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下面为大家整理一篇优秀的assignment代写范文- Macroeconomic policy in the United States，供大家参考学习，这篇论文讨论了美国的宏观经济政策。公共经济学的基本原理提示，现代市场经济体制是市场机制与非市场机制的统一，在这种混合经济体制下，政府要发挥的基本职能是资源配置职能、收入分配职能、经济稳定和增长职能，这些职能的发挥需要借助政府的宏观经济政策实施。很多人认为金融危机爆发的是市场机制失灵的必然结果的观点十分流行，出现了否定市场机制，主张政府积极干预经济的结论。美国政府在危机的各个阶段的政策措施，恰恰是这次金融危机爆发和蔓延的主要原因。

Modern market economy is a mixed economic system. The government and market mechanism jointly allocate resources. Macroeconomic policies play a very important role in economic operation. The global financial crisis has brought widespread criticism of the us-style free-market model, and the idea that governments need to intervene fully in the crisis is rife. It is believed that market failure is not the main cause of the financial crisis. The monetary policy, tax policy, trade and fiscal double deficit policies of American government before the crisis are exactly the main reasons for the formation, outbreak and spread of the financial crisis.

Public economics, the basic principle of modern market economy is the unity of the market mechanism and market mechanism, in this kind of mixed economy system, the government must play is the basic function of resource allocation function, the functions of the income distribution and economic stability and growth function, these functions play needs to be implemented with the help of the government's macroeconomic policy. The subprime mortgage crisis originated in the United States and eventually formed a global financial crisis. The idea that the outbreak of the financial crisis is the inevitable result of the failure of the market mechanism is very popular, and the conclusion that the market mechanism is denied and the government actively intervenes in the economy emerges. The American government's policies and measures in various stages of the crisis are exactly the main reasons for the formation, outbreak and spread of the financial crisis.

The federal reserve system is nominally a private institution that constantly adjusts monetary policy according to macroeconomic conditions. In fact, the federal reserve played an extremely important role in the origin of the financial crisis. In 2001, after more than a decade of new economic growth, the U.S. economy fell into recession. In order to avoid the macroeconomic recession, the federal reserve presided over by Alan greenspan began to continuously lower the interest rate. From 2001 to June 2003, the federal funds rate was continuously lowered for 13 consecutive years. The interest rate dropped from 6.5% in 2000 to 1% in June 2003 and lasted for nearly a year. Such low interest rates are rare in the history of the American economy.

The continuous low interest rate will undoubtedly increase the amount of money in circulation, which is very beneficial to overcoming the economic recession. It is also the fact that the American economy did not have a serious recession after the new economy burst, which objectively plays a counter-cyclical role. In the process of continuously lowering interest rates, it is inevitable to be accompanied by the increase of money circulation, which leads to the emergence of inflation in the macro economy, promotes the strong demand of the real estate market, and the rise of housing prices, and then forms the prosperity of the subprime loan market. Without sustained, long-term low interest rates, it would not have been possible for the subprime market to have flourished at the turn of the century and led to such complex financial innovations based on the subprime market. This is one of the mistakes of monetary policy, which attaches importance to counter-cyclical effect and ignores anti-inflation.

Monetary policy mistakes another, with the new economy burst a series of measures to implement economic stimulus, the U.S. economy has begun to rebound, by early 2004, with energy, raw material prices, global inflation pressure is increasingly protruding, the federal reserve system under this background, launched the cycle since June 2004, the federal reserve system within a year of 13 consecutive rise in interest rates, the federal funds rate from 1% to 5.25% in August 2006, completed the reversal from the rate cut cycle to cycle. Successive interest rate hikes have raised the cost of home loans, dampened market demand, housing prices began to fall and the housing market bubble began to burst. The virtuous circle in the subprime lending market is based on the sustained rise in house prices.

As a result of successive interest rate hikes, mortgage defaults in the subprime mortgage market have increased substantially. In 2006, housing prices nationwide fell by an average of 3.5% in one year, and in places with severe real estate bubbles, they fell by 20%. It can be seen that the interest rate control of the federal reserve not only stimulated the emergence of the real estate bubble, but also punctured the bubble, which led to the ups and downs of the real estate market and caused the subprime mortgage crisis. In the process, the market has been very good in accordance with the federal reserve system market adjustment signals, the right adjustments.

The United States is the most developed country in the world, but it is also rare among developed capitalist countries in the degree of polarization of income distribution. According to American standards, a person with an annual income of less than $10,000 or a family of four with an annual income of less than $20,000 is a poor person. According to data released by the U.S. census bureau in 2006, there are 370,000 people living below the poverty line in the United States, accounting for 12.6% of the total population. Due to the existence of a large number of poor people and low-income people, the United States government bears a lot of social security points out. The degree of polarization in the United States can be reflected by the gini coefficient in the table below.

