David K.H. Begg, Gianluigi Vernasca-Economics-McGraw Hill Higher Education (2011)

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Learning Outcomes By the end of this chapter, you should understand: 0 price and output adjustment under fixed exchange rates 0 monetary and fiscal policy under fixed exchange rates 0 the effects of devaluation e what determines floating exchange rates 0 monetary and fiscal policy under floating exchange rates Chapter 24 introduced fixed and floating exchange rate regimes. We now study how the exchange rate regime affects the way in which an economy operates. Openness is often measured by the size of exports (or imports) relative to GDP. However, links through financial markets often have more impact. Large outflows of financial capital can provoke acute crises. Such crises may induce austerity measures to reassure foreign investors, devaluation of a pegged exchange rate or adoption of a completely new exchange rate regime. UK discussions about future exchange rate policy still recall the day in 1992 that the UK was forced off a pegged exchange rate in the Exchange Rate Mechanism; and in 2010 the options for Greece, pegged to its eurozone partners, were very different from those of the UK. Even in the absence of crises, the choice of exchange rate regime affects the transmission mechanism of both monetary and fiscal policy. In this chapter, we study how our analysis for a closed economy must be amended for an open economy. Open economy macroeconomics examines how the economy is affected by links with other countries through trade, the exchange rate and capital flows. Initially, we examine fixed exchange rate regimes. Then we discuss the determination of floating exchange rates and the consequences for macroeconomic policy. Fixed exchange rates The balance of payments and the money supply To understand the role of capital mobility, suppose initially that there are no private sector capital flows, perhaps because of controls on capital flows. 571
CHAPTER 25 Open economy macroeconomics Capital controls are regulations preventing private sector capital flows be1ween different currencies. Most economies had capital controls during the period of fixed exchange rates from 1945 to 1973. Subsequent integration of global financial markets made these controls less effective and now they have been scrapped. With a fixed exchange rate but no private capital flows, suppose the economy has a balance of payments deficit (because it has a current account deficit). To finance the deficit, the forex reserves must fall. The central bank sells foreign exchange and buys domestic currency, demanding the domestic currency that nobody else wants. In consequence, domestic money in circulation falls as pounds disappear back into the Bank of England. The balance of payments deficit reduces the domestic money supply. A balance of payments surplus would increase the money supply. Under fixed exchange rates, the money supply is not determined exclusively by the original decision about how much domestic money to create. It also depends on the balance of payments surplus or deficit. When there is a payments surplus (deficit), cash flows into (out of) the country, directly changing narrow money, which in turn affects bank deposits and broad money. Unsterilized intervention uses the forex reserves to offset balance of payments surpluses or deficits. Since foreign reserves are exchanged for domestic cash, this alters the cash in circulation and the domestic money supply. Sterilization is an open market operation be1ween domestic money and domestic bonds, to offset the change in domestic money supply that a balance of payments surplus or deficit otherwise induces. IS J _ _ _ _ _ _ _ _ _ _ _ II) G.I "" G.I - c Output I · · I I I I I I Figure 25.1 A balance of payments deficit reduces the money supply and raises interest rates Allowing the balance of payments to change the money supply is called unsterilized intervention in the forex market. For a given money demand schedule, allowing changes in the money supply means then having to change interest rates to make this an equilibrium. Figure 25.1 illustrates using the IS-LM model. Initially, the economy faces the IS curve shown, and its monetary policy is reflected in LM. Short-run equilibrium is therefore at point A. However, the economy has a current account deficit and balance of payments deficit. If it allows this to deplete its domestic money supply, the LM curve will shift to LM', causing a rise in interest rates and a domestic recession. The economy moves to point B. The recession reduces import demand and eliminates the current account deficit. Alternatively, the central bank may create additional domestic money to prevent the balance of payments deficit reducing the money supply. The LM curve remains in its original position and the economy remains at point A. Although the total money supply is not changing, something important is happening to the balance sheet of the central bank. On the liability side, money supplied is constant. On the asset side, the central bank holds foreign exchange reserves and government bonds. M=R+B To keep M constant while R is falling, the central bank is effectively selling foreign exchange and buying domestic government bonds. It can keep doing so until R becomes zero, at which point it runs out of foreign exchange reserves and can no longer keep financing the balance of payments deficit. If the exchange rate is not to be devalued, thereafter it requires a domestic recession to get imports down. This can be achieved either by allowing the shift in the LM schedule shown in Figure 25. l or by fiscal action, for example higher taxes, that shifts the IS schedule to the left. <strong>Higher</strong> taxes reduce disposable incomes, reduce aggregate demand, and thereby reduce imports. 572
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• David Begg, Gianluigi Vernasca,
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Economics 10th Edition David Begg,
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Brief Table of Contents Preface xii
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5 Consumer choice and demand decisi
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PART FOUR Macroeconomics l 5 Introd
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PART FIVE The world economy 28 Inte
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Changes to the tenth edition After
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Guided tour In addition to illustra
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Aiding Understanding Hy the end of
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Rent ceiling in Sweden* More on pri
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13 General vs partial equilibrium:
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26 Growth and competition* Case Neo
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Cl INSTRUCTORS ... Would you like y
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Additional technology to enhance le
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Custom Publishing Solutions • cre
