedbyhighertaxesTheextragovernmentspendingcouldalsobefinancedbyextragovernmentborrowingItcanincreasedemandindirectlybyreducingtaxationCutsintaxationcanbematchedbycutsingovernmentspendingTaxcutscanbefinancedbymoregovernmentborrowingExpenditurechangesandtaxchangesarenotmutuallyexclusiveoptions,59,Whenagovernmentsincomeexceedsitsexpenditure,andthereisanegativePSNCRorpublicsectordebtrepayment(PSDR),runningabudgetsurplusContractionarypolicy,toreducethesizeofthemoneysupplybytakingmoneyoutoftheeconomyWhenagovernmentsexpenditureexceedsitsincome,sothatitmustborrowtomakeupthedifference,thereisaPSNCR,runningabudgetdeficitinjectingmoneyintotheeconomy,expansionarypolicy,60,9.3FunctionsoftaxationToraiserevenuesforthegovernmentTocausecertainproductstobepricedtotakeintoaccounttheirsocialcostsToredistributeincomeandwealthToprotectindustriesfromforeigncompetition,61,9.4DirectandindirecttaxesAdirecttaxispaiddirectbyapersontotheRevenueauthority.Adirecttaxcanbeleviedonincomeandprofits,oronwealth.Directtaxestendtobeprogressiveorproportionaltaxes.Theyarealsousuallyunavoidable.,62,AnindirecttaxiscollectedbytheRevenueauthorityfromanintermediary(asupplier)whothenattemptstopassonthetaxtoconsumersinthepriceofgoodstheysellAspecifictaxischargedasafixedsumperunitsoldAnadvaloremtaxischargedasafixedpercentageofthepriceofthegoodCanberegressive,whenthetaxesareplacedonessentialcommoditiesorcommoditiesconsumedbypoorerpeopleingreaterquantities.,63,9.5TaxandincomelevelsAregressivetaxtakesahigherproportionofapoorpersonssalarythanofarichpersons.Aproportionaltaxtakesthesameproportionofincomeintaxfromalllevelsofincome.Aprogressivetaxtakesahigherproportionofincomeintaxasincomerises.,64,Questions,_iscollectedbytheRevenueauthorityfromanintermediarywhothenattemptstopassitontoconsumers.Whichofthefollowingcorrectlycompletesthesentenceabove?ADirecttaxBProgressivetaxCIndirecttaxAnswer:C,65,10Monetarypolicy,10.1ObjectivesofmonetarypolicyUsesmoneysupply,interestrates,exchangerates,creditcontrolsInfluencesaggregatedemandandcontrolsinflationwhichreduceseconomicuncertainty,stimulatesinvestmentandoutput,66,10.2ThemoneysupplyasatargetofmonetarypolicyTomonetaristeconomists,anincreaseinthemoneysupplywillraisepricesandincomesandthisinturnwillraisethedemandformoneytospend.,67,10.3InterestratesasatargetofmonetarypolicyAriseininterestrateswillraisethepriceofborrowing,investmentplansmaybecurtailed,individualsshouldbeexpectedtoreduceorpostponeconsumptionTheconnectionisnotastableandpredictableone,andinterestratechangesareonlylikelytoaffectthelevelofexpenditureafteraconsiderabletimelag.,68,Highinterestrateswillkeepthevalueofsterlinghigherthanitwouldotherwisebe,thiswillkeepthecostofexportshigh,andsodiscouragethepurchaseofexports.Toprotectthebalanceofpaymentsandtopreventimport-costpushinflation.Highinterestrateswillattractforeigninvestorsintosterlinginvestments,andsoprovidecapitalinflowswhichhelptofinancethelargeUKbalanceofpaymentdeficit.Theauthoritiesareabletoinfluenceinterest