[提要]本章考察产品市场和货币市场同时达到均衡时产出.docVIP

Chapter 12 Output and the Exchange Rate in the Short Run [提要]：本章考察产品市场和货币市场同时达到均衡时产出和汇率的决定。通过本章学习，要求学生了解开放经济条件下影响产品市场和货币市场均衡的各种变量及其均衡产出和均衡汇率的决定，并运用理论分析各种变量的改变对汇率的影响。 This chapter introduces a short-run model of the output market in an open economy of how the output market adjusts to demand changes when product prices are themselves slow to adjust. The function of model is the effects of macroeconomic policy tools to maintain full employment. 12.1 How output is determined in the short run Output market is in equilibrium in the short-run when real output, Y, equals the aggregate demand for domestic output: Y = D(EP*/P, Y – T, I, G) Here, D(EP*/P, Y – T, I, G), which is aggregated demand, is the amount of a country’s goods and services demanded by households and firms throughout the world. 12.1.1 Determinants of aggregate demand in an open e 1. Consumption demand (C) C=C+ (Yd) Where, Yd is disposable income, equals, Y-T 2. Investment demand (I) I, which is given or exogenous 3. Government demand (G) G, is also exogenous and government determined 4. Current account (CA) CA =EX - IM Explaining: Determinants of the Current Account: ⑴ The domestic currency’s real exchange rate against foreign currency (q = EP*/P) The real exchange rate between 2 countries’ currencies is a broad summary measure of the price of one country’s goods and services relative to the other’s. It means the price of foreign basket in terms of domestic basket. While the nominal exchange rate is a relative price of 2 currency, say, the dollar price of a euro, the real exchange rate is the relative price of 2 output baskets. q$/€= EP*/P. A rise in the real dollar/euro exchange rate q is called a real depreciation of the dollar against the euro. It means that the dollar’s purchasing power over European goods and services falls relative to the its purchasing power over US goods and services. A real appreciation of the dollar against the euro is a fall in q. this fall ind