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Acknowledgements for the tenth edit
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Finally, special thanks to the foll
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---.. . - Introduction Economics is
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CHAPTER 1 Economics and the economy
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Learning Outcomes By the end of thi
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CHAPTER 2 Tools of economic analysi
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CHAPTER 3 Demand, supply and the ma
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4.1 The price responsiveness of dem
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4.2 Price, quantity demanded and to
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4.2 Price, quantity demanded and to
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4.4 Short run and long run simultan
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4.6 The effect of income on demand
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4.6 The effect of income on demand
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4.8 Elasticity of supply The elasti
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4.9 Who really pays the tax? S' - G
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Summary What are the effects of the
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Review questions 5 Common fallacies
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5.1 Demand by a single consumer is
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5.1 Demand by a single consumer Ill
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5.1 Demand by a single consumer QF
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5.1 Demand by a single consumer whe
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5.1 Demand by a single consumer How
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5.2 Adjustment to income changes ou
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5.3 Adjustment to price changes and
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5.3 Adjustment to price changes Thi
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5.3 Adjustment to price changes imp
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5.3 Adjustment to price changes Q '
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5.5 Complements and substitutes it
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5.6 Transfers in kind that to the s
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Review questions • The market dem
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Our theory of consumer choice assum
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APPENDIX Consumer choice with measu
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6.2 A firm's accounts A sole trader
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6.2 A firm's accounts Inventories I
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6.2 A firm's accounts Earnings When
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6.4 Corporate finance and corporate
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6.5 The firm's supply decision Tabl
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6.6 Marginal cost and marginal reve
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6. 7 Marginal cost and marginal rev
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Review questions in total cost when
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7.2 Production in the short run: di
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7.2 Production in the short run: di
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7.3 Short-run costs As you can see
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7.3 Short-run costs 60 50 SMC - 40
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7.3 Short-run costs down average co
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7.4 A firm's output decision in the
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7.6 Long-run total, marginal and av
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7. 7 Returns to scale - "O 0 DI ..
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7. 7 Returns to scale Scale economi
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7. 7 Returns to scale Table 7.10 Mi
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--1-----1 7.8 The firm's long-run o
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Summary Summary • This chapter di
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Review questions 8 Suppose that fir
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8.1 Perfect competition Perfect com
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8.2 A perfectly competitive firm's
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8.2 A perfectly competitive firm's
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8.3 Industry supply curves In the s
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8.4 Comparative statics for a compe
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.. 8.6 Profit-maximizing output for
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8.6 Profit-maximizing output for a
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8. 7 Output and price under monopol
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8. 7 Output and price under monopol
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8.8 A monopoly has no supply curve
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8.9 Monopoly and technical change f
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8.10 Natural monopoly 'ti QI 0 :I P
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Review questions • Adding at each
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9 .1 Why market structures differ D
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9 .1 Why market structures differ T
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9.3 Oligopoly and interdependence A
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9.3 Oligopoly and interdependence T
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9.4 Game theory and interdependent
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9.5 Reaction functions demand curve
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9.5 Reaction functions Deriving the
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9.5 Reaction functions Mergers and
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9.5 Reaction functions The Stackelb
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9.7 Strategic entry deterrence Inno
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9.8 Summing up Barriers at the chec
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Review questions Review questions c
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I 0.1 The firm's demand for factors
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10.2 The firm's demand for labour i
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10.3 The industry demand curve for
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10.4 The supply of labour Table 10.
