国际经济学第九版英文课后答案 第18单元Word格式.docx

国际经济学第九版英文课后答案 第18单元Word格式.docx

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18.4aFiscalandMonetaryPoliciesfromExternalBalanceandUnemployment

18.4bFiscalandMonetaryPoliciesfromExternalDeficitandUnemployment

18.4cFiscalandMonetaryPolicieswithElasticCapitalFlows

18.4dFiscalandMonetaryPolicieswithPerfectCapitalMobility

CaseStudy18-2:

RelationshipBetweenU.S.CurrentAccountandBudgetDeficits

18.5TheIS-LM-FEModelwithFlexibleExchangeRates

18.5aIS-LM-FEModelwithFlexibleExchangeRatesandImperfectCapitalMobility

CaseStudy18-3:

EffectofU.S.FiscalPolicyintheUnitedStatesandAbroad

18.5bIS-LM-FEModelwithFlexibleExchangeRatesandPerfectCapitalMobility

CaseStudy18-4:

EffectofMonetaryPolicyintheU.S.andOtherOECDCountries

*18.6PolicyMixandPriceChanges

18.6aPolicyMixandInternalandExternalBalance

18.6bEvaluationofthePolicyMixwithPriceChanges

18.6cPolicyMixintheRealWorld

CaseStudy18-5:

U.S.MonetaryandFiscalPoliciesinthe1980sandEarly1990s

*18.7DirectControls

18.7aTradeControls

18.7bExchangeControls

CaseStudy18-6:

DirectControlsonInternationalTransactionsAroundtheWorld

18.7cOtherDirectControlsandInternationalCooperation

Appendix:

A18.1DerivationoftheISCurve

A18.2DerivationoftheLMCurve

A18.3DerivationoftheFECurve

A18.4MathematicalSummary

KeyTerms

InternalBalanceTransactiondemandformoney

ExternalbalanceSpeculativeDemandformoney

Expenditure-changingpoliciesBPcurve

Expenditure-switchingpoliciesPhillipscurve

PrincipleofeffectivemarketclassificationExchangecontrols

IScurveMultipleexchangerates

LMcurve

LectureOutline:

1.Thisisoneofthemostimportantandchallengingofthechapters.Sections1-2and6-7arecoresectionsandshouldbecoveredinanyinternationaleconomicscourse.Sections3-5introducetheIS-LM-BPmodelandmaybeskippedifintermediatemacroeconomicsisnotarequirementforthecourse.ThisisuptotheInstructor,however.

2.Inthefirstlecture,Iwouldcoversections1and2andassignproblems1-3.ThemostimportantanddifficultparthereistheSwandiagram.Ifstudentsaretoknowanythingabouteconomicpoliciestocorrectinternalandexternalimbalances,thisisit.

3.Sections3-5requiretwoclassestobecoveredadequatelyifstudentshadintermediatemacroeconomics.Otherwise,itwouldtakethreeclasses,ortheycanbeskipped.Ifsections3-5arecovered,Iwouldassignproblems4-11andgooversomeoftheseinclasstomakesurethatstudentsfullyunderstandthemodelandthepoliciesthatcanbeusedtocorrect

internalandexternalimbalances.

4.Iwouldcoversection6inthenextclassandassignproblems12-14.Themostimportantaspectofthissectionistheexplicitrecognitionofpricestabilityasthethirdimportantobjectiveofnationsandtheproblemsthatthiscreateswiththepoliciesathandtoachieveinternalandexternalbalancecompletely.IwouldalsocoverCaseStudies18.1-18-3.

5.Iwouldleavesection7forstudentstocoverbythemselves.Thesectionisimportantbutmostlydescriptiveandstudentstoreaditontheirownandbringquestionstoclass.

AnswertoProblems:

1.PointChangeinDChangeinR

C1increasedevalue

C4increaserevalue

C7decreaserevalue

C10decreasedevalue

2.PointChangeinDChangeinR

C2increasenone

C5nonerevalue

C8decreasenone

C11nonedevalue

3.PointChangeinDChangeinR

C3increaserevalue

C6decreaserevalue

C9decreasedevalue

C12increasedevalue

4.a.ThenationfacesasurplusatYE=1,000becausePisbelowpointE.

b.AtYE=1,000andwithaMPM=0.15,thenationfacesasurplusof（200）（0.15）=30.

5.Thenationofproblem4canreachfullemploymentwithexternalbalancewiththe

expansionaryfiscalpolicythatshiftsISupwarduntilitcrossestheBPlineatpointFandthetightmonetarypolicythatshiftsLMupwarduntilitalsocrossestheBPlineatpointF.

6.ThenationrequirestheexpansionaryfiscalthatshiftstheIScurveupuntilitcrossestheBPcurveatpointFandthetightmonetarypolicythatshiftsuptheLMcurveuntilitcrossestheBPcurveatpointF.

SeeFigure1.

7.Ifthefull-employmentlevelofnationalincomeisYE=1,000,thenationrequirestheexpansionaryfiscalpolicythatshiftstheIScurveupuntilitcrossestheBPcurveatpointB'

andthetightmonetarypolicythatshiftsuptheLMcurveuntilitcrossestheBPcurveatpointB'

.

SeeFigure2.

