国际经济学参考答案(KRUGMAN 14,15章)

Answers to Textbook Problems

Chapter 15 Money, Interest Rates, and Exchange Rates

1. A reduction in the home money demand causes interest rates in the home country to fall from Rh,1 to Rh,2. With no change in expectations, there will be a depreciation of the home currency from E1 to E2 as investors shift their savings into higher-interest-paying

国际经济学参考答案(KRUGMAN 14,15章)

foreign assets.

In the long run, increased spending on home products (through lower interest rates and a depreciated currency) will cause prices in the home country to rise. This will shift the real money supply inward to a point where home interest rates return to their original level Rh,1 and the exchange rate falls back to E1.

4.An increase in domestic real GNP will cause domestic real money demand to rise. This will cause domestic real interest rates to rise from Rh,1 to Rh,2 below. With no change in expectations, there will be an appreciation of the home currency from E1 to E2 as investors channel their savings into domestic assets.

国际经济学参考答案(KRUGMAN 14,15章)

6.Currency reforms are often instituted in conjunction with other policies which attempt to

bring down the rate of inflation. There may be a psychological effect of introducing a new

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