Chap30宏觀經(jīng)濟政策的五個爭論問題課件

宏觀經(jīng)濟政策的五個爭論問題

FiveDebatesoverMacroeconomicPolicy第30章Chapter30（對應(yīng)教材第36章）宏觀經(jīng)濟政策的五個爭論問題

FiveDebatesove關(guān)于宏觀經(jīng)濟政策的五個爭論問題

FiveDebatesoverMacroeconomicPolicy1. 貨幣于財政政策決策者應(yīng)該努力穩(wěn)定經(jīng)濟嗎？Shouldmonetaryandfiscalpolicymakerstrytostabilizetheeconomy?2.貨幣政策應(yīng)該按規(guī)則還是相機抉擇？Shouldmonetarypolicybemadebyruleratherthanbydiscretion?3. 中央銀行應(yīng)該把零通貨膨脹作為目標嗎？Shouldthecentralbankaimforzeroinflation?關(guān)于宏觀經(jīng)濟政策的五個爭論問題

FiveDebateso關(guān)于宏觀經(jīng)濟政策的五個爭論問題

FiveDebatesoverMacroeconomicPolicy4. 政府應(yīng)該平衡其預(yù)算嗎？Shouldthegovernmentbalanceitsbudget?5. 應(yīng)該為了鼓勵儲蓄而修改稅法嗎？Shouldthetaxlawsbereformedtoencouragesaving?關(guān)于宏觀經(jīng)濟政策的五個爭論問題

FiveDebateso1.貨幣與財政政策決策者應(yīng)該努力穩(wěn)定經(jīng)濟嗎？

ShouldMonetaryandFiscalPolicymakersTrytoStabilizetheEconomy?1.貨幣與財政政策決策者應(yīng)該努力穩(wěn)定經(jīng)濟嗎？

Should贊成：決策者應(yīng)該努力穩(wěn)定經(jīng)濟

Pro:Policymakersshouldtrytostabilizetheeconomy經(jīng)濟天生是不穩(wěn)定的，如果放任不管，經(jīng)濟就傾向于發(fā)生波動。Theeconomyisinherentlyunstable,andleftonitsownwillfluctuate.政策能調(diào)節(jié)總需求以便抵消天生的不穩(wěn)定性，并減輕經(jīng)濟波動的嚴重性。Policycanmanageaggregatedemandinordertooffsetthisinherentinstabilityandreducetheseverityofeconomicfluctuations.贊成：決策者應(yīng)該努力穩(wěn)定經(jīng)濟

Pro:Policymake贊成：決策者應(yīng)該努力穩(wěn)定經(jīng)濟

Pro:Policymakersshouldtrytostabilizetheeconomy沒有理由讓社會受到經(jīng)濟周期高漲與低落的折磨。Thereisnoreasonforsocietytosufferthroughtheboomsandbustsofthebusinesscycle.貨幣與財政政策可以穩(wěn)定總需求，從而穩(wěn)定生產(chǎn)和就業(yè)。Monetaryandfiscalpolicycanstabilizeaggregatedemandand,thereby,productionandemployment.贊成：決策者應(yīng)該努力穩(wěn)定經(jīng)濟

Pro:Policymake反對：決策者不應(yīng)該努力穩(wěn)定經(jīng)濟

Con:Policymakersshouldnottrytostabilizetheeconomy貨幣與財政政策并不能立即影響經(jīng)濟，而是其作用要有一個相當長的無法預(yù)知的時滯。Monetarypolicyaffectstheeconomywithlongandunpredictablelagsbetweentheneedtoactandthetimethatittakesforthesepoliciestowork.許多研究表明，在作出貨幣政策變動的6個月之內(nèi)，這種變動對總需求的影響很小。Manystudiesindicatethatchangesinmonetarypolicyhavelittleeffectonaggregatedemanduntilaboutsixmonthsafterthechangeismade.反對：決策者不應(yīng)該努力穩(wěn)定經(jīng)濟

Con:Policymak反對：決策者不應(yīng)該努力穩(wěn)定經(jīng)濟

Con:Policymakersshouldnottrytostabilizetheeconomy財政政策的作用存在時滯源于政府改變支出與稅收的漫長政治程序。Fiscalpolicyworkswithalagbecauseofthelongpoliticalprocessthatgovernschangesinspendingandtaxes.提出、通過和實施一項重要的財政政策需要好幾年的時間。Itcantakeyearstopropose,pass,andimplementamajorchangeinfiscalpolicy.反對：決策者不應(yīng)該努力穩(wěn)定經(jīng)濟

Con:Policymak反對：決策者不應(yīng)該努力穩(wěn)定經(jīng)濟

Con:Policymakersshouldnottrytostabilizetheeconomy通常，決策者可能無形中擴大了而不是縮小了經(jīng)濟波動的程度。Alltoooftenpolicymakerscaninadvertentlyexacerbateratherthanmitigatethemagnitudeofeconomicfluctuations.如果決策者能夠消除所有經(jīng)濟波動，這樣做是合意的，但這是一個不現(xiàn)實的目標。Itmightbedesirableifpolicymakerscouldeliminatealleconomicfluctuations,butthisisnotarealisticgoal.反對：決策者不應(yīng)該努力穩(wěn)定經(jīng)濟

