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1 a a b a p. 36 b b

2 n.a. n.a. n.a. n.a. n.a NEEDS-CD ROM

3 NEEDS-CD ROM

4 AD-AS ; pp ; p. 158 Bruno 1978 Buiter 1978 Sarantis 1986 Lai Chang

5 P d 1π WN EP R R M y S 1 P d π W N E P R R M y S W Wy S WydW/dy S j R M jy S jconst. 3 P d 1π Wy S qep R j qn/y S const. 4 q

6 y S Ay, r ; gt EP y, F P 5 d 0AyA/y1, ArA/r0, AgA/g1 TyT /y0, TeT /EP F /P d 0 0AyTy1 A y r g T P F r ri T p e 6 i T p e 2 1 yy S 1EP R j P 7 d 2 T T 2

7 i i T i T i F E e E E 8 i F E e E Ei i T ; i F,E e E i /i T E 2 /E e 0, E i /i F E 2 /E e 0 E i /E e E/E e 0 9 P 1δ P d δ EP F 10 δ 3 δ 1983 ; p. 134 Davidson1994, 1997LaiChang1987 Karras1999

8 P PP d ; P F P /P d 0, P /P F 0 11 i T i T PP d ; P F z ipi T T /P 0, i T /z1 12 E E i i T PP d ; P F zi F,E e 13 z y yyy S,P d ; P F,z,i F,E e,p R y/y S 0, y/p d 0 y/p F 0, y/z0, y/i F 0 y/e e 0, y/p R 0 14 e e E i i T PP d ; P F zi F,E e P F P d 15

9 eep d ; P F,z,i F,E e e/p d 0, e/p F 0 e/z0, e/i F 0, e/e e 0 16 y S Ayy S,P d ; P F,z,i F,E e,p R i PP T d ; P F zp e ; g Tyy S,P d ; P F,z,i F,E e,p R ep d ; P F,z,i F,E e 17 AD P d 1π Wy S qe i i T PP d ; P F zi F,E e P R j 18 AS AD AS 1 2 AS AD AD 1 AD AS 2 AS

10 1 AD-AS 1 2 AD-AS 2 AD AD AD y S e 16 P d AD AD

11 y S 14 P d AD 3 P R 3 4 AD P R y 14 P R AS

12 AS P d Wy Wy AS Wy AS 5 Q KimuraUeda

13 Wy0 AD AS Q1 Q2 Q Q Q2 1 6 AD AD 7 AS

14 6 7 4 AD-AS

15 AD-AS AD y S Ayy S,P d ; P F,z,i F,E e,p R i PP T d ; P F zp e ; g Tyy S,P d ; P F,z,i F,E e,p R ep d ; P F,z,i F,E e 17 yyy S,P d ; P F,z,i F,E e,p R y/y S 1EP R j/p d 0 y/p d EP R jy S P d 2!!# y/p F i T Pδ E 3 P R jy S /P d E e 0 y/ze 2 P R jy S /P d E e 0 y/i F E 2 P R jy S /P d E e 0 y/e e EP R jy S /P d E e 0 y/p R Ejy S /P d 0 i T P1δ EP " d 1! 0 E e $ 14 eep d ; P F,z,i F,E e e/p d EP F P d 2!!# i T P1δ EP " d 1! 0 E e $ e/p F 1i T Pδ E 2 P F /E e E/P d 0 e/ze 2 P F /P d E e 0 e/i F E 2 P F /P d E e 0 e/e e EP F /P d E e 0 16 i T ipp T d ; P F z ipi T T /P 0 12

16 i T /z1 P PP d ; P F P /P d 1δ 0 P /P F δ E 0 11 AS P d 1π Wy S qe i i T PP d ; P F zi F,E e P R j 18! y S αayi T p e ; gtyey S 19 α 0 01π Wy S qe i P R jp d 18 2 d dt y S y S α a11 α a12 0 a21 a22 a11ayty1ep R j/p d 10 a12 E i T P1δ EP d E e Ari T P1δ 0 P d 2 "!$ a211π Wyq0 a22 "! $ 1π i T P1δ E 2 P R j E e dy S y S * P d P 1 #! % AyTyP R jy S TeP F 1 #! % 0 20 λ

