国际金融学policies in the open economy课件参考.pptVIP

Chinese Finance Research Institute 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 Model M-F Model III. Components III.1 IS Schedule Y=Y(i, A, SP*/P) III.2 LM Schedule Md/P=f(Y,i)=Ms/P III.3 BP Schedule In case of static expectations, risk neutrality and perfect capital mobility, i-i*=Etst+1-st=0 IV. Fiscal Monetary Policies under Fixed Rate IV.1 Monetary Policy: See Figure 3-3-