国际商务管理：第十章 开放宏观经济政策.pptx

单击此处编辑母版标题样式,单击此处编辑母版文本样式,第二级,第三级,第四级,第五级,2021/5/12,#,Chapter 18 Open-Economy Macroeconomics:Adjustment Policies,18.1 Introduction,18.2 Internal and External Balance with Expenditure-Changing and Expenditure-Switching Policies,18.3 Equilibrium in the Goods Market,Money Market,and in the Balance of Payments,18.4 Fiscal and Monetary Policies for Internal and External Balance with fixed Exchange Rates,18.5 The IS-LM-BP Model with Flexible Exchange Rate,18.6 Policy Mix and Price Changes,18.1 Introduction,In this chapter,we examine the adjustment policies that are used to achieve full employment with price stability and equilibrium in the balance of payments.,The most important economic goals of nations are(1)internal balance(2)external balance(3)a reasonable rate of growth(4)an equitable distribution of income(5)adequate protection of environment,To achieve these objectives,nations have the following policy instruments:expenditure changing and expenditure switching.,Expenditure changing policies include both fiscal and monetary policies.Fiscal policy refers to changes in government expenditures,taxes,or both.Monetary policy involves a change in the nations money supply that affects domestic interests.,Expenditure-switching policies refer to changes in the exchange rate.A devaluation switches expenditure from foreign to domestic commodities and can be used to correct a deficit in the nations balance of payments.A revaluation switches expenditures from domestic to foreign products and can be used to correct a surplus in the nations balance of payments.,Direct controls consist of tariffs,quotas,and other restrictions on the flow of international trade and capital.These are also expenditure-switching policies,but they can be aimed at specific balance-of-payments items.,Since each policy affects both the internal and external balance of the nation,it is crucial that each policy should be used for the objective toward which it is most effective,according to the principle of effective market classification.,18.2 Internal and External Balance with Expenditure-Changing and Expenditure-Switching Policies,In this section,we examine how a nation can simultaneously attain internal and external balance with expenditure-changing and expenditure-switching policies.,For simplicity we assume a zero international capital flow.We also assume that prices remain constant until aggregate demand begins to exceed the full-employment level of output.,FIGURE 18-1,Swan Diagram.,Under the fixed exchange rate system,industrial nations were generally unwilling to devalue or revalue their currency even when they were in fundamental disequilibrium.,As a result,nations were left with only expenditure-changing policies.This presented a serious theoretical problem until Mundell showed how to use fiscal policy to achieve internal balance and monetary policy to achieve external balance.,Thus,even without an expenditure-switching policy,nations could theoretically achieve both internal and external balances.,18.3 Equilibrium in the Goods Market,in the Money Market,and in the Balance of Payments,We now introduce the Mundell-Fleming model to show how a nation can use fiscal and monetary policies to achieve both internal and external balance without any change in the exchange rate.,The new tools of analysis take the form of three curves:the IS curve,showing all points at which the goods market is in equilibrium;the LM curve,showing equilibrium in the money market;and the BP curve,showing equilibrium in the balance of payments.,Short-term capital is now assumed to be responsive to international interest rate differentials.,FIGURE 18-2,Equilibrium in the Goods and Money Markets and in the Balance of Payments.,18.4 Fiscal and Monetary Policies for Internal and External Balance with Fixed Exchange Rates,In this section,we first examine the effect of fiscal policy on the IS curve and the effect of monetary policy on the LM curve,and then we show how fiscal and monetary policies can be used to reach internal and external balance.,18.4A Fiscal and Monetary Policies from External Balance and Unemployment,FIGURE 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.,18.4C Fiscal and Monetary Policies with Elastic Capital Flows,In the previous section,we have seen that BP curve was steeper than the LM curve.This implies that international capital flows are not very responsive to changes in international interest differentials.,With the elimination of all or most controls on international capital flows among industrial countries today,the BP curve is likely to be much flatter.,FIGURE 18-5,Fiscal and Monetary Policies with,Elastic Capital Flows,18.4D Fiscal and Monetary Policies with Perfect Capital Mobility,We return to the initial equilibrium condition where all three markets are simultaneously in equilibrium but with perfect capital mobility.This means that a small nation can borrow or lend any desired amount at fixed interest rate.,With fixed exchange rate,monetary policy is completely ineffective if international capital flows are highly elastic.,FIGURE 18-7,Fiscal and Monetary Policies with Perfect,Capital Mobility and Fixed Exchange Rates.,18.5 The IS-LM-BP Model with Flexible Exchange Rates,In this section,we utilize the IS-LM-BP model to examine how internal and external balance can be reached simultaneously with monetary policy under a freely flexible exchange rate system.,18.5A The IS-LM-BP Model with Flexible Exchange Rates and Imperfect Capital Mobility,FIGURE 18-8,The,IS-LM-BP,Model with Flexible Exchange Rates.,18.5B The IS-LM-BP Model with Flexible Exchange Rates and Perfect Capital Mobility,With perfect capital mobility,monetary policy is effective and fiscal policy ineffective with flexible exchange rates.,FIGURE 18-9,Adjustment Policies with Perfect Capital Flows and Flexible Exchange Rates.,18.6 Policy Mix and Price Changes,In this section,we first examine the reasons for directing fiscal policy to achieve internal balance and monetary policy to achieve external balance.Then we evaluate the effectiveness of policy mix and the problem created by allowing for cost-push inflation.,18.6A Policy Mix and Internal and External Balance,FIGURE 18-10,Effective Market Classification and the Policy Mix.,18.6B Evaluation of the Policy Mix with Price Changes,When we relax the assumption that prices remain constant until the full-employment level of national income is reached a difficulty arises.With price increases or inflation occurring even at less than full employment,the nation has at least three objectives,thus requiring three policies.,