中期宏观济学5e ch5e.pptx

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中期宏观济学5e ch5e.pptx

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2of3221-1TheMediumRunWhenwefocusedontheshortruninChapter20,wedrewasharpcontrastbetweenthebehaviorofaneconomywithflexibleexchangeratesandaneconomywithfixedexchangerates:Underflexibleexchangerates,acountrythatneededtoachievearealdepreciationcoulddosobyrelyingonanexpansionarymonetarypolicytoachievebothlowerinterestandadecreaseintheexchangerate.Underfixedexchangerates,thefixedexchangerateandtheinterestparityconditionimpliedthatthecountrycouldnotadjustitsinterestrate;thedomesticinterestratehadtoremainequaltotheforeigninterestrate.

3of32Therearetwowaysinwhichtherealexchangeratecanadjust:Throughachangeinthenominalexchangerate,E.Throughachangeinthedomesticpricelevel,P,relativetotheforeignpricelevelP*.21-1TheMediumRun

4of3221-1TheMediumRunTheaggregatedemandrelationinanopeneconomywithfixedexchangerateisAggregateDemandUnderFixedExchangeRates

5of3221-1TheMediumRunInaclosedeconomy,theaggregatedemandrelationtookthesameformasabove,exceptforthepresenceoftherealmoneystockM/PinsteadoftherealexchangerateēP/P*.Underfixedexchangerates,thecentralbankgivesupmonetarypolicyasapolicyinstrument.Thisiswhythemoneystocknolongerappearsintheaggregatedemandrelation.Atthesametime,thefactthattheeconomyisopenimpliesthatwemustincludeavariablethatwedidnotincludewhenlookingattheclosedeconomyearlier,namely,therealexchangerate,ēP/P*.AggregateDemandUnderFixedExchangeRates

6of32Whilethesignoftheeffectofthepricelevelonoutputremainsthesame,thechannelisverydifferent:

Intheclosedeconomy,thepricelevelaffectsoutputthroughitseffectontherealmoneystock,andinturn,itseffectontheinterestrate.Intheopeneconomyunderfixedexchangerates,thepricelevelaffectsoutputthroughitseffectontherealexc