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【正文】 upply (cont.) ? The lefthand side of Figure 17A2 shows how the moary changes affect the exchange rate. ? The interest rate R2 following a permanent increase in the money supply implies foreign exchange market equilibrium at point 2’, since the acpanying rise in Ee shifts the curve that measures the expected domestic currency return on foreign deposits. ? That curve does not shift if the money supply increase is temporary, so the equilibrium interest rate R3 that results in this case leads to foreign exchange equilibrium at point 3’. Copyright 169。 2022 Pearson AddisonWesley. All rights reserved. 1710 Permanent and Temporary Increases in the Money Supply ? The ISLM model can be used to analyze the effects of moary and fiscal policies. – A temporary increase in the money supply shifts LM to the right, lowering the interest rate and expanding output. – A permanent increase in the money supply, however, shifts LM to the right but also shifts IS to the right, since in an open economy that schedule depends on Ee, which now rises. Copyright 169。 2022 Pearson AddisonWesley. All rights reserved. 178 ISLM Model (cont.) ? In equilibrium, the quantity of real moary assets supplied matches the quantity of real moary assets demanded: Ms/P = L(R,Y) – This equation describes the LM curve: binations of interest rates and output such that the money market is in equilibrium, given values of exogenous values P and Ms. – Higher ine is p
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