The blend of economic stagnation and inflation is a challenge to the contemporary macroeconomic study.The causes,influence and policy implications of"stagflation"have been academically controversial.This pap...The blend of economic stagnation and inflation is a challenge to the contemporary macroeconomic study.The causes,influence and policy implications of"stagflation"have been academically controversial.This paper starts with the connections between energy crises and stagflation to research the causes of"stagflation"in the 1970s and analyze the realistic impact of energy crises.It then comparatively studies the current economic landscape and the landscape in the 1970s for similarities and differences,digs into the origin of the current macroeconomic situation,and on such basis proposes policy suggestions.展开更多
A system approach to building a theoretical model of macroeconomic system is shown in the paper. The IS-LM model, which is well-known in macroeconomics, is extended into a dynamic equilibrium model-IS-LM-AS model. The...A system approach to building a theoretical model of macroeconomic system is shown in the paper. The IS-LM model, which is well-known in macroeconomics, is extended into a dynamic equilibrium model-IS-LM-AS model. The aggregate production function is afresh deduced from a set of axioms. A comparative static analysis is carried out for evidence of the stagflation and the macroeconomic policy dilemma.展开更多
A system approach to building a theoretical model of macoecnomic system is shown in the paper. The IS-LM model, which is well-known in macroeconomics, is extended into a dynamic equilibrium model-IS-LM-AS model. The a...A system approach to building a theoretical model of macoecnomic system is shown in the paper. The IS-LM model, which is well-known in macroeconomics, is extended into a dynamic equilibrium model-IS-LM-AS model. The aggparative production function is a fresh deduced from a set of axioms. A comparative static analysis is carried out for’ evidence of the stagflation and the macroeconomic policy dilemma.展开更多
"All the world’s main central banks now face a more difficult period." Goodhart who is a London School of Economics professor said in an interview. "We’re going into a sort of a minor replay of the st..."All the world’s main central banks now face a more difficult period." Goodhart who is a London School of Economics professor said in an interview. "We’re going into a sort of a minor replay of the stag ation we had in展开更多
China＇s current inflation differs from that of the 1980s. The Current inflation is being caused by factors from both the supply and demand sides, and should therefore be addressed from both sides as well With a new p...China＇s current inflation differs from that of the 1980s. The Current inflation is being caused by factors from both the supply and demand sides, and should therefore be addressed from both sides as well With a new policy analysis framework, we suggest that China now needs to adopt a policy combination of ＂supply expansion and demand tightening.＂ Demand tightening should mainly rely on the policy of quantitative monetary tightening, which specifically includes further tightening of capital controls and encouragement of outbound investment. Supply expansion should mainly rely on policies of tax cuts, Renminbi appreciation, reform, improvement of administration, and technological progress.展开更多
文摘The blend of economic stagnation and inflation is a challenge to the contemporary macroeconomic study.The causes,influence and policy implications of"stagflation"have been academically controversial.This paper starts with the connections between energy crises and stagflation to research the causes of"stagflation"in the 1970s and analyze the realistic impact of energy crises.It then comparatively studies the current economic landscape and the landscape in the 1970s for similarities and differences,digs into the origin of the current macroeconomic situation,and on such basis proposes policy suggestions.
文摘A system approach to building a theoretical model of macroeconomic system is shown in the paper. The IS-LM model, which is well-known in macroeconomics, is extended into a dynamic equilibrium model-IS-LM-AS model. The aggregate production function is afresh deduced from a set of axioms. A comparative static analysis is carried out for evidence of the stagflation and the macroeconomic policy dilemma.
文摘A system approach to building a theoretical model of macoecnomic system is shown in the paper. The IS-LM model, which is well-known in macroeconomics, is extended into a dynamic equilibrium model-IS-LM-AS model. The aggparative production function is a fresh deduced from a set of axioms. A comparative static analysis is carried out for’ evidence of the stagflation and the macroeconomic policy dilemma.
文摘"All the world’s main central banks now face a more difficult period." Goodhart who is a London School of Economics professor said in an interview. "We’re going into a sort of a minor replay of the stag ation we had in
文摘China＇s current inflation differs from that of the 1980s. The Current inflation is being caused by factors from both the supply and demand sides, and should therefore be addressed from both sides as well With a new policy analysis framework, we suggest that China now needs to adopt a policy combination of ＂supply expansion and demand tightening.＂ Demand tightening should mainly rely on the policy of quantitative monetary tightening, which specifically includes further tightening of capital controls and encouragement of outbound investment. Supply expansion should mainly rely on policies of tax cuts, Renminbi appreciation, reform, improvement of administration, and technological progress.