8.a.IftheBPcurvewereflatterthantheLMcurve,thenationwouldrequiretheexpansionaryfiscalpolicythatshiftstheIScurveupuntilitcrossesthePBcurveatpointFandtheeasymonetarypolicythatshiftsdowntheLMcurveuntilitcrossestheBPcurveatpointF.

SeeFigure3.

b.WhentheBPcurveisflatterthantheLMcurve,thenationrequiresaneasyratherthanatightmonetarypolicytoachieveinternalandexternalbalancesimultaneously.

9.Withperfectlyelasticinternationalcapitalflows,theBPlinewouldbehorizontalandmonetarypolicywouldbecompletelyineffective.Thenationcouldreachinternalandexternalbalancewiththeappropriateexpansionaryfiscalpolicyonly.

10.StartingfrompointEinFigure18-8inthetext,thenationcouldusethefiscalpolicythatshiftstheIScurvetoIS'

intersectingtheLMcurveatpointZ（seeFigure4onthenextpage）.SincepointZistotherightoftheBPcurve,thenationwillhaveadeficitinitsbalanceofpayments.Withflexibleexchangerates,thenation'

scurrencydepreciatesandsotheBPcurveshiftstotheright.ThisinducesaleftwardshiftintheLMcurvetoLM'

suchthatcurveIS"

andLM'

intersectontheBPcurveatpointE'

.SinceatpointE'

thenationstillfacesunemployment,thenationwouldneedtoapplyadditionaldosesofexpansionaryfiscalpolicyuntilallthreemarketsareinequilibriumatthefullemploymentlevelofnationalincomeofYF=1500.

11.StartingfrompointEinFigure18-8inthetext,thenationcouldusethefiscalpolicythatshiftstheIScurvetoIS'

（seeFigure5onthenextpage）,intersectingtheLMcurveatpointZ.SincepointZisnowtotheleftoftheBPcurve,thenationwillhaveasurplusinitsbalanceofpayments.Withflexibleexchangerates,thenation'

scurrencyappreciatesandsotheBPcurveshiftstotheleft.ThisinducesaleftwardshiftintheIScurvetoIS"

andarightwardshiftintheLMcurvetoLM'

intersectontheBPcurveatpointE'

.SinceatpointE'

thenationstillfacesunemployment,thenationwouldneedtoapplyadditionaldosesofexpansionaryfiscalpolicyuntilallthreemarketsarein

equilibriumatthefullemploymentlevelofnationalincomeofYF=1500.

12.PointFiscalPolicyMonetaryPolicy

C3expansionaryeasy

C6contractionaryeasy

C9contractionarytight

C12expansionarytight

13.Point

C1expansionarytight

C5contractionaryeasy

C7contractionaryeasy

C11expansionarytight

14.PointFiscalPolicyMonetaryPolicy

C4noneeasy

C8contractionarynone

C10nonetight

App.1DrawinpanelIVofFigure18-11theI（i）+X+Gfunction50unitstotheleftof

I（i）+X,anddrawinpanelItheIS'

function125unitsontherightofIS

[theS（Y）+M（Y）functionremainsunchanged].Drawadashedrectanglewithcorners（Y=1125,i=10%）ontheIS'

line,（Y=1125,leakages=500）ontheS（Y）+M（Y）line,（injections=500,leakages=500）onthe45degreeline,and（injections=500,i=10%）ontheI（i）+X+Gline.Sincreasesby（DY）（MPS）=（125）（0.25,fromsection17.3c）=31.25,Mincreasesby（DY）（MPM）=（125）（0.15）=18.75foratotalincreaseinleakagesof50equaltotheincreaseininjectionsofG=50.

App.2aDrawinpanelIIIofFigure18-12theMS'

line100unitstotheleftofMS,inpanelIVtheML'

line100unitstotherightofML,andinpanelItheLM'

line500unitstotherightofLM（theMTlineinpanelIIremainsunchanged）.Drawadashedrectanglewithcorners（Y=1250,i=8%）ontheLM'

line,（Y=1250,MT=500）ontheMTline,（ML=400,MT=500）ontheMS'

line,and（ML=400,i=8%）ontheML'

line.

App.2bXeroxFigure18-12anddrawinpanelIItheMT'

line500unitstotheleftofMT,andinpanelItheLM"

line500unitstotheleftofLM（theMSandMLlinesremainunchanged）.Drawadashedrectanglewithcorners（Y=500,i=10%）ontheLM"

line,（Y=500,MT=400）ontheMT'

line,（ML=400,MT=400）ontheMSline,and（ML=400,i=10%）ontheMLline.

App.2cYE=1000,MT=600leavingML=400ati=10%.LM"

shiftsbacktoLM.

App.3DrawinpanelIIofFigure18-13the（X-M）'

line50unitsaboveX-M,andinpanelItheBP'

line4unitsbelowBP（theSClineinpanelIVremainsunchanged）.Drawadashedrectanglewithcorners（YE=1000,i=6%）ontheBP'

line,（YE=1000,X-M=50）onthe（X-M）'

line,（SC=-50,X-M=50）onthe45degreeline,and（SC=-50,i=6%）ontheSCline.

App.4aThereductioninG*causesYEtofallbythereductioninG*timesthemultiplier.ThefallinYEinducesatotalfallinSandMequaltothefallinG*（graphically,thiscanbeshownbytheoppositechangesfromtho