萨尔瓦多国际经济学(第十版)英文课件ch19

InternationalEconomicsTenthEditionPricesandOutputinanOpenEconomy:AggregateDemandandAggregateSupplyDominickSalvatoreJohnWiley&Sons,Inc.Salvatore:InternationalEconomics,10thEdition©2010JohnWiley&Sons,Inc.CHAPTERNINETEEN19Inthischapter:IntroductionAggregateDemand,AggregateSupply,andEquilibriuminaClosedEconomyAggregateDemandinanOpenEconomyunderFixedandFlexibleExchangeRatesEffectofEconomicShocksandMacroeconomicPoliciesonAggregateDemandinOpenEconomieswithFlexiblePricesSalvatore:InternationalEconomics,10thEdition©2010JohnWiley&Sons,Inc.Inthischapter:EffectofFiscalandMonetaryPoliciesinOpenEconomieswithFlexiblePricesMacroeconomicPoliciestoStimulateGrowthandAdjusttoSupplyShocksSalvatore:InternationalEconomics,10thEdition©2010JohnWiley&Sons,Inc.IntroductionIntherealworld,pricesriseandfallastheeconomyexpandsandcontractsduringbusinesscycles.Inthischapter,werelaxtheassumptionofconstantpricesandexaminetherelationshipbetweenpriceandoutputinanopeneconomy.Salvatore:InternationalEconomics,10thEdition©2010JohnWiley&Sons,Inc.AggregateDemand,AggregateSupply,andEquilibriuminaClosedEconomyAggregatedemand(AD)showstherelationshipbetweentotalquantitydemandedofgoodsandservicesandthegeneralpricelevel,holdingthemoneysupply,governmentspendingandtaxesconstant.Aggregatesupply(AS)showstherelationshipbetweentotalquantitysuppliedofgoodsandservicesandthegeneralpricelevel.Thisrelationshipdependsontimehorizon,sotherearelong-runandshort-runaggregatesupplycurves.Salvatore:InternationalEconomics,10thEdition©2010JohnWiley&Sons,Inc.FIGURE19-1DerivationoftheADCurvefromtheIS-LMCurves.sSalvatore:InternationalEconomics,10thEdition©2010JohnWiley&Sons,Inc.AggregateDemand,AggregateSupply,andEquilibriuminaClosedEconomyLong-runaggregatesupply(LRAS)doesnotdependonprices,butonquantityoflabor,capital,naturalresourcesandtechnology.Thequantityofinputsavailabletoaneconomydeterminesthenaturallevelofoutput(YN)inthelongrun.LRASisverticalatYNwhenplottedagainstprice.Short-runaggregatesupply(LRAS)doesdependonprices,slopingupwardbecauseofimperfectinformationandmarketimperfections.Salvatore:InternationalEconomics,10thEdition©2010JohnWiley&Sons,Inc.FIGURE19-2TheLong-RunandShort-RunAggregateSupplyCurves.Salvatore:InternationalEconomics,10thEdition©2010JohnWiley&Sons,Inc.FIGURE19-3EquilibriuminaClosedEconomy.Salvatore:InternationalEconomics,10thEdition©2010JohnWiley&Sons,Inc.FIGURE19-4Short-RunOutputDeviationsfromtheNaturalLevelintheUnitedStates.Salvatore:InternationalEconomics,10thEdition©2010JohnWiley&Sons,Inc.AggregateDemandinanOpenEconomyunderFixedandFlexibleExchangeRatesOpeninganeconomytotradeprimarilyaffectsaggregatedemandinshortandmediumrun.Underfixedexchangerates:Theaggregatedemandcurveismoreelasticthanfortheclosedeconomy.Themoreresponsiveexportsandimportsaretothechangeindomesticprices,themoreelasticaggregatedemandwillberelativetotheclosedeconomy.Salvatore:InternationalEconomics,10thEdition©2010JohnWiley&Sons,Inc.FIGURE19-5DerivationofaNation’sAggregateDemandCurveUnderFixedExchangeRates.Salvatore:InternationalEconomics,10thEdition©2010JohnWiley&Sons,Inc.AggregateDemandinanOpenEconomyunderFixedandFlexibleExchangeRatesUnderflexibleexchangerates:Theaggregatedemandcurveismoreelasticthanfortheclosedeconomyandfortheopeneconomywithfixedexchangerates.Withflexibleexchangerates,insteadofthemoneysupplyincreasingwhenpricesincrease,thecurrencywillappreciate,bringingnationbackintoequilibrium.Salvatore:InternationalEconomics,10thEdition©2010JohnWiley&Sons,Inc.FIGURE19-6DerivationoftheNation’sAggregateDemandCurveUnderFlexibleExchangeRates.Salvatore:InternationalEconomics,10thEdition©2010JohnWiley&Sons,Inc.EffectofEconomicShocksandMacroeconomicPoliciesonAggregateDemandinOpenEconomieswithFlexiblePricesSupposethereisanincreaseinexportsand/orreductioninimportswithunchangeddomesticprices.Underfixedexchangerates,abalanceofpaymentssurpluswillleadtoanincreaseinaggregatedemand.Underflexibleexchangerates,thepotentialbalanceofpaymentssurpluswillappreciatethenation’scurrency,correctingtradebalance.Aggregatedemanddoesnotchange.Salvatore:InternationalEconomics,10thEdition©2010JohnWiley&Sons,Inc.FIGURE19-7ChangesintheNation’sTradeBalanceandAggregateDemand.Salvatore:InternationalEconomics,10thEdition©2010JohnWiley&Sons,Inc.FIGURE19-8Short-TermCapitalFlowsandAggregateDemand.Salvatore:InternationalEconomics,10thEdition©2010JohnWiley&Sons,Inc.EffectofEconomicShocksandMacroeconomicPoliciesonAggregateDemandinOpenEconomieswithFlexiblePricesSummaryAnyshockthataffectstherealsectoroftheeconomyaffectsaggregatedemandunderfixedexchangerates,butnotflexibleexchangerates.Anymonetaryshockaffectsaggregatedemandunderbothfixedandflexibleexchangerates–butinoppositedirections.Fiscalpolicyiseffectiveunderfixedexchangeratesbutnotunderflexibleexchangerates.Theoppositeistrueformonetarypolicy.Salvatore:InternationalEconomics,10thEdition©2010JohnWiley&Sons,Inc.EffectofFiscalandMonetaryPoliciesinOpenEconomieswithFlexiblePricesUnderfixedexchangeratesandhighlyelasticshort-terminternationalcapitalflo