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10.4 The supply of labour A reducti
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10.5 Industry labour market equilib
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10.5 Industry labour market equilib
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10.6 Transfer earnings and economic
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10. 7 Do labour markets clear? Mini
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10. 7 Do labour markets clear? How
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10.8 UK wages and employment Table
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Summary reducing demand for both fa
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Review questions In a graph with th
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APPENDIX Isoquants and the choice o
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11.2 Rentals, interest rates and as
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11.3 Saving, investment and the rea
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11. 5 The supply of capital service
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11.6 Equilibrium and adjustment in
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11.8 Land and rents supply of skill
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11.9 Income distribution in the UK
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Summary of average earnings. As liv
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Review questions the quantity of ca
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12.l Individual attitudes to risk S
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12.2 Insurance and risk Life assura
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12.3 Asymmetric information The uti
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12.3 Asymmetric information Executi
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12.4 Uncertainty and asset returns
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12.5 Portfolio selection We use the
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12.5 Portfolio selection Conversely
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12.6 Efficient asset markets Beta i
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12.6 Efficient asset markets II Beh
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12. 7 More on risk You own a copper
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12.8 E-products 100 80 60 - - - - -
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12.8 E-products If Britain had to s
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Summary Britannica shelved Serious
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Review questions 4 You set up a fir
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Welfa re economics Normative or wel
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CHAPTER 13 Welfare economics Welfar
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CHAPTER 13 Welfare economics Perfec
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CHAPTER 13 Welfare economics margin
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CHAPTER 13 Welfare economics II) E
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CHAPTER 13 Welfare economics have c
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CHAPTER 13 Welfare economics DD Wit
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CHAPTER 13 Welfare economics .. ;
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CHAPTER 13 Welfare economics 0 Firm
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CHAPTER 13 Welfare economics Was th
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CHAPTER 13 Welfare economics 0 u -
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CHAPTER 13 Welfare economics benefi
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CHAPTER 13 Welfare economics P' "i
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CHAPTER 13 Welfare economics • Di
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CHAPTER 13 Welfare economics Q MPC
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CHAPTER 14 Government spending and
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15.2 Some facts Annual real output
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15.3 An overview Since profits are
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15.4 National income accounting
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15.4 National income accounting Sav
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15.4 National income accounting phy
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15.4 National income accounting Hou
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15.5 What GNP measures Table l 5.3
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15.5 What GNP measures Table 15.4 N
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15.6 International comparisons Citi
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Review questions Review questions c
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16. l Components of aggregate deman
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16.2 Aggregate demand S =-A + (1 -
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16.3 Equilibrium output C'I ·- c -
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16.4 Another approach: planned savi
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16. 5 A fall in aggregate demand A
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16.7 The paradox of thrift Table 16
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16.8 The role of confidence The cha
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Review questions 2 Suppose the MPC
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17 .2 Government and aggregate dema
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17.4 Deficits and the fiscal stance
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17.5 Automatic stabilizers and disc
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17 .6 The national debt and the def
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17. 7 Foreign trade and income dete
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17. 7 Foreign trade and income dete
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Summary and employment. In Figure 1
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Review questions 2 The government s
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18. 1 Money and its functions The m
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18.2 Modern banking M_o_d_er_n_ha
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18.3 How banks create money How did
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18.4 Financial crises However, ther
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18.4 Financial crises UK bank inter
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18.5 The traditional theory of mone
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18.6 UK money supply after the 2006
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18. 7 The demand for money flow and
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18. 7 The demand for money Table 18
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Review questions • Financial dere
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19.2 Traditional means of monetary
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19 .3 Lender of last resort Second,
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19.4 Equilibrium in financial marke
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19.5 Monetary control However, more
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19.5 Monetary control UK quantitati
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19. 7 The transmission mechanism AD
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19. 7 The transmission mechanism Wh
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19. 7 The transmission mechanism In
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19. 7 The transmission mechanism He
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Review questions • A higher inter