Con:Policymak貨幣政策應(yīng)該按規(guī)則還是相機抉擇

ShouldMonetaryPolicyBeMadebyRuleRatherThanbyDiscretion?貨幣政策應(yīng)該按規(guī)則還是相機抉擇

ShouldMonetar贊成：貨幣政策應(yīng)該按規(guī)則制定

Pro:Monetarypolicyshouldbemadebyrule相機抉擇的貨幣政策導(dǎo)致權(quán)力的無能與濫用。Discretionarymonetarypolicycansufferfromincompetenceandabuseofpower.中央銀行領(lǐng)導(dǎo)人與政治家在多大程度上結(jié)盟，相機抉擇政策就會引起反映大選日期的經(jīng)濟波動，這種波動稱為政治性經(jīng)濟周期。Totheextentthatcentralbankersallythemselveswithpoliticians,discretionarypolicycanleadtoeconomicfluctuationsthatreflecttheelectoralcalendar–thepoliticalbusinesscycle.贊成：貨幣政策應(yīng)該按規(guī)則制定

Pro:Monetaryp贊成：貨幣政策應(yīng)該按規(guī)則制定

Pro:Monetarypolicyshouldbemadebyrule

決策者說他們要做什么和實際作了什么之間存在不一致性，這就是政策的時間不一致性。Theremaybeadiscrepancybetweenwhatpolicymakerssaytheywilldoandwhattheyactuallydo–calledtimeinconsistencyofpolicy.因為決策者經(jīng)常出現(xiàn)這種時間不一致性，當中央銀行領(lǐng)導(dǎo)人宣布他們打算降低通貨膨脹率時，人們表示懷疑。Becausepolicymakersaresooftentimeinconsistent,peopleareskepticalwhencentralbankersannouncetheirintentionstoreducetherateofinflation.贊成：貨幣政策應(yīng)該按規(guī)則制定

Pro:Monetaryp贊成：貨幣政策應(yīng)該按規(guī)則制定

Pro:Monetarypolicyshouldbemadebyrule美聯(lián)儲保持貨幣供應(yīng)的適度與穩(wěn)定的增長，將能限制無能，權(quán)力的濫用和時間的不一致性。CommittingtheFedtoamoderateandsteadygrowthofthemoneysupplywouldlimitincompetence,abuseofpower,andtimeinconsistency.贊成：貨幣政策應(yīng)該按規(guī)則制定

Pro:Monetaryp反對：貨幣政策不應(yīng)該根據(jù)規(guī)則制定

Con:Monetarypolicyshouldnotbemadebyrule

相機抉擇一個最重要的優(yōu)點是靈活性。Animportantadvantageofdiscretionarymonetarypolicyisitsflexibility.固定的政策將會限定決策者根據(jù)經(jīng)濟的變動周期作出反應(yīng)的能力。Inflexiblepolicieswilllimittheabilityofpolicymakerstorespondtochangingeconomiccircumstances.反對：貨幣政策不應(yīng)該根據(jù)規(guī)則制定

Con:Monetary反對：貨幣政策不應(yīng)該根據(jù)規(guī)則制定

Con:Monetarypolicyshouldnotbemadebyrule所謂的相機抉擇問題主要是假想的。Theallegedproblemswithdiscretionandabuseofpowerarelargelyhypothetical.并且，政治性經(jīng)濟周期的實際中要性很不明顯。Also,theimportanceofthepoliticalbusinesscycleisfarfromclear.反對：貨幣政策不應(yīng)該根據(jù)規(guī)則制定

Con:Monetary中央銀行應(yīng)該把零通貨膨脹作為目標嗎？

ShouldTheCentralBankAimforZeroInflation?中央銀行應(yīng)該把零通貨膨脹作為目標嗎？

ShouldThe贊成：中央銀行應(yīng)該把零通貨膨脹作為目標

Pro:Thecentralbankshouldaimforzeroinflation通貨膨脹并沒有給社會帶來什么好處，但引起了一些實際成本。Inflationconfersnobenefittosociety,butitimposesseveralrealcosts.皮鞋成本Shoeleathercosts菜單成本Menucosts相對價格變動性提高Increasedvariabilityofrelativeprices稅收負擔不合意的變動Unintendedchangesintaxliabilities混亂與不方便Confusionandinconvenience財富任意再分配Arbitraryredistributionofwealth贊成：中央銀行應(yīng)該把零通貨膨脹作為目標

Pro:Thec贊成：中央銀行應(yīng)該把零通貨膨脹作為目標

Pro:Thecentralbankshouldaimforzeroinflation降低通貨膨脹是一項暫時有成本而長期有好處的政策。Reducinginflationisapolicywithtemporarycostsandpermanentbenefits.一旦反通貨膨脹的衰退過去，零通貨膨脹的好處就會持續(xù)到未來。Oncethedisinflationaryrecessionisover,thebenefitsofzeroinflationwouldpersist.贊成：中央銀行應(yīng)該把零通貨膨脹作為目標

