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【正文】 s reserved. 1715 Permanent and Temporary Fiscal Expansions (cont.) ? A permanent increase in government spending causes a fall in the longrun equilibrium exchange rate and thus a fall in Ee. ? The IS curve does not shift out, unlike for a temporary policy. ? It does not shift at all: a permanent fiscal expansion has no effect on output or the home interest rate. Copyright 169。 2022 Pearson AddisonWesley. All rights reserved. 1716 Permanent and Temporary Fiscal Expansions (cont.) ? The reason why permanent fiscal policy moves are weaker than transitory ones can be seen in the figure’s lefthand side (point 3’). ? The acpanying change in exchange rate expectations generates a sharper currency appreciation and thus, through the response of exports, a plete “crowding out” effect on aggregate demand. Copyright 169。 2022 Pearson AddisonWesley. All rights reserved. 1717 Fig. 17A3: Effects of Permanent and Temporary Fiscal Expansions in the ISLM Model Copyright 169。 2022 Pearson AddisonWesley. All rights reserved. 1718 Summary 1. The ISLM model pares interest rates with output. 2. The IS curve shows binations of interest rates and output where aggregate demand = aggregate output. 3. The LM curve shows binations of interest rates and output where the money market is in equilibrium. 4. The ISLM model can be used with the model of the foreign exchange markets to pare output, interest rates, and exchange rates.
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