5 Output and the Exchange Rate in the Short Run.ppt

International Finance Output and the Exchange Rate in the Short Run Learning Goals Explain the role of the real exchange rate（实际利率） in determining the aggregate demand（总需求） for a country’s output See how an open economy’s short run equilibrium （短期均衡）can be analyzed as the intersection of an asset market equilibrium（资本市场均衡） schedule (AA) and an output market equilibrium schedule (DD)（产品市场均衡） Describe and interpret the long run effects of permanent macroeconomic changes.（宏观经济波动的长期影响） Explain the relationship among macroeconomic policies， the current account balance and the exchange rate.（经济政策、汇率与经常项目余额的关系） Chapter Organization Determinants of Aggregate Demand in an Open Economy（开放经济中需求的决定 ） The Equation of Aggregate Demand（需求函数公式） How Output Is Determined in the Short Run（短期的产出决定） Output Market Equilibrium in the Short Run: The DD Schedule（短期产品市场均衡） Asset Market Equilibrium in the Short Run: The AA Schedule（短期资产市场均衡） Short-Run Equilibrium for an Open Economy: Putting the DD and AA Schedules Together Chapter Organization Temporary Changes in Monetary and Fiscal Policy（短期货币政策与财政政策） Inflation Bias and Other Problems of Policy Formulation（通货膨胀偏差和政策制定中的其他问题） Permanent Shifts in Monetary and Fiscal Policy（货币与财政政策的永久变动） Macroeconomic Policies and the Current Account（宏观经济政策与经常帐户） Gradual Trade Flow Adjustment and Current Account Dynamics（贸易流量的逐步调整和经常项目的动态分析） Summary Chapter Organization Appendix I: The IS-LM Model and the DD-AA Model Appendix II: Intertemporal Trade and Consumption Demand Appendix III: The Marshall-Lerner Condition and Empirical Estimates of Trade Elasticities Introduction Macroeconomic changes that affect exchange rates（汇率）, interest rates（利率）, and price levels（价格） may also affect output（产出）. This chapter introduces a new theory of how the output market adjusts to demand changes when product prices are themselves slow to adjust（价格缓慢变化的情况下，产出根据需求变化如何变化）. A short-run model of the output market in an open economy will be utilized to analyze: The effects of mac