多恩布什 Chap012.docVIP

12 International Linkages focus of the chapter ? This chapter provides an introduction to international macroeconomics. ? The IS-LM model is adapted to this new, open economy setting. The effects of fiscal and monetary policy are shown to depend strongly on whether exchange rates are fixed or floating, and on whether capital is more or less mobile (able to move across borders in response to interest differentials). ? The difference between fixed and floating exchange rates is explained, as is the difference between real and nominal exchange rates. section summaries 1. The Balance of Pay