@article{oai:shiga-u.repo.nii.ac.jp:00008200,
 author = {藤原, 秀夫},
 issue = {第390号},
 journal = {彦根論叢},
 month = {Dec},
 note = {Departmental Bulletin Paper, We examine the accuracy of the policy hypotheses
of the traditional Mundell-Fleming model, i.e. the accuracy of its hypotheses on the efficacy of monetary and fiscal policies, in such a set-up that it depicts a long-run equilibrium. Since we assume the traditional Mundell-Fleming model as a long-run equilibrium model, in the short-run equilibrium, the expected value of the exchange rate is different from the realized value and the interest rate parity condition does not hold. This follows that the capital account balance does not depend on the trade balance, but on the
international difference of interest rates. By introducing an assumption that changes in the
capital account balance depend on the international differences of the rate of returns, we depict an economy in which the capital account
balance converges to the steady state value in the long-run which in turn depends on the trade balance. On the exchange rate expectation, we introduce an adoptive expectation hypothesis.
Mudell-Fleming model is a monetary model, in which the budget constraints for economic agents and the Walras Law are binding as constraints.
Both under these constraints and under the afore-mentioned assumption about the capital account balance, there must be a certain relationship between the capital account balance and the demand for money or the demand for bond. Under floating exchange rate regime, it does critically depend on this relationship whether the policy hypotheses deduced from a long-run equilibrium Mundell-Fleming model are correct or not, but, on
the contrary, it does not depend on the relationship at all under fixed exchange rate
regime. The second important issue is whether a fiscal stimulus should be financed by an increase
in tax or by an increase in government debt. This issue is, as the first issue is, critical under floating exchange rate regime, but is not important under fixed exchange rate regime.
Different from the traditional Mundell-Fleming
model, our model cannot deduce symmetrical hypotheses on efficacy of monetary and fiscal policy between floating and fixed exchange rate regime., 彦根論叢, 第390号, pp. 10-33, The Hikone Ronso, No.390, pp. 10-33},
 pages = {10--33},
 title = {マンデル＝フレミング・モデルにおける長期均衡の安定性とその政策命題について},
 year = {2011}
}