Page 271 - DECO402_MACROECONOMIC_THEORY_HINDI

bdkbZµ26% dkyMj dk O;kikj&pozQ fl¼kar

ekSfnzd uhfr dh lhek,¡ (Limitations of Monetary Policy) uksV

ijarq ekSfnzd uhfr rsth vkSj eanh dks fu;af=kr djus esa vfèkd izHkkoh ugha gksrh gSA ;fn rsth ykxrkfèkD; (cost-
push) dkjdksa ls gksrh gS rks LiQhfr] oqQy ek¡x] mRiknu vk; vkSj jkstxkj dks fu;af=kr djus esa izHkkoh ugha gksxhA
tgk¡ rd eanh dk lacaèk gS] 1930 dh egku eanh dk vuqHko crkrk gS fd tc O;kikfj;ksa esa fujk'kkokfnrk gks
rks ekSfnzd uhfr dh liQyrk fcYoqQy ugha gksrh gSA ,slh fLFkfr esa] muesa mèkkj ysus dh izo`fÙk fcYoqQy ugha gksrh]
;fn C;kt nj cgqr de Hkh gksA blh izdkj ftu miHkksDrkvksa dh vkenfu;ksa esa deh gks vkSj tks csjkstxkj gksa]
os vius miHkksx O;; de dj nsrs gSaA ,slh fLFkfr esa u rks osaQnzh; cSad vkSj u gh O;kikfjd cSad O;kikfj;ksa vkSj
miHkksDrkvksa dks leLr ek¡x c<+kus esa izksRlkfgr dj ldrs gSaA bl izdkj] vk£Fkd mrkj&p<+ko dks fu;af=kr djus
esa ekSfnzd uhfr dh liQyrk fcYoqQy lhfer gksrh gSA

2- jktdks"kh; uhfr (Fiscal Policy)

vosQyh ekSfnzd uhfr O;kikj&pØksa dks fu;af=kr djus dh {kerk ugha j[krh gSA blfy,] mls {kfriwjd
(compensatory) jktdks"kh; uhfr osQ lkFk tksM+k tkrk gSA rsth esa jktdks"kh; mik; tSls vR;fèkd ljdkjh O;;]
O;fDrxr miHkksx O;; rFkk futh vkSj lkoZtfud fuos'k fu;af=kr djus osQ fy, cgqr izHkkoh gksrs gSaA nwljh vksj]
os eanh esa ljdkjh O;;] O;fDrxr miHkksx O;; rFkk futh vkSj lkoZtfud fuos'k c<+kus esa lgk;d gksrs gSaA

rsth osQ nkSjku uhfr (Policy during Boom)

rsth esa fuEu mik; viuk, tkrs gSaA oLrqvksa vkSj lsok dh ek¡x de djus osQ fy, ljdkj xSj&fodkl fØ;kvksa
ij vuko';d O;; dh dVkSrh dj nsrh gSA blls futh O;; ij Hkh jksd yxrh gS] tks oLrqvksa vkSj lsokvksa
osQ fy, ljdkjh ek¡x ij fuHkZj djrh gSA ysfdu ljdkjh O;; esa dVkSrh djuk dfBu gSA fiQj] vko';d vkSj
vuko';d ljdkjh O;; esa Hksn djuk laHko ugha gSA blfy,] bl mik; dks djkèkku }kjk laiwfjr fd;k tkrk
gSA O;fDrxr O;; dks de djus osQ fy,] ljdkj O;fDrxr oaQiuh vkSj oLrq djksa dh njksa dks c<+krh gSA tc
ljdkjh O;; ls vk; vfèkd gksrh gS rks ljdkj vkfèkD; ctV (Surplus budget) dh uhfr viukrh gSA ,slk
;k rks dj njsa c<+kdj ;k ljdkjh O;; de djosQ ;k nksuksa }kjk fd;k tkrk gSA ;s xq.kd dh foijhr izfØ;k }kjk
vk; vkSj leLr ek¡x dks de dj nsrs gSaA

,d vU; jktdks"kh; uhfr tks izk;% viuk;h tkrh gS og turk ls vfèkd mèkkj ysuk gS] ftldk izHkko turk
osQ ikl eqnzk dh ek=kk de djuk gSA fiQj] lkoZtfud Í.k dk iquHkqZxrku can dj nsuk pkfg, vkSj tc
vFkZO;oLFkk fLFkj gks tk,] rks fdlh Hkfo"; dh frfFk rd Hkqxrku LFkfxr dj nsuk pkfg,A

VkLd dkyMj dk O;kikj pØ fl¼kar osQ lacaèk esa vius fopkj O;Dr dhft,A

eanh osQ nkSjku uhfr (Policy During Depression)

eanh osQ nkSjku] ljdkj lkoZtfud O;; esa o`f¼ vkSj djksa esa dVkSrh djrh gS rFkk ?kkVs osQ ctV dh uhfr viukrh
gSA ;s mik; leLr ek¡x] mRiknu] vk;] jkstxkj vkSj dherksa dks c<+krs gSaA lkoZtfud O;; esa o`f¼ oLrqvksa vkSj
lsokvksa osQ fy, leLr ek¡x c<+krh gS vkSj xq.kd }kjk vk; esa o`f¼ ykrh gSA lkoZtfud O;; lM+dksa] ugjksa] ckaèk]
ikoZQ] LowQy] vLirky vkSj vU; fuekZ.k dk;ks± ij fd, tkrs gSaA os Je vkSj futh fuekZ.k m|ksxksa osQ fy, ek¡x
mRiUu djrs gSa vkSj mudk iqu#RFkku djus esa lgk;d gksrs gSaA ljdkj Hkh miHkksDrk oLrq m|ksxksa osQ fy, ek¡x

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