ACADEMIA DE STUDII ECONOMICE

FACULTATEA DE CIBERNETICA, STATISTICA SI INFORMATICA ECONOMICA

Masterat Cibernetica si Economie Cantitativa
BUCURESTI
202
TEMA 4
Macroeconomie
!"a# Ioana$An#reea Tema %
&r'(a 0)*, Master Cibernetica si Economie Cantitativa
!LAD Ioana$An#reea
&r'(a 0)*
Problema 1. Modelul Mundell-Fleming, cazul cursului de schimb flotant si cont de capital
restrictionat
a+ !ariabi"e en#o,ene - ., C, I, N/, .D, T, E, /, L, CC, r, 01
!ariabi"e e2o,ene- &, T
R
3
b+ 4arametr'" e

este (o5itiv, in tim( ce (arametr'" x

este ne,ativ3 Acest "'cr' in#ica 6a(t'"

ca intre e2(ort si c'rs'" rea" #e sc7imb e2ista o re"atie (o5itiva, in tim( ce intre im(ort si
c'rs'" rea" #e sc7imb e2ista o re"atie ne,ativa3 Ast6e", o crestere a c'rs'"'i rea" #e sc7imb
va #etermina o #e(reciere a mone#ei nationa"e care va inc'ra8a e2(ort'ri"e si va
#esc'ra8a im(ort'ri"e, a,entii economici nationa"i 6iin# nevoiti sa ac7ite o cantitate mai
mare #e mone#a nationa"a (entr' (ro#'se"e ac7i5itionate #in strainatate3
c+ La ec7i"ibr', (e (iata b'n'ri"or si servicii"or-

*2 3 9:): 2 3 9;))2 ; 3 %**: -
+ + < + < <
+ <

-
+ < + + < <
+ < + <
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
+ =
+ + + + + +
+
=
+ + + + + + = +
+ + + + + + + + = + + + =
r Y IS
x e r i X E G I T T c C
x i t c
Y IS
X x E e G I r i T T c C x i t c Y
X x Y x E e G I r i Y i T Y t T Y c C Y NX G I C Y
r R y
y y y y
r R y y y y y
y r y y R y
#+ M'"ti("icatorii -
M'"ti(i"icator'" investitii"or k
I
%:2* 3 *
+ <

=
+
=

=
y y y y
I
x i t c I
Y
k
M'"ti("icator'" c7e"t'ie"i"or ,'vernamenta"e k
G
%:2* 3 *
+ <

=
+
=

=
y y y y
G
x i t c G
Y
k
M'"ti("icator'" cons'm'"'i a'tonom k
C
%:2* 3 *
+ <

0
=
+
=

=
y y y y
C
x i t c C
Y
k
M'"ti("icator'" trans6er'ri"or k
Tr
;*0 3 )
+ <
=
+
=

=
y y y y
y
R
Tr
x i t c
c
T
Y
k
M'"ti("icator'" ta2e"or a'tonome k
T
;*0 3 )
+ <
0
=
+

=
y y y y
y
T
x i t c
c
T
Y
k
2
!"a# Ioana$An#reea Tema %
&r'(a 0)*, Master Cibernetica si Economie Cantitativa
e+ Ec7i"ibr'" (e (iata monetara-
+ <

-
+ 2 <
0
0
M
P
M
m
r
m
m
Y LM
P
M
M r m Y m
y y
r
r y
+

=
= + +
*)00 :0000 -
*2) :00 = 9*) 3 2 :00 =
2) 3 0 ) 3 0
) 3 0
+ <

0
+ =
= =
+
+
= +
+
+
= =
r Y LM
N R
D
R
D
N
D
N
M M
6+ M'"ti("icator'" masei monetare rea"e -
:* , :

>
>
= =

=
y
P M
m P M
Y
k
M'"ti("icator'" o6ertei a'tonome #e mone#a -
:* 3 :

0
0
= =

=
y
M
m M
Y
k
,+ Ec7i"ibr'" (e (iata cont'"'i #e ca(ita" -
+ 0) 3 0 < ))00 2)00 2000 -
+ <

+ <

+ <

+ ? < 0 + < + < -

0 + <
0 0
0 0
+ + =
+ + =
= = + +
= = +
r Y BP
r r
x
x e
x
X E
x
Y
BP r r Y x x e X E BP
BP r r X E
f
y y y
f
y
f

7+ M'"ti("icator'" e2(ort'"'i a'tonom -
)

0
+
= =

=
y
E
x E
Y
k
M'"ti("icator'" im(ort'"'i a'tonom -
)

