L3_the open economy英文学习资料.pdf

2012‐05‐07 CHAPTER 6: THE IS-LM MODEL IN AN OPEN ECONOMY CHAPTER 18: ECONOMICECONOMIC POLICYPOLICY ININ ANAN OPEN ECONOMY (appendix 2 p 414 is “useful”) Bohlin: The Dornbusch overshooting model Openness • in the goods markets • in the financial markets • in the factor markets. NX for Sweden1975-2010 1400000 1200000 1000000 800000 600000 400000 200000 0 1975 1985 1995 2005 ‐200000 Import Export Handelsnetto Suorce: SCB 1 2012‐05‐07 Table 6.1 Ratios of exports to GDP for selected OECD countries, 2007 Explanatory factors to the export ratio is: • sice/population of the country •geografic location •the distance to important markets The choice between domestical goods and imported goods 1. How much to consume (and save) 2. Domestic / Foreign • CCruciiall: ththe rellatitive priice off ddomestitic goods in foreign goods = The real exchange rate The Nominal Exchange Rate • The nominal exchange rate can be expressed in two different ways: 1. As the price of the domestic currency in termsterms ofof thethe