Pro:Thec反對：中央銀不應(yīng)該把零通貨膨脹作為目標

Con:Thecentralbankshouldnotaimforzeroinflation零通貨膨脹是不太可能做到的，它是以產(chǎn)量、失業(yè)和較高的社會成本為代價的。Zeroinflationisprobablyunattainable,andtogetthereinvolvesoutput,unemployment,andsocialcoststhataretoohigh.決策者可以實際上并不降低通貨膨脹而較少許多通貨膨脹的成本。Policymakerscanreducemanyofthecostsofinflationwithoutactuallyreducinginflation.反對：中央銀不應(yīng)該把零通貨膨脹作為目標

Con:Thec財政決策者應(yīng)該減少政府債務(wù)嗎？

ShouldFiscalPolicymakersreducetheGovernmentDebt?財政決策者應(yīng)該減少政府債務(wù)嗎？

ShouldFiscal贊成：政府應(yīng)該平衡其預(yù)算

Pro:Thegovernmentshouldbalanceitsbudget預(yù)算赤字對后代產(chǎn)生了不合理的影響，提高了他們的稅收負擔，減少了他們的收入。Budgetdeficitsimposeanunjustifiableburdenonfuturegenerationsbyraisingtheirtaxesandloweringtheirincomes.當債務(wù)和累積的利息到期后，未來的納稅人將面臨一個困難的選擇：Whenthedebtsandaccumulatedinterestcomedue,futuretaxpayerswillfaceadifficultchoice:他們要納更高的稅，享有較少的政府支出，或兩者都有。Theycanpayhighertaxes,enjoylessgovernmentspending,orboth.贊成：政府應(yīng)該平衡其預(yù)算

Pro:Thegovernme贊成：政府應(yīng)該平衡其預(yù)算

Pro:Thegovernmentshouldbalanceitsbudget把當前政府享有好處的成本轉(zhuǎn)移到下一代，這明顯對未來的納稅人不公正。Byshiftingthecostofcurrentgovernmentbenefitstofuturegenerations,thereisabiasagainstfuturetaxpayers.赤字減少了國民儲蓄，導(dǎo)致資本存量的減少，這又降低了生產(chǎn)率和增長。Deficitsreducenationalsaving,leadingtoasmallerstockofcapital,whichreducesproductivityandgrowth.贊成：政府應(yīng)該平衡其預(yù)算

Pro:Thegovernme反對：政府不應(yīng)該平衡其預(yù)算

Con:Thegovernmentshouldnotbalanceitsbudget政府赤字問題往往被夸大了。Theproblemwiththedeficitisoftenexaggerated.債務(wù)轉(zhuǎn)移到未來是正確的，因為政府購買創(chuàng)造的一些好處將會延伸到未來。Thetransferofdebttothefuturemaybejustifiedbecausesomegovernmentpurchasesproducebenefitswellintothefuture.反對：政府不應(yīng)該平衡其預(yù)算

Con:Thegovernm反對：政府不應(yīng)該平衡其預(yù)算

Con:Thegovernmentshouldnotbalanceitsbudget政府債務(wù)能繼續(xù)增加，因為人口的增加和技術(shù)的進步提高了政府償還債務(wù)利息的能力。Thegovernmentdebtcancontinuetorisebecausepopulationgrowthandtechnologicalprogressincreasethenation’sabilitytopaytheinterestonthedebt.反對：政府不應(yīng)該平衡其預(yù)算

Con:Thegovernm應(yīng)該修改稅法來鼓勵儲蓄嗎？

ShouldTheTaxLawsBeReformedtoEncourageSaving?應(yīng)該修改稅法來鼓勵儲蓄嗎？

ShouldTheTaxL贊成：應(yīng)當為鼓勵儲蓄而修改稅法

Pro:Taxlawsshouldbereformedtoencouragesaving一國的儲蓄率是其長期經(jīng)濟繁榮的關(guān)鍵決定因素。Anation’ssavingrateisakeydeterminantofitslong-runeconomicprosperity.一國的生產(chǎn)能力又主要由它為未來儲蓄和投資了多少而決定。Anation’sproductivecapabilityisdeterminedlargelybyhowmuchitsavesandinvestsforthefuture.當儲蓄率較高時，更多的資源用于新工廠和設(shè)備的投資。Whenthesavingrateishigher,moreresourcesareavailableforinvestmentinnewplantandequipment.贊成：應(yīng)當為鼓勵儲蓄而修改稅法

Pro:Taxlaws贊成：應(yīng)當為鼓勵儲蓄而修改稅法

Pro:Taxlawsshouldbereformedtoencouragesaving美國稅制用各種方式抑制儲蓄，例如對來自資本的收入征收重稅，降低了有大量累積財富那些人的利益等。TheU.S.taxsystemdiscouragessavinginmanyways,suchasbyheavilytaxingtheincomefromcapitalandbyreducingbenefitsforthosewhohaveaccumulatedwealth.贊成：應(yīng)當為鼓勵儲蓄而修改稅法

