芬斯特拉版《国际宏观经济学》课后习题答案第7章.pdf

芬斯特拉版《国际宏观经济学》课后习题答案第7章.pdf

  1. 1、本文档共14页,可阅读全部内容。
  2. 2、原创力文档(book118)网站文档一经付费(服务费),不意味着购买了该文档的版权,仅供个人/单位学习、研究之用,不得用于商业用途,未经授权,严禁复制、发行、汇编、翻译或者网络传播等,侵权必究。
  3. 3、本站所有内容均由合作方或网友上传,本站不对文档的完整性、权威性及其观点立场正确性做任何保证或承诺!文档内容仅供研究参考,付费前请自行鉴别。如您付费,意味着您自己接受本站规则且自行承担风险,本站不退款、不进行额外附加服务;查看《如何避免下载的几个坑》。如果您已付费下载过本站文档,您可以点击 这里二次下载
  4. 4、如文档侵犯商业秘密、侵犯著作权、侵犯人身权等,请点击“版权申诉”(推荐),也可以打举报电话:400-050-0827(电话支持时间:9:00-18:30)。
查看更多
7 18 Balance of Payments I: Output, Exchange Rates, and Macroeconomic Policies in the Short Run 1. In 2001, President George W. Bush and Federal Reserve Chairman Alan Greenspan were both concerned about a sluggish U.S. economy. They also were concerned about the large U.S. current account deficit. To help stimulate the economy, President Bush proposed a tax cut, whereas the Fed had been increasing U.S. money supply. Compare the effects of these two policies in terms of their implications for the current account. If policy makers are concerned about the current account deficit, discuss whether stimulatory fiscal policy or monetary policy makes more sense in this case. Then, re- consider similar issues for 2009–2010, when the economy was in a deep slump, the Fed had taken interest rates to zero, and the Obama administration was arguing for larger fiscal stimulus. Answer: From the model, we know that fiscal expansion leads to crowding out of investment and external demand because it leads to an appreciation in the home cur- rency. In contrast, a monetary expansion leads to a decrease in the interest rate and a depreciation in the currency, causing an improvement in the current account. There- fore, if policy makers are concerned about reducing the current account deficit and want to expand output, they should use monetary policy. These changes are summa- rized in the following figures. S-59 S-60 Solutions ■ Chapter 7(18) Output, Exchange Rates, and Macroeconomic Policies Fiscal expansion

文档评论(0)

annylsq + 关注
实名认证
内容提供者

该用户很懒,什么也没介绍

1亿VIP精品文档

相关文档