国际金融第十一章课件.ppt

Chapter 11. Economic Policy With Fixed Exchange Rates; Fundamental Issues;The Objectives of Policy;Ⅰ. Internal Balance Objectives;1. Real Income goal;account for quality changes; and (4) The wellbeing of a country’s people likely not only depends on the value of the nation’s output. Many economists conclude that over periods spanning decades, the ability of nation’s governments to spur economic growth via their spending and taxation policies is secondary in comparison with broader factors, such as the tastes, preferences, education, and other attributes of those nation’s residents. ;Nevertheless, trying to attain high and stable per capita GDP growth could help limit fluctuations in aggregate real income relative to real GDP along the long-run growth path. So, policymakers try to conduct policies that might reduce the frequency and extent of business-cycle fluctuations. 2. Employment goal Governments and central banks intended to reduce size and volatility of worker unemployment rates. The unemployment can be divided into three kinds: frictional, structural, and cyclical unemployment. ;(1) frictional unemployment;3. Inflation Goals;II. External Balance Objectives;So, workers and businesses owners in industries that export large portions of their output often push their governments to enact policies that promote exports. At the same time, workers and business owners in industries that rely on domestic sales of their output may pressure government and central bank officials to pursue policies that restrain imports. A fundamental difficulty, of course, is that if all countries simultaneously try to attain trade and payments surpluses through import limitations, international commerce likely would be stymied(妨碍; 侵袭). Exchange rate is also the objective of policymaker. ;The Role of Capital Mobility;Ⅰ. Capital Mobility and the BP Schedule ;Balance of Payments: The BP schedule  and the IS-LM-BP Model; (1) Case of Low Capital Mobility;Wh