Page 277 - DECO402_MACROECONOMIC_THEORY_HINDI

bdkbZµ27% ekSfnzd uhfr

vkSj (ii) LiQhfr osQ fo#¼ og liQy jgrh gSA eqækokfn;ksa dk dguk gS fd jktdks"kh; uhfr osQ eqdkcys ekSfæd uksV
uhfr esa vis{kkÑr vfèkd yphykiu gksrk gSA mls 'kh?kz dk;kZfUor fd;k tk ldrk gSA

D;k vki tkurs gSa ekSfnzd uhfr dk vFkZ ,d ns'k osQ osaQnzh; cSad }kjk viuk, x, lk[k fu;a=k.k mik;ksa ls gSA

27-4 foLrkjd ekSfæd uhfr (Expansionary Monetary Policy)

foLrkjd (;k lLrh) ekSfæd uhfr dk mi;ksx voLiQhfrd varjky (deflationary gap) ;k eanh ;k lqLrh
(recession) ls fudyus osQ fy, gksrk gSA tc oLrqvksa vkSj lsokvksa dh miHkksDrk ek¡x vkSj fuos'k oLrqvksa dh
O;olk; ek¡x esa fxjkoV vkrh gS rks voLiQhfrd varjky izdV gksrk gSA osaQæh; cSad foLrkjd ekSfæd uhfr izkjaHk
djrk gS tks lk[k cktkj dh n'kkvksa dks vklku cukrh gS vkSj leLr ek¡x esa Åij dh vksj ifjorZu ykrh gSA
bl mís'; osQ fy,] osaQæh; cSad [kqys cktkj esa ljdkjh izfrHkwfr;k¡ (A )
LM
[kjhnrk gS] lnL; cSadksa dh fjtoZ vko';drk,¡ de djrk gS]
cêðk nj de djrk gS rFkk p;ukRed lk[k mik;ksa }kjk E LM 1
Rate R
miHkksDrk vkSj O;olk; lk[k dks izksRlkfgr djrk gSA bl mik;ksa
Interest R 1
}kjk ;g eqæk ck”kkj esa lk[k dh miyCèkrk vkSj ykxr dks de E 1
djrk gS vkSj vFkZO;oLFkk esa lqèkkj ykrk gSA
IS
foLrkjd eqæk uhfr dk fp=k 27-1 (A) vkSj (B) }kjk o£.kr
fd;k x;k gSA tgk¡ izkjafHkd lqLrh larqyu R, Y, P vkSj Q ij gSA
O Incom e Y Y 1
fp=k osQ Hkkx (A) esa C;kt nj OR ij vFkZO;oLFkk esa igys ls (B)
gh vfrfjDr eqæk iw£r gksrk gSA eku yhft, osaQæh; cSad dh
O
lk[k uhfr osQ dkj.k vFkZO;oLFkkvksa esa eqæk iw£r esa o`f¼ gksrh
gSA ;g LM oØ dks nkb± vksj LM ij ljdk nsxhA ;g vk; dks P
1 Level 1 E 1
OY ls OY ij c<+krh gS vkSj leLr ek¡x c<+rh gS rFkk Hkkx
1 P E
(B) esa Hkkx oØ D Åij dh vksj D ij ljd tkrk gSA oLrqvksa Price
1 D 1
vkSj lsokvksa dh ek¡x esa o`f¼ osQ lkFk] mRiknu Å¡ph dher Lrj D
OP ij OQ ls OQ rd c<+rk gSA ;fn foLrkjd eqæk uhfr
1 1 O Q Q
1
vPNh rjg ls dke djrh gS rks E ¯cnq ij larqyu iw.kZ jkstxkj D em and and Supply of G oods
1
Lrj ij gks ldrk gSA ¯drq fuEu lhekvkas osQ dkj.k ml fLFkfr fp=k 27-1
esa igq¡pus dh laHkkouk ugha gksrh gSA

bldk {ks=k vkSj lhek,¡ (Its Scope and Limitations)

1930 vkSj 1940 osQ n'kdksa osQ nkSjku ;g fo'okl fd;k tkrk Fkk fd rsth vkSj LiQhfr dks fu;af=kr djus dh
vis{kk eanh esa leqRFkku (recovery) dks izksRlkfgr djus esa ekSfæd uhfr dh liQyrk cgqr gh lhfer gksrh FkhA
;g èkkj.kk egkeanh osQ vuqHkoksa vkSj osQU”k osQ General Theory osQ izdk'ku ls izdV gqbZA

eqækokfn;ksa dk er gS fd osaQæh; cSad eanh osQ nkSjku lLrh eqæk uhfr }kjk de£'k;y cSadksa osQ fj”koZ c<+k ldrk
gSA og izfrHkwfr;ksa dks [kjhndj vkSj C;kt nj ?kVkdj ,slk dj ldrk gSA ifj.kkeLo:i] mèkkj ysus okyksa dks
lk[k lqfoèkk,¡ c<+kus ls cSadksa dh {kerk c<+rh gSA ¯drq egkeanh dk vuqHko gesa crkrk gS fd rhoz eanh esa tc

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