国际经济总结_国际经济学总结

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The absolute purchasing-power parity theory: The theory that postulates that the equilibrium exchange rate between two currencies is equal to the ratio of the price levels in the two nations.The relative purchasing-power parity theory: The theory that postulates that the percentage change in the exchange rate is equal to the difference in the percentage change in the price levels in the two countries.The law of one price: The proposition that in the absence of transportation costs, tariffs, and other obstructions to the free flow of trade, the price of each homogenous(identical)traded commodity will be equalized in all markets by commodity arbitrage.Exchange rate overshooting: The tendency of exchange rates to immediately depreciate or appreciate by more than required for long-run equilibrium, and then partially reversing their movement as they move toward long-run equilibrium levels.The trade or elasticity approach: Postulate that the equilibrium exchange rate is the one that balance the value of the nation’s import and exports.The monetary model exchange rates: The theory that postulates that exchange rates are determined in the proce of equilibrium or balancing the stock or total demand and supply of money in each nation.(an increase in the nation’s money supply leads to an equal increase in price and depreciate of the nation’s currency in the long-run.)The aet or portfolio model: The theory that postulates that an increase in a nation’s money supply leads to an immediate decline in the interest rate and shift from domestic bonds to the domestic currency and to foreign bonds.Stable foreign exchange market: The condition in a foreign exchange market where a disturbance from the equilibrium exchange rate gives rise to automatic forces that push the exchange rate back toward the equilibrium rate.J-curve effect: The deterioration before a net improvement in a country’s trade balance resulting from a depreciation or devaluation.The reason is that it takes time to order,ship,receive,and utilize goods.In fact,the immediate effect of a depercistion may be to worsen,rather than improve,the nation’s trade balance because the price of imports usually rises sooner and faster than the price of exports.Price-specie flow mechanism: The automatic adjustment mechanism under the gold standard.It operates by the deficit nation losing gold and experiencing a reduction in its money supply.（双向流动）This in turn reduces domestic prices, which stimulates the nation’s exports and discourages its import until the deficit is eliminated A surplus is corrected by the opposite proce.Expenditure-changing polices: Fiscal and monetary policies directed at changing the level of aggregate demand of the nation.Expenditure-switching polices: Devaluation or revaluation of a nation’s currency directed at switching the nation’s expenditures from foreign to domestic or from domestic to foreign goods.Freely floating exchange rate system: The flexible exchange rate system under which the exchange rate is always determined by the forces of demand and supply without any government intervention in foreign exchange markets.1.（a）What is the absolute purchasing-power parity theory? Why is this not acceptable?The theory that Postulates that the equilibrium exchange rate between

two currencies is equal to the ratio of the price levels in the two nations.R=P/Pf.If there were no transportation costs, tariffs, and other obstructions to the free flow of trade,if all commodities were trade internationally and if no strutural changes took place in us ,since there aumptions do not hold the absoluted version of the ppp can not be taken seriously.(b)What is the relative purchasing-power parity theory? When do we expect it to hold? The theory that postulates that the percentage change in the exchange rate is equal to the difference in the percentage change in the price levels in the two countries.2We expect the relative purchasing-power parity theory to be approximated in the long run.(c).Do empirical tests confirm or reject the relative purchasing-power parity theory? 经验检验是肯定的还是拒绝相对购买力平价理论Not much except in the long run.But this doesn’t mean the theories are usele.It just simple means that they provide incomplete explanation of exchange rate determination.2.In 1973 the Consumer Price Index was 15.9 in the United Kingdom and 29.2 in the United States from 1973 to 2003, it was 122.4 in the United Kingdom and 121.5 in the United States.The exchange rate was ￡0.04304 to the dollar in 1973 and ￡0.5975 to the dollar in 2003.1973年英国的消费价格指数为15.9，美国的该指数为29.2 2003年该值在英国为122.4 美国121.5 两国的汇率在1973年为￡0.04304 2003年为￡0.5975