Pro:Taxlaws贊成：應(yīng)當為鼓勵儲蓄而修改稅法

Pro:Taxlawsshouldbereformedtoencouragesaving資本收入的重稅政策帶來的后果是儲蓄減少、資本積累減少、勞動生產(chǎn)率降低以及經(jīng)濟增長減少。Theconsequencesofhighcapitalincometaxpoliciesarereducedsaving,reducedcapitalaccumulation,lowerlaborproductivity,andreducedeconomicgrowth.贊成：應(yīng)當為鼓勵儲蓄而修改稅法

Pro:Taxlaws贊成：應(yīng)當為鼓勵儲蓄而修改稅法

Pro:Taxlawsshouldbereformedtoencouragesaving對于目前的稅收政策的一種可供選擇的方法，許多經(jīng)濟學家都支持用消費稅。Analternativetocurrenttaxpoliciesadvocatedbymanyeconomistsisaconsumptiontax.根據(jù)消費稅，家庭根據(jù)它的支出而不是收入進行征稅。Withaconsumptiontax,ahouseholdpaystaxesbasedonwhatitspendsnotonwhatitearns.用于儲蓄的授予在以后提取并用于消費品支持之前免稅。Incomethatissavedisexemptfromtaxationuntilthesavingislaterwithdrawnandspentonconsumptiongoods.贊成：應(yīng)當為鼓勵儲蓄而修改稅法

Pro:Taxlaws反對：不應(yīng)該為了鼓勵儲蓄而修改稅法

Con:Taxlawsshouldnotbereformedtoencouragesaving為促進儲蓄而產(chǎn)生的稅法變動主要有利于富人。Manyofthechangesintaxlawstostimulatesavingwouldprimarilybenefitthewealthy.高收入家庭儲蓄占收入的比例高于低收入家庭。High-incomehouseholdssaveahigherfractionoftheirincomethanlow-incomehouseholds.任何有利于進行儲蓄的人的稅收變動也傾向于有利于高收入的人。Anytaxchangethatfavorspeoplewhosavewillalsotendtofavorpeoplewithhighincomes.反對：不應(yīng)該為了鼓勵儲蓄而修改稅法

Con:Taxlaw反對：不應(yīng)該為了鼓勵儲蓄而修改稅法

Con:Taxlawsshouldnotbereformedtoencouragesaving減輕富人的稅收負擔將引起一個更不平等的社會。Reducingthetaxburdenonthewealthywouldleadtoalessegalitariansociety.這些做法也迫使政府增加窮人的稅收負擔。Thiswouldalsoforcethegovernmenttoraisethetaxburdenonthepoor.反對：不應(yīng)該為了鼓勵儲蓄而修改稅法

Con:Taxlaw反對：不應(yīng)該為了鼓勵儲蓄而修改稅法

Con:Taxlawsshouldnotbereformedtoencouragesaving通過減少政府預(yù)算赤字而提高公共儲蓄提供了一種增加國民儲蓄的直接而且公平的方法。Raisingpublicsavingbyeliminatingthegovernment’sbudgetdeficitwouldprovideamoredirectandequitablewaytoincreasenationalsaving.反對：不應(yīng)該為了鼓勵儲蓄而修改稅法

Con:Taxlaw總結(jié)

Summary積極貨幣與財政政策的支持者認為，經(jīng)濟本質(zhì)上是不穩(wěn)定的，并相信貨幣與財政政策能被用來抵消這種內(nèi)在的不穩(wěn)定性。Advocatesofactivemonetaryandfiscalpolicyviewtheeconomyasinherentlyunstableandbelievepolicycanbeusedtooffsetthisinherentinstability.積極政策的批評者強調(diào)，政策對經(jīng)濟的影響存在時滯，而且我們預(yù)期未來經(jīng)濟狀況的能力是很差的，這導(dǎo)致了經(jīng)濟的不穩(wěn)定。Criticsofactivepolicyemphasizethatpolicyaffectstheeconomywithalagandourabilitytoforecastfutureeconomicconditionsispoor,bothofwhichcanleadtopolicybeingdestabilizing.總結(jié)

Summary積極貨幣與財政政策的支持者認為，經(jīng)濟本質(zhì)總結(jié)

Summary貨幣政策規(guī)則的支持者認為，相機抉擇的政策會飽受無能、濫用權(quán)力與時間不一致性之苦。Advocatesofrulesformonetarypolicyarguethatdiscretionarypolicycansufferfromincompetence,abuseofpower,andtimeinconsistency.貨幣政策規(guī)則的批評者認為，相機抉擇的政策在對變化著的經(jīng)濟環(huán)境作出反應(yīng)時較為靈活。Criticsofrulesformonetarypolicyarguethatdiscretionarypolicyismoreflexibleinrespondingtoeconomiccircumstances.總結(jié)

Summary貨幣政策規(guī)則的支持者認為，相機抉擇的政策總結(jié)

