國(guó)際經(jīng)濟(jì)學(xué)英文版chapter

1、Open-Economy Macroeconomics: Adjustment Policies開放經(jīng)濟(jì)宏觀經(jīng)濟(jì)學(xué):調(diào)整政策CHAPTER E I G H T E E N18In this chapter:IntroductionInternal and External Balance with Expenditure-Changing and Expenditure-Switching PoliciesEquilibrium in the Goods Market, in the Money Market, and in the Balance of PaymentsFiscal and

2、Monetary Policies for Internal and External Balance with Fixed Exchange RatesIn this chapter:The IS-LM-BP Model with Flexible Exchange RatesPolicy Mix and Price ChangesDirect ControlsIntroductionThe need for adjustment policies arises because the automatic adjustment mechanisms have serious unwanted

3、 side effects.IntroductionNational objectivesInternal balance External balance A reasonable rate of growthAn equitable distribution of eAdequate environmental protectionInternal and External Balance with Expenditure-Changing and Expenditure-Switching PoliciesExpenditure changing policiesFiscal and m

4、onetary policy tools to alter the level of aggregate expenditures in the economy.Expenditure switching policiesDevaluation or revaluation of the exchange rate to alter the balance of spending on domestic and foreign goods and services.Internal imbalancesInflation imbalanceAssumed to be caused by exc

5、ess aggregate demand.Recession imbalanceCaused by insufficient aggregate demandExternal imbalancesA deficit in the balance of paymentsA surplus in the balance of paymentsInternal and External Balance with Expenditure-Changing and Expenditure-Switching PoliciesPossible situationsExternal surplus and

6、internal unemploymentExternal surplus and internal inflationExternal deficit and internal inflationExternal deficit and internal unemploymentIt is possible that the policies available for correcting the imbalances may improve one situation only at the expense of worsening another.Internal and Extern

7、al Balance with Expenditure-Changing and Expenditure-Switching PoliciesFIGURE 18-1 Swan Diagram.Equilibrium in the Goods Market, In the Money Market and in the Balance of PaymentsGoods market equilibriumWhen quantities of goods and services demanded and supplied are equal.Money market equilibriumWhe

8、n quantity of money demanded for transactions and speculation is equal to given supply of money.Balance of payments equilibriumWhen trade deficit is matched by an equal net capital inflow or trade surplus is matched by equal net capital outflow. Equilibrium in the Goods Market, In the Money Market a

9、nd in the Balance of PaymentsThe Mundell-Fleming model shows how nation can use monetary and fiscal policy to achieve internal and external balance without a change in exchange rates.Equilibrium in the Goods Market, In the Money Market and in the Balance of PaymentsThe IS, LM and BP curves show vari

10、ous combinations of interest rates and national e at which the goods market, the money market and the balance of payments, respectively, are in equilibrium.ISGoods market equilibriumNegatively slopedLMMoney market equilibriumPositively slopedBPBalance of payments equilibriumPositively slopedFIGURE 1

11、8-2 Equilibrium in the Goods and Money Markets and in the Balance of Payments.Fiscal and Monetary Policies for Internal and External Balance with Fixed Exchange RatesAchieving Internal and External BalanceFrom unemployment / external balance:Expansionary fiscal policyTight monetary policyNo change i

12、n exchange rateFiscal and Monetary Policies for Internal and External Balance with Fixed Exchange RatesAchieving Internal and External BalanceFrom unemployment / external deficit: Inelastic capital mobilityExpansionary fiscal policyTight monetary policyElastic (high) capital mobilityExpansionary fis

13、cal policyEasy monetary policyPerfect capital mobilityExpansionary fiscal policyMonetary policy is ineffectiveFIGURE 18-3 Fiscal and Monetary Policies from Domestic Unemployment and External Balance.FIGURE 18-4 Fiscal and Monetary Policies from Domestic Unemployment and External Deficit.FIGURE 18-5

14、Fiscal and Monetary Policies with Elastic Capital FlowsFIGURE 18-6 U.S. Current Account and Budget Deficits as a Percentage of GDP, 1980-2005.FIGURE 18-7 Fiscal and Monetary Policies with Perfect Capital Mobility and Fixed Exchange Rates.The IS-LM-BP Model with Flexible Exchange RatesAchieving Inter

15、nal and External BalanceFrom unemployment / external balance: Imperfect capital mobilityExpansionary fiscal policyEasy monetary policyPerfect capital mobilityExpansionary monetary policyFiscal policy is ineffectiveFIGURE 18-8 The IS-LM-BP Model with Flexible Exchange Rates.FIGURE 18-9 Adjustment Pol

16、icies with Perfect Capital Flows and Flexible Exchange Rates.Policy Mix and Price ChangesInflation and surplusContractionary fiscal policyEasy monetary policyRecession and surplusExpansionary fiscal policyInflation and deficitContractionary fiscal policyRecession and deficitExpansionary fiscal polic

17、y and contractionary monetary policyPolicy Mix and Price ChangesWith fixed exchange rates, fiscal policy tends to be more effective than monetary policy.With flexible exchange rates, monetary policy tends to be more effective than fiscal policy.FIGURE 18-10 Effective Market Classification and the Po

18、licy Mix.Direct ControlsTrade ControlsTariffs, quotas and other quantitative restrictions on the flow of international trade.An import tariff and export subsidy of a given percentage applied across the board on all goods are equivalent to a devaluation of the currency by the same percentage.Import t

19、ariffs and export quotas are expenditure-switching policies, stimulate domestic production.Direct ControlsExchange ControlsRestrictions on international capital flows, multiple exchange rates.Developed nations sometimes restrict capital exports when in balance of payments deficit and capital imports when in surplus.Higher exchange rates on luxuries and nonessentials discourages their importation, while lower exchange rates on essential imports encourage their import.Direct ControlsFor direct controls to be effect