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1、Chapter 27 - Prices and Output in the Open Economy: Aggregate Supply and DemandCHAPTER 27PRICES AND OUTPUT IN THE OPEN ECONOMY:AGGREGATE SUPPLY AND DEMANDLearning Objectives: Explain the fundamental links between international transactions and aggregate demand and aggregate supply. Demonstrate how e
2、conomic shocks and policies affect prices and output. Differentiate between macroeconomic adjustment under fixed exchange rates and under flexible exchange rates.Distinguish between short-run and long-run effects of macro policies on output and prices.I. OutlineIntroduction- Crisis in ArgentinaAggre
3、gate Demand and Supply in the Closed Economy- Aggregate Demand in the Closed Economy- Aggregate Supply in the Closed Economy- Equilibrium in the Closed EconomyAggregate Demand and Supply in the Open Economy- Aggregate Demand in the Open Economy under Fixed Rates- Aggregate Demand in the Open Economy
4、 under Flexible RatesThe Nature of Economic Adjustment and Macroeconomic Policy in the Open-Economy Aggregate Supply and Demand Framework- The Effect of Exogenous Shocks on the Aggregate Demand Curve under Fixed and Flexible Rates- The Effect of Monetary and Fiscal Policy on the Aggregate Demand Cur
5、ve under Fixed and Flexible Rates - SummaryMonetary and Fiscal Policy in the Open Economy with Flexible Prices- Monetary Policy - Currency Adjustments under Fixed Rates- Fiscal Policy- Economic Policy and Supply ConsiderationsExternal Shocks and the Open EconomySummaryII. Special Chapter FeaturesIn
6、the Real World: U.S. Actual and Natural Income and Unemployment In the Real World: Economic Progress in Sub-Saharan AfricaIn the Real World: Inflation and Unemployment in the United States, 1970-2011III.Purpose of ChapterThe purpose of the chapter is to examine the manner in which trade and internat
7、ional payments influence the macroeconomy when prices are flexible. Special attention is given to the implications of price flexibility for policy actions and for macroeconomic response to external shocks. IV. Teaching TipsA.Changes in international capital flows and trade flows exert pressure not o
8、nly on income and employment but also upon prices. The less adaptable the economy is to changing economic conditions, the greater the price responses and adjustment costs for the economy. The severity of these problems is clearly evident in the adjustment difficulties experienced by Argentina (and s
9、ome least-developed countries) described in the opening vignette. Discussing this experience with the class can help students appreciate these problems and see the need to incorporate price movements into policy analysis. B. We have attempted to provide a more rigorous background in aggregate demand
10、 and supply than is found in many international economics texts at this level. For those who have had a course in intermediate macro, the early part of the chapter provides a brief review of the basic ideas. For those who have never had such a course, this material will be more demanding. Because th
11、e class is likely to be diverse in background, you might find it useful to provide extra help sessions for those for whom the material is new.C. It is useful to emphasize that the principal difference in deriving the aggregate demand curve in the open economy rather than in the closed economy stems
12、from the fact that the changing price level now also affects both the IS curve and the BP curve in addition to the LM curve. That is, there are now real effects of changes in prices, and these effects on exports, imports, and international capital flows involve shifts in IS and BP.D. The key to stud
13、ents grasping the AD framework is for them to realize that any factor that leads to an increase (decrease) in equilibrium income in the IS/LM/BP framework will lead to a rightward (leftward) shift in the AD curve. E. The AD/AS model provides a useful framework for contrasting the difference between
14、policies that affect primarily demand and those which in addition influence the position of the long-run AS curve. For example, if restricting imports (expanding aggregate demand) is not to be solely inflationary in the long run, it must be accompanied by improved productivity, i.e., a rightward shi
15、ft of the long-run AS curve.F. We have found that students are very interested in problems such as foreign price shocks that affect both the AD and the AS curves as, for example, in the case of petroleum price changes. G. Although we have not focused on the issue directly in this chapter, this is a useful place to emphasize the intertemporal aspects of policy. The student should not lose sight of the factors that contribute to long-run growth and shift the long-run supply curve to the right, and how these factors are affected by exogenous shocks as well as by domestic
