v160Chapter 6 - Chapter6 EconomicPolicy: Pages183212...

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Chapter 6:  Economic Policy: Translating Theory into Practice Pages 183-212 GOV”T WANT 1)Full employment 2) Price Stability 3) Economic Growth United States Pro-growth policy, want full employment Germany Hate inflation; bc the Nazi’s Era was in inflation Japan Really strong economic growth, but afraid of some growth, like big book retailers  because big on social stability Specific Goals, all governments want through economic policy: Unemployment 4% Inflation 3% Economic Growth 4% Don’t want high levels of deflation when in debt with deflation, much more difficult to get out Retail vs. Manufacturing jobs Retail- unstable Manufacturing Jobs- make more money Structure of Policy Making
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Policy analyst design polices that will best achieve these goals, US, Congress and the president, hot of policy advisers try to formulate policies to  achieve these goals President of CEA=  Lawrence Summers Treasure of Secretary=  Timothy Geithner Monetary Policy=  Ben   Bernanke All Economic Polices = President Obama Head of OMB-  Peter   Orszag Before left worked with thinking tank (central left) Secretary of Commerce-  Sen. Judd   Gregg Deals with business side Senator for New Hampshire Fical Policy vs. Monetary policy Fiscal policy  is  changes
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