第三章 内外均衡管理Chapter Three Management of Internal and External Balance：Chapter three examines the management of internal and external balance mainly with the Mundell-Fleming model. It places emphasis on the effectiveness of the official intervention to defend the fixed exchange rate, and on the analysis of the management of internal and external balance in the cases of internal and external shocks under both fixed and floating exchange rate regimes, respectively.3.1内外均衡管理的理论分析框架Theoretical Analysis Framework for Management of Internal and External Balance:Section one is a theoretical analysis framework for analyzing the macroeconomic performance of an open economy. The typical analytical technique is to use the Mundell-Fleming model to examine the behaviors of three markets such as the domestic product market, the domestic money market, and the foreign exchange market.[单选题]For small open economy, assume that the marginal propensity to import is 0.3, and that interest rates, exchange rates, and the price level are all constant. If an increase of $10 billion in government spending results in an increase of $6 billion in imports, then:
3.2固定汇率制度下的内外均衡管理Management of Internal and External Balance under Fixed Exchange Rate Regime:Section two explains the management of internal and external balance under the fixed exchange rate regime by starting from the official intervention allowing automatic adjustment and with sterilization, and examining the effects of four types of exogeneous shocks, such as domestic monetary shocks, domestic spending shocks, international capital flow shocks and international trade shocks, on the internal and external economy, respectively.
3.3浮动汇率制度下的内外均衡管理Management of Internal and External Balance under Floating Exchange Rate Regime:Section three examines the effects of four types of exogeneous shocks, such as domestic monetary shocks, domestic spending shocks, international capital flow shocks and international trade shocks, on the internal and external balance under the floating exchange rate regime, respectively.
3.1内外均衡管理的理论分析框架Theoretical Analysis Framework for Management of Internal and External Balance:Section one is a theoretical analysis framework for analyzing the macroeconomic performance of an open economy. The typical analytical technique is to use the Mundell-Fleming model to examine the behaviors of three markets such as the domestic product market, the domestic money market, and the foreign exchange market.
3.2固定汇率制度下的内外均衡管理Management of Internal and External Balance under Fixed Exchange Rate Regime:Section two explains the management of internal and external balance under the fixed exchange rate regime by starting from the official intervention allowing automatic adjustment and with sterilization, and examining the effects of four types of exogeneous shocks, such as domestic monetary shocks, domestic spending shocks, international capital flow shocks and international trade shocks, on the internal and external economy, respectively.
3.3浮动汇率制度下的内外均衡管理Management of Internal and External Balance under Floating Exchange Rate Regime:Section three examines the effects of four types of exogeneous shocks, such as domestic monetary shocks, domestic spending shocks, international capital flow shocks and international trade shocks, on the internal and external balance under the floating exchange rate regime, respectively.
选项:[taxes increase by $10 billion., real GDP increases by $4 billion., the spending multiplier is 2., real domestic investment decreases by $4 billion.]
[单选题]The locomotive theory posits that growth in one or more large countries:
选项:[will lead smaller countries to open their economies., can raise growth in other smaller countries that trade with these larger countries., can put pressure on their domestic import-competing firms., will retard the growth of smaller countries dependent on exports.]
[单选题]The demand for money is:
选项:[negatively related to nominal GDP and to the level of interest rates available on other financial assets., positively related to nominal GDP and negatively related to the level of interest rates available on other financial assets., positively related to nominal GDP and to the level of interest rates available on other financial assets., negatively related to nominal GDP and positively related to the level of interest rates available on other financial assets.]
[单选题]Perfect capital mobility implies:
选项:[high domestic interest rates relative to foreign interest rates., an FE curve that is horizontal., a vertical FE curve., an FE curve that is steeper than the LM curve.]
[单选题]There are limits to the ability of monetary authorities to use sterilized intervention in the case of a deficit because:
选项:[the central bank’s ability to constantly obtain foreign currency for the sterilized intervention is constrained., the pressure from foreign countries to allow the domestic currency to appreciate will lead to large losses., the export level is fixed and it cannot be allowed to drop., the central bank may be unwilling to increase its holdings of foreign currency beyond a certain limit.]
