开放条件下的宏观经济政策.pdfVIP

第三部分 开放条件下的宏观经济政策 开放条件下的宏观经济政策 学习纲要:  经济目标  政策工具  政策协调与政策冲突 开放条件下的宏观经济政策 Policy in an open economy  Countries which are open to the world economy cannot make domestic economic policy choices without considering the impact on trade and payments and their international relationships  Nor can open economies entirely insulate themselves from other countries’ policy choices  As a result, nations make efforts to coordinate their international economic policies  Economic policies are also subject to domestic and foreign institutional constraints 开放条件下的宏观经济政策 Economic objectives  Internal balance – Fully employed economy – Little or no inflation  External balance – Current account is close enough to balance that foreign debts can be repaid (deficit) or that other nations can repay their debts (surplus) 开放条件下的宏观经济政策 Policy instruments  Expenditure-changing policies: alter aggregate demand for goods – Fiscal policy (government taxes and spending) – Monetary policy (money supply)  Expenditure-switching policies: shift demand to/from imports or domestic goods – Devaluation or revaluation (fixed rates) – Exchange market intervention (managed float)  Direct controls – Tariffs, quotas, subsidies, capital controls 开放条件下的宏观经济政策 Economic objectives and macro policy 开放条件下的宏观经济政策 Exchange rate policies overall balance  If a nation was experiencing recession and a BOP deficit, a currency devaluation would encourage exports and help boost domestic production  If it were experiencing inflation and a BOP surplus, a revaluation would cut back on expor