萨尔瓦多国际经济学（第十版）英文课件

1、Salvatore: International Economics, 10th Edition 2009 John Wiley & Sons, Inc.,International EconomicsTenth Edition,Prices and Output in an Open Economy: Aggregate Demand and Aggregate Supply Dominick Salvatore John Wiley & Sons, Inc.,CHAPTER N I N E T E E N,19,In this chapter:,Introduction Aggregate

2、 Demand, Aggregate Supply, and Equilibrium in a Closed Economy Aggregate Demand in an Open Economy under Fixed and Flexible Exchange Rates Effect of Economic Shocks and Macroeconomic Policies on Aggregate Demand in Open Economies with Flexible Prices,Salvatore: International Economics, 10th Edition

3、2010 John Wiley & Sons, Inc.,In this chapter:,Effect of Fiscal and Monetary Policies in Open Economies with Flexible Prices Macroeconomic Policies to Stimulate Growth and Adjust to Supply Shocks,Salvatore: International Economics, 10th Edition 2010 John Wiley & Sons, Inc.,Introduction,In the real wo

4、rld, prices rise and fall as the economy expands and contracts during business cycles. In this chapter, we relax the assumption of constant prices and examine the relationship between price and output in an open economy.,Salvatore: International Economics, 10th Edition 2010 John Wiley & Sons, Inc.,A

5、ggregate Demand, Aggregate Supply, and Equilibrium in a Closed Economy,Aggregate demand (AD) shows the relationship between total quantity demanded of goods and services and the general price level, holding the money supply, government spending and taxes constant. Aggregate supply (AS) shows the rel

6、ationship between total quantity supplied of goods and services and the general price level. This relationship depends on time horizon, so there are long-run and short-run aggregate supply curves.,Salvatore: International Economics, 10th Edition 2010 John Wiley & Sons, Inc.,FIGURE 19-1 Derivation of

7、 the AD Curve from the IS-LM Curves.,s,Salvatore: International Economics, 10th Edition 2010 John Wiley & Sons, Inc.,Aggregate Demand, Aggregate Supply, and Equilibrium in a Closed Economy,Long-run aggregate supply (LRAS) does not depend on prices, but on quantity of labor, capital, natural resource

8、s and technology. The quantity of inputs available to an economy determines the natural level of output (YN) in the long run. LRAS is vertical at YN when plotted against price. Short-run aggregate supply (LRAS) does depend on prices, sloping upward because of imperfect information and market imperfe

9、ctions.,Salvatore: International Economics, 10th Edition 2010 John Wiley & Sons, Inc.,FIGURE 19-2 The Long-Run and Short-Run Aggregate Supply Curves.,Salvatore: International Economics, 10th Edition 2010 John Wiley & Sons, Inc.,FIGURE 19-3 Equilibrium in a Closed Economy.,Salvatore: International Ec

10、onomics, 10th Edition 2010 John Wiley & Sons, Inc.,FIGURE 19-4 Short-Run Output Deviations from the Natural Level in the United States.,Salvatore: International Economics, 10th Edition 2010 John Wiley & Sons, Inc.,Aggregate Demand in an Open Economy under Fixed and Flexible Exchange Rates,Opening an

11、 economy to trade primarily affects aggregate demand in short and medium run. Under fixed exchange rates: The aggregate demand curve is more elastic than for the closed economy. The more responsive exports and imports are to the change in domestic prices, the more elastic aggregate demand will be re

12、lative to the closed economy.,Salvatore: International Economics, 10th Edition 2010 John Wiley & Sons, Inc.,FIGURE 19-5 Derivation of a Nations Aggregate Demand Curve Under Fixed Exchange Rates.,Salvatore: International Economics, 10th Edition 2010 John Wiley & Sons, Inc.,Aggregate Demand in an Open

13、 Economy under Fixed and Flexible Exchange Rates,Under flexible exchange rates: The aggregate demand curve is more elastic than for the closed economy and for the open economy with fixed exchange rates. With flexible exchange rates, instead of the money supply increasing when prices increase, the cu

14、rrency will appreciate, bringing nation back into equilibrium.,Salvatore: International Economics, 10th Edition 2010 John Wiley & Sons, Inc.,FIGURE 19-6 Derivation of the Nations Aggregate Demand Curve Under Flexible Exchange Rates.,Salvatore: International Economics, 10th Edition 2010 John Wiley &

15、Sons, Inc.,Effect of Economic Shocks and Macroeconomic Policies on Aggregate Demand in Open Economies with Flexible Prices,Suppose there is an increase in exports and/or reduction in imports with unchanged domestic prices. Under fixed exchange rates, a balance of payments surplus will lead to an inc

16、rease in aggregate demand. Under flexible exchange rates, the potential balance of payments surplus will appreciate the nations currency, correcting trade balance. Aggregate demand does not change.,Salvatore: International Economics, 10th Edition 2010 John Wiley & Sons, Inc.,FIGURE 19-7 Changes in t

17、he Nations Trade Balance and Aggregate Demand.,Salvatore: International Economics, 10th Edition 2010 John Wiley & Sons, Inc.,FIGURE 19-8 Short-Term Capital Flows and Aggregate Demand.,Salvatore: International Economics, 10th Edition 2010 John Wiley & Sons, Inc.,Effect of Economic Shocks and Macroeco

18、nomic Policies on Aggregate Demand in Open Economies with Flexible Prices,Summary Any shock that affects the real sector of the economy affects aggregate demand under fixed exchange rates, but not flexible exchange rates. Any monetary shock affects aggregate demand under both fixed and flexible exch

19、ange rates but in opposite directions. Fiscal policy is effective under fixed exchange rates but not under flexible exchange rates. The opposite is true for monetary policy.,Salvatore: International Economics, 10th Edition 2010 John Wiley & Sons, Inc.,Effect of Fiscal and Monetary Policies in Open E

20、conomies with Flexible Prices,Under fixed exchange rates and highly elastic short-term international capital flows, fiscal policy is effective, but monetary policy is not. Under flexible exchange rates, monetary policy is effective, but fiscal policy is not.,Salvatore: International Economics, 10th

21、Edition 2010 John Wiley & Sons, Inc.,FIGURE 19-9 Expansionary Fiscal Policy from the Natural Level of Output and Recession Under Fixed Exchange Rates.,Salvatore: International Economics, 10th Edition 2010 John Wiley & Sons, Inc.,FIGURE 19-10 Index of Central Bank Independence and Average Inflation.,

22、Salvatore: International Economics, 10th Edition 2010 John Wiley & Sons, Inc.,Macroeconomic Policies to Stimulate Growth and Adjustment to Supply Shocks,Though fiscal and monetary policies are used primarily to affect aggregate demand, they can also be used to stimulate long-run economic growth. If

23、successful in the long run, growth policies can lead to: Increased employment Higher incomes Lower prices An appreciated currency,Salvatore: International Economics, 10th Edition 2010 John Wiley & Sons, Inc.,FIGURE 19-11 Macroeconomic Policies for Long-Run Growth.,Salvatore: International Economics, 10th Edition 2010 John Wiley & Sons, Inc.,Macroecon