Summary零通貨膨脹目標的支持者強調(diào)，通貨膨脹有許多成本，而且即使有好處也很少。Advocatesofazero-inflationtargetemphasizethatinflationhasmanycostsandfewifanybenefits.零通貨膨脹目標額達批評者聲稱，溫和的通貨膨脹給社會只帶來微不足道的成本，而降低通貨膨脹所必需的衰退則代價高昂。Criticsofazero-inflationtargetclaimthatmoderateinflationimposesonlysmallcostsonsociety,whereastherecessionnecessarytoreduceinflationisquitecostly.總結(jié)

Summary零通貨膨脹目標的支持者強調(diào)，通貨膨脹有許總結(jié)

Summary平衡政府預(yù)算的支持者認為，預(yù)算赤字通過增加子孫后代的稅收并減少他們的收入而不公正地把負擔加在他們身上。Advocatesofreducingthegovernmentdebtarguethatthedebtimposesaburdenonfuturegenerationsbyraisingtheirtaxesandloweringtheirincomes.平衡政府預(yù)算的批評者認為，赤字只是財政政策的一小部分。Criticsofreducingthegovernmentdebtarguethatthedebtisonlyonesmallpieceoffiscalpolicy.總結(jié)

Summary平衡政府預(yù)算的支持者認為，預(yù)算赤字通過增總結(jié)

Summary稅收激勵儲蓄的支持者指出，我們的社會用許多方法抑制儲蓄，例如對資本收入征收重稅和減少那些積累了財富的人的利益。Advocatesoftaxincentivesforsavingpointoutthatoursocietydiscouragessavinginmanywayssuchastaxingincomefromcapitalandreducingbenefitsforthosewhohaveaccumulatedwealth.稅收激勵儲蓄的反對者認為，所提出的許多刺激儲蓄的變動主要有利于富人，對私人儲蓄只有微不足道的影響。Criticsoftaxincentivesarguethatmanyproposedchangestostimulatesavingwouldprimarilybenefitthewealthyandalsomighthaveonlyasmalleffectonprivatesaving.總結(jié)

Summary稅收激勵儲蓄的支持者指出，我們的社會用許宏觀經(jīng)濟政策的五個爭論問題

FiveDebatesoverMacroeconomicPolicy第30章Chapter30（對應(yīng)教材第36章）宏觀經(jīng)濟政策的五個爭論問題

FiveDebatesove關(guān)于宏觀經(jīng)濟政策的五個爭論問題

FiveDebatesoverMacroeconomicPolicy1. 貨幣于財政政策決策者應(yīng)該努力穩(wěn)定經(jīng)濟嗎？Shouldmonetaryandfiscalpolicymakerstrytostabilizetheeconomy?2.貨幣政策應(yīng)該按規(guī)則還是相機抉擇？Shouldmonetarypolicybemadebyruleratherthanbydiscretion?3. 中央銀行應(yīng)該把零通貨膨脹作為目標嗎？Shouldthecentralbankaimforzeroinflation?關(guān)于宏觀經(jīng)濟政策的五個爭論問題

FiveDebateso關(guān)于宏觀經(jīng)濟政策的五個爭論問題

FiveDebatesoverMacroeconomicPolicy4. 政府應(yīng)該平衡其預(yù)算嗎？Shouldthegovernmentbalanceitsbudget?5. 應(yīng)該為了鼓勵儲蓄而修改稅法嗎？Shouldthetaxlawsbereformedtoencouragesaving?關(guān)于宏觀經(jīng)濟政策的五個爭論問題

FiveDebateso1.貨幣與財政政策決策者應(yīng)該努力穩(wěn)定經(jīng)濟嗎？

ShouldMonetaryandFiscalPolicymakersTrytoStabilizetheEconomy?1.貨幣與財政政策決策者應(yīng)該努力穩(wěn)定經(jīng)濟嗎？

Should贊成：決策者應(yīng)該努力穩(wěn)定經(jīng)濟

Pro:Policymakersshouldtrytostabilizetheeconomy經(jīng)濟天生是不穩(wěn)定的，如果放任不管，經(jīng)濟就傾向于發(fā)生波動。Theeconomyisinherentlyunstable,andleftonitsownwillfluctuate.政策能調(diào)節(jié)總需求以便抵消天生的不穩(wěn)定性，并減輕經(jīng)濟波動的嚴重性。Policycanmanageaggregatedemandinordertooffsetthisinherentinstabilityandreducetheseverityofeconomicfluctuations.贊成：決策者應(yīng)該努力穩(wěn)定經(jīng)濟

Pro:Policymake贊成：決策者應(yīng)該努力穩(wěn)定經(jīng)濟

Pro:Policymakersshouldtrytostabilizetheeconomy沒有理由讓社會受到經(jīng)濟周期高漲與低落的折磨。Thereisnoreasonforsocietytosufferthroughtheboomsandbustsofthebusinesscycle.貨幣與財政政策可以穩(wěn)定總需求，從而穩(wěn)定生產(chǎn)和就業(yè)。Monetaryandfiscalpolicycanstabilizeaggregatedemandand,thereby,productionandemployment.贊成：決策者應(yīng)該努力穩(wěn)定經(jīng)濟

