【多恩布什版宏观经济学课后答案】第十九章

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1、CHAPTER19INTERNATIONALADJUSTMENTANDINTERDEPENDENCESolutionstotheProblemsintheTextbook:ConceptualProblems:l.a.Alossofexportmarketsleadsnotonlytoanexternaldeficitbutalsotoadecreaseinthelevelofoutput.Sinceapolicydilemmabetweenanexternalandaninternalbalanceexists,acombinationofexpenditure-switchin

2、gandexpenditure・raisingpoliciesisrequired・Thelevyingoftariffshelpstoachieveanexternalbalance,whileanincreaseingovernmentspendinghelpstoachieveaninternalbalance.l.b.Areductioninsavingandanincreaseinthedemandfordomesticgoodswillleadtoanincreaseinnationalincome・Asaresult,importswillincrease,leadi

3、ngtoabalanceofpaymentsdeficit.Thisisnotadilemmasituationandanexpenditure-reducingpolicy(acutinspending)willremedythesituation・l.c.Anincreaseingovernmentspendingwillleadtoanincreaseinnationalincomeandthelevelofimports.Thiswillcauseabalanceofpaymentsdeficit.Thisisnotadilemmasituationandanexpendi

4、ture-reducingpolicy(acutinspending)willsufficetoreestablishaninternalandexternalbalance.1・d.Ashiftinthedemandfromimportstodomesticgoodswillincreaseoutputandleadtoatradesurplus.Thisisadilemmasituationandacombinationofexpenditure-switchingandexpenditure-reducingpoliciesshouldbeemployed・Loweringt

5、ariffscombinedwithacutingovernmentspendingwillhelptoachieveanexternalandinternalbalance・l.e.Areductioninimportswithacorrespondingincreaseinsavingwillnotaffectthelevelofnationalincomebutitwillleadtoatradesurplus>Anappropriateresponseisareductioninincometaxescombinedwithlowertariffs.Thiswillhelp

6、toreducethetradesurpluswithoutaffectingnationalincome.2.Temporarytradeimbalancescanbeeasilyfinanced,sincethecentralbankisnotlikelytorunoutofforeigncuirencyreservesrapidly.AcountrythathasatemporarypaymentsimbalancemayevenboiTOWforeigncurrencyfromabroadaslongasthelevelofdomesticinvestmentspendin

7、gissufficienttoincreasethelevelofoutput,someofwhichwilleventuallybeexported・Atemporarydisturbanceintradepatternscancomefromachangeinexchangeratescausedbyunstableexchangerateexpectations.Ifacountrysuffersapermanentimbalance,however,thece