版權說明:本文檔由用戶提供并上傳,收益歸屬內容提供方,若內容存在侵權,請進行舉報或認領
文檔簡介
Chapter22:HowDoestheOpenMacroeconomyWork?PerformanceofaNationalEconomyInternalBalanceActualdomesticproductionclosetotheeconomy’spotential,oftensummarizedasfullemployment(anacceptablylowunemploymentrate)Pricestability(anacceptablylowinflationrate)ExternalBalanceSustainablecompositionofthecountry’sbalanceofpaymentswiththerestoftheworldUsefulindicator:Officialsettlementsbalanceapproximatelyequaltozero(sothatthecountryisnotlosingofficialinternationalreservesoracquiringunwantedofficialinternationalreserves)
?2016McGraw-HillEducation.AllRightsReserved.2AFrameworkforMacroeconomicAnalysisOurmodelanalyzestheeconomyintheshortrun,whenpricesare“sticky”andslowtorespondtovariousdemandshocks,suchaschangesinthemoneysupply.Beyondtheshortrun,thepriceleveldoesrespondtodemandandsupplyshocks.Thismeansthattheamountofinflationthecountryexperienceseventuallydependsontherateofgrowthofthecountry’smoneysupply.Inaddition,theeconomytendstowardfullemploymentinthelongrun.?2016McGraw-HillEducation.AllRightsReserved.3DomesticProductionDependsonAggregateDemandIntheshortrun,domesticproduction(producers’willingnesstoproduce)isdeterminedbydemand.Equilibriumoccurswhendomesticproduction(Y,orrealGDP)equalsdesiredaggregatedemand(AD)fordomesticallyproducedgoodsandservices:Y=AD=C+Id+G+(X–M)whereC=domesticconsumption,Id=planneddomesticrealinvestment,G=governmentspending,X=exports,andM=imports?2016McGraw-HillEducation.AllRightsReserved.4DomesticProductionandUnemploymentThelevelofactualdomesticproductionorrealGDP(relativetotheeconomy’spotentialproductionorrealGDP)tendstobecloselyrelatedtotheeconomy’sunemploymentrate
inthelabormarket.?2016McGraw-HillEducation.AllRightsReserved.5AggregateDemandConsumptionexpendituredependsondomesticincome(Y) C=C(Y)Realprivatedomesticinvestmentisnegativelyrelatedtothelevelofinterestrates,i,intheeconomy
Id
=Id(i)Governmentspendingongoodsandservicesispartoffiscalpolicy,determinedbypoliticalprocess,andassumedtobeexogenous
G=G0Nationalexpenditureongoodsandservices:
E=C+Id+G?2016McGraw-HillEducation.AllRightsReserved.6TradeDependsonRealGDP
?2016McGraw-HillEducation.AllRightsReserved.7EquilibriumDomesticProductionEquilibrium:Y=AD(Y)=C+Id+G+(X–M)
=E+(X–M)Theequilibriumrelationshipcanbewrittenas Y–C–G=Id+X–Mwheretheleft-hand-sidemeasuresnationalsavingsS=Y–C–GSoequilibriumis:
S=Id+X–MorS-
Id
=X–M?2016McGraw-HillEducation.AllRightsReserved.8EquilibriumDomesticProductioninanOpenEconomy?2016McGraw-HillEducation.AllRightsReserved.9
TheSpendingMultiplierinaSmallOpenEconomy
?2016McGraw-HillEducation.AllRightsReserved.10ForeignSpilloversandForeign-IncomeRepercussionsIfacountryisasmallcountry,itschangesinimportswillnotanymeasurableimpactonworldtrade(anyfollow-oneffectswillbenegligible).If,instead,thecountryislarge,thenthesefollow-onorspillovereffectscanbeimportantintwoways.Changesinproductionandincomeofalargecountryhavespillovereffectsonproductionandincomeinothercountries.Thechangesinforeignincomesalterforeignpurchasesofthefirstcountry’sexports.?2016McGraw-HillEducation.AllRightsReserved.11ForeignTradeandIncomeRepercussionsStartingfromaRiseinOurSpending?2016McGraw-HillEducation.AllRightsReserved.12ForeignSpilloversandForeign-IncomeRepercussionsThemoreourcountry’simportsaffectforeignincomes,andthemoreforeigncountrieshaveapropensitytoimportfromourcountry,themoreourtruespendingmultiplierexceedsthesimpleformulamultiplier1/(s+m)Theexistenceofforeignspilloversandforeign-incomerepercussionsexplainsthecross-countrycorrelationofnationalbusinesscycles.?2016McGraw-HillEducation.AllRightsReserved.13ForeignSpilloversofChangesinDomesticProductandIncome?2016McGraw-HillEducation.AllRightsReserved.14AMoreCompleteFramework:ThreeMarketsThreetypesofmarketsDomesticproductmarketMoneymarketForeignexchangemarketEndogenousvariablesDomesticproduct,YInterestrate,iExogenousforcesFiscalpolicyMonetarypolicyInternationallendingManyothers?2016McGraw-HillEducation.AllRightsReserved.15AnOverviewoftheMacromodelofanOpenEconomy?2016McGraw-HillEducation.AllRightsReserved.16TheDomesticProductMarketTheIScurveshowsallcombinationsofdomesticproductionlevelsandinterestratesforwhichthedomesticproductmarketisinequilibrium.Theequilibriumconditioncanbeexpressedintwoways:Y=C(Y)+Id(i)+G+(X–M(Y))S(Y)=Id(i)+X–M(Y)?2016McGraw-HillEducation.AllRightsReserved.17TheISCurve:EquilibriumsintheDomesticProductMarket?2016McGraw-HillEducation.AllRightsReserved.18TheMoneyMarketTheLMcurveshowsallcombinationsofproductionlevelsandinterestratesforwhichthemoneymarketisinequilibrium,giventhemoneysupply,thepricelevel,andthemoneydemandfunction.Thedemandfor(nominal)money(L)ispositivelyrelatedtonominalGDPandnegativelyrelatedtothelevelofinterestratesavailableonotherfinancialassets:TheequilibriumbetweenmoneysupplyMSandmoneydemandisthen:?2016McGraw-HillEducation.AllRightsReserved.19TheLMCurve:EquilibriumsintheMoneyMarket?2016McGraw-HillEducation.AllRightsReserved.20TheForeignExchangeMarket(orBalanceofPayments)TheFEcurveshowsallcombinationsofproductionlevelsandinterestratesinacountrythatresultinazerovalueforthecountry’sofficialsettlementsbalance.Theofficialsettlementsbalance,B,equalsthecurrentaccountbalance,CA
(approximatelyequaltonetexports),plusfinancialaccountbalance,FA:?2016McGraw-HillEducation.AllRightsReserved.21TheFECurve:BalanceofPaymentEquilibriums?2016McGraw-HillEducation.AllRightsReserved.22TheThreeMarketsTogetherBringingthethreemarketstogether,theeconomywillgravitatetowardasimultaneousequilibriuminthedomesticproductmarketandthemoneymarketIfIS-LMintersectstotheleftof(orabove)theFEcurve,thecountry’sofficialsettlementbalanceisinsurplus(B>0)IfIS-LMintersectsontheFEcurve,thecountry’sofficialsettlementbalanceiszero(B=
0)IfIS-LMintersectstotherightof(orbelow)theFEcurve,thecountry’sofficialsettlementbalanceisindeficit(B?0)?2016McGraw-HillEducation.AllRightsReserved.23ThreeMarketsTogetherIfthecountryoperatesunderafixedexchangerateregime,thenanydivergencebetweentheIS-LMintersectionandtheFEcurveshowsthatofficialinterventionisneededtodefendthefixedexchangerateIfthecountryoperatesunderacleanlyfloatingexchangerateregime,thentheofficialsettlementbalancemustbezero,andtheIS,LMandtheFEcurveswillintersectatthesamepoint.
溫馨提示
- 1. 本站所有資源如無特殊說明,都需要本地電腦安裝OFFICE2007和PDF閱讀器。圖紙軟件為CAD,CAXA,PROE,UG,SolidWorks等.壓縮文件請下載最新的WinRAR軟件解壓。
- 2. 本站的文檔不包含任何第三方提供的附件圖紙等,如果需要附件,請聯系上傳者。文件的所有權益歸上傳用戶所有。
- 3. 本站RAR壓縮包中若帶圖紙,網頁內容里面會有圖紙預覽,若沒有圖紙預覽就沒有圖紙。
- 4. 未經權益所有人同意不得將文件中的內容挪作商業(yè)或盈利用途。
- 5. 人人文庫網僅提供信息存儲空間,僅對用戶上傳內容的表現方式做保護處理,對用戶上傳分享的文檔內容本身不做任何修改或編輯,并不能對任何下載內容負責。
- 6. 下載文件中如有侵權或不適當內容,請與我們聯系,我們立即糾正。
- 7. 本站不保證下載資源的準確性、安全性和完整性, 同時也不承擔用戶因使用這些下載資源對自己和他人造成任何形式的傷害或損失。
最新文檔
- 2025年度馬戲團演出場地交通與物流服務合同4篇
- 主播帶貨服務合同書2024年標準格式版B版
- 二零二五版?;逢戇\貨物運輸及安全管理合同4篇
- 2025年度房地產公司銷售顧問聘用合同簡易版
- 二零二五年度綜合服務私人廠房租賃合同
- 2025版公司勞動合同與員工培訓計劃
- 2025年度版股東店面租賃合同(文化創(chuàng)意園區(qū))
- 二零二五年度私了后不追究責任合同解除及債務免除協(xié)議
- 2025年度數碼產品代理銷售合同范本4篇
- 二零二五年度短視頻校園文化活動拍攝合同
- 2024年社區(qū)警務規(guī)范考試題庫
- 2024年食用牛脂項目可行性研究報告
- 消防安全隱患等級
- 溫室氣體(二氧化碳和甲烷)走航監(jiān)測技術規(guī)范
- 部編版一年級語文下冊第一單元大單元教學設計
- 《保單檢視專題》課件
- 北京地鐵13號線
- 2023山東春季高考數學真題(含答案)
- 職業(yè)衛(wèi)生法律法規(guī)和標準培訓課件
- 高二下學期英語閱讀提升練習(二)
- 民事訴訟證據清單模板
評論
0/150
提交評論