Pro:Policymake反對：決策者不應(yīng)該努力穩(wěn)定經(jīng)濟

Con:Policymakersshouldnottrytostabilizetheeconomy貨幣與財政政策并不能立即影響經(jīng)濟，而是其作用要有一個相當長的無法預(yù)知的時滯。Monetarypolicyaffectstheeconomywithlongandunpredictablelagsbetweentheneedtoactandthetimethatittakesforthesepoliciestowork.許多研究表明，在作出貨幣政策變動的6個月之內(nèi)，這種變動對總需求的影響很小。Manystudiesindicatethatchangesinmonetarypolicyhavelittleeffectonaggregatedemanduntilaboutsixmonthsafterthechangeismade.反對：決策者不應(yīng)該努力穩(wěn)定經(jīng)濟

Con:Policymak反對：決策者不應(yīng)該努力穩(wěn)定經(jīng)濟

Con:Policymakersshouldnottrytostabilizetheeconomy財政政策的作用存在時滯源于政府改變支出與稅收的漫長政治程序。Fiscalpolicyworkswithalagbecauseofthelongpoliticalprocessthatgovernschangesinspendingandtaxes.提出、通過和實施一項重要的財政政策需要好幾年的時間。Itcantakeyearstopropose,pass,andimplementamajorchangeinfiscalpolicy.反對：決策者不應(yīng)該努力穩(wěn)定經(jīng)濟

Con:Policymak反對：決策者不應(yīng)該努力穩(wěn)定經(jīng)濟

Con:Policymakersshouldnottrytostabilizetheeconomy通常，決策者可能無形中擴大了而不是縮小了經(jīng)濟波動的程度。Alltoooftenpolicymakerscaninadvertentlyexacerbateratherthanmitigatethemagnitudeofeconomicfluctuations.如果決策者能夠消除所有經(jīng)濟波動，這樣做是合意的，但這是一個不現(xiàn)實的目標。Itmightbedesirableifpolicymakerscouldeliminatealleconomicfluctuations,butthisisnotarealisticgoal.反對：決策者不應(yīng)該努力穩(wěn)定經(jīng)濟

Con:Policymak貨幣政策應(yīng)該按規(guī)則還是相機抉擇

ShouldMonetaryPolicyBeMadebyRuleRatherThanbyDiscretion?貨幣政策應(yīng)該按規(guī)則還是相機抉擇

ShouldMonetar贊成：貨幣政策應(yīng)該按規(guī)則制定

Pro:Monetarypolicyshouldbemadebyrule相機抉擇的貨幣政策導(dǎo)致權(quán)力的無能與濫用。Discretionarymonetarypolicycansufferfromincompetenceandabuseofpower.中央銀行領(lǐng)導(dǎo)人與政治家在多大程度上結(jié)盟，相機抉擇政策就會引起反映大選日期的經(jīng)濟波動，這種波動稱為政治性經(jīng)濟周期。Totheextentthatcentralbankersallythemselveswithpoliticians,discretionarypolicycanleadtoeconomicfluctuationsthatreflecttheelectoralcalendar–thepoliticalbusinesscycle.贊成：貨幣政策應(yīng)該按規(guī)則制定

Pro:Monetaryp贊成：貨幣政策應(yīng)該按規(guī)則制定

Pro:Monetarypolicyshouldbemadebyrule

決策者說他們要做什么和實際作了什么之間存在不一致性，這就是政策的時間不一致性。Theremaybeadiscrepancybetweenwhatpolicymakerssaytheywilldoandwhattheyactuallydo–calledtimeinconsistencyofpolicy.因為決策者經(jīng)常出現(xiàn)這種時間不一致性，當中央銀行領(lǐng)導(dǎo)人宣布他們打算降低通貨膨脹率時，人們表示懷疑。Becausepolicymakersaresooftentimeinconsistent,peopleareskepticalwhencentralbankersannouncetheirintentionstoreducetherateofinflation.贊成：貨幣政策應(yīng)該按規(guī)則制定

Pro:Monetaryp贊成：貨幣政策應(yīng)該按規(guī)則制定

Pro:Monetarypolicyshouldbemadebyrule美聯(lián)儲保持貨幣供應(yīng)的適度與穩(wěn)定的增長，將能限制無能，權(quán)力的濫用和時間的不一致性。CommittingtheFedtoamoderateandsteadygrowthofthemoneysupplywouldlimitincompetence,abuseofpower,andtimeinconsistency.贊成：貨幣政策應(yīng)該按規(guī)則制定

