马歇尔勒纳条件和j曲线效应推导.pptVIP

? Primary question: Under what circumstances does devaluation improve the trade balance ( TB )? ? Secondary question: If the currency floats (i.e., no foreign exchange intervention by the central bank), how much must the exchange rate ( E ) change to clear TB by itself (i.e., with no offsetting capital flows)? Model: Elasticities Approach Key derivation: Marshall-Lerner Condition LECTURE 1: DEV ALUATION THE TRADE BALANCE GOODS MARKET PRICING IN OPEN-ECONOMY MODELS: ALTERNATIVE ASSUMPTIONS (1) Traditional Two-good Models ( X M ) (1a) Producer Currency Pricing :