Text B The Financial and Macroeconomic Crisis of 2008 and Beyond（第2页）

&Moderatioioilityofbusiiinthemid-198tothemajoreicvariablessuchasrealgrossdrowth，industrialproduonthlypayrollemploymentaratebegantodevolatility。Somepossiblereasoerihetralbanksfrompolitidfinanfluenationteologyaerflexibilityinwauralges。

&uralratehypothesis:aclaimbyRobertLucasthatuuallyreturnstoitsnormalor“natural”rate，regardlessoftheinflatioimpliesthelimitedeffeessofpubliicpolicies。

4。theFederalReserve:thetralbankiheues，establishedbytheFederalReserveActof1913，sistsof12federalreservebanks，witheaeservingmemberbanksinitsowndistrict。ThesystemissupervisedbyabovernorsinWashington，D。C。，aswellasbyvariousadvisorydittees。Ithasbrulatorypowersoverthemoneysupplyaructure。

&hers:aglobalfinancialservicesfirmah-largestibankintheU。S。befbankruptan’sbankruptgisthelargestinU。S。history，andisthoughttohaveplayedamajorroleintheunfoldie-2000sglobalfinancialcrisis。

6。maiigwiththeperformaure，behavior，anddeakingofaneyasawhole，ingtheaggregatedindicatorssuchasGDP，ues，andpridexes。

7。maturitytransformatioiceoffraalreservebanks（orotherfinanstitutimoneyoimeframesthantheyle。

8。fuhequalitativeandquaionthattributestothe

eicwell-beingandthesubsequentfinancialvaluationofapayoray，theyirates，GDPgrowth，tradebalancesurplusdefidinflatioc。Forbusinesses，informationsuchasrevenue，earnis，liabilitiesandgrowtharesideredsomeofthefuals。

9。me-backedsecurities:atypeofasset-backedsecuritythatissecuredbyameores。Thesesecuritiesmustalsobegroupedisasdeterminedbyaedcreditratingagendusuallypayperioditsthataresimilartoents。Furthermore，thememusthaveinatedfrulatedandauthorizedfinanstitution。

10。liquidity:thedegreetowhiassetorsebeboughtorsoldiwithoutaffegtheasset’sprice。Itischaracterizedbyahighlevelactivity。Assetsthatbeeasilyboughtorsoldareknownasliquidassets。

&ionsf

1。Whatroledoesthefinancialmarketplayintheeicsystem?

2。Whatroledoesthetralbankplay?Gettokpoliciesissuedbythetralbankofa。

3。Inhistory，therehavebeensomanyfinancialdbubblebursts。Althoughtheywerewarnedaimebeforeayhavealwaysseemedtettable。Asaresult，panic，sufferiusuallyetogether。Howepeopledon’trememberlessonsfromthepast?

4。MasthinkthatKeynesianeicshasweakorevennomiidations，andhavebeeoreformtheprevioustheory。Whatdoesthistellabouteictheories?

5。Howisthe2008financialcrisisdifferentfromothereichistory?

6。Asocietyhastofaceashort-ruweeninflatio。Sihere’snosugasafreelunakerusuallyhastochoosethelesserofthetwoevils。Doesitstillmakesehemaicregulation?

7。Anationusuallyusesbothfisdmoarypoliciestopursueitsmaicgoals。oliciesimportaingey?

8。Howdothemaicpoliciesaffeation’seeinformationandstatisticsthatillustratetheeffeaicpolicies。

After-readingAssig

OralWork

1。SupposeyouweretheU。S。FederalReserve，howwouldyoupersuadethegresstoswiftlypasstheBushadministration’s$700billiobailoutplahofthe2008financialcrisis?Makeashortpresentation。

2。InMay2005，Greenspansaidtherewasonly“froth”inhousihananationalhousingbubblesimilartothoseiockmarket。Nowadays，somebelievetherearebubblesinthehousiina，oreveherearebubblesintheeyingeneral。Makeashortpreseiviewsaithebubblesorfrothintheeyoftoday。

3。Youareastudentnowandmaynothavemuanageonyourown，butyoustillhaveabudgettoplanandbuyiomake。Ormaybeyouhaveysforthepurposeofhiftsforspees。Howdoyoumanageyourwealth?Doyouhavesomesmartideastoshare，orhaveyoulearnedanylessohyourclassmates。

4。Wouldyouliketobuystocks?Whatqualitiesdoyouthianttoaor?Makeashortpresentationlisting3qualitiesthatyouthiialtoahefinancialmarket。

WrittenWork

1。Howdidarespondtothe2008financialcrisis?ductareseardortabouta’ssignifiemergingpthatdabouta’sfutureroleintheglobalfinancialmarket。

2。InthefilmWallStreet，Gekko’snotreedisgood”vividlydepictthetruefadAmerica’sgreedculture。Doyouthinkitjustifiable?Writea400-wordessayarguingfainsttheclaim“Greedisgood”。

3。Braihemassemigrationofteicallyskilledpeoplefromorytoanother，whilereversebraindrainohumancapitalmovesinreverse，usuallyfromadevelopedtrytoalessdevelopedone。Howdoyouthinkatrykeepitsowsandattratsfromotherplaces?osalstatipoligthisquestion。

FurtherReadings

&ureoftheFirmbyRonaldH。Coase

EiationbyStevenN。S。g

&hodologyofPositiveEiltonFriedman

EicsbyPaulA。SamuelsonandWilliamD。Nordhaus

EicsforBusinessabyAllanGriffithsandStuart