(a).Calculate the rate of inflation in the United Kingdom minus the rate of inflation in the United Stated from 1973 to 2003 and compare it with the rate of depreciate of the Britain pound with respect to the U.S.dollar over the same time period.计算一下1973到2003英国和美国的通货膨胀率之差，并将它与同期英镑对美元的贬值情况进行对比R=P – Pf =(122.4-15.9/15.9)-(121.5-29.2/29.2)=3.537

(0.5975-0.4304)/0.4304=0.3882

(b).Did the relative purchasing-power parity theory hold between the United States between 1973 and 2003? Why? 1973到2003年在美国和英国之间，相对购买力平价理论有效吗，为什么？According the relative purchasing-power parity theory the higher the price level is the greater the preure of depreciate, so the conclusion of(a)provides supply for the Relative purchasing-power parity theory because of the equation of R=P-Pf

3.(a)Explain what is the effect on the exchange rate of an increase in the nation’s money supply according to the monetary model.根据货币模型，解释一国货币供给增加对汇率有何影响 MS(increase)→ rate(decrease)→ out flow(increase)→ home currency(depreciate)

(b)Do empirical tests support or reject the monetary? 实证研究支持还是拒绝货币模型？资产市场或资产组合方法呢？Not much except in the long run.But this doesn’t mean the theories are usele.It just simple means that they provide incomplete explanation of exchange rate determination.4.(a)Explain what is the effects on the exchange rate of an increase in the nation’s money supply according to the aet market or portfolio model.根据资产市场或资产组合货币模型，解释一国货币供给增加对汇率有何影响

MS(increase)→ rate(decrease)→ out flow(increase)→ home currency(decrease)→ ↗export(increase)↘ import(decrease)→ surplus → appreciate

(b).In what way does it differ from the monetary approach?它在那些方面与货币分析法不同 The aet or portfolio model of exchange rates differs from the monetary approach by postulating that the exchange rate determined in the proce of equilibrating or balance the stock or total demand and supply of financial aet(of which money is only one)in each country.It also brings trade explicitly into the analysis.(c).Do empirical tests support or reject the portfolio approach? 实证研究支持还是拒绝货币模型？资产市场或资产组合方法呢？ Not much except in the long run.But this doesn’t mean the theories are usele.It just simple means that they provide incomplete explanation of exchange rate determination.5.(a)Why is a depreciate inflationary?为什么贬值会导致通货膨胀 Depreciate will increase the price of imports进口, which will increase domestic products, thus depreciate is inflationary.(b).Why is a depreciate of the nation’s currency not feasible to eliminate a deficit if the nation’s demand and supply curves of foreign exchange are inelastic.为什么一国外汇的供求曲线缺乏弹性时该国货币的贬值无法消除赤字 If the demand﹠supply curve is inelastic ,the expenditure is not eliminate to the change of price, so a depreciation may not eliminate its deficit.6.(a)How can fiscal and monetary policies be used cure receion and balance-of –payment deficit when the nation is not willing to change the exchange rate even when facing a large and persistent balance-of-payment disequilibrium?假如面临持续而巨大的国际收支失衡时国家不愿意改变汇率，那么如何用财政政策和货币政策来治疗经济衰退The nation can use expansionary fiscal policy and tight monetary policy to cure the situation.(b)How do these policies operate to achieve the intended objectives?这些政策是如何运作从而实现预定目标的TightInterest ↗Capital flows in↘

Monetary Policy →rateOverall

Money supplyrises↘InvestmentcurrentBalance of

is decreasedand→account↗payments improve

income fallimprove↓

monetarymoney supply risespolicy←in order to maintaineffectivefixed exchange rate

