国际经济学 多米尼克萨尔 第八版 18章课件

Expenditure-changing or demand policies
Fiscal policies:
Expansionary--increase in government expenditure/taxes reduced-increase in domestic production and a rise in imports Contractionary--reduction in government expenditure/taxes increasedreduction in domestic production and a fall in imports
财政政策在固定汇率下对刺激机经济效 果显著，在浮动汇率下则效果甚微或毫 无效果。



The Mundell–Fleming model portrays the short-run relationship between an economy's nominal exchange rate, interest rate, and output (in contrast to the closed-economy ISLM model, which focuses only on the relationship between the interest rate and output). The Mundell–Fleming model has been used to argue that an economy cannot simultaneously maintain a fixed exchange rate, free capital movement, and an independent monetary policy. This principle is frequently called the "impossible trinity," or the "Mundell–Fleming trilemma."
▲---了解 ★---理解 ●---掌握
18.1 Introduction

To examine the adjustment policies to achieve full employment with price stability and equilibrium in the balance of payments
Five important economic objectives of nations (1)Internal balance (2)External balance (3)A reasonable rate of growth (4)An equitable distribution of income (5)Adequate protection of the enviroment
Chapter 18
Open-Economy Macroeconomics: Adjustment Policies
Chapter 18 Open-Economy Macroeconomics: Adjustment Policies
★ 18.1 Introduction (不讲) 18.2 Internal and External Balance with Expenditure-Changing and Expenditure-Switching Policies ●18.3 Equilibrium in the Goods Market, in the Money Market, and in the Balance of Payments ●18.4 Fiscal and Monetary Policies for Internal and External Balance with Fixed Exchange Rates ▲ 18.5 The IS-LM-BP Model with Flexible Exchange Rates (不讲)18.6 Policy Mix and Price Changes ▲ 18.7 Direct Controls

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1963年，蒙代尔在《加拿大经济学杂志》上发表了 “固定和浮动汇率下的资本流动和稳定政策”。在这 篇有划时代意义的论文中，蒙代尔分析了开放经济中 货币政策和财政政策的短期效应。 他的基本结论是，宏观稳定政策的效果将随国际资本 流动的程度而发生变化。在不同的汇率体制下，宏观 政策的效果是完全不同的。在浮动汇率制度下，货币 政策有效而财政政策无效；在固定汇率制度下，财政 政策有效而货币政策无效。 在20世纪60年代，蒙代尔在国际货币基金组织的一位 同事弗莱明也对开放经济中的稳定政策进行了相似的 研究，说明资本是否自由流动以及不同的汇率制度对 一国宏观经济的影响，所以在教科书中，他们的思想 被称为“蒙代尔一弗莱明模型”(Mundell-Flemming Model)。
18.4 Fiscal and Monetary Policies for Internal and External Balance with Fixed Exchange Rates
18.4A Fiscal and Monetary Policies from External Balance and Unemployment 18.4B Fiscal and Monetary Policies from External Deficit and Unemployment 18.4C Fiscal and Monetary Policies with Elastic Capital Flows 18.4D Fiscal and Monetary Policies with Perfect Capital Mobility
Impossible Trinity

The following three cannot coexist:



A fixed exchange rate Perfect capital mobility Independent monetary policy
Fiscal Policy under a Fixed Exchange Rate
Three policy instruments:
(1) Expenditure-changing or demand policies (2) Expenditure-switching policies (3) Direct controls Injections Leakages I+X=S+M I+X+G=S+M+T government budget deficit: G-T (G–T)=(S–I)+(M–X)
18.3 Equilibrium in the Goods Market, in the Money Market, and in the Balance of Payments
Mundell-Fleming Model
-How a nation can use fiscal and monetary policies to achieve both internal and external balance without any change in the exchange rate. IS curve : What’s meaning and why is negatively inclined? LM curve: What’s meaning and why is positively inclined? BP curve: What’s meaning and why is positively inclined?

Figure 1 Fiscal expansion with fixed exchange rates and perfect capital mobility
18.5 The IS-LM-BP Model with Flexible Exchange Rates
18.5A The IS-LM-BP Model with Flexible Exchange Rates and Imperfect Capital Mobility

Money supply increases due to the increase in foreign reserves.


This shifts the LM curve to the right.
Thus, in a small economy under fixed exchange rates, a fiscal expansion is accompanied by an increase in money supply. It makes fiscal policy becomes more effective in influencing economic activity. Under perfect capital mobility, fiscal policy becomes a powerful tool of macroeconomic policy in a small country.
Monetray policies:
Easy--money supply is increased and interest rates fall--stimulate investment, income, imports, and capital outflow Tight--money supply is reduced and interest rates rise--discourage investment, income, imports, and capital inflow

The Mundell–Fleming model, also known as the IS-LM-BP model, is an economic model first set forth (independently) by Robert Mundell and Marcus Fleming. The model is an extension of the IS-LM model. Whereas the traditional IS-LM Model deals with economy under autarky (or a closed economy), the Mundell– Fleming model describes an open economy.


An increase in government spending (G) shifts the IS schedule to the right. Both income and the interest rate increase. The current account declines while the capital account increases. If the capital mobility is high or perfect, the change in the capital account dominates and the domestic currency tends to appreciate. The central bank intervenes and buys foreign exchange. (BP turns to deficit.)

The Mundell–Fleming model is based on the following equations.
(the IS curve)
(The LM Curve)
(The BP Curve )
蒙代尔—弗莱明模型的基本结论

货币政策在固定汇率下对刺激经济毫无 效果，在浮动汇率下则效果显著；