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20.2 The IS-LM model T_he_IS_-_L_
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20.2 The IS-LM model Until 2008 mon
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20.3 The IS-LM model in action Fisc
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20.4 Shocks to money demand Hence,
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20.5 The policy mix IS schedule, IS
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20.6 The effect of future taxes Que
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Summary helped explain positive UK
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Review questions IS-LM diagram, rec
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21. l Inflation and aggregate deman
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21.2 Aggregate supply demand. The A
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21.3 Equilibrium inflation AS0 AS,
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21.3 Equilibrium inflation It was c
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21.4 The labour market and wage beh
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21.6 The adjustment process The eco
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21. 7 Sluggish adjustment to shocks
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21.8 Trade-offs in monetary objecti
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21.8 Trade-offs in monetary objecti
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Review questions • In practice, w
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22. l Money and inflation rises wit
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22.2 Inflation and interest rates N
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22.3 Inflation, money and deficits
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22.4 Inflation, unemployment and ou
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22.5 The costs of inflation find th
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22.5 The costs of inflation You los
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22.6 Controlling inflation Without
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Page 562 and 563: Review questions Money growth (%) I
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Page 566 and 567: 23. l The labour market may simply
Page 568 and 569: 23.2 Analysing unemployment The fig
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Page 572 and 573: 23.3 Explaining changes in unemploy
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Page 580 and 581: 23.5 The cost of unemployment Count
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Page 584 and 585: Review questions • Most European
Page 588 and 589: 24.1 The foreign exchange market do
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Page 592 and 593: 24.3 The balance of payments statis
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Page 596 and 597: 24.6 The financial account Table 24
Page 598 and 599: 24.6 The financial account This sec
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Page 604 and 605: Summary This figure is helpful in t
Page 606 and 607: Review questions Review questions c
Page 610 and 611: 25. l Fixed exchange rates So far,
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Page 616 and 617: 25.3 Devaluation 1 .., Devaluation
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Page 620 and 621: 25.4 Floating exchange rates UK. Af
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Page 626 and 627: Summary Summary • With a fixed ex
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Page 630 and 631: 26. 1 Economic growth Table 26.1 Re
Page 632 and 633: 26.2 Growth: an overview In the lon
Page 634 and 635: 26.3 Technical knowledge Learning b
Page 636 and 637: 26.4 Growth and accumulation increa
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Page 644 and 645: 26.6 Growth in the OECD Annual real
Page 646 and 647: 26.8 The costs of growth rate g? If
Page 648 and 649: Review questions • Potential outp
Page 652 and 653: 2 7 .1 Trend and cycle: statistics
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.. 27.2 Theories of the business cy
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27 .3 Real business cycles provides
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27.4 Towards a consensus: supply-si
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27.5 An international business cycl
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Review questions • Some swings in
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The world economy Part Five focuses
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CHAPTER 28 International trade Is t
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CHAPTER 28 International trade Tabl
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CHAPTER 28 International trade The
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CHAPTER 28 International trade Comp
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CHAPTER 28 International trade Conv
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CHAPTER 28 International trade Fanc
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CHAPTER 28 International trade The
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CHAPTER 28 International trade High
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CHAPTER 28 International trade thei
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CHAPTER 28 International trade Of c
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CHAPTER 28 International trade Conc
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CHAPTER 28 International trade SS
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CHAPTER 28 International trade 7 Wh
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CHAPTER 29 Exchange rate regimes Ta
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CHAPTER 29 Exchange rate regimes co
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CHAPTER 29 Exchange rate regimes re
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CHAPTER 29 Exchange rate regimes 0.
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CHAPTER 29 Exchange rate regimes It
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CHAPTER 29 Exchange rate regimes Ta
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CHAPTER 29 Exchange rate regimes 0
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CHAPTER 29 Exchange rate regimes th
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CHAPTER 29 Exchange rate regimes
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Activity 1.1 (a) (b) Activity 2.1 (
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Answers to activity questions Activ
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Answers to activity questions Activ
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Absolute advantage an individual, c
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Glossary Demand for money a demand
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Glossary Gross domestic product (GD
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Glossary Marginal product the margi
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Glossary Percentage change the abso
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Glossary Sole trader a business own
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A absolute advantage 11-12 internat
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Index commodity composition of trad
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Index elasticity of supply 82-4 ele
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Index happiness 594 new products 59
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Index Laffer curve supply-side econ
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Index exports 369 foreign countries
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Index reading diagrams 34-5 real bu
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Index future taxes effect 475-7 gov
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David K.H. Begg, Gianluigi Vernasca-Economics-McGraw Hill Higher Education (2011)

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