0
+
=

=
y
X
x X
Y
k
i+ Ec7i"ibr'" sim'"tan (e ce"e ? (iete
Din <+ si <?+ @A
+ < + <
0 0 0
f
r y y R y
r r G I r i Y i T Y t T Y c C Y + + + + + + =
Din re"atia <2+ -
3
+ < + < + <
0 0 0 0 0 0 0
f
y y r y y R y
r r Y x x e X E X x Y x E e G I r i Y i T Y t T Y c C Y + + + + + + + + + + =

!"a# Ioana$An#reea Tema %
&r'(a 0)*, Master Cibernetica si Economie Cantitativa
+ + <

+ < + < <

+ < + <

+ + <

< + <

+ < ++ < + < <

+ + <

< ++ <

< + <
+ <

0 0 0 0
=
0 0 0 0 0
0 0 0 0 0
0
f
r
r R y
r
r
y
y y y
f
r r
r R y r
r
y
y y y
f
r r
y
r r
y
r y y R y
r r
y
r G I M
P
M
m
i T T c C
i
m
m
i t c
Y
r M
P
M
m
G I M
P
M
m
i T T c C i
m
m
i t c Y
r M
P
M
m
Y
m
m
G I M
P
M
m
Y
m
m
i Y i T Y t T Y c C Y
M
P
M
m
Y
m
m
r

+ + + + +

=
+ + + + =
+

+ + +

+ + + + =
+

=
+ <

+ + <

+ < + < <

++ < + < <
+ <

0 0 0 0 0
=
0
= =
M
P
M
m
r G I M
P
M
m
i T T c C
i
m
m
i t c m
m
r
M
P
M
m
Y
m
m
r
r
f
r
r R y
r
r
y
y y y r
y
r r
y
+ + + + + +

=
+

e x
r r Y x X E
r r Y x x e X E
f
y
f
y

+
=
= + +
+ <
0 + < + <
= =
0 0 =
= = =
0 0
8+ !a"ori "a ec7i"ibr' a"e in#icatori"or -
?):2 3 *%?0
0:? 3 ::;*
2;?2 3 *??
B )*2; 3 )
%)2; 3 ):2%
%;:* 3 20%
:)2 3 ?;0:
)9:) 3 ?
B ::? 3 * *::? 3 0
99 3 )0%;*
=
=
=
=
=
=
=
=
=
=
=
=
=
=
=
=
=
= =
=
X
E
NX
d
I
T
C
r
Y

'n#e d re(re5inta (on#erea #e6icit'"'i b',etar in 4IB3

C+ %;:* 3 *;%
= =
= + = T T G DP
R
"+
"+
4
!"a# Ioana$An#reea Tema %
&r'(a 0)*, Master Cibernetica si Economie Cantitativa

*2 3 9:): 2 3 9;))2 ;%0? 3 %*: -

00;)% 3 0
00299 3 0
2; 3 ?
20
*2 3 9:): 2 3 9;))2 %%** 3 %*;0 -
00;)% 3 0
00299 3 0
2; 3 ?
20
+ =
=
=
=
=
+ =
=
=
=
=
r Y IS
r
Y
I
r Y IS
r
Y
I
4rin 'rmare, "a o crestere>sca#ere a investitii"or c' 20 '3m3, 4IB$'" va creste, res(ectiv va
sca#ea c' ?32; '3m3, rata #e #oban#a va creste, res(ectiv va sca#ea c' 03002; ('ncte
(rocent'a"e, iar c'rs'" rea" #e sc7imb va creste>sca#ea c' 0300;)% '3m3 I creste, at'nci IS se
#e("asea5a s(re #rea(ta3 I sca#e, at'nci IS se #e("asea5a s(re stan,a3 LM si B4 n' se mo#i6ica3
"2+

*2 3 9:): 2 3 9;))2 ;%0? 3 %*: -

00;)% 3 0
00299 3 0
2; 3 ?
20
*2 3 9:): 2 3 9;))2 %%** 3 %*;0 -
00;)% 3 0
00299 3 0
2; 3 ?
20
+ =
=
=
=
=
+ =
=
=
=
=
r Y IS
r
Y
G
r Y IS
r
Y
G
La o crestere>sca#ere a c7e"t'ie"i"or ,'vernamenta"e c' 20 '3m3, 4IB$'" va creste, res(ectiv
va sca#ea c' 2; 3 ? '3m3, rata #e #oban#a va creste, res(ectiv va sca#ea c' 03002; ('ncte
(rocent'a"e, iar c'rs'" rea" #e sc7imb va creste>sca#ea c' 0300;)% '3m3 & creste, at'nci IS se
#e("asea5a s(re #rea(ta3 & sca#e, at'nci IS se #e("asea5a s(re stan,a3 LM si B4 n' se mo#i6ica3
"?+

