國(guó)際金融學(xué)復(fù)習(xí)

第一章Bulls:expectacurrencytoappreciateinthefutureandtakealongpositiononthecurrency(buyBears:expectacurrencytodepreciateinthefutureandtakeashortpositiononthecurrency(sellTheforwardexchangerate: theexchangerateatwhicheconomicagents agree today to exchangecurrenciesatsomespecifiedtimeinthefutureTherealexchangerate: isnominalexchangerateadjustedforrelativeprices between the countries consideration.Therealeffective exchangerate: isnominaleffectiveexchangerateadjustedforrelativepricesbetweenthecountriesunderconsideration.Hedger:agents(usuallythatentertheforwardexchangemarkettoprotectthemselvesagainstexchange-ratefluctuationswhichentailexchange-rateriskArbitrageur:agents(usuallybanks)thataimtomakearisklessprofitoutof discrepancies betweeninterest-rate differentials andwhatisknownastheforwarddiscountorforwardpremiumSpeculator: agents that hope to make a profit by acceptingexchange-raterisk.Filling2.Thedifferencebetweenthebidrateandtheofferrateisknownasthe(bid-offerspread)andrepresents(thegrossprofitmargin)ofthebank.Themainparticipantsintheforeignexchangemarketcanbecategorizedas(retailclients),(commercialbanks),(foreignexchangebrokers)and(centralbanks).Speculatorsareusuallyclassified(bulls)(bears)accordingtotheirviewonaparticularcurrency.Ifaspeculatorexpectsacurrencytoappreciateinthefutureheissaidtobe(“bullish”)aboutthecurrency.Itpaysthespeculatorto(takealongposition)onthecurrency.8.Thespotexchangerateisthequotationbetweentwocurrenciesfor(immediatedelivery).16.AttheBrettonwoodsconferenceof1948themajornationsofthewesternworldagreedtoa (peggedexchangeratesystem).In1973(theBrettonwoodssystem)brokendownandthemajorcurrencieswerelefttobedeterminedbymarketforcesinafloatingexchange-rateworld.18.Ineffect,hedgersavoidexchangeriskby(matchingtheirassetsand liabilities)intheforeigncurrency.20.Thepresenceofarbitrageursensuresthatwhatisknownasthe(coveredinterestparity(CIP))conditionholdscontinually.24.(Arbitrage)tiesthespotandforwardexchangemarketquotationstogetherviatheCIPcondition.(Speculation)and(hedging)maybethoughtofasdeterminingthelevelofthespotandforwardexchangequotations.1.4Choices:Thebid-offerspreadwillincreaseif( )B,CA.acurrencyisbroadlytraded B.acurrencyisthinlytradedC.therisksoftradinginaparticularcurrencyareperceivedtohavenrisen.D.therisksoftradinginaparticularcurrencyareperceivedtohavenfallen.4.Ifaspeculatorexpectsacurrencytodepreciateinthefuture,heissaidtobe()aboutthecurrency.Itpaysthespeculatortotakea( )positiononthecurrency.()DA.bullish,longB.bullish,shortC.bearish,longD.bearish,shortThedemandcurveforacurrency( ).BCA.slopsdownfromrighttoleft B.slopsupfromrighttoleftC.slopsdownfromlefttoright D.slopsupfromlefttorightThepresenceofarbitrageursensuresthatwhatisknownasthe( conditionholdscontinually.Acoveredinterestparity(CIP)B.uncoveredinterestparity(UIP)C.therelativePPP D.theabsolutePPPTheapproximateversionofCIPsaysthatifthedomesticinterestrateis()thantheforeigninterestrate,thenthedomesticcurrencywillbeata()byanequivalentpercentage.( )C,Dhigher,forwardpremium B.lower,forwarddiscountC.higher,forwarddiscount D.lower,forwardpremium1.6Thinkingandunderstanding:5Howtounderstandthedeterminationoftheforwardexchangerate?