文档介绍：Money policy and the open economy 货币政策和宏观经济
1. shocks originating from abroad(来自国外的冲击)
Money policy and the open economy 货币政策和宏观经济
2. Net export effect(净出口效应)
What ary policy should be conducted to reduce inflation?
tight ary policy
What will happen when a tight ary policy is conducted?
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The higher interest rate will attract financial capital from abroad where interest rates presumably are unchanged.
较高的利率将吸引国外的金融资本。
But foreign financial investors must acquire Chinese money before purchasing the desired Chinese securities.
(但是国外的金融投资者在购买中国的有价证券之前,必需获得中国的货币——人民币。)
Then the demand for RMB will increase, the price of RMB will rise in terms of foreign currencies; In other words, RMB will appreciate.
这样,对人民币的需求会增加,人民币的价格会上升,即,人民币升值。
What will be the impact of RMB appreciation on exports?(人民币升值对我国的净出口有什么影响?)
Our exports will decline, and our imports will increase. Net export in China will diminish, and the effect of our tight ary policy will be reinforced.
会导致出口减少、进口增多,中国的净出口减少,增强了紧缩货币政策的效果。
Table
Problem: inflation(面临的问题:通胀)
Tight ary policy(方法:紧的货币政策)
Higher domestic interest rates (导致利率上升)
Increased demand for RMB(增加了对本币的需求)
RMB appreciates(本币升值)
Net exports decline(净出口减少)
AD decreases ,reinforcing the effect of tight ary policy.(总需求减少,加强了紧缩货币政策的效果)
Problem: inflation(面临的问题:通胀)
Tight ary policy(方法:紧的货币政策)
Higher domestic interest rates (导致利率上升)
Increased demand for RMB(增加了对本币的需求)
RMB appreciates(本币升值)
Net exports decline(净出口减少)
AD decreases ,reinforcing the effect of tight ary policy.(总需求减少,加强了紧缩货币政策的效果)
Problem: recession(面临的问题:衰退) Easy ary policy(方法:松的货币政策) Lower domestic interest rates (导致利率下降) Decreased demand for RMB(减少了对本币的需求) RMB depreciates(本币贬值) Net exports increase(净出口增加) AD increases ,reinforcing the effect of tight ary policy.(总需求减少,加强了扩张性货币政策的效果)
Table
Effectiveness of ary policy 货币政策的有效性
(缺点)
a. Cyclical asymmetry
An easy ary