中级宏观经济学讲义15：.pptVIP

Intermediate Macroeconomics 15 AD in the Open Economy in the SR The Mundell-Fleming Model Model under a floating ex-rate regime Model under a fixed ex-rate regime Difference in interest rates Debate over floating v.s. fixed ex-rate Mundell-Fleming model with changing price level The Mundell-Fleming Model AD in an open economy in the SR --- IS-LM model (relationship between r and Y in both product and money markets at a fixed P level) in an open economy The Mundell-Fleming Model SOE with no capital control r = r* IS-LM model in SOE E = Y = C (Y-T) + I (r*) + G + NX (e) M/P=L (r*, Y) The Mundell-Fleming Model The model on a Y --- r graph The Mundell-Fleming Model What if initially domestic r r* ? The Mundell-Fleming Model r r* K flows in e↑(domestic currency appreciates) IM ↑ EX ↓ (NX ↓) Y ↓ The Mundell-Fleming Model NX ↓ ? e ↑ ? IS shifts to the left The Mundell-Fleming Model r-Y图中能看到Y的变化 但无法看到汇率的变化 而利率在小国开放经济中不变r=r* The Mundell-Fleming Model The model on the Y --- e graph Goods market ? IS* curve E = C (Y-T) + I (r*) + G + NX (e) The Mundell-Fleming Model 2) Money market and LM* curve M/P=L (r*, Y) The Mundell-Fleming Model 3) IS* LM* (fixed interest rate) Notes: IS-LM (fixed ex-rate) Ex-rate Regime History of world ex-rate regimes Gold standard (19th century) Bretton Woods system (1944-60s) Jamaica system (1976) Ex-rate Regime 1982分类: 钉住汇率: 钉住单一（合成）货币 有限灵活汇率: 对单一货币在汇率带内进行浮动 更加灵活汇率: 管理浮动; 按一套指标调整; 自由浮动 Ex-rate Regime Ex-rate Regime 1999分类: 无独立法定货币： 一国采用另一国货币作为唯一法定货币，或隶属于某一货币联盟，共同使用同一法定货币。 货币发行局制度：货币发行当局根据法定承诺按照固定汇率来承兑指定的外币，并通过对货币发行权的限制来保证履行法定承兑义务 --- 严格固定汇率制 Ex-rate Regime 其他传统的固定钉住制：国家将其货币以一个固定的汇率钉住（官方或者实际）某一种主要外币或者钉住某一篮子外币，汇率波动围绕着中心汇率上下不超过1% 钉住平行汇率带：汇率被保持在官方或者实际的固定汇率带内波动，其波幅超过围绕中心汇率上下各1%的幅度 爬行钉住：汇率按照固定的、预先宣布的比率作较小的定期调整或依据所选取的定量指标的变化作定期调整 爬行带内浮动：汇率围绕着中心汇率在一定幅度内上下浮动，同时中心汇率按照固定的、预先宣布的比率作定期调整或根据所选取的定量指标的变化作定期调整； 不事先宣布汇率干预方式的管理浮动：货币当局通过在外汇市场上积极干预来影响汇率的变动，但不事先宣布对汇率的干预方式。 ------- 中间汇率制 Ex-rate Regime 独立浮动：汇率基本上由