国际经济学图形解释

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1、Fiscalpolicy:Shortruninternaleffects（1）UnderfixedexchangeratesIncreaseingovernmentspendingAggregatedemandrisesMoneydemandandinterestratesincreaseNetcapitalinflowsCentralbanksellscurrencyandmoneysupplyrisesOutputandemploymentriseOutputandemploymentrisef

2、urtherAssumeshighdegreeofcapitalmobilityForcontractionaryfiscalpolicy,reverseallchanges对此图的解释：政府支出增加会使社会总需求增加，给定货币供给，则利率水平上升；这会鼓励外国投资者将资金投到本国，同时本国居民减少对外投资，从而导致资本净流入；资本的净流入使本国的资本账户出现顺差，而政府支出的增加会使本国贸易账户出现逆差，如果资本流动性很高，则资本账户的顺差额会超过贸易账户的逆差额；又因为在固定汇率制度下，资本的净

3、流入使得中央银行货币结余，它将卖出货币导致货币供给增加；货币的供应增加意味着扩大生产，从而导致产出和就业水平的上升。总之，在固定汇率制度下，扩张性（紧缩性）的财政政策有助于解决通货紧缩（膨胀）问题。Explanation:Asgovernmentspendingincreases,sodotheaggregatedemandandthedemandformoney.Giventhesupplyofmoney,interestratesincrease;thisencouragesforeigners

4、toinvestmoreinthehomenationanddiscouragesitsresidentsfrominvestingabroad.Assuch,netcapitalinflowsoccur.Theresultingnetcapitalinflowspushthenation’scapitalaccountintosurplus.Atthesametime,theincreaseingovernmentspendingresultsinatradedeficit.Ifinvestmen

5、tflowsarehighlymobile,itislikelythatthecapital-accountsurpluswillexceedthetrade-accountdeficit.Underfixedexchangerates,thenetcapitalinflowsleadtosurplusofthecentralbank’smoney.Inthiscase,thecentralbankwillsellcurrencyandmoneysupplyrises.Theincreaseinmo

6、neysupplymeansexpandofproduce,thusleadingtooutputandemploymentrisefurther.Toconclude,underfixedexchangerates,anexpansionary(contractionary)fiscalpolicyhelpscorrecttheproblemofrecession(inflation).IncreaseingovernmentspendingAggregatedemandrisesMoneydem

7、andandinterestratesincreaseNetcapitalinflowsCurrencyappreciationDecreaseinaggregatedemand,output,employmentOutputandemploymentriseImportsriseandtradeaccountworsensAssumeshighdegreeofcapitalmobilityForcontractionaryfiscalpolicy,reverseallchanges（2）Under

8、floatingexchangerates对此图的解释：政府支出增加会使社会总需求增加，给定货币供给，则利率水平上升，从而会导致资本净流入和产出及就业的增加；然而在浮动汇率制度下，中央银行无力阻止货币升值，从而货币升值，是的本国竞争力下降，导致出口减少进口增加，贸易账户出现逆差和恶化；紧随而至的就是国内总需求的减少和产出下降，失业增加。总之，在浮动汇率制度下，扩张性（紧缩性）的财政政策在解决通货紧缩（膨胀）方面是无效的。Explanation:Asgovernment