《国际经济学(双语)》(黄敏主编_复旦大学出版社)讲义_第10章.ppt

International Transmission and Coordination of Macroeconomic Policies Chapter 10 International Transmission and Coordination of Macroeconomic Policies 10.1 International Transmission of Macroeconomic Policies under Fixed Exchange Rates 10.2 International Transmission of Macroeconomic Policies under Floating Exchange Rates 10.3 International Transmission of Inflation 10.4 International Policy Coordination and Monetary Cooperation 10.1 International Transmission of Macroeconomic Policies under Fixed Exchange Rates Two-Nation Mundell-Fleming Model It is different from the previous model in two aspects. Home’s income will have a spilling-over effect on Foreign. Assume capital has perfect mobility. 10.1 International Transmission of Macroeconomic Policies under Fixed Exchange Rates International Transmission of Fiscal Policy under Fixed Exchange Rates Under fixed exchange rates, an expansionary fiscal policy of the home country brings about output increases of both the home country and the foreign country. But compared with the case of single country, the output increase of the home country resulting from fiscal policy is smaller. Because the rise in the interest rate crowds out investment. The increase of the foreign country’s output results from the spilling-out effect of the home country’s income increase but it is partly offset by the rise of the interest rate. 10.1 International Transmission of Macroeconomic Policies under Fixed Exchange Rates International Transmission of Monetary Policy under Fixed Exchange Rates Under fixed exchange rates, an expansionary monetary policy of the home country leads to rises in the outputs of both the home country and the foreign country and to a fall in the world interest rate. Compared with fiscal policy, the spilling-out effect of the home country’s expansionary monetary policy is larger. It is because the foreign country has to passively implement an expansionary monetary policy as a result of the midway gap