答：Accordingtotheirmotivesforparticipationintheforwardexchangemarket,theparticipantscanbedividedintothreegroups:1)Hedgers——agents(usuallyfirms)thatentertheforwardexchangemarkettoprotectthemselvesagainstexchange-ratefluctuationswhichentailexchange-raterisk.2)Arbitrageurs——agents(usuallybanks)thataimtomakearisklessprofitoutofdiscrepanciesbetweeninterest-ratedifferentialsandwhatisknownastheforwarddiscountorforwardpremium.3)Speculators——agentsthathopetomakeaprofitbyacceptingexchange-raterisk.Forwardexchangeratesaredeterminedbyinteractionofhedgers,arbitrageursandspeculatorsandisdeterminedwiththespotexchangerate.Speculationandhedgingdeterminethelevelofthespotandforwardquotations;ArbitragetiesthespotandforwardmarketquotationstogetherviatheCIPcondition.第二章Thebalanceofpayments:isastatisticalrecordofalltheeconomictransactionsbetweenresidentsofthereportingcountryandresidentsoftheoftheworldduringagiventimeperiodAutonomoustransaction:transactionstakeplaceindependentlyofthebalanceofpayments(abovethelineitems).Accommodatingtransaction:transactionsfinanceanydifferencebetween autonomous receipts payments(belowthelineitems).Filling4.Animportantpointaboutacountry’sbalance-of-paymentsstatisticsisthatinan(accounting)sensetheyalwaysbalance.Thisisbecausetheyarebasedupontheprincipleof(double-entrybook-keeping).Eachtransactionbetweenadomesticandforeignresidenthastwosidestoit,a(receipt)anda(payment),andboththesesidesarerecordedinthebalance-of-paymentsstatistics.6.Theexplanationfordivisionintothesetwomainpartsisthatthecurrentaccountitemsreferto(incomeflows),whilethecapitalaccountrecords(changesinassetsandliabilities).Thetransactionsrecordedinfinancialaccountareclassifiedinto(directinvestment),(portfolioinvestment),(otherinvestment)and(reserveassets).Thereserveassetscomprises(monetarygold),(foreignexchange),(reservepositioninthefund)and(SDRs).17. When talking about a balance-of-payments deficit or surpluseconomistsarereallysaying(asubsetofitems)thatinthebalanceofpaymentsareinsurplusordeficit.19.The(officialsettlementsbalance)balancefocusesontheoperationsthat the monetary authorities have to undertaken to finance imbalanceinthecurrentandcapitalaccount.21.TheS“es”m1982sare(currentaccount)deficitand(budget)deficit.2.4Choices:Whicharecorrectfrombelow?( )B,Dernationalorganizationsaretreatedasresidentinthereportingcountry.touristsareregardedasbeingforeignresidentsiftheystayinthereportingcountryfrolessthanayear.Theexplanationfordivisionintothesetwomainpartsisthatthecurrentaccountitemsreferto( ),whilethecapitalaccountrecords( ).( )Dcapitalflows,changesinassetsandliabilitiesincomeflows,assetsandliabilitiescapitalflows,assetsandliabilitiesincomeflows,changesinassetsandliabilitieslsarean()nesgfnassetsor( )inliabilitiestoforeigners.Capitalinflowsarea()inthesgfnassetsr()nso( )AIncrease,decrease;decrease,increasedecrease,increase;decrease,increaseincrease,decrease;increase,decreasedecrease,increase;increase,decreaseAdeficitinthebalanceofpaymentsisdefinedasa( )excessover( ).( )A,Caccommodatingreceipts,accommodatingpaymentsaccommodatingpayments,accommodatingreceiptsautonomouspayments,autonomousreceiptsautonomousreceipts,autonomouspaymentsTheoverallbalance( )B,CisnotasrelevanttocountriesthathavefixedexchangeratesasitistothosewithfloatingexchangeratesisnotasrelevanttocountriesthathavefloatingexchangeratesasI tistothosewithfixedexchangeratesisnotveryimportanteveninafixedregime,becausetheauthorityhavetheotherinstrumentsavailablewithwhichtodefendexchangerateretainsnosignificanceafter1973The( )arethemarginalpropensitiestosaveandimport,the( leakagesscheduleandthe( )theincreaseinincome.