国际经济学 图.docx

国际经济学 图.docx

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国际经济学图

Initially,OL1inhomeandL1O’inforeign,realwageinhome（C）islowerthaninforeign（B）.Workersmovefreelytowhicheveroffersahigherrealwageuntiltherealwagesareequalized（A）.

Acountrycantradecurrentconsumptionforfutureconsumptioninthesamewayitcanproducermoreofonegoodbyproducinglessofanother.

Atariffcausesanetlosstotheeconomymeasuredbytheareaofthetwotriangles.

Foralargecountry,thereisanoptimumtariff（to）atwhichthemarginalgainfromimposetermsoftradejustequalsthemarginalefficiencylossfromproductionandconsumptiondistortion.

Foragivenlevelofincome,realmoneydemanddecreasesastheinterestrateincreases.

Themarketalwaysmovestowardaninterestrateatwhichtherealmoneysupplyequalsaggregaterealmoneydemand.Ifthereisinitiallyanexcessofmoneysupply,theinterestratefalls.

Foragivenpricelevelandrealincome,anincreaseinthemoneysupplylowerstheinterestrateandoutput.

Giventhepricelevelandmoneysupply,anincreaseinrealincomeraisestheinterestrate.

BothassetmarketateinequilibriumattheinterestrateR1$andexchangerateE1$/€,atthesevaluesmoneysupplyequalsmoneydemand

（1）attheinterestparityconditionholds（1’）

GivenPandY,anincreaseinacountry’smoneysupplycausesitscurrencytodepreciateintheforeignexchangemarket.

（a）.Theexceptedreturnoneurodepositrisesbecauseofinflationaryexpectations:

ThedollarisexceptedtobelessvaluablewhenbuyinggoodsandservicesandlessvaluablewhenbuyingEuros.Thedollarisexpectedtodepreciate,increasingthereturnondepositsinEuros.

（b）.Aspricesincrease,therealmoneysupplydecreasesandthedomesticinterestratereturntoitlongrunrate.

Afterthemoneysupplyincreaseatt0（a）theinterestrate（b）,pricelevel（c）andexchangerate（d）movesasshowntowardtherelongrunlevels.Asindicatedin（d）bytheinitialjumpfromE1$/€toE2$/€,theexchangerateovershootsintheshortrunbeforesettlingdowntoitslong-runlevelE3$/€.