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ch17Macroeconomic Policy in an Open Economy(国际经济学-(By Robert J. Carbaugh)
Carbaugh, Chap. 17 International Economics By Robert J. Carbaugh 9th Edition Chapter 17: Macroeconomic Policy in an Open Economy Policy in an open economy Countries which are open to the world economy cannot make domestic economic policy choices without considering the impact on trade and payments and their international relationships Nor can open economies entirely insulate themselves from other countries’ policy choices As a result, nations make efforts to coordinate their international economic policies Economic policies are also subject to domestic and foreign institutional constraints Economic objectives Internal balance Fully employed economy Little or no inflation External balance Current account is close enough to balance that foreign debts can be repaid (deficit) or that other nations can repay their debts (surplus) Policy instruments Expenditure-changing policies: alter aggregate demand for goods Fiscal policy (government taxes and spending) Monetary policy (money supply) Expenditure-switching policies: shift demand to/from imports or domestic goods Devaluation or revaluation (fixed rates) Exchange market intervention (managed float) Direct controls Tariffs, quotas, subsidies, capital controls Economic objectives and macro policy Exchange rate policies overall balance If a nation was experiencing recession and a BOP deficit, a currency devaluation would encourage exports and help boost domestic production If it were experiencing inflation and a BOP surplus, a revaluation would cut back on exports and cool domestic spending Exchange rate overall balance (cont’d) Such policy moves are not made in a vacuum; one country’s devaluation effectively means a revaluation for its main trading partners If done without international consultation, these policy shifts might invite retaliation (as occurred during the Great Depression) Fiscal monetary policy: internal effects Fiscal and monetary policy are generally used to achieve internal balance, but their effectiven
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