17 λ αa11a22a12a21/a22 a11a22a12a AD AS dp d dy S dp d dy S AD a11 0 a12 AS a21 0 a AD a120 AD a11 a21 a12 a22 21 a120 AD a11 a21 a12 a22 AD AD AS

18 1718a11 a21 a12 a22ddy S dp AyTyEjy S /P d dp R R 1π EjdP a11a22a12a210! dy S h1/ dp 10 R h1aytyp d 1π EP R jejy S P d 2 1π i T P1δ jeartee 3 P F /P d E e 1π TeE 2 jp F P d dp d h2/ dp R h21π EjAyTy1EP R j/p d 1AyTyy S Wyq/P d 0 Wy0 h20 AS P R AD AS dy S dp R P d const. AyTyEjy S 0 AD P d a11 27

19 dp d dp R y S const. 1π Ej 0 AS a22 28! 70 Wy i T P a11 0 AyTyP R jy S TeP F E P d 2 1 ddy S dp m11aytyp R jy S TeP F E 2 /P d E e Ar0 m211π E 2 P R j/e e 0 m11dz m21dz31 30 AD 22 AyTyP R jy S TeP F 0 32 dy dzs k1/a Wy0 k1aytyp R jy S TeP F!" $ 11π EP R j P d #!% E 2 P d E e Ar0

20 dp dzd Wy0 1π E 2 P R j E e 0 34 AD AS dy dzs dp dzd P d const. AD m11 a y S const. 1π E 2 P R j 0 36 AS E e Wy0 1 i T P0 30 a11 1π Wyq AyTyP R jy S TeP F E P d 2 1 ddy S dp m11dz m21dz37 2 2a111π WyqAyTyP R jy S TeP F E P d 2 0 dy dzs dp dzd k1/ Wy0 Wy0 1π a11e 2 P R j/e e Wyqm

21 38 dy dzs Wy0 dzdy S 0 40 Wy dp dzd Wy0 dzdp d Wyq 1π Wy0 2 AyTyP R jy S TeP F!! # 11π EP R j P d "!$ E 2 P d E e Ar0 dp dzd Wy0 dzdp d 0 41 Wy Working Paper No. 8, 3pp Bruno, M.1978Exchange Rates, Import Costs, and Wage-Price DynamicsJournal of Political Economy, Vol. 86, No. 3, June :

22 Buiter, W.1978Short-run and Long-run Effects of External Disturbances under a Floating Exchange RateEconomica, Vol. 45, No. 179, August : Davidson, P.1994Post Keynesian Macroeconomic Theory : A Foundation for Successful Economic Policies for the Twenty-First Century, Edward Elgar 1997 Davidson, P.1997The Viability of Keynesian Demand Management in an Open Economy Contextin Arestis, P. and M. Sawyereds.The Relevance of Keynesian Economic Policies Today, Macmillan. Karras, G.1999Openness and the Effects of Monetary PolicyJournal of International Money and Finance, Vol. 18, No. 1, February : Kimura, T. and K. Ueda2001Downward Nominal Wage Rigidity in JapanJournal of the Japanese and International Economies, Vol. 15, No. 1, March : Lai, C. and W. Chang1987Flexible Exchange Rates, Capital Mobility Control and Macroeconomic PoliciesJournal of Economic Development, Vol. 12, No. 2, December : Lai, C. and W. Chang1989The Fleming Proposition with Oligopolistic PricingJournal of Post Keynesian Economics, Vol. 11, No. 3, Spring : Sarantis, N.1986The Mundell-Fleming Model with Perfect Capital Mobility and Oligopolistic PricingJournal of Post Keynesian Economics, Vol. 9, No. 1, Fall :

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