( )Bhigher,lesssteep,greater B.lower,lesssteep,greaterC.lower,moresteep,greater D.higher,moresteep,greater2.6Thinkingandanalyzing:Whatisthebalanceofpayments?Howtograsptheconcept?答：Thebalanceofpaymentsisastatisticalrecordofalltheeconomictransactionsbetweenresidentsofthereportingcountryandresidentsoftherestoftheworldduringagiventimeperiod.Economictransactionmeansthetransferfromoneeconomicagent(individual,business,etc.)toanotherofaneconomicvalue.Itincludesexchange(forwhichpaymentisusuallyrequired)(bilateraltransfer)andtransfer(forwhichnopaymentisrequired)(unilateraltransfer)ofgoods,servicesorassets.Residentsarethepersonswhosegeneralcentreofinterestisconsideredtorestinthegiveneconomy,thatis,whoconsumegoodsandservices,participateinproduction,orengageinothereconomicactivitiesintheterritoryofaneconomyonotherthanatemporarybasis,eveniftheyhaveaforeigncitizenship.Asthebalanceofpaymentsreferstoagiventimeperiod,itisa flowconcept.Listthemainaccountsandsub-accountsofthebalanceofpayments,andhowtorecordtheinternationaleconomictransactions?答：Thecurrentaccount:Goodsandservices.1)Goods,2)Services.Income:1)Compensationofemployees,2)Investmentincome.Currenttransfers.Debit(-)Credit(+)InflowsofrealsourcesOutflowsofrealsourcesDebit(-)Credit(+)InflowsofrealsourcesOutflowsofrealsourcesIncreasesinfinancialDecreasesinfinancialassetsassetsDecreasesinliabilitiesIncreasesinliabilitiesWhymustthesumofthecapitalaccountandthecurrentaccountbeequaltozero?Howarestatisticaldiscrepancyaccountedfor?Whatarethepossiblecausesofstatisticalerrors?答：Becausetheyarebasedupontheprincipleofdouble-entrybook-keepingeachtransactionhastwosidestoitareceipt(source)andapayment(use),andbotharerecordedintheBOPs.Intheory,thesumofalltheitemsrecordedinthecurrentaccount,thecapitalandfinancialaccountandthereserveaccountshouldsumtozero.If≠0,thenincorporatestatisticaldiscrepancyforanydifferencebetweenthesumofcreditsanddebitstokeepcreditanddebitequal.Possiblesourcesoferror:Itisanimpossibletasktokeeptrackofallthetransactions;Manyofthereportedstatisticsarebasedonsamplingestimatesderivedfromseparatesources;Thedesiretoavoidtaxesmeansthatsomeofthetransactionsinthecapitalaccountareunder-reported;Somedishonestfirmsmaydeliberatelyunder-invoicetheir andover-invoicetheirimportstoartificiallydeflatetheirprofits;“Leadsandlags”.Thetimediscrepancymaymeanthatthetwosidesofthetransactionarenotrecordedinthesamesetoffigures.6Whatismeantbyabalance-of-paymentsdeficitorsurplus?Howmanyalternativeconceptsofbalance-of-paymentssurplusanddeficitarethere?答：Autonomousreceipts>autonomouspayments=surplusAutonomousreceipts<autonomouspayments=deficitSeveralconceptsofsurplusanddeficit:tradebalance,currentaccountbalance,capitalandfinancialaccountbalanceandoverallbalnce.13Howtoderivethegovernmentexpenditureandtheexportmultipliersinanopeneconomy?Whatdotheymean?