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1、InternationalEconomicsTenthEditionPricesandOutputinanOpenEconomy:AggregateDemandandAggregateSupplyDominickSalvatoreJohnWiley&Sons,Inc.CHAPTERNINETEEN19Salvatore:InternationalEconomics,10thEdition©2009JohnWiley&Sons,Inc.Inthischapter:IntroductionAggregateDemand,AggregateSupply,
2、andEquilibriuminaClosedEconomyAggregateDemandinanOpenEconomyunderFixedandFlexibleExchangeRatesEffectofEconomicShocksandMacroeconomicPoliciesonAggregateDemandinOpenEconomieswithFlexiblePricesInthischapter:EffectofFiscalandMonetaryPoliciesinOpenEconomieswithFlexiblePricesMacroec
3、onomicPoliciestoStimulateGrowthandAdjusttoSupplyShocksIntroductionIntherealworld,pricesriseandfallastheeconomyexpandsandcontractsduringbusinesscycles.Inthischapter,werelaxtheassumptionofconstantpricesandexaminetherelationshipbetweenpriceandoutputinanopeneconomy.AggregateDemand
4、,AggregateSupply,andEquilibriuminaClosedEconomyAggregatedemand(AD)showstherelationshipbetweentotalquantitydemandedofgoodsandservicesandthegeneralpricelevel,holdingthemoneysupply,governmentspendingandtaxesconstant.Aggregatesupply(AS)showstherelationshipbetweentotalquantitysuppl
5、iedofgoodsandservicesandthegeneralpricelevel.Thisrelationshipdependsontimehorizon,sotherearelong-runandshort-runaggregatesupplycurves.FIGURE19-1DerivationoftheADCurvefromtheIS-LMCurves.sAggregateDemand,AggregateSupply,andEquilibriuminaClosedEconomyLong-runaggregatesupply(LRAS)
6、doesnotdependonprices,butonquantityoflabor,capital,naturalresourcesandtechnology.Thequantityofinputsavailabletoaneconomydeterminesthenaturallevelofoutput(YN)inthelongrun.LRASisverticalatYNwhenplottedagainstprice.Short-runaggregatesupply(LRAS)doesdependonprices,slopingupwardbec
7、auseofimperfectinformationandmarketimperfections.FIGURE19-2TheLong-RunandShort-RunAggregateSupplyCurves.FIGURE19-3EquilibriuminaClosedEconomy.FIGURE19-4Short-RunOutputDeviationsfromtheNaturalLevelintheUnitedStates.AggregateDemandinanOpenEconomyunderFixedandFlexibleExchangeRate
8、sOpeninganeconomytotradeprimarilyaffectsaggregatedemandinshor
