求宏观经济学大神指点一二，与财政政策货币政策相关

帮忙点拨一二就好  

Fiscal policy & Exchange Rates/Trade

Reading: please refer to lecture notes fromWeeks 10 and 11& JM references

Objectives for Tutorial Ten

·        Understanding differenteconomic viewpoints on fiscal budget deficits and public debt;

·        Understanding how Treasuryconducts expansionary Fiscal Policy;

·        How the RBA ensures that theimpact of fiscal policy on bank reserves does not compromise monetary policy.

Questions

1. # (Assignment question) Referto the macroeconomic accounting identities, discussed in L11.

a)   Explain briefly why prudent behavior of the privatesector (households and firms) requires that S ≥ I.

b)  Joe Hockey, the Australian Treasurer has repeatedlyargued that the Federal Government must ‘live within its means’. Explain whysuch a fiscal strategy is usually inconsistent with prudent private sectorbehavior.

c)    If theprivate sector net spends (I>S) in the presence of a government surplus anda zero current account balance, explain what will happen in the long run toaggregate private sector saving and net wealth.

d)  Is the scenario described in c) sustainable? Explainedwhat is likely to occur.

2. Considera flexible exchange rate regime. The RBA considers that the $A is over- valuedand is prepared to intervene in the foreign exchange market. This is referredto as a dirty float.

a) Explainwhat action the RBA could take.

b) Couldthe RBA adopt this action on a long term basis?

c) Doesthe RBA have the freedom to engage in this form of intervention on an ongoingbasis, if it considers the $A to be under-valued?

3. Under purchasing power parity (PPP), a homogeneous commodity, such asan Ipad or a Big Mac (or a basket of homogeneous commodities), should cost thesame across countries when the local prices are expressed in a common currency,such as the $US.

a)   IfPPP holds, would it be worthwhile buying such items online from a foreignwebsite, when they are readily available in Australia?

In late July 2013 the exchange ratewas $0.90US = $1A. The price of a Big Mac was $A5.035 in Australia and $US4.56in the USA.  

b)   Isthere PPP for a Big Mac in the two countries? Explain.

c)   Isthe $A over- or under-valued, taking into account the official exchange ratereported above?

4.Greece, Spain and Portugal, which are peripheral countries in the Eurozone, havebeen under severe pressure to adopt fiscal austerity measures and run budgetsurpluses. Private sector expenditures (consumption and investment) aresubdued. The current account to GDP ratios of these countries are nowapproximately 0, after being in severe deficit, but this is mainly due to aslump in imports, from lower levels of domestic economic activity, rather thanimproved competitiveness.

a)   Howcould these countries attempt to achieve increases in expenditure ondomestically produced goods and services to raise GDP and employment? Hint:raise net exports – but how?

b)   Whymight this strategy threaten current consumption and investment in thesecountries? Hint: check what is meant by debt deflation.

c)   Intra-Eurozonetrade as measured by total exports represents about 70% of total exports fromEurozone countries. Would the policies adopted in a) to raise net exports inthe three countries have a favourable impact on all Eurozone countries?

End of Tutorial Exercise Set 10 (Week 12)

4，a本币贬值，改善本国商品的国际竞争力，但是要满足一定的条件，马歇尔勒纳条件，本国边际吸收小于1，本国货币不能扩张等
b不能财政紧缩，因为会导致经济萧条，形成通缩预期，其危害性参考费雪的债务通缩理论
c贬值政策从某种意义上是以邻为壑，本国商品竞争力的改善是以它国的下降为代价的，所以未必能提高欧洲的总出口。
3 a购买力平价分相对和绝对两种，但是无论怎样都满足贸易品的一价定律。既然两种商品完全等质，就没有必要在网上买，因为有时间成本和运输成本。
b c不满足一价定律，澳元被低估美元被高估
2本币高估需要ZF在外汇市场调节
可以用冲销和非冲销两种方法，前者操作如下，央行在外汇市场抛本币买外币，这样银行外汇储备增加，本国货币供给也增加。后者除了前者的操作外还需要央行在本国债券市场上卖国债回笼货币，冲销对本国货币供给的影响。这样最终本币贬值外币升值。当然央行也可以通过公开表态表达自己对均衡汇率的看法使公众形成心理锚驻投机者以此为中心进行稳定性套利达到均衡汇率。这些操作固然可以影响汇率，但是汇率本质上是实际因素决定的，外汇储备也是有限的。

PPT如下

淮肆的酒徒 发表于 2013-10-27 01:25
4，a本币贬值，改善本国商品的国际竞争力，但是要满足一定的条件，马歇尔勒纳条件，本国边际吸收小于1，本国 ...

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