布兰查德 宏观经济学 第四版 第20章推荐.pptVIP

? 2006 Prentice Hall Business Publishing Macroeconomics, 4/e Olivier Blanchard * of 32 The Effects of Policyin an Open Economy Can we tell what happens to the various components of demand for money when the government increases spending: Consumption and government spending both go up. The effect of government spending on investment was ambiguous in the closed economy, it remains ambiguous in the open economy. Both the increase in output and the appreciation combine to decrease net exports. ? 2006 Prentice Hall Business Publishing Macroeconomics, 4/e Olivier Blanchard * of 32 The Effects of Monetary Policyin an Open Economy The Effects of a Monetary Contraction A monetary contraction leads to a decrease in output, an increase in the interest rate, and an appreciation. A monetary contraction shifts the LM curve up. It shifts neither the IS curve nor the interest-parity curve. Figure 20 - 4 ? 2006 Prentice Hall Business Publishing Macroeconomics, 4/e Olivier Blanchard * of 32 Table 1 The Emergence of Large U.S. Budget Deficits, 1980-1984 1980 1981 1982 1983 1984 Spending 22.0 22.8 24.0 25.0 23.7 Revenues 20.2 20.8 20.5 19.4 19.2 Personal taxes 9.4 9.6 9.9 8.8 8.2 Corporate taxes 2.6 2.3 1.6 1.6 2.0 Budget surplus (-:deficit) ?1.8 ?2.0 ?3.5 ?5.6 ?4.5 Numbers are for fiscal years, which start in October of the previous calendar year. All numbers are expressed as a percentage of GDP. Monetary Contraction, and Fiscal Expansion: The United States in the Early 1980s ? 2006 Prentice Hall Business Publishing Macroeconomics, 4/e Olivier Blanchard * of 32 Supply siders—a group of economists who argued that a cut in tax rates would boost economic activity. High output growth and dollar appreciation during the early 1980s resulted in an increase in the trade deficit. A higher trade deficit, combined with a large budget deficit, became know as the twin deficits of the 1980s. Monetary Contraction, and Fiscal Expansio