国际金融第八章课件.pptVIP

Part II Macro Policies for Open Economies Focus on macroeconomic performance. 8 How does the open macroeconomy work? 9 Internal and external balance with fixed exchange rates 10 Floating exchange rates and internal balance macroeconomic performance （宏观经济运行） —the behavior (变化) of a country’s output, jobs, and prices in the face of changing world conditions. CHAPTER 8 How Does the Open Macroeconomy Work? 开放的宏观经济是如何运行的？ Framework of this chapter The performance of a national economy 一国经济的状况 Equilibrium GDP and spending multipliers 均衡GDP和支出乘数 Three markets 三个市场（产品、货币和外汇市场） The performance of a national economy How well is a country’s economy performing? We judge the performance of a national economy against two objectives. Internal balance and external balance. Internal Balance Full employment, or an acceptably low unemployment rate Price stability, or an acceptably low inflation rate External balance Sustainable (能保持一定水平的) balance of payments with the rest of the world Useful indicator: Official settlements balance approximately equal to zero (so that the country is not losing official international reserves or acquiring unwanted official international reserves) Our discussion here focus on the country’s current account. The goal here need not be a zero balance. A framework for macroeconomic analysis p164 Analysis on the behavior of the economy in the short run is relatively Keynesian（凯恩斯主义者） in that the price level is not immediately responsive to aggregate demand (AD) and supply. Analysis on the behavior of the economy in the longer run is more classical(古典学派的) in that the price level does respond to demand and supply. Determinants of real GDP (representing both domestic product and national income) Domestic production depends on aggregate demand A major performance goal of an economy is to achieve production of goods and services that is close to the economy’s potential. The value of production of goods and services is t