Pro:Monetaryp反對：貨幣政策不應(yīng)該根據(jù)規(guī)則制定

Con:Monetarypolicyshouldnotbemadebyrule

相機抉擇一個最重要的優(yōu)點是靈活性。Animportantadvantageofdiscretionarymonetarypolicyisitsflexibility.固定的政策將會限定決策者根據(jù)經(jīng)濟的變動周期作出反應(yīng)的能力。Inflexiblepolicieswilllimittheabilityofpolicymakerstorespondtochangingeconomiccircumstances.反對：貨幣政策不應(yīng)該根據(jù)規(guī)則制定

Con:Monetary反對：貨幣政策不應(yīng)該根據(jù)規(guī)則制定

Con:Monetarypolicyshouldnotbemadebyrule所謂的相機抉擇問題主要是假想的。Theallegedproblemswithdiscretionandabuseofpowerarelargelyhypothetical.并且，政治性經(jīng)濟周期的實際中要性很不明顯。Also,theimportanceofthepoliticalbusinesscycleisfarfromclear.反對：貨幣政策不應(yīng)該根據(jù)規(guī)則制定

Con:Monetary中央銀行應(yīng)該把零通貨膨脹作為目標嗎？

ShouldTheCentralBankAimforZeroInflation?中央銀行應(yīng)該把零通貨膨脹作為目標嗎？

ShouldThe贊成：中央銀行應(yīng)該把零通貨膨脹作為目標

Pro:Thecentralbankshouldaimforzeroinflation通貨膨脹并沒有給社會帶來什么好處，但引起了一些實際成本。Inflationconfersnobenefittosociety,butitimposesseveralrealcosts.皮鞋成本Shoeleathercosts菜單成本Menucosts相對價格變動性提高Increasedvariabilityofrelativeprices稅收負擔不合意的變動Unintendedchangesintaxliabilities混亂與不方便Confusionandinconvenience財富任意再分配Arbitraryredistributionofwealth贊成：中央銀行應(yīng)該把零通貨膨脹作為目標

Pro:Thec贊成：中央銀行應(yīng)該把零通貨膨脹作為目標

Pro:Thecentralbankshouldaimforzeroinflation降低通貨膨脹是一項暫時有成本而長期有好處的政策。Reducinginflationisapolicywithtemporarycostsandpermanentbenefits.一旦反通貨膨脹的衰退過去，零通貨膨脹的好處就會持續(xù)到未來。Oncethedisinflationaryrecessionisover,thebenefitsofzeroinflationwouldpersist.贊成：中央銀行應(yīng)該把零通貨膨脹作為目標

Pro:Thec反對：中央銀不應(yīng)該把零通貨膨脹作為目標

Con:Thecentralbankshouldnotaimforzeroinflation零通貨膨脹是不太可能做到的，它是以產(chǎn)量、失業(yè)和較高的社會成本為代價的。Zeroinflationisprobablyunattainable,andtogetthereinvolvesoutput,unemployment,andsocialcoststhataretoohigh.決策者可以實際上并不降低通貨膨脹而較少許多通貨膨脹的成本。Policymakerscanreducemanyofthecostsofinflationwithoutactuallyreducinginflation.反對：中央銀不應(yīng)該把零通貨膨脹作為目標

Con:Thec財政決策者應(yīng)該減少政府債務(wù)嗎？

ShouldFiscalPolicymakersreducetheGovernmentDebt?財政決策者應(yīng)該減少政府債務(wù)嗎？

ShouldFiscal贊成：政府應(yīng)該平衡其預(yù)算

Pro:Thegovernmentshouldbalanceitsbudget預(yù)算赤字對后代產(chǎn)生了不合理的影響，提高了他們的稅收負擔，減少了他們的收入。Budgetdeficitsimposeanunjustifiableburdenonfuturegenerationsbyraisingtheirtaxesandloweringtheirincomes.當債務(wù)和累積的利息到期后，未來的納稅人將面臨一個困難的選擇：Whenthedebtsandaccumulatedinterestcomedue,futuretaxpayerswillfaceadifficultchoice:他們要納更高的稅，享有較少的政府支出，或兩者都有。Theycanpayhighertaxes,enjoylessgovernmentspending,orboth.贊成：政府應(yīng)該平衡其預(yù)算

Pro:Thegovernme贊成：政府應(yīng)該平衡其預(yù)算

Pro:Thegovernmentshouldbalanceitsbudget把當前政府享有好處的成本轉(zhuǎn)移到下一代，這明顯對未來的納稅人不公正。Byshiftingthecostofcurrentgovernmentbenefitstofuturegenerations,thereisabiasagainstfuturetaxpayers.赤字減少了國民儲蓄，導(dǎo)致資本存量的減少，這又降低了生產(chǎn)率和增長。Deficitsreducenationalsaving,leadingtoasmallerstockofcapital,whichreducesproductivityandgrowth.贊成：政府應(yīng)該平衡其預(yù)算

Pro:Thegovernme反對：政府不應(yīng)該平衡其預(yù)算

Con:Thegovernmentshouldnotbalanceitsbudget政府赤字問題往往被夸大了。Theproblemwiththedeficitisoftenexaggerated.債務(wù)轉(zhuǎn)移到未來是正確的，因為政府購買創(chuàng)造的一些好處將會延伸到未來。Thetransferofdebttothefuturemaybejustifiedbecausesomegovernmentpurchasesproducebenefitswellintothefuture.反對：政府不應(yīng)該平衡其預(yù)算