答：governmentexpendituremultiplier:dY/dG=1/(s+m)>0.Itsaysthatanincreaseingovernmentexpenditurewillhaveanexpansionaryeffectonnationalincome.Theforeigntradeorexportmultiplier:dY/dX=1/(s+m).Itsaysthatanincreaseinexportexpenditurewillhaveanexpansionaryeffectonnationalincome.Thecurrentaccountmultiplier:Reflectingtheeffectofgovernmentexpenditureorexportonthecurrentaccount.16Inthelongrun,Dotherecordunitedstatescurrentaccountdeficitsmatter?答：itisclearthattheUScurrentaccountdeficitsdomatter.Increasingexternalindebtednessraisestheinterestpaymentswhichimplieslessmoneytobuygoods/servicesinthefuture;Alargestructuralcurrentaccountdeficitalsoactsasaconstraintoneconomicgrowthsincestrongeconomicgrowthleadstoevenbiggercurrentaccountdeficits;Increasedexternalindebtednessovertimeincreasestheprobabilityoftherebeingasharpcorrectionatsomepointinthefuture,whichwouldimplyasignificantfallinthedollar,ariseinUSinterestratesandpossiblyaprolongedandsignificantrecessionfortheUSeconomy;ThereisalsotheriskofafinancialcrisisresultingfromalossofconfidenceonthepartoffinancialmarketsandforeigncentralbanksaboutthepotentialforalargedepreciationoftheUSdollar;Thereisathreatofprotectionism.第三章 TheMarshall-Lernercondition:Startingfromapositionofequilibriuminthecurrentaccount,adevaluationwillimprovethecurrentaccount;thatis,dCA/Ds>0,onlyifthesumoftheforeignelasticityofdemandforexportsandthehomecountryelasticitydemandforimportsisgreaterthanunity,thatis,ηx+ηm＞1J-curveeffect:showsthatthereisatimelagbeforethecurrentaccountisimprovedfromthedevaluationofthecurrency.Thetimelagmaybe6monthsortwoThepass-througheffectofexchangerate:theextenttowhicha1%depreciation(appreciation)leadstoarise(fall)inimportFillingTheelasticityapproachassumesthatthesupplyelasticityare(perfectlyelastic),sothatchangesindemandvolumeshavenoeffectonprices.Accordingtotheelasticityapproach,therearethe(price)effectandthe(volume)effectinplayonceacurrencyisdevalued.7.Ifa10%depreciation(appreciation)leadstoonlya8%rise(fall)inimportprices,thenthereisonlya(partial)pass-througheffect,withtheelasticityofexchangeratepass-throughbeing(0.8).9.(Imperfectcompetition)isamajorreasonadvancedforpartialpass-througheffect.11.Adevaluationismorelikelytosucceedwhenelasticitiesofdemandforimportsandexportsare(high)andwhenitisaccompaniedbymeasuressuchasfiscalandmonetaryrestraintthatboost(income)relativeto(domesticabsorption).Choices:Theassumptionthatthesupplyelasticityisperfectlyelasticmeansthat( )A,B.Cchangesindemandvolumeshavenoeffectonpricesdomesticandforeignpricesarefixedchangesinrelativepricesarecausedbychangesinthenominalexchangerate changesinrelativepricesarecausedbychangesintherealexchangerateAccordingtoabsorptionapproach,the( )effectisclear.( )B,CA.employmenteffect B.termsoftradeeffectC.realbalanceeffect D.incomeredistributioneffectAdevaluationismorelikelytosucceedwhenelasticitiesofdemandforimportsandexportsare( )andwhenitisaccompaniedbymeasuressuchasfiscalandmonetaryrestraintthatboost( relativeto( ).( )Bhigh,domesticabsorption,incomehigh,income,domesticabsorptionlow,income,domesticabsorptionlow,domesticabsorption,incomeThinkingandunderstanding:Whatistheelasticityapproachtothebalanceofpayments?HowtoderivetheMarshall-Lernercondition?Whatdoesitmean?Whatarethetwoeffectsinplayonceacurrencyisdevalued?答：Currentaccountbalance(CA)expressedintermsofthedomesticcurrency:CA=PXv-SP*Mv.Simplifications:Setthedomesticandforeignpricelevelsatunity;Thevalueofdomesticexports(PXv)isgivenbyX,Theforeigncurrencyvalueofimports(P*Mv)isgivenbyM:CA=X-SM.In difference form (3.2) becomes (3.3).Dividing(3.3)bythechangeintheexchangeratedS,weobtain:dCA dX dM dSdS

