Achieving macroeconomic equilibrium
This book is a practical and accessible guide to understanding the Mundell-Fleming model, providing you with the essential information and saving time.
In 50 minutes you will be able to:
• Learn about the IS-LM model that the Mundell-Fleming is based on and how each of the three curves of the model graph are formed, as well as how to interpret them
• Analyze different exchange rate regimes and the effect they have on production, income and interest rates
• Understand the effectiveness of budgetary, fiscal and monetary policies and how they interact with exchange rates
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Liczba stron: 42
Since the economic development of countries results in the growing mobility of capital and the increase in international trade, the world’s economies have become increasingly interdependent. The relations between countries include not only the flow of goods involving the import and export of goods and services, but also international payments, due to the different currencies that exist depending on the economic area.
A good understanding of international trade, as well as the potential consequences of transactions between the residents of a country and foreign actors, is therefore essential. The Mundell-Fleming model seeks to conceptualise the need to incorporate international trade into the analysis model of national macroeconomic balance (IS-LM model). In doing so, a macroeconomic balance is achieved in an open economy.
The Mundell-Fleming model is an open economy extension of the famous macroeconomic balance IS-LM model, created in 1937 by John R. Hicks (British economist, 1904-1989) and Alvin H. Hansen (American economist, 1887-1975). Presented by leading economists Robert Mundell and Marcus Fleming (Scottish economist, 1911-1976), it allows for the analysis of the role played by the international mobility of capital in the effectiveness of macroeconomic policy under different exchange rate regimes.
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