Con:Thegovernm反對：政府不應(yīng)該平衡其預(yù)算

Con:Thegovernmentshouldnotbalanceitsbudget政府債務(wù)能繼續(xù)增加，因為人口的增加和技術(shù)的進步提高了政府償還債務(wù)利息的能力。Thegovernmentdebtcancontinuetorisebecausepopulationgrowthandtechnologicalprogressincreasethenation’sabilitytopaytheinterestonthedebt.反對：政府不應(yīng)該平衡其預(yù)算

Con:Thegovernm應(yīng)該修改稅法來鼓勵儲蓄嗎？

ShouldTheTaxLawsBeReformedtoEncourageSaving?應(yīng)該修改稅法來鼓勵儲蓄嗎？

ShouldTheTaxL贊成：應(yīng)當為鼓勵儲蓄而修改稅法

Pro:Taxlawsshouldbereformedtoencouragesaving一國的儲蓄率是其長期經(jīng)濟繁榮的關(guān)鍵決定因素。Anation’ssavingrateisakeydeterminantofitslong-runeconomicprosperity.一國的生產(chǎn)能力又主要由它為未來儲蓄和投資了多少而決定。Anation’sproductivecapabilityisdeterminedlargelybyhowmuchitsavesandinvestsforthefuture.當儲蓄率較高時，更多的資源用于新工廠和設(shè)備的投資。Whenthesavingrateishigher,moreresourcesareavailableforinvestmentinnewplantandequipment.贊成：應(yīng)當為鼓勵儲蓄而修改稅法

Pro:Taxlaws贊成：應(yīng)當為鼓勵儲蓄而修改稅法

Pro:Taxlawsshouldbereformedtoencouragesaving美國稅制用各種方式抑制儲蓄，例如對來自資本的收入征收重稅，降低了有大量累積財富那些人的利益等。TheU.S.taxsystemdiscouragessavinginmanyways,suchasbyheavilytaxingtheincomefromcapitalandbyreducingbenefitsforthosewhohaveaccumulatedwealth.贊成：應(yīng)當為鼓勵儲蓄而修改稅法

Pro:Taxlaws贊成：應(yīng)當為鼓勵儲蓄而修改稅法

Pro:Taxlawsshouldbereformedtoencouragesaving資本收入的重稅政策帶來的后果是儲蓄減少、資本積累減少、勞動生產(chǎn)率降低以及經(jīng)濟增長減少。Theconsequencesofhighcapitalincometaxpoliciesarereducedsaving,reducedcapitalaccumulation,lowerlaborproductivity,andreducedeconomicgrowth.贊成：應(yīng)當為鼓勵儲蓄而修改稅法

Pro:Taxlaws贊成：應(yīng)當為鼓勵儲蓄而修改稅法

Pro:Taxlawsshouldbereformedtoencouragesaving對于目前的稅收政策的一種可供選擇的方法，許多經(jīng)濟學家都支持用消費稅。Analternativetocurrenttaxpoliciesadvocatedbymanyeconomistsisaconsumptiontax.根據(jù)消費稅，家庭根據(jù)它的支出而不是收入進行征稅。Withaconsumptiontax,ahouseholdpaystaxesbasedonwhatitspendsnotonwhatitearns.用于儲蓄的授予在以后提取并用于消費品支持之前免稅。Incomethatissavedisexemptfromtaxationuntilthesavingislaterwithdrawnandspentonconsumptiongoods.贊成：應(yīng)當為鼓勵儲蓄而修改稅法

Pro:Taxlaws反對：不應(yīng)該為了鼓勵儲蓄而修改稅法

Con:Taxlawsshouldnotbereformedtoencouragesaving為促進儲蓄而產(chǎn)生的稅法變動主要有利于富人。Manyofthechangesintaxlawstostimulatesavingwouldprimarilybenefitthewealthy.高收入家庭儲蓄占收入的比例高于低收入家庭。High-incomehouseholdssaveahigherfractionoftheirincomethanlow-incomehouseholds.任何有利于進行儲蓄的人的稅收變動也傾向于有利于高收入的人。Anytaxchangethatfavorspeoplewhosavewillalsotendtofavorpeoplewithhighincomes.反對：不應(yīng)該為了鼓勵儲蓄而修改稅法

Con:Taxlaw反對：不應(yīng)該為了鼓勵儲蓄而修改稅法

Con:Taxlawsshouldnotbereformedtoencouragesaving減輕富人的稅收負擔將引起一個更不平等的社會。Reducingthetaxburdenonthewealthywouldleadtoalessegalitariansociety.這些做法也迫使政府增加窮人的稅收負擔。Thiswouldalsoforcethegovernmenttoraisethetaxburdenonthepoor.反對：不應(yīng)該為了鼓勵儲蓄而修改稅法

Con:Taxlaw反對：不應(yīng)該為了鼓勵儲蓄