伯南克宏观经济学ch13.pptVIP

The IS-LM Model for an Open Economy The international transmission of business cycles The impact of foreign economic conditions on the real exchange rate and net exports is one of the principal ways by which cycles are transmitted internationally What would be the effect on Japan of a recession in the United States? The decline in U.S. output would reduce demand for Japanese exports, shifting the Japanese IS curve down and to the left In a classical (RBC) model, no effect on Japanese output In a Keynesian model, or in the classical misperceptions model, this leads to recession in Japan Macro