[单选题]Assume that the exchange rates are fixed. When money demand is less sensitive to interest rate changes than are international capital flows, _____ policy will be _____ effective than when money demand is more sensitive to interest changes than are international capital flows.
选项:[expansionary fiscal; less, expansionary monetary; more, sterilized intervention; more, expansionary fiscal; more]
[单选题]With floating exchange rates, the effects of international trade shocks on internal balance are _____ by the effects of the resulting change in the _____.
选项:[mitigated; LM curve., not mitigated; LM curve., mitigated; exchange rate., not mitigated; exchange rate.]
[单选题]Which of the following statements is true？
选项:[Monetary policy is a powerful economic tool for a country with fixed exchange rates and high capital mobility., An expansionary monetary policy tends to increase the exchange rate value of the domestic currency in the short run., Fiscal policy for a country with floating exchange rates is more powerful with a high degree of capital mobility than with a low degree of capital mobility., Under floating exchange rates, external capital-flow shocks can have effects on internal balance by altering the exchange rate and the country's international competitiveness.]
[单选题]A central bank can sterilize the increase in the money supply that results from an intervention to defend a fixed exchange rate by selling domestic government bonds.（ ）
选项:[错, 对]
[单选题]International crowding out is the tendency of expansionary fiscal policy to appreciate the country’s currency and worsen the current account.（ ）
选项:[错, 对]
[单选题]For small open economy, assume that the marginal propensity to import is 0.3, and that interest rates, exchange rates, and the price level are all constant. If an increase of $10 billion in government spending results in an increase of $6 billion in imports, then:
选项:[real domestic investment decreases by $4 billion., real GDP increases by $4 billion., taxes increase by $10 billion., the spending multiplier is 2.]
[单选题]Assume that the exchange rates are fixed. When money demand is less sensitive to interest rate changes than are international capital flows, _____ policy will be _____ effective than when money demand is more sensitive to interest changes than are international capital flows.
选项:[expansionary fiscal; more, expansionary fiscal; less, sterilized intervention; more, expansionary monetary; more]
[单选题]There are limits to the ability of monetary authorities to use sterilized intervention in the case of a deficit because:
选项:[the central bank’s ability to constantly obtain foreign currency for the sterilized intervention is constrained., the export level is fixed and it cannot be allowed to drop., the central bank may be unwilling to increase its holdings of foreign currency beyond a certain limit., the pressure from foreign countries to allow the domestic currency to appreciate will lead to large losses.]
[单选题]With floating exchange rates, the effects of international trade shocks on internal balance are _____ by the effects of the resulting change in the _____.
选项:[not mitigated; exchange rate., mitigated; LM curve., not mitigated; LM curve., mitigated; exchange rate.]
[单选题]Which of the following statements is true？
选项:[An expansionary monetary policy tends to increase the exchange rate value of the domestic currency in the short run., Fiscal policy for a country with floating exchange rates is more powerful with a high degree of capital mobility than with a low degree of capital mobility., Under floating exchange rates, external capital-flow shocks can have effects on internal balance by altering the exchange rate and the country's international competitiveness., Monetary policy is a powerful economic tool for a country with fixed exchange rates and high capital mobility.]
[单选题]The demand for money is:
选项:[negatively related to nominal GDP and positively related to the level of interest rates available on other financial assets., negatively related to nominal GDP and to the level of interest rates available on other financial assets., positively related to nominal GDP and to the level of interest rates available on other financial assets., positively related to nominal GDP and negatively related to the level of interest rates available on other financial assets.]
[单选题]The locomotive theory posits that growth in one or more large countries:
选项:[can put pressure on their domestic import-competing firms., will retard the growth of smaller countries dependent on exports., can raise growth in other smaller countries that trade with these larger countries., will lead smaller countries to open their economies.]
[单选题]Perfect capital mobility implies:
选项:[high domestic interest rates relative to foreign interest rates., an FE curve that is horizontal., an FE curve that is steeper than the LM curve., a vertical FE curve.]
[单选题]International crowding out is the tendency of expansionary fiscal policy to appreciate the country’s currency and worsen the current account.（ ）
选项:[对, 错]
[单选题]A central bank can sterilize the increase in the money supply that results from an intervention to defend a fixed exchange rate by selling domestic government bonds.（ ）
选项:[错, 对]
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