财政赤字(fiscal deficit)
财政赤字(fiscal deficit)
财政赤字(fiscal deficit)
第1题
A.a targeted CPI increase at 2.5% or less and an annual monetary base increase at 4%
B.a targeted GDP increase at 2%~2.5% and fiscal deficit to GDP less than 3%
C.an annualized growth rate of a broad monetary aggregate at 4.5% and a year-on-year HICP increase targeted at 2% or less
D.none of the above
第2题
假设政府想增加投资但保持产出不变。在IS-LM模型中。货币与财政政策如何配合才能实现这一目标?在20世纪80年代初,美国政府减税并有预算赤字,而美联储实施紧缩性货币政策,这种政策配合会有什么影响?
Suppose that the government wants to raise investment but keep output constant. In the IS-LM model, what mix of monetary and fiscal policy will achieve this goal? In the early 1980s, the U.S. government cut taxes and ran a budget deficit while the Fed pursued a tight monetary policy. What effect should this policy mix have?
第3题
第4题
The domestic economy expanded in a remarkably vigorous and steady fashion. The resurgence in consumer confidence was reflected in the higher proportion of incomes spent for goods and services and the marked increase in consumer willingness to take on installment debt. A parallel strengthening in business psychology was manifested in stepped-up rate of plant and equipment spending and a gradual pickup in outlays for inventory. Confidence in the economy was also reflected in the strength of the stock market and in the stability of the bond market. For the year as a whole, consumer and business sentiment benefited from rising public expectations that a resolution of the conflict in Vietnam was in prospect and that East-West tensions were easing.
The underpinnings of the business expansion were to be found in part in the stimulative monetary and fiscal policies that had been pursued. Moreover, the restoration of sounder liquidity positions and tighter management control of production efficiency had also helped lay the groundwork for a strong expansion. In addition, the economic policy moves made by the President had served to renew optimism on the business outlook while boosting hopes that inflation would be brought under more effective control.
Finally, of course, the economy was able to grow as vigorously as it did because sufficient flexibility existed in terms of idle men and machines.
The United States balance of payments deficit declined sharply. Nevertheless, by any other test, the deficit remained very large, and there was actually a substantial deterioration in our trade account to a sizable deficit, almost two thirds of which was with Japan. While the overall trade performance proved disappointing, there are still good reasons for expecting the delayed impact of devaluation to produce in time a significant strengthening in our trade picture. Given the size of the Japanese component of our trade measures undertaken by Japan. Also important will be our own efforts in the United States to fashion internal policies consistent with an improvement in our external balance.
The passage was most likely published in a
A.popular magazine.
B.general newspaper.
C.science journal.
D.financial journal.
第5题
Why has it turned out better than expected? Two broad explanations might be ventured. The first explanation is simply the globalization of market forces. An increasing proportion of economic activity is being governed by the market. In the space of only 15 years, some large command economies have undergone economic reform. and become market economies. All this has unleashed a dynamic for growth that remains very strong, especially in China, India and Russia.
However, the second explanation is not so reassuring. We realize that growth over the past few years has been brought about in no small measure by, very expansionary macroeconomic policies. These have included massive fiscal stimulus in the United States, policy interest rates in the major countries held at or near postwar lows for some time, and an unprecedented amount of foreign exchange intervention by monetary authorities in Asia. Unlike structural reforms, the effects of such policy stimulus are only temporary, and the current stance of policies cannot continue indefinitely.
I think we need to take some effective measures to ensure the stable growth of the world economy. Evidence accumulates that macroeconomic policies will need to be tightened. Without putting what has been achieved at risk, of course. Fiscal policy, monetary policy and exchange rate policy ail need to be considered in this light.
Let me start with the industrial world. The US government budget, which was in surplus to the equivalent of 1% of GDP in 2000, is likely to register a deficit 9f 5% of GDP this year, a deterioration of the US fiscal position without precedent since the Second World War. Japan's general government deficit remains at around 8% of GDP. Deficits in some large economies in the euro area are also disturbing. Therefore, early action to curb such deficits is all the more important.
Although comparatively high unemployment is limiting nominal wage increases and spare capacity in manufacturing worldwide reinforces the competitive pressure on prices, there are signs that inflation is edging higher. Japan is slowly emerging from deflation. The pace of consumer price inflation in China has increased sharply in recent months, and there is evidence that prices are beginning to rise faster in some other Asian economies.
I think positively of recent macroeconomic policies that allow exchange rate to appreciate. The eventual movement in exchange rates could be more abrupt than if a greater degree of flexibility had not been allowed earlier. The expansion in domestic liquidity associated with the foreign exchange intervention policy could ultimately lead to inflation. Markets could become too dependent on the continued intervention, and could then be seriously destabilized by even a hint of a change in policy. My last word of advice is this: The stance of macroeconomic policies cannot remain as expansionary if stability is to be maintained in the medium term. We should avoid the two extremes of either putting the entire burden on exchange rates or not allowing exchange rates to move at all.
