Lecture23 - Announcements Readings on long-term fiscal...

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Announcements Readings on long-term fiscal imbalances and what to do about them (Thursday) Mankiw, Chapter 16, Section 1 only "Confronting the Monster" Economist Nov 19, 2010 *Congressional Budget Office, Long-Term Budget Outlook (revised Augut 2010) *Fiscal Commission Report *See CTools for reading suggestions. Announcements Please complete on-line teaching evaluations Will Your Economics Degree Ever Pay For Itself? Panelists: Michael Beauregard , AB ‘86 econ, partner, Huron Capital Partners LLC Peter Calabro , AB ‘96 econ, executive director, Mount Kellett Randall Heiser , AB ‘82 econ and poli sci, MAE, ‘84 econ, President and CEO DJ Sullivan Healthcare Consulting, Inc. Darnell D. Jackson , BGS ‘80 econ, first vice president, Morgan Stanley Smith Friday, December 10 3 5 p.m. Foster Library Lorch Hall Join us for Q&A about networking, interviewing tips and life after graduation
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Final Examination Wednesday, December 15 4:00-6:00pm Special room assignments for the following sections: 003 Thurs 3-4p Adi Denn 170 002 Fri 9-10a Pawel Denn 170 007 Fri 10-11a Pawel Denn 170 ALL OTHER SECTIONS SHOULD TAKE EXAM IN LORCH 140 Announcements • Answers to practice final posted on CTools – Do practice before looking • Extra office hours: – Professor Shapiro: M and T, 3-4 – GSIs: Posted on CTools Review: Fiscal expansion in large open economy • Shifts IS out • Flattened LM • Currency appreciation – > Channel of crowding out is net exports (in addition to domestic investment)
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Flat LM damps interest rate increase and exchange rate increases Policy coordination: Domestic • Monetary policy coordination • Expansionary monetary policy offsets – interest rate increase – exchange rate appreciation LM shifted out • Since financial crisis, US monetary policy has indeed accommodated fiscal expansion Policy coordination: International (during crisis) • Other nations also had significant fiscal stimulus in 2008/2009 –UK – China – Euro zone less so • Coordinated fiscal expansion offsets exchange rate effects of domestic expansion
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This note was uploaded on 12/31/2011 for the course ECON 402 taught by Professor House during the Fall '08 term at University of Michigan.

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Lecture23 - Announcements Readings on long-term fiscal...

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