*2 3 9:): 2 3 9;))2 ;%0? 3 %*: -

00;)% 3 0
00299 3 0
2; 3 ?
20
*2 3 9:): 2 3 9;))2 %%** 3 %*;0 -
00;)% 3 0
00299 3 0
2; 3 ?
20
0
0
+ =
=
=
=
=
+ =
=
=
=
=
r Y IS
r
Y
C
r Y IS
r
Y
C
Deci, "a o crestere>sca#ere a cons'm'"'i a'tonom c' 20 '3m3, 4IB$'" va creste, res(ectiv va
sca#ea c' 2; 3 ? '3m3, rata #e #oban#a va creste, res(ectiv va sca#ea c' 03002; ('ncte
(rocent'a"e, iar c'rs'" rea" #e sc7imb va creste>sca#ea c' 0300;)% '3m3 C
0
creste, at'nci IS se
#e("asea5a s(re #rea(ta3 C
0
sca#e, at'nci IS se #e("asea5a s(re stan,a3 LM si B4 n' se mo#i6ica3
"%+
5
!"a# Ioana$An#reea Tema %
&r'(a 0)*, Master Cibernetica si Economie Cantitativa

*2 3 9:): 2 3 9;))2 *; 3 %*:% -

00*:?2 3 0
00*) 3 0
0?29 3 0)
20
*2 3 9:): 2 3 9;))2 );* 3 %*990 -
00*:?2 3 0
00*) 3 0
0?29 3 0)
20
+ =
=
=
=
=
+ =
=
=
=
=
r Y IS
r
Y
Tr
r Y IS
r
Y
Tr
La o crestere>sca#ere a trans6er'ri"or c' 20 '3m3, 4IB$'" va creste, res(ectiv va sca#ea c'
0)30?29 '3m3, rata #e #oban#a va creste, res(ectiv va sca#ea c' 03002; ('ncte (rocent'a"e, iar
c'rs'" rea" #e sc7imb va creste>sca#ea c' 0300;)% '3m3 Trans6er'ri"e cresc, at'nci IS se
#e("asea5a s(re #rea(ta3 Trans6er'ri"e sca#, at'nci IS se #e("asea5a s(re stan,a3 LM si B4 n' se
mo#i6ica3
")+

*2 3 9:): 2 3 9;))2 );* 3 %*990 -

00*:?2 3 0
00*) 3 0
0?29 3 0)
20
*2 3 9:): 2 3 9;))2 *; 3 %*:% -
00*:?2 3 0
00*) 3 0
0?29 3 0)
20
0
0
+ =
=
=
=
=
+ =
=
=
=
=
r Y IS
r
Y
T
r Y IS
r
Y
T
Mo#i6icari"e s'nt in sens invers 6ata #e mo#i6icari"e a(ar'te in ca5'" trans6er'ri"or,
(re5entate "a ('nct'" anterior3
":+

2: 3 20*; 090 ; 3 )?;:2 -

%2:9 3 0
0;%:) 3 0
); 3 ):*;
02 3 0
+ =
=
=
=
=
r Y IS
r
Y
c
y

: 3 :*?? ? 3 90?2 09* 3 %29?9 -

??:; 3 0
0**2* 3 0
?2)?? 3 %:?:
02 3 0
+ =
=
=
=
=
r Y IS
r
Y
c
y
La o crestere>sca#ere a inc"inatiei mar,ina"e s(re cons'm c' 0302, 4IB$'" va creste c'
):*;3);, res(ectiv va sca#ea c' %:?:3?2)?? '3m3, rata #e #oban#a va creste c' 030;%:),
res(ectiv va sca#ea c' 030**2* ('ncte (rocent'a"e, iar c'rs'" rea" #e sc7imb va creste c'
03%2:9, res(ectiv va sca#ea c' 03??:; '3m3 Mo#i6icarea inc"inatiei mar,ina"e s(re cons'm
con#'ce "a mo#i6icarea c'rbei IS, #ar n' #etermina mo#i6icarea c'rbe"or LM si B43
"*+
6
!"a# Ioana$An#reea Tema %
&r'(a 0)*, Master Cibernetica si Economie Cantitativa

