| 单词 | stabilization policy |
| 释义 | stabilization policy The use of economic policies to reduce fluctuations. This may be applied at the macroeconomic level, to reduce fluctuations in real incomes, unemployment, inflation, or exchange rates, or at the microeconomic level, to reduce fluctuations in the prices of particular goods. Where a system is subject to stochastic shocks, to the extent that these can be predicted, stabilization policy can work by either preventing or offsetting them. If the shocks cannot be forecast or offset without time lags, some fluctuations are inevitable, and stabilization policy can seek only to reduce them. Stabilization may be pursued by creating automatic or built-in stabilizers: higher marginal tax rates, for example, both reduce the multiplier and speed up the rate at which the multiplier process converges. The alternative is to use discretionary policy measures, such as changes in tax rates: this has the advantage that the authorities can react to new types of disturbance, but the disadvantage that unless the authorities stick to pre-announced or widely understood policies, it is necessary for other economic agents to guess what the authorities will do. If the other agents guess wrong this may simply act as a further source of stochastic disturbances, and destabilize rather than stabilize the economy. In particular, if the authorities attempt fine tuning of the economy by vigorous and frequent changes of policy, they may make economic fluctuations worse rather than curing them. |
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