中級宏觀經(jīng)濟(jì)學(xué)上海財(cái)經(jīng)大學(xué)經(jīng)濟(jì)學(xué)院沈凌18international2(52)-閱讀頁
2024-08-11 03:44本頁面
【正文】 that the nominal exchange rate, ε, is not a fixed number. Because of adjustments of ε in a flexiblerate regime, Pf need not move in lockstep with P even if the absolute PPP condition always holds. Macroeconomics Chapter 18 43 Fixed and Flexible Exchange Rates: A Comparison ? An extreme form of fixed nominal exchange rate is a mon currency. ? a fixedexchange rate system precludes an independent moary policy, at least in the long run. Macroeconomics Chapter 18 44 Fixed and Flexible Exchange Rates: A Comparison ? One advantage of a flexible nominal exchange rate is that it introduces an additional way to satisfy the PPP condition, Pf = εP ? The independence of moary policy under flexible exchange rates is not always desirable. Macroeconomics Chapter 18 45 Extra: MundellFleming Model ? Open economy NX(e) is export e is the exchange rate ? Small country r=rf ? Fixed price Macroeconomics Chapter 18 46 Extra: MundellFleming Model ? IS : r=rf Y=C(Y)+I(rf)+NX(e) e Y Macroeconomics Chapter 18 47 Extra: MundellFleming Model ? LM: M/P=L(Y,rf) e Y r Y r=rf Macroeconomics Chapter 18 48 Extra: MundellFleming Model ? IS : r=rf Y=C(Y)+I(rf)+NX(e) ? LM: M/P=L(Y,rf) e Y Macroeconomics Chapter 18 49 Extra: MundellFleming Model with floating exchange rate ? LM: M/P=L(Y,rf) M increases e Y Macroeconomics Chapter 18 50 Extra: MundellFleming Model with floating exchange rate ? M increases ? Closed economy: r decreases and Investment rises. Y increases. ? Open economy: r is fixed, hence, capital flows out. e decreases and export rises. Y increases. Macroeconomics Chapter 18 51 Extra: MundellFleming Model with fixed exchange rate ? e=e* e Y Macroeconomics Chapter 18 52 Extra: MundellFleming Model with fixed exchange rate ? e=e* M increases ?? e Y Macroeconomics Chapter 18 53 Extra: MundellFleming Model with fixed exchange rate ? Summary Floating Fixed Y e NX Y e NX Moary policy M
環(huán)評公示相關(guān)推薦
鄂ICP備17016276號-1