S

M dS

(3.4)Introducetwodefinitions:Thepriceelasticityofdemandforexports:dX XdS S dX XdS SxThepriceelasticityofdemandforimports:dM Mm dS S (3.6)dM MSubstituting(3.5)and(3.6)into(3.4):dCA X SdS xS

( M)MmDividingbyM:dCA 1 X dS

x 1SM m

(3.7)AssumingX/SM=1,yields:dCAdS

M ( x

1) (3.8)Starting from a position of equilibrium in the current account, adevaluationwillimprovethecurrentaccount;onlyifthesumoftheforeignelasticityofdemandforexportsandthehomecountryelasticityofdemandforimportsisgreaterthanunity.Ifthesumofthesetwoelasticitiesislessthanunitythenadevaluationwillleadtoadeteriorationofthecurrentaccount.WhatismeantbytheJ-curveeffect?Whythereexiststheeffect?答：Ageneralconsensusacceptedbymosteconomistsisthatelasticitiesare lower in the short run than in the long run in which case theMarshall-Lernerconditionsmayonlyholdinthemediumtolongrun.Threeofthemostimportantreasons:1)Atimelaginconsumerresponses.2)Atimelaginproducerresponses.3)Imperfectcompetition.4)Itisunlikelythepriceofexportsasmeasuredinthedomesticpriceswillremainfixed.4Howdoesdevaluationaffectnationalincome?importanteffectsonincome:Employmenteffectisnotclear,Termsoftradeeffectlowersnationalincome.第四章Expenditurechangingpolicy:policiessuchasfiscalandmonetarypolicieswhichaimtoinfluencetheleveloftheaggregatedemandintheeconomyExpenditureswitchingpolicy:policiessuchdevaluation/revaluationoftheexchangeratewhichattempttoinfluencethecompositionofspendingbetweendomesticandforeigngoodsTinbergen’sinstrument-targetsrule:acountrygenerallyrequiresasmanyinstrumentsasithastargetstobothinternalandexternalequilibriumSterilizedintervention: theauthoritiesoffsetthemoney-baseimplicationsoftheirexchangemarketinterventionstoensurethereservechangesduetointerventiondonotaffectthemoneybaseNon-sterilizedintervention: theauthoritiesallowthereservechangesresultingfromtheirinterventionstoaffectthemoneyThemacroeconomictrilemma:isthattheauthoritieshavetomakechoiceoutoftwoofthefollowingthreegoals（1.MonetaryIndependence2.Fixedexchangerates3.Freemovementofinternationalcapital） Theprincipleofeffectivemarketclassification: statedthat“policiesshouldbepairedwiththeobjectivesonwhichtheythemostinfluence”.Filling2.Ensuringasustainablebalance-of-paymentspositionovertimeisanimportanteconomicobjectivetogoalongwith(higheconomicgrowth),(lowunemployment)and(lowinflation).5.Intheswandiagram,theIBscheduleis(downward-sloping)fromlefttoright,theEBscheduleis(upward-sloping)fromlefttoright.7.TheMundell-Flemingmodel’smajorcontributionwastoincorporate(internationalcapitalmovements)intoformalmacroeconomicmodelsbasedontheKeynesianIS-LMframework. Theirpapersledtosomedramatic implications concerning the (effectiveness of fiscal monetarypolicy)fortheattainmentofinternalandexternalbalance.12.TheslopeoftheBPscheduleisdeterminedbythedegreeof(capital mobilityinternationally).ThehigherthedegreeofthentheflattertheBPschedule.Theproblemforeconomicpolicy-makerstodeterminewhichinstrumentstoassigntowhichtargets,istermedthe“(assignmentproblem)”.Mundellsuggestedthatunderfixedexchangerates,monetarypolicyshouldbeassignedto(externalbalance)andfiscalpolicyto(internalbalance).Choices:Ensuring( )overtimeisanimportanteconomicobjectivetogoalongwith( ),( )and( )inanopeneconomy.