m0_online17a_onlineappendix(參考版)
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【正文】 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. 。 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. 1714 Permanent and Temporary Fiscal Expansions ? A temporary increase in government spending shifts IS to the right but has no effect on LM. ? The new shortrun equilibrium at point 2 in Figure 17A3 shows a rise in output and a rise in the nominal interest rate, while the foreign exchange market equilibrium at point 2’ indicates a temporary currency appreciation. Copyright 169。 2022 Pearson AddisonWesley. All rights reserved. 1712 Permanent and Temporary Increases in the Money S
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