第6题
第7题
听力原文: Good morning, ladies and gentlemen. For this lecture, I am going to touch the. issue of slowdown of the world economy.
The data has shown that in the past three months many economies in Asia enjoyed a stronger- than-expected second quarter. But slowdowns in the rest of the world mean the region wig see weaker growth in the second half.
In the past few weeks, data on second-quarter real gross domestic product have been released. Only South-Korea and Malaysia posted growth weaker than analysts had projected.
In general, these Asian economies were powered by rising electronics exports and highly accommodative fiscal and monetary policies. Capital-spending trends were mixed, but other factors helped individual countries. Thailand, for example', benefited from a surge in tourism from China; Indonesia experienced less of a drag from a drawdown in inventories, and Singapore saw a gain in exports from its biomedical industry.
The region, however, faces a more difficult second half, especially if a domestic demand from business doesn't kick in. Slowdowns in the U.S. and Europe, coupled with the continued problem in Japan, mean that demand for computers, consumer electronics, and semi-conductors will not continue to grow at double-digit rates. Already, July factory output in Malaysia fell more than 1%, as the output of information-processing gear and electronics plunged.
In addition, some countries will face fiscal difficulties. One reason Korea's GDP data fell short of expectations is that the government suddenly stopped funding building projects. Foreign investors are growing worried about the deficit in the Philippines, where the red ink in just the first seven months of the year has exceeded the government's estimate for all of 2002.
Another concern is social unrest and corruption, which could destabilize governments. With the world approaching the first anniversary of the September 11 attacks in the U.S. , clashes between religious groups may pick up in the region. Such unrest could make investors nervous and more likely to pull money out of Asia just as capital spending will be needed to offset slower export growth.
In Europe, things didn't seem any better. Germany's manufacturing sector is getting hit by softer domestic demand and exports. European Commission's indexes of industrial confidence show German businesses are the most downbeats of all in the euro zone. Since Germany is a major market for other euro zone products and attracts foreign capital, its slowdown will curtail trade and investment flows for the entire region well into next year.
Meanwhile, another country of Europe, Italy, also seems unlikely to hit its government's growth target for this year. And the shortfall could cause a big fiscal problem later on. In the past year, consumer spending slowed, and business investment fell. Industrial orders are dropping, consumer confidence is close to a five-year low, and business sentiment in the last month held at six-month low. Companies are cautious about future orders and production plans. On the whole, we can see that economy of the earth is facing a slump. Next week, we'll discuss some possible solutions to these problems.
•You will hear a professor giving a talk on the slowdowns of the world economy.
•For each question 23-30, mark one letter (A, B or C) for the correct answer.
•You will hear the recording twice.
Weaker growth in the next six months will occur in
A.the rest of the world.
B.Asia.
C.the global business.
第8题
At this moment, that point of view may seem too optimistic. Last Friday, the Democratic leadership in the House of Representatives had hoped to produce a finished bill. But they failed, because the party' s fiscal conservatives demanded further savings. House Democrats are also divided on revenue-raising measures.
The Senate is dealing with the same problems: how to contain the cost of expanded insurance coverage, and how to pay for what remains, so that the reform. adds nothing to the budget deficit over the course of 10 years.
Where does the money come from remains the crucial problem. Apparently, the answer is straightforward: tax employer-provided health benefits. At present, an employer in the U. S. is free from paying tax if he pays the health insurance while an individual purchaser has to buy it with after-tax dollars. This anomaly costs nearly $ 250bn a year in revenue—enough to pay for universal coverage, and then some. Yet many Democrats in both the House and the Senate oppose to ending it. Will there be a breakthrough in terms of that aspect?
However, to get employers out of health insurance should be an aim, not something to be feared. Many US workers have complained that if they lose their job, their health insurance will go with it and tying insurance to employment will undoubtedly worsen the insecurity.
What about high-risk workers who are thrown on to the individual market? If the tax break were abolished as part of a larger reform. which obliges insurers to offer affordable coverage to all people regardless of pre-existing conditions, it will not be a problem. It' s true this change needs to increase tax, and many people in Congress are reluctant to contemplate in any form. But some kind of increase is inescapable. This one makes more sense than most.
The president should say so. His Republican opponent John McCain called for this change during the election campaign and Mr Obama and other Democrats assailed the idea. So what? Mr. Obama has changed his ideas on other aspects of health reform. For example, it seems that he now prefer an individual mandate to buy insurance. Let us see a similar flexibility on taxing employer-provided insurance.
According to the author, ________.
A.the politics of U. S. health reform. is a total failure
B.there is no possibility of passing a bill
C.it' s difficult to pass a bill
D.U. S. will achieve universal health insurance