国际金融学policies in the open economy课件PPT.ppt

Contents;DD Schedule;DD Schedule;DD Schedule;Figure 3-1-1 Aggregate Demand as A Function of Output;DD Schedule;Figure 3-1-3 Output Effect of a Currency Depreciation with Fixed Prices;DD Schedule;Figure 3-1-4 Output Effect of a Currency Depreciation with Fixed Prices;DD Schedule;Figure 3-1-5 Government Demand and the Position of the DD Curve;AA Schedule;Figure 3-1-6 Output Exchange Rate in Asset Market Equilibrium;AA Schedule;Figure 3-1-7 AA Schedule;Figure 3-1-8 Ms Changes and the AA Schedule;AA Schedule;S;Temporary Changes in Policies;S;S;Temporary Changes in Policies;S;S;Permanent Changes in Policies;S;S;Permanent Changes in Policies;S;I. The XX Schedule Suppose a country wants to hold a desired level of current account (say, X). That is, CA(SP*/P, Y-T)=X It is easily seen that in Figure 3-1-14, the XX schedule is upward. I.1 A Note on the Slope It is not that easily seen from the Figure that the DD schedule is steeper than the XX schedule. Using some simple mathematical tools may help us understand the economic implications behind the fact.;S;Macroeconomic Policy the Current Account;Assignments;Content;Why Study Fixed Exchange Rates?;Intervention and Money Supply;Table 3-2-2 Balance Sheet and Intervention;Intervention and Money Supply;Table 3-2-3 Sterilization and Money Supply;Table 3-2-4 Summarization;Fixing the Exchange Rate;Fixing the Exchange Rate;Figure 3-2-1 Asset Market Equilibrium in a Fixed Rate;Stabilization Policy in a Fixed Rate;S;S;S;;Balance of Payments Crises;Figure 3-2-5 Balance of Payments Crisis;Sterilized Intervention;Sterilized Intervention;Sterilized Intervention;Sterilized Intervention;Figure 3-2-6 Equilibrium;Sterilized Intervention;i;Assignments;Contents;M-F Model;II. Assumptions A small open economy model (SOE) Price rigidity (hence aggregate supply curve is horizontal, and there is no difference between real exchange rate and nominal rate) Static expectation Perfect asset substitutability Perfect capital mobility;M-F Mo