文档介绍：Aggregate Demand in the Open Economy
The Mundell-Fleming Model
The small open economy under floating exchange
The small open economy under fixed exchange rates
Interest-rate differentials
Should exchange rates be floating or fixed?
The Mundell-Fleming Model with a changing price level
A concluding remind
12-1 The Mundell-Fleming Model
----The key assumption: small open economy with perfect capital mobility
r=r*
----The goods market and IS* curve
Y=C(Y-T)+I (r*)+G +NX (e)
----The money market and the LM* curve
M/P = L (r*,Y)
----Putting the pieces together
Y=C(Y-T) + I (r*) + G + NX (e) IS*
M/P = L (r*,Y) LM*
Slide 1
Mankiw:Macroeconomics, 4/e © by Worth Publishers, Inc.
Slide 2
Mankiw:Macroeconomics, 4/e © by Worth Publishers, Inc.
Slide 3
Mankiw:Macroeconomics, 4/e © by Worth Publishers, Inc.
12-2 The Small Open Economy Under Floating Exchange Rate
Fiscal policy: it does not influence aggregate e.
ary policy: it does influence aggregate e.
Trade policy: it does not influence aggregate e.
Slide 4
Mankiw:Macroeconomics, 4/e © by Worth Publishers, Inc.
Slide 5
Mankiw:Macroeconomics, 4/e © by Worth Publishers, Inc.
Slide 6
Mankiw:Macroeconomics, 4/e © by Worth Publishers, Inc.
12-3 The Small Open Economy Under Fixed Exchange Rates
How a fixed-exchange-rate system works
Fiscal policy: it does influence aggregate e.
ary policy: it does not influence aggregate e.
Trade policy: it does influence aggregate e.
Policy in the Mudell-Fleming model: a summary