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1、InternationalEconomicsTenthEditionPricesandOutputinanOpenEconomy:AggregateDemandandAggregateSupplyDominickSalvatoreJohnWiley&Sons,Inc.Salvatore:InternationalEconomics,10thEdition©2010JohnWiley&Sons,Inc.CHAPTERNINETEEN19Inthischapter:IntroductionAggregateDemand,AggregateSup
2、ply,andEquilibriuminaClosedEconomyAggregateDemandinanOpenEconomyunderFixedandFlexibleExchangeRatesEffectofEconomicShocksandMacroeconomicPoliciesonAggregateDemandinOpenEconomieswithFlexiblePricesSalvatore:InternationalEconomics,10thEdition©2010JohnWiley&Sons,Inc.Inthischapt
3、er:EffectofFiscalandMonetaryPoliciesinOpenEconomieswithFlexiblePricesMacroeconomicPoliciestoStimulateGrowthandAdjusttoSupplyShocksSalvatore:InternationalEconomics,10thEdition©2010JohnWiley&Sons,Inc.IntroductionIntherealworld,pricesriseandfallastheeconomyexpandsandcontracts
4、duringbusinesscycles.Inthischapter,werelaxtheassumptionofconstantpricesandexaminetherelationshipbetweenpriceandoutputinanopeneconomy.Salvatore:InternationalEconomics,10thEdition©2010JohnWiley&Sons,Inc.AggregateDemand,AggregateSupply,andEquilibriuminaClosedEconomyAggregated
5、emand(AD)showstherelationshipbetweentotalquantitydemandedofgoodsandservicesandthegeneralpricelevel,holdingthemoneysupply,governmentspendingandtaxesconstant.Aggregatesupply(AS)showstherelationshipbetweentotalquantitysuppliedofgoodsandservicesandthegeneralpricelevel.Thisrela
6、tionshipdependsontimehorizon,sotherearelong-runandshort-runaggregatesupplycurves.Salvatore:InternationalEconomics,10thEdition©2010JohnWiley&Sons,Inc.FIGURE19-1DerivationoftheADCurvefromtheIS-LMCurves.sSalvatore:InternationalEconomics,10thEdition©2010JohnWiley&Sons,Inc.Aggr
7、egateDemand,AggregateSupply,andEquilibriuminaClosedEconomyLong-runaggregatesupply(LRAS)doesnotdependonprices,butonquantityoflabor,capital,naturalresourcesandtechnology.Thequantityofinputsavailabletoaneconomydeterminesthenaturallevelofoutput(YN)inthelongrun.LRASisverticalat
8、YNwhenplottedagainstprice.Short-runaggregatesupply(LRAS)doesdependonprices,slopingupwardb
