Promoting active learning

1
Fiskalna i monetarna politika
2
Deficiti se smanjuju?
3
Getting budget deficits down?
France
4
Getting budget deficits down?
Germany
France
5
Getting budget deficits down?
Italy
Germany
France
6
Getting budget deficits down?
Italy
Spain
Germany
France
7
Getting budget deficits down?
Belgium
Italy
Spain
Germany
France
8
Getting budget deficits down?
Belgium
Italy
Spain
Germany
France
Netherlands
9
National Debt (as GDP)
Nacionalni dug
10
National Debt (as GDP)
National Debt
UK
11
National Debt (as GDP)
National Debt
USA
UK
12
National Debt (as GDP)
National Debt
Euro area
USA
UK
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Fiskalna i monetarna politika

• Efikasnost fiskalne politike

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Fiscal policy stabilising or destabilising?
3
4
Real national income
3
2
4
2
1
1
O
Time
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Fiscal policy stabilising or destabilising?
Path (a) no intervention
3
4
Real national income
3
2
4
2
1
1
O
Time
16
Fiscal policy stabilising or destabilising?
Path (a) no intervention
Path (b) policy stabilises
3
4
Real national income
3
2
4
2
1
1
O
Time
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Efikasnost fiskalne politike

• Problem tajminga i tajm-legova (kašnjenja)
• Spoznajni
• Implementacioni jaz
• Efektivni dok mera ne proradi

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Fiskalna i monetarna politika

• Monetarna politika

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Ponuda i tražnja za novcem
Rate interest
O
Money
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Ponuda i tražnja za novcem
MS
Rate interest
r1
L
O
Q1
Money
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Tehnike

• Technike kontrole novcane ponude
• Obavzena i prudencijalna rezerva?
• Šta kontrolisati primarni novac ili M1?

22
Fiskalna i monetarna politika

• Problemi sa monetarnom politikom

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PROBLEMI U MONETARNOJ POLITICI

• ŠTA TARGETIRATI
• Inflaciju
• Kurs
• Ponudu novca

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Fiskalna i monetarna politika

• ISLM

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Equilibrium in both the goods and money markets
LM
Rate interest
IS
O
National income
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Fiskalna i monetarna politika
LM
Rate interest
r1
IS
O
Y1
National income
27
Fiskalna i monetarna politika
LM
Expansionary fiscal policy
Rate interest
r1
IS1
O
Y1
National income
28
Fiskalna i monetarna politika

• Fiscal policy and
• shifting the IS curve
• effect on interest rates and national income
• Monetary policy and
• shifting the LM curve
• effect on interest rates and national income

29
Fiskalna i monetarna politika
LM1
Expansionary monetary policy
Rate interest
r1
IS
O
Y1
National income
30
Keynesian analysis Fiskalna i monetarna
politika
LM
Expansionary fiscal policy
Rate interest
IS1
O
Y1
National income
31
Keynesian analysis Fiskalna i monetarna
politika
Expansionary monetary policy
LM1
Rate interest
IS
O
Y1
National income
32
Monetarist analysis Fiskalna i monetarna
politika
LM
Expansionary fiscal policy
Rate interest
IS1
O
Y1
National income
33
Monetarist analysis Fiskalna i monetarna
politika
LM1
Expansionary monetary policy
Rate interest
IS
O
Y1
National income
34
Fiskalna i monetarna politika

• Zakoni ili uredbe?

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Zakoni ili uredbe

• Argumenti protiv uredbi
• Kašnjenje spoznajni i implementacioni jaz
• Predoziranje
• Vlade nisu svesne dugorocnih posledica
• U korist zakona
• Smanjuje inflaciona ocekivanja
• kreira stabilni investicioni ambijent

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Zakoni ili uredbe

• Argumenti protiv zakona
• Mogu da izazovu velike varijacije u kamatnim
  stopama i da keiraju nestabilnost
• Kakvi zakoni?
• Konfliktni zakoni
• Zastareli zakoni
• U korist uredbi
• Brža reakcija i bolje predvidanje