:* 3 :::: 90000 :* 3 %2:: -

?%9*9 3 0
0*;;; 3 0
*;2 3 %*;;
02 3 0
+ =
=
=
=
=
r Y IS
r
Y
t
y

%% 3 29: 0:;) 299 3 )%2?* -

%?0: 3 0
0;9** 3 0
?;?: 3 );2:
02 3 0
+ =
=
=
=
=
r Y IS
r
Y
t
y
Mo#i6icarea inc"inatiei mar,ina"e s(re cons'm con#'ce "a mo#i6icarea c'rbei IS, #ar n'
#etermina mo#i6icarea c'rbe"or LM si B43
"9+
M creste, at'nci LM se #e("asea5a s(re #rea(ta3 M sca#e, at'nci LM se #e("asea5a s(re
stan,a3 IS si B4 n' se mo#i6ica3
";+
"0+
7
r Y LM
r
Y
M
r Y LM
r
Y
M
:0000 :* 3 *?:: -
0%9: 3 0
000;: 3 0
0% 3 ;
20
:0000 ?? 3 *:?? -
0%9: 3 0
000;: 3 0
0% 3 ;
20
+ =
=
=
=
=
+ =
=
=
=
=

r Y LM
r
Y
M
r Y LM
r
Y
M
:0000 *2)0 -
02*9* 3 0
009 3 0
?) 3 ?)9
20
:0000 **)0 -
02*9* 3 0
009 3 0
?) 3 ?)9
20
0
+ =
=
=
=
=
+ =
=
=
=
=

!"a# Ioana$An#reea Tema %

&r'(a 0)*, Master Cibernetica si Economie Cantitativa

*2 3 9:): 2 3 9;))2 ;%0? 3 %*: -

009 3 0
0
0
20
*2 3 9:): 2 3 9;))2 %%** 3 %*;0 -
009 3 0
0
0
20
0
0
+ =
=
=
=
=
+ =
=
=
=
=
r Y IS
r
Y
E
r Y IS
r
Y
E
E
0
creste, at'nci IS se #e("asea5a s(re #rea(ta3 E
0
sca#e, at'nci IS se #e("asea5a s(re
stan,a3 LM si B4 n' se mo#i6ica3
"+

*2 3 9:): 2 3 9;))2 %%** 3 %*;0 -

009 3 0
0
0
20
*2 3 9:): 2 3 9;))2 ;%0? 3 %*: -
009 3 0
0
0
20
0
0
+ =
=
=
=
=
+ =
=
=
=
=
r Y IS
r
Y
X
r Y IS
r
Y
X
/
0
creste, at'nci IS se #e("asea5a s(re stan,a3 /
0
sca#e, at'nci IS se #e("asea5a s(re
#rea(ta3 LM si B4 n' se mo#i6ica3
m+ Mo#i6icarea D4 -
m+
33 3 ;:; 3 ?0 20
3 3 ;:; 3 ?0 20
m u DP DP I
m u DP I
= = =
= =
La o crestere>sca#ere a investitii"or c' 20 '3m3, #atoria ('b"ica o sa sca#a>creasca c'
;:; 3 ?0 '3m3
m2+
3 3 ;:; 3 0 20
3 3 ;:; 3 0 20
m u DP G
m u DP G
= =
= =
m?+
3 3 ;:; 3 ?0 20
3 3 ;:; 3 ?0 20
0
0
m u DP C
m u DP C
= =
= =
m%+
3 3 )*) 3 % 20
3 3 )*) 3 % 20
m u DP T
m u DP T
R
R
= =
= =
m)+
3 3 )*) 3 % 20
3 3 )*) 3 % 20
0
0
m u DP T
m u DP T
= =
= =
8
!"a# Ioana$An#reea Tema %
&r'(a 0)*, Master Cibernetica si Economie Cantitativa
m:+
3 3 ?)%9 3 0:: 02 3 0
3 3 20:9 3 ?0: 02 3 0
m u DP c
m u DP c
y
y
= =
= =
m*+
3 3 )9:% 3 2?% 02 3 0
3 3 ;;* 3 9; 02 3 0
m u DP t
m u DP t
y
y
= =
= =

