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Pl Sincethe GreatDepression ofthe1930s,governments haveactively pursuedthe goalof a批注[李1]自20世纪30年代大萧条以来,各国政府一直fully employed economy withprice stability.They haveused fiscaland monetarypolicies to积极追求实现充分就业和价格稳定的经济目标他们利用achieve this goal.|财政和货币政策来实现这一目标This sectiondescribes theeffect ofmonetary and fiscal policyin anopen economy.批注[李2]本节描述开放经济中货币和财政政策的效果P2What arethe objectivesof macroeconomicpolicy Oneof themis knownas internal批注[李3]:宏观经济政策的目标是什么其中一个是内部balance,thisgoalhas twodimensions:a fullyemployedeconomyand noinflation.Nations均衡,这个目标有两个方面充分就业和零通货膨胀各国traditionally haveconsidered internal balance to be ofprimary importanceand formulatedeconomicpolicies toattain thisgoal.Policymakers arealso awareof a nation1s current account传统上认为内部均衡是最重要的,并制定了实现这-目标的经济政策政策制定者还会关注一个国家的经常账户状况position.A nationis saidtobein external balance whenit realizesneither deficitsnor surpluses当一个国家的经常账户既不存在赤字也不存在盈余时,就in itscurrent account.An economyrealizes overallbalance whenit attainsinternal balanceand被称为处于外部均衡状态当一个经济体达到内部均衡和external balance.外部均衡时,它就实现了整体均衡P3Besides pursuinginternal andexternalbalance,nations haveother economicgoals such aslong runeconomic growthand areasonably equitabledistribution ofnational income.The批注[李4]:除了追求内部和外部的均衡,国家还有其他的discussion inthis sectionis confinedto thepursuit ofinternal balance.经济目标,如长期的经济增长和合理公平的国民收入分配P4To attainexternal andinternalbalance,policymakers enactexpenditure changingpolicies,本节的讨论仅限于追求内部均衡expenditure switching policies,and directcontrols.Expenditure changingpolicies alterthe level批注[李5]:为了达到外部和内部的均衡,决策者可以制定of totalspending,that is,aggregate demandfor goodsand services,including thoseproduced支出改变政策、支出转移政策和直接控制支出改变政策domestically andthose imported.They includefiscal policythat//refers to changes in改变了总支出水平,即对商品和服务的总需求(包括国内government spendingand taxes,and monetary policy bya nations centralbank such as the生产的和进口的)支出改变政策包括财政政策Peoples Bankof China,that referstochangesin themoney supplyand interestrates.(即政府支出和税收的变化),以及一国央行(如中国人P5Expenditure switchingpolicies modifythe directionof demand,shifting itbetween民银行)制定的货币政策(即货币供应量和利率的变化),domestic outputand imports.Under a system of fixed exchange rates,a nationwith atrade deficitcould devalueits currency批注[李6]:支出转移政策改变了需求的方向,使需求在国to increasethe internationalcompetitiveness ofits firms,thus divertingspending fromforeign内产出和进口之间转移produced goods to domestically produced goods.批注[李7]:在固定汇率制度下,一个有贸易逆差的国家可To increaseits competitivenessunder amanaged floatingexchangeratesystem,anationcould以使其货币贬值,以提高其企业的国际竞争力,从而将支purchase othercurrencies withits currencycausing itscurrency sexchange valueto depreciate.出从外国生产的商品转移到国内生产的商品上(备注本P6Direct controlsconsist ofgovernment restrictionson themarket economy.They are币贬值,进口商品变得更加昂贵,导致原来购买进口商品selective expenditureswitchingpolicieswhose objectiveis tocontrol particularitems inthe的消费者转而购买本国生产的替代品)currentaccount.Direct controlssuchastariffs arelevied onimports in an attemptto switch-----------------------------------------------------------------------------domestic spendingaway fromforeign producedgoodstodomesticallyproducedgoods.*批注[李8]:在有管理的浮动汇率制度下,为了提高竞争P7Remember whatyou learnedin yourmacroeconomics class,monetarypolicyandfiscal力,一国可以用本国货币购买其他货币,导致本国货币的policy arethe mainmacroeconomic toolsby whichgovernment caninfluence theperformance of汇率贬值an economy.批注[李9]:直接控制指政府对市场经济的管制它们是有In anopen economy,the roleof fiscaland monetarypolicy willbe affectedby externalfactors选择的支出转移政策,其目的是控制经常帐户的特定项目suchasimports,exports andcapital flows,and thereforedifferent fromthat ofa closed economy.对进口商品征收关税等直接管制措施,是为了将国内支出The keyquestion iswhether an expansionary monetarypolicy orfiscal policyin anopen economy从国外生产的商品转向国内生产的商品(|丝-批注[李is moreor lesseffective inincreasing realGDP thanit isinaclosed economy.The answerto this10]回想你在宏观经济学课上学过的,货币政策和财政question isinfluenced bya country1s decisionto adoptasystemoffixedor floatingexchange政策是政府影响经济表现的主要宏观经济工具rates,as discussedbelow.In aclosedeconomy,anexpansionarymonetary orfiscal policyhas asingle effecton aggregate批注[李11]:在开放经济中,财政和货币政策的作用会受demand:it causesaggregate demandto expandby increasingdomestic到进口、出口和资本流动等外部因素的影响,因此不同于封闭经济问题的关键是,与封闭经济相比,开的。