Chapter 18
•The International Monetary System,1870-1973
12/4/20142Chapter Organization英语辅导报社
•Macroeconomic Policy Goals in an Open Economy
•International Macroeconomic Policy Under the Gold Standard, 1870-1914
•The Interwar Years, 1918-1939
•The Bretton Woods System and the International Monetary Fund
•Internal and External Balance Under the Bretton Woods System •Analyzing Policy Options Under the
Chapter Organization
•The External Balance Problem of the
United States
•Worldwide Inflation and the Transition to
Floating Rates
•Summary
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Introduction
•The interdependence of open national
economies has made it more difficult for
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governments to achieve full employment
filmstarand price stability.
–The channels of interdependence depend on
the monetary and exchange rateh m
arrangements.
•This chapter examines the evolution of the international monetary system and how it
influenced macroeconomic policy.
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Macroeconomic Policy Goalsagatha怎么读
in an Open Economy
•In open economies, policymakers are
motivated by two goals:moray
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–Internal balance
•It requires the full employment of a country’s
resources and domestic price level stability.
–External balance
ptoflag是什么意思•It is attained when a country’s current account is
neither so deeply in deficit nor so strongly in
surplus.
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