固定汇率制（Fixed Exchange Rate System)

在固定汇率制下。财政扩张如何影响一国的经常项目？

How does fiscal expansion affect a country's current account under a fixed exchange rate？

scuss why coordination of anti-inflation policies between two may be beneficial for both．How does this analysis apply under fixed exchange rates？

账户上如何反映出来？

Show how an expansion in the central bank's domestic assets ultimately affects its balance sheet under a fixed exchange rate．How are the central bank's transactions in the foreign exchange market reflected in the balance of payments accounts？

致哪些损失？

How might restrictions on private financial account transactions alter the problem of attaining internal and external balance with a fixed exchange rate？ What costs might such restrictions involve？

解释为什么在浮动汇率制下暂时性财政扩张与永久性财政扩张具有不同的影响，而在固定汇率制下影响则不然？

Explain why temporary and permanent fiscal expansions do not have different effects under fixed exchange rates，as they do under floating．

常项目，货币供给和中央银行的外汇储备的影响。 Consider a small open economy with a fixed—exchange—rate system and complete capital controls． Analyze the effects of a rise in foreign prices on the domestic interest rate，the current account，the money supply，and the foreign—exchange reserves of the central bank．

和改善国际收支的话，会发生什么情况呢？

Using the DD-AA model，analyze the output and balance of payments effects of an import tariff under fixed exchange rates．What would happen if all countries in the world simultaneously tried to improve employment and the balance of payments by imposing tariffs？

汇率制还是浮动汇率制——国际资产交易中获得的收益更大一些？

Imagine a world of two countries in which the only causes of fluctuations in stock prices are unexpected shifts in monetary policies．Under which exchange rate regime would you expect the gains from international asset trade to be greater，fixed or floating？

么中央银行也就放弃了它运用货币政策来控制工资一价格螺旋式上升的能力。这种说法通常这样表述：“假设工人要求更高的工资而雇主同意的话。那么雇主就会提高其产品价格以弥补更高的工资成本。因为价格水平的提高会导致实际均衡点立即下降。为了防止利率的上升可能引发的本币升值，中央银行必须购进外国货币，因而增加了货币供给。中央银行的这种行动是通过增加货币供给来满足最初的增加工资的要求，使经济永久性地向更高的工资与价格水平移动。实行固定汇率是无法使工资与价格下降的”。这种说法错在哪里？

A central bank that adopts a fixed exchange rate may sacrifice its autonomy in setting domestic monetary policy．It is sometimes argued that when this is the case，the central hank also gives up the ability to use monetary policy to combat the wage-price spiral．The argument goes like this：“Suppose workers demand higher wages and employers give in，but that the employers then raise output prices to cover their higher costs．Now the price level is higher and real balances are momentarily lower，so to prevent an interest rate rise that would appreciate the currency，the central bank must buy foreign exchange and expand the money supply．This action accommodates the initial wage demands with monetary growth and the economy moves permanently to a higher level of wages and prices．With a fixed exchange rate there is thus no way of keeping wages and prices down.” What is wrong with this argument？

固定汇率(fixed exchange rates)