Expansionaryinterest rate

Fiscal Policy:↗rise→ capital flows in↘ Overall

Gov’t spending↘Balance of

rises and/orproduction and→current account↗payments may

taxes fallincome riseworsensimprove

↓

Fiscal policy more effective←money supply falls to defend fixed exchange rate

(c)Is there a conflict between the policies used? If so, how is this resolved? 这些政策之间是否有冲突，如果有，如何解决Yes, two policies must be paired and both policies and targets should consider together.7.What is meant by the “aignment problem”? Why is it crucial that nations follow this principle? 什么是分配问题，为什么国家奉行这一理论很重要Based on their relative effectivene, we conclude that nations should use fiscal policy to achieve internal balance and monetary policy to achieve external balance.It is crucial that each policy be paired with or directed at the objective in which it is more effective.If the nation does not follow this principle, it will move farther from both balances.8.How can a nation use fiscal and monetary policies to correct a receion or unemployment with flexible exchange rates and 在浮动汇率下，一国如何用财政政策和货币政策来调整经济衰退或者失业（a）imperfect capital mobility?有限资本流动情况

The effect is uncertain because the improvement the worse of current count.So the overall balance of payment may worse.(b)perfect international capital mobility ?资本可以在国际间完全自由流动 ExpansionaryInterest ↗Capital flows out↘

Monetary Policy →rate

Money supplyfalls↘Investmentcurrentcurrencycurrent is increasedand→account↗depreciates →account

income riseworsenimproves

→income rises more

9.How can a nation correct the problems of receion and deficit when the additional objective of price stability is recognized as a separate goal when operating under a system of 如果该国采用下面的汇率体系，当附加目标价格稳定被视为独立的目标时，一国应当如何调整经济衰退和国际收支赤字(a)flexible exchange rates? 浮动汇率制The nations can use easy monetary policy and depreciation of home currency

(b)fixed exchange rates?固定汇率制The nation can use expansionary fiscal policy and tight monetary policy.10.（a）What are the advantage and the disadvantage of direct controls?直接控制的优缺点

advantages: when these general policies take too long to operate, when their effect id uncertain, and when the problem affects only one sector of the economy, nations may turn to direct controls as temporary measures to achieve specific objective.Disadvantages: It can tread to economic inefficiencies.(b)Why do direct controls affect the nation’s balance of payment require international cooperation to be effective? 为什么必须由国际合作，用来影响国际收支的直接控制才会有效

Because it can make direct controls more effective.11.(a)What are the alleged advantages of a fixed over a flexible exchange rate

system? How do advocates of flexible exchange rates respond?相对于浮动汇率体系来说，人们宣称的固定汇率体系有哪些优势，浮动汇率体系的支持者如何回应

(1)It can introduce a smaller degree of uncertainty.(2)It can reduce the speculation.(3)It include greater price discipline(价格管制).(b)What overall conclusion can be reached whether flexible or fixed exchange rates are preferred?在选择浮动还是固定汇率方面能得出什么样的总的推断 A fixed exchange rate system is preferable for a small open economy that trade mostly with one or a few larger nations and in which disturbances are primarily of a monetary nature.on the other hand, a flexible exchange rate system seems superior for a large, relatively closed economy with diversified trade and facing primarily disturbances originating in the real sector abroad.12.What can we do to cut a depreciation of the deficit nation’s currency automatically reduces domestic absorption?对于逆差国来说货币的贬值会自动降低国内吸收的3个条件(1)It redistributes income from wages to profits(2)the increase in domestic prices resulting from the depreciation reduces wealth and hence expenditures in the nation(3)inflation pushes people into higher tax brackets and reduces consumption.13.在浮动政策制度下，扩张性财政政策和货币政策的作用 ：

ExpansionaryInterest ↗Capital flows out↘

Monetary Policy →rate

Money supplyfalls↘Investmentcurrentcurrencycurrent is increasedand→account↗depreciates →account

income riseworsenimproves

→income rises more

ExpansionaryInterest→Capital flows in ↘

Fiscal Policy:↗ rate rises

Gov’t spending rises

and/or taxes fall↘productioncurrentcurrency may

and→account↗appreciate→

income riseworsens

→income expansion is reduced