Page 257 - DECO402_MACROECONOMIC_THEORY_PUNJABI

iekweI-27: modirk nIqI

27.4 ivsqwrk modirk nIqI (Expansionary Monetary Policy) È؇

ivsqwrk ( jW ssqI) modirk nIiq dw apBog AvsPIiq
AMqrwl (deflationary gap) jW mMdI jW susqI (recession) qoN
inklx dy leI huMdw hY[ jdoN vsquAW Aqy syvwvW dI apBokqw
mMg Aqy invyS vsquAW dI kwrobwrI mMg ivc igrwvt AwauNdI hY
qW AsPIiq AMqrwl pRkt huMdw hY[ kyNdrI bYNk ivsqwrk modirk
nIiq SUru krdw hY jo swK bwjwr dI dSwvW nUM Awswn bxwauNdI hY
Aqy smsq mMg ivc auqy v`l bdlwv ilAWdI hY[ ies ¿πÁ∂Ù dy
leI, kyNdrI bYNk Kuly bwjwr ivc srkwrI pRiqBuiqAW KrIddw hY,
sd`s bYNkw dI irjrv jrUrqW G`t krdw hY, b`tw dr G`t krdw
hY Aqy coxwqmk swK apwvW rwhIN apBokqw Aqy kwrobwrI swK nMU
pRoqswihq krdw hY[ iehnW apwvW rwhIN ieh mudrw bwjwr ivc
swK dI aplbdqw Aqy lwgq nUM G`t krdw hY Aqy ArQivvsQw
ivc suDwr ilAWdw hY[
ivsqwrk mudrw nIiq dw ic`qr 27.1 (A) Aqy (B) rwhIN vrixq
kIqw igAw hY[ ijQy SUruAwqI susqI sMquln R, Y, P Aqy Q qy
hY[ ic`qr dy Bwg (A) ivc ibAwj dr OR qy ArQivvsQw ivc
pihly qoN hI Aiqirkq mudrw pUriq huMdw hY[ mMn lvo kyNdrI bYNk dI
swK nIiq dy kwrx ArqivvsQw ivc mudrw pUriq ivc virDI hUMdI
hY[ ieh LM vkr nUM s`jy pwsy LM qy srkw dygI[ieh Awmdn nUM
1
OY qoN OY qy vDWdI hY Aqy smsq mMg v`DdI hY Aqy Bwg (B)
1
ivc Bwg vkr D auqy vwly pwsy D qy srk jWdw hY vsquAW Aqy icqr 27.1
1
syvwvW dI mMg ivc virDI dy nwl, aqpwdn dI aucI kImq pD`r
OP qy OQ qoN OQ q`k vD`dw hY[ jykr ivsqwrk mudrw nIiq cMgI qrW nwl kMm krdI hY qW E ibMdu qy sMquln
1 1 1
pUrx rojgwr pD`r qy ho skdw hY[pr inmn sImWvW dy kwrx aus siQqI ivc phuMx dI sMBwvnw nhIN huMdI hY[
iesdw Kyqr Aqy sImwvW (Its Scope and Limitations)
1930 Aqy 1940 dy dSkW dy dorwn ieh ivSvws kIqw jWdw sI ik qyjI Aqy sPIiq nUM inXMqirq krx dI mMdI
ivc smuqQwn (recovery) nUM pRoqswihq krn ivc modirk nIiq dI sPlqw bhuq hI sIimq huMdI hY[ieh Dwrxw
mhwmMdI dy AnuBvW Aqy kynj dy General Theory dy pRkwSn nwl pRkt hoeI hY[
mudrwvwidAW dw m`q hY ik kyNdrI bYNk mMdI dy dorwn ssqI mudrw nIiq rwhIN kmriSAl bYNkW dy irjrv vDw
skdw hY[auh pRiqBuiqAW nUM KrIdky Aqy ibAwj dr G`twky AYsw kr skdw hY[ pirxwmsrUp, auDwr lYx vwilAW
nUM swK suivDwvW vDwaux nwl bYNkW dI SkqI vD`dI hY[ pr mhwmMdI dw AnuBv swnUM d`sdw hY in qyj mMdI ivc
jdoN kwrobwirAW ivc inrwSwvwidqw huMdI hY qW ivvhwr ivc AYsI nIiq dI sPlqw zIro huMdI hY[ AYsI siQqI ivc
bYNk punrUqQwn (revival) ilAWaux ivc Ashwey huMdy hn[ ikauik kwrobwrI ikirAw lgBg Tihrwv dI siQqI
ivc huMdI hY iesleI kwrobwrIAW nUM mwlsUcIAW (inventories) bxwaux dy leI aDwr lYx dI koeI pRvrqI nhIN
huMdI hY, jdik ibAwz dr bhuq G`t huMdI hY[ ikauik auh bYNkW qo pihly dI leI hoeI AwpxI mwlsUcIAW nUM krz
moV ky G`twauxw cwhUMdy hn[iesdy, Aiqirkq , lMbysmyN pUMjI jrUrqW dy leI auDwr lYc dw svwl mMdI ivc nhIN
auTdw hY, jdoN kwrobwrI ikirAw pihlY hI bhuq inmn p~Dr qy huMdI hY[apBokqWvW dy nwl vI auhI siQqI huMdI hY
jo G`tI hoeI Awmdn Aqy byrojgwrI nwl juJ rhy huMdy hn[ AMq auh bYNk krizAW rwhIN koeI itkwau vsqu KrIdxw
psMd nhI krdy[ ies pRkwr, swry bYNk swK auplbD krw skdy hn lyikn auh kwrobwirAW Aqy apBokqwvW nUM
iesnUM svIkwr krx dy leI mjbUr nhI kr skdy[ 1930 dy dSk ivc, bhuq G`t ibAwz dr Aqy bYNkW dy kol
ibnw apXog kIqy irzrvW dI rkm, sMswr dI mMdI vwlI ArQivvsQwvW qy koeI mhq`vpUrx pRBwv nhI pw sky[

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