国际金融-chapter six.ppt

假设其他都是一定的 找总需求和产出的关系 * * 假设其他价格都不变 只看名义汇率和产出之间的关系…黑板上画图解释汇率和产出的关系-----437 * 这些因素会影响总需求---影响DD曲线的位置 分别解释几个重点的 * * * * 就是影响这几条线变化的因素—资本市场上班 分别 * * 这个点是短期均衡点---假设国外的利率和预期未来水平不变 短期都假设预期不变. * * * * * * * * * Slide 16-* Copyright ? 2003 Pearson Education, Inc. 4\Short-Run Equilibrium for an Open Economy: Putting the DD and AA Schedules Together A short-run equilibrium for the economy as a whole must bring equilibrium simultaneously in the output and asset markets. That is, it must lie on both DD and AA schedules. Slide 16-* Copyright ? 2003 Pearson Education, Inc. Figure 16-8: Short-Run Equilibrium: The Intersection of DD and AA Output, Y Exchange Rate, E AA Y1 E1 1 Short-Run Equilibrium for an Open Economy: Putting the DD and AA Schedules Together DD Equilibrium: Graphical Illustration exchange rate income (Y) AA At point 1 the exchange rate is too high and UCIP does not hold, hence the exchange rate appreciates immediately to return the foreign exchange market to equilibrium at point 2 At point 2, the goods market is not in equilibrium, so output increases As output increases the interest rate rises and the exchange rate falls and we move along the AA schedule to point 3 DD Y* 1 Y1 e1 2 3—equilibrium Slide 16-* Copyright ? 2003 Pearson Education, Inc. Temporary Changes in Monetary and Fiscal Policy Two types of government policy: Monetary policy It works through changes in the money supply. Fiscal policy It works through changes in government spending or taxes. Temporary policy shifts are those that the public expects to be reversed in the near future and do not affect the long-run expected exchange rate. Assume that policy shifts do not influence the foreign interest rate and the foreign price level. Slide 16-* Copyright ? 2003 Pearson Education, Inc. Monetary Policy An increase in money supply (i.e., expansionary monetary policy) raises the economy’s output. The increase in money supply creates an excess supply of money, which lowers