开放条件下的宏观经济政策

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1、开放条件下的宏观经济政策第三部分开放条件下的宏观经济政策学习纲要:经济目标政策工具政策协调与政策冲突开放条件下的宏观经济政策PolicyinanopeneconomyCountrieswhichareopentotheworldeconomycannotmakedomesticeconomicpolicychoiceswithoutconsideringtheimpactontradeandpaymentsandtheirinternationalrelationshipsNorcanopeneconomiesentirelyinsulatethemselvesf

2、romothercountries’policychoicesAsaresult,nationsmakeeffortstocoordinatetheirinternationaleconomicpoliciesEconomicpoliciesarealsosubjecttodomesticandforeigninstitutionalconstraints开放条件下的宏观经济政策EconomicobjectivesInternalbalanceFullyemployedeconomyLittleornoinflationExternalbalanceCurrent

3、accountiscloseenoughtobalancethatforeigndebtscanberepaid(deficit)orthatothernationscanrepaytheirdebts(surplus)开放条件下的宏观经济政策PolicyinstrumentsExpenditure-changingpolicies:alteraggregatedemandforgoodsFiscalpolicy(governmenttaxesandspending)Monetarypolicy(moneysupply)Expenditure-switchingp

4、olicies:shiftdemandto/fromimportsordomesticgoodsDevaluationorrevaluation(fixedrates)Exchangemarketintervention(managedfloat)DirectcontrolsTariffs,quotas,subsidies,capitalcontrols开放条件下的宏观经济政策Economicobjectivesandmacropolicy开放条件下的宏观经济政策Exchangeratepolicies&overallbalanceIfanationwas

5、experiencingrecessionandaBOPdeficit,acurrencydevaluationwouldencourageexportsandhelpboostdomesticproductionIfitwereexperiencinginflationandaBOPsurplus,arevaluationwouldcutbackonexportsandcooldomesticspending开放条件下的宏观经济政策Exchangerate&overallbalance(cont’d)Suchpolicymovesarenotmadein

6、avacuum;onecountry’sdevaluationeffectivelymeansarevaluationforitsmaintradingpartnersIfdonewithoutinternationalconsultation,thesepolicyshiftsmightinviteretaliation（报复）(asoccurredduringtheGreatDepression)开放条件下的宏观经济政策Fiscal&monetarypolicy:internaleffectsFiscalandmonetarypolicyaregene

7、rallyusedtoachieveinternalbalance,buttheireffectivenessdependsontheexternalsectorUnderafixedexchangeratesystem,fiscalpolicyismoresuccessfulinpromotinginternalbalancethanmonetarypolicyUnderafloatingratesystem,monetarypolicyismoreeffectivethanfiscalpolicyatachievinginternalbalance开放条件下的

8、宏观经济政