国际经济学23.pptVIP

Americans never need to pay more than $2.04/￡, since an unlimited supply of pounds can be obtained at this price. This price is called the gold export point. The British never need to receive fewer than $1.96/￡, since at that point gold will begin to move to the U.S. to be exchanged for dollars. This price is called the gold import point. The exchange rate can vary in between these narrow bands. Prices cannot adjust through exchange rate changes. Instead, prices adjust through changes in the money supply. Assuming the quantity theory holds, Ms = kPY. If gold leaves the country, Ms falls and prices must fall in response. Assuming demand for tradeable goods is elastic, this should reduce spending on imports and increase receipts from exports. The price adjustment mechanism under the gold standard is triggered by changes in the money supply related to flows of gold. This adjustment depends on flexible wages and prices – any rigidities will hinder adjustment. Other adjustment may occur due the effects of changes in the money supply on interest rates and income. The gold standard works to keep inflation in check. A country can also fix its exchange rate without reference to the value of gold. The central bank must be ready to buy foreign currency when the domestic currency is strong, and sell foreign currency when the domestic currency is weak. Central banks must hold a sufficient supply of foreign currencies. 钉住汇率制 The adjustment effects of such a system are similar to a gold standard. Upward pressure on the exchange rate caused by an increase in demand for foreign exchange will cause the central bank to sell foreign exchange. This reduces the money supply, thereby triggering adjustments to interest rates, income, and prices. Similarly, downward pressure on the exchange rate caused by an increase in the supply of foreign exchange will cause the central bank to buy foreign exchange. This increases the money supply, thereby triggering adjustments to interest