( )Casustainablebalance-of-paymentssurplus,higheconomicgrowth,lowunemployment,lowinflationa sustainable balance-of-payments position, high growth,highunemployment,lowinflationa sustainable balance-of-payments position, high economicgrowth,lowunemployment,lowinflation asustainablebalance-of-paymentssurplus,higheconomicgrowth,highunemployment,lowinflationTheglsrns( ).B,CtoincorporateBPscheduleintoformalmacroeconomicmodelsbasedontheKeynesianIS-LMframework.toincorporateinternationalcapitalmovementsintoformalmacroeconomicmodelsbasedontheKeynesianIS-LMframework.thatitanalyzedtheeffectivenessoffiscalandmonetarypolicyfortheattainmentofinternalandexternalbalance.thatitanalyzedtheeffectivenessofinterventionpolicyfortheattainmentofinternalandexternalbalance.The( )curveisupwardslopingfromlefttoright.( )B,CIS B.LM C.BP D.IBAnautonomousincreaseinexportsoranautonomousdecreaseinimportswillleadtoarightwardshiftofthe()schedule.()A,CIS B.LM C.BP D.EBTheSwandiagramhasnotdistinguishedbetweenthefiscalpolicyandthemonetarypolicyasdifferentandindependenttypesofexpenditure-changingpolicies,becauseitdoesnottake( )intoaccount.( )B,C,Dthecurrentaccount B.thecapitalaccountC.theinternationalcapitalflow D.interestratethenthecapitalaccountWitha( )policytheauthoritiesallowthereservechangesresultingfromtheirinterventionstoaffectthemoneybase.( )Bsterilizedintervention B.non-sterilizedinterventionC.fiscal D.monetaryWhencapitalis( ),theBPscheduleishorizontal.( )A,Dperfectlymobile B.perfectlyimmobileC.imperfectlymobile D.completelymobileThinkingandunderstanding:HowtoderivetheISschedule?Whattypeofscheduleitis?答：TheIScurveshowsvariouscombinationsofthelevelofoutput(Yandrateofinterestthatmakeleakagesequaltoinjections.Openeconomy:Y=C+I+G+X-M (4.1)Since:Y-C=S,rewrite(4.1):S+M=I+G+X (4.2)Forsimplicity,assume:S=Sa+sY (4.3)M=Ma+mY (4.4)I=I(r),dI/dr<0 (4.5)G&X:autonomouswithrespecttotherateofinterestandlevelofnationalincome.TheIScurveisdownward-slopingfromlefttoright.HowtoderivetheLMschedule?Whattypeofscheduleitis?答：TheLMschedule:showsvariouscombinationsofthelevelofincomeandrateofinterestforwhichthemoneymarketisinequilibrium.Demandformoney:fortransactionorspeculativepurposes.AssumeMtisapositivefunctionofY:Mt=Mt(Y) (4.6)AssumeMspisnegativefunctionofinterestrate:Msp=Msp(r) Inequilibrium:Md=Msp+Mt=Ms (4.8)TheLMscheduleisupward-slopingfromlefttoright.HowtoderivetheBPschedule?Whattypeofscheduleitis?BywhichtheslopeoftheBPscheduleisdetermined?Why?InwhichcasethattheBPscheduleisahorizontallineoraverticalline?答：TheBPschedule:showsdifferentcombinationsofratesofinterestandincomethatarecompatiblewithequilibriuminthebalanceofpayments.BOP:currentaccount+capitalaccountCurrentaccountbalance(CA)=X-M.M=Ma+m(4.9)Capitalaccountbalance(K)ispositivefunctionofthedomesticinterestrate:K=K(r-r*) (4.10)Inequilibrium:BP=CA+K+dR(=0)=0=(X-M)+K=0 (4.11)TheBPscheduleisupward-slopingfromlefttoright.TheslopeoftheBPscheduleisdeterminedbythedegreeofcapitalmobilityinternationally.ThehigherthedegreeofcapitalmobilitythentheflattertheBPschedule.Whencapitalisperfectlymobile,theBPscheduleishorizontal;Whencapitalisperfectlyimmobile,theBPscheduleisvertical;Whencapitalisimperfectlymobile,theBPscheduleisupward-sloping.ListthefactorsshiftingtheIS,LMandBPschedules.