While greenspan used interest rates to stimulate the U.S. economy, Americans did enjoy the benefits of the housing boom, while income distribution in the United States remained more polarized. Subprime loans are home mortgages to individuals with poor credit, no proof of income and no proof of repayment ability, and heavy debts. Subprime mortgages pay higher interest rates than prime mortgages given to people with good credit. Subprime loans can form the scale of the main reason is the existence of a large number of low-income people in the United States. The purpose of subprime loans is to solve the housing problem of low-income people, so that low-income people have their own houses. Instead, the subprime crisis has made it more difficult for lower-income people who could get subprime mortgages to buy homes, and for some middle-class people to fall.

In essence, the income distribution gap in the United States is the result of the spontaneous adjustment of the market. The reason why the market produces such a result has something to do with the tax policy of the United States. Since the 1980s, the tax cuts implemented by the Reagan administration have helped the rich but not the poor, resulting in a serious income gap in the United States. During the Clinton administration, tax increases were implemented, which were objectively beneficial to the low-income groups. During the period of rapid economic growth, the income of the poor and the rich increased, but the polarization of income did not get better. By President George w. bush, have carried out massive tax cuts, including 10 years to reduce stock dividends and other tax totaling more than $6700 to stimulate investment and consumption, the implementation of these tax cuts is conducive to capital owners, and, in turn, led to the virtual economic prosperity, buried a curse to the financial crisis.

Under the 2004 tax cut, families earning $50,000 or less would receive an average of less than $35. By contrast, households earning more than $1 million a year would get an average tax cut of $18,745. In addition, the us tax law provides for individual income tax to be deductible on the interest expense of loans for the purchase, construction and repair of houses, which stimulates the construction of new houses and people's enthusiasm to buy houses. In 1998, in the revised tax law of the United States, a more favorable regulation for homeowners was introduced, that is, when the owner of a house pays personal income tax, he can deduct the pretax, and each family can deduct $2,750 per year. People who rent houses cannot enjoy this tax preference, which further encourages residents to buy houses.

The U.S. tax code also stipulates that if a homeowner has lived in a house for more than two years, "income tax will be waived if the price difference between a single person's house and a house purchase is no more than $250,000, or if the price difference between a married family and a house purchase is no more than $500,000". In much of the U.S., home prices have been relatively stable, which has allowed Americans to largely avoid income tax on the proceeds of home sales. That has helped spur the market for previously owned homes, encouraging more activity in home transactions and investment.

As a major trading country in the world, the United States is also the main promoter of free trade and the maker of international trade rules. Imports and exports account for an important share in world trade. Most domestic industries and service industries have strong competitiveness in international trade and are among the biggest beneficiaries of international trade. In the field of international trade, the United States is running a deficit year after year. The current account deficit rose from 1.5 per cent of GDP in 1995 to 6 per cent in 2006. Huge current account deficits need to be financed by large amounts of capital from abroad to make up for the large gap in domestic savings. The U.S. fiscal deficit reached $455 billion in 2008, and the current account deficit, though down 7.9 percent from 2007, was still $673.3 billion. In 2008, the U.S. public debt exceeded $10 trillion. This twin deficit structure, which has been in existence for many years, can only be solved by the issuance of public debt and the introduction of international capital. This is how the United States has long relied on the dollar as the leading international reserve currency to support domestic consumption and investment growth through borrowing, based on large fiscal and trade deficits. The double deficit of the United States is the main reason for the imbalance of the world economy. The surplus countries can only put the surplus reserves back into the securities market of the United States, which further promotes the formation of the prosperity and bubble of the virtual economy of the United States, and leads to the rapid spread of the crisis, which sets off the global financial tsunami.

The financial crisis follows the process of continuous interest rate hikes by the federal reserve -- the bursting of the real estate bubble -- the subprime mortgage crisis -- the U.S. financial crisis -- the global financial crisis. In this process, the market does have defects and failures, but the main cause of this crisis lies in the U.S. government. Macroeconomic policy mistakes, to the functions of the income distribution and economic stability function of the government failed to make up for market failure, the market is not everything, but government failure is more terrible, the U.S. government before and after the crisis of monetary policy, tax policy, trade and fiscal deficits, as well as the lack of response, after the subprime crisis is the formation, the main reason for the outbreak and spread of financial crisis. Understanding this is particularly important for how to deal with and prevent financial crisis. In the process of global governments' response to the crisis, they must clearly recognize the functional positioning of the government, wantonly and improperly intervene in the market excessively may solve the current prominent problems, but also lay the groundwork for the coming of the next more serious problems.

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