中级宏观经济学(英文)15_The_Open_Economy_in_the_SR.pptVIP

The SOE Under Fixed Ex-rate Trade policy e Y IS* LM* Summary of the M-F Model Ex-rate regime 浮 动 固 定 Y e NX Y e NX Fiscal expansion 0 ↑ ↓ ↑ 0 0 Monetary expansion ↑ ↓ ↑ 0 0 0 Import restriction 0 ↑ 0 ↑ 0 ↑ Summary of the M-F Model The power of monetary and fiscal policy to influence aggregate income depends on the ex-rate regime Summary of the M-F Model Floating: only monetary policy can affect income the expansionary impact of fiscal policy is offset by a rise in the value of the currency and a decrease in NX Fixed: only fiscal policy can affect income the potency of monetary policy is lo