答：1)FactorsshiftingtheISschedule:L=S+M=I+G+X=In,Sa+sY+Ma+mY=I(r)+G+X,Sa+Ma+(s+m)Y=I(r)+G+X.FactorsshiftingtheLMschedule:Ms=Md=Mt(Y+)+Msp(r-)Factors shifting the BP schedule: X-Ma-mY+K(r-r*)=0.Howfiscalpolicy,monetarypolicyandsterilizedandnon-sterilizedinterventioninfluenceeconomicactivities?答：expansionarymonetarypolicy:incomeincrease,BOPdeficit;Expansionaryfiscalpolicy:incomeincrease,BOPdeficitorsurplus.11Whataremeantbythe“principleofeffectivemarketclassification”andthe “assignmentproblem”?Accordingto Mundell,which policyinstrumentshouldbeassignedtowhichpolicytarget?Why?答：Theprincipleofeffectivemarketclassificationstatedthat“policiesshouldbepairedwiththeobjectivesonwhichtheyhavethemostinfluence”.Theproblemforeconomicpolicy-makerstodeterminewhichinstrumentstoassigntowhichtargets,istermedthe“assignmentproblem”.Mundellsuggestedthatunderfixedexchangerates,monetarypolicyshouldbeassignedtoexternalbalanceandfiscalpolicytointernalbalance.15Whatismeantbythenotionof“impossibletrinity”?HowtoderivetheconclusionbyemployingtheMundell-Flemingmodel?答：Themacroeconomictrilemmaisthattheauthoritieshavetomakeachoiceoutoftwoofthefollowingthreegoals.Somehavetermedthetrilemmathe“impossibletrinity”,reflectingthefactthatisnotpossibletoachieve all three goals simultaneously. The impossible three 1.MonetaryIndependence;2.Fixedexchangerates;3.Freemovementofinternationalcapital.AccordingtotheMundell-Flemingmodel,inasmallopeneconomywithperfectcapitalmovements,underfixedexchangeratesmonetarypolicyisineffective,butveryeffectiveunderfloatingrates.第六章tradedgoods: aregoodsthataresusceptibletotherigoursofinternationalcompetition,betheyexportsimport-competing industries such as manufacturedgoods.non-tradedgoods:arethosethatcannotbetradedinternationallyataprofit,suchashousesandcertainservicessuchasahaircut,orrestaurantfoodFillingThebasicconceptunderlyingPPPtheoryisthat(arbitrageforces)willleadtothe(equalization)ofgoodspricesinternationallyoncethepriceofgoodsaremeasuredinthesamecurrency.Assuchthetheoryrepresentsanapplicationofthe“(lawofoneprice)”.Thelawofonepricesimplystatesthatinthepresenceof(competitivemarketstructure)andtheabsenceof(transportcosts)andotherbarrierstotrade,identicalproductswhicharesoldindifferentmarketswillsellatthesamepricewhenexpressedintermsofa(common)currency. ThePPPtheorycomesintwoforms:oneisbasedonastrictinterpretationofthelawofonepriceandistermed(absolute)PPP;thersa“r”nnas(relative)Putsimply,therelativeversionofPPParguesthattheexchangeratewilladjustbytheamountofthe(inflationdifferential)betweentwoeconomies.AgeneralizedversionofPPPthatprovidessomeusefulinsightsmakesadistinctionbetween(traded)and(non-traded)goods.Choices:( )thatprovidessomeusefulinsightsmakesadistinctionbetweentradedandnon-tradedgoods.( )CA.theabsoluteversionofPPP B.therelativeversionofPPPC.AgeneralizedversionofPPP D.thelawofonepriceTheempiricalevidenceonPPPshowsthatPPPholdsbetter( ( )ACDinthelongrun B.intheshortrunC.forcountriesthataregeographicallyclosetooneanotherD.forcountrieswheretradelinkagesarehighBalassaandSamuelsonarguethatlaborproductivityin( )countriesishigherthanin( )countries.Furthermore,thisproductivitydifferentialoccurspredominantlyinthe( )ratherthanthe( )sector.( )Brich,poor,non-tradables,tradablesrich,poor,tradable