m9+
3 3 ;)?? 3 %? 20
3 3 ;)?? 3 %? 20
m u DP M
m u DP M
= =
= =
m;+
3 3 %2) 3 92 20
3 3 %2) 3 92 20
0
m u DP M
m u DP M
= =
= =
m0+
0 20
0 20
0
0
= =
= =
DP E
DP E
m+
0 20
0 20
0
0
= =
= =
DP X
DP X
n+ Mo#i6icarea 4IB si a D4 "a ec7i"ibr'
AA T
0
= 0
n+
3 3 ;:; 3 ?0
3 3 2; 3 ?
20
3 3 ;:; 3 ?0
3 3 2; 3 ?
20
m u DP
m u Y
I
m u DP
m u Y
I
=
=
=
=
=
=
n2+
3 3 ;:; 3 0
3 3 2; 3 ?
20
3 3 ;:; 3 0
3 3 2; 3 ?
20
m u DP
m u Y
G
m u DP
m u Y
G
=
=
=
=
=
=
n?+
3 3 ;:; 3 ?0
3 3 2; 3 ?
20
3 3 ;:; 3 ?0
3 3 2; 3 ?
20
0
0
m u DP
m u Y
C
m u DP
m u Y
C
=
=
=
=
=
=
n%+
9
!"a# Ioana$An#reea Tema %
&r'(a 0)*, Master Cibernetica si Economie Cantitativa
3 3 )*) 3 %
3 3 0?29 3 0)
20
3 3 )*) 3 %
3 3 0?29 3 0)
20
m u DP
m u Y
Tr
m u DP
m u Y
Tr
=
=
=
=
=
=
n)+
3 3 )*) 3 %
3 3 0?29 3 0)
20
3 3 )*) 3 %
3 3 0?29 3 0)
20
0
0
m u DP
m u Y
T
m u DP
m u Y
T
=
=
=
=
=
=
n:+
3 3 ;909 3 ?*?
3 3 92;* 3 );*?
02 3 0
m u DP
m u Y
c
y
=
=
=
3 3 :9?; 3 2
3 3 99:% 3 %9*:
02 3 0
m u DP
m u Y
c
y
=
=
=
n*+
3 3 9;)2 3 ;*
3 3 %)9% 3 %;;;
02 3 0
m u DP
m u Y
t
y
=
=
=
3 3 ?%%; 3 2%%
3 3 ;2)% 3 :*2
02 3 0
m u DP
m u Y
t
y
=
=
=
n9+
n;+
10
3 3 ;)?? 3 %?
3 3 0% 3 ;
20
3 3 ;)?? 3 %?
3 3 0% 3 ;
20
m u DP
m u Y
M
m u DP
m u Y
M
=
=
=
=
=
=
3 3 %22) 3 92
3 3 ?) 3 ?)9
20
3 3 %22) 3 92
3 3 ?) 3 ?)9
20
0
m u DP
m u Y
M
m u DP
m u Y
M
=
=
=
=
=
=
!"a# Ioana$An#reea Tema %
&r'(a 0)*, Master Cibernetica si Economie Cantitativa
n0+
0
0
20
0
0
20
0
0
=
=
=
=
=
=
DP
Y
E
DP
Y
E
n+
0
0
20
0
0
20
0
0
=
=
=
=
=
=
DP
Y
X
DP
Y
X
AAT
0
= !00
n+
3 3 ;:; 3 ?0
3 3 2; 3 ?
20
3 3 ;:; 3 ?0
3 3 2; 3 ?
20
m u DP
m u Y
I
m u DP
m u Y
I
=
=
=
=
=
=
n2+
3 3 ;:; 3 0
3 3 2; 3 ?
20
3 3 ;:; 3 0
3 3 2; 3 ?
20
m u DP
m u Y
G
m u DP
m u Y
G
=
=
=
=
=
=
n?+
3 3 ;:; 3 ?0
3 3 2; 3 ?
20
3 3 ;:; 3 ?0
3 3 2; 3 ?
20
0
0
m u DP
m u Y
C
m u DP
m u Y
C
=
=
=
=
=
=
n%+
11
!"a# Ioana$An#reea Tema %
&r'(a 0)*, Master Cibernetica si Economie Cantitativa
3 3 )*) 3 %
3 3 0?29 3 0)
20
3 3 )*) 3 %
3 3 0?29 3 0)
20
m u DP
m u Y
Tr
m u DP
m u Y
Tr
=
=
=
=
=
=
n)+
3 3 )*) 3 %
3 3 0?29 3 0)
20
3 3 )*) 3 %
3 3 0?29 3 0)
20
0
0
m u DP
m u Y
T
m u DP
m u Y
T
=
=
=
=
=
=
n:+
3 3 *)%; 3 %%
3 3 %;;% 3 :2:9
02 3 0
m u DP
m u Y
c
y
=
=
=
3 3 02; 3 **
3 3 %%*) 3 )*
02 3 0
m u DP
m u Y
c
y
=
=
=
n*+
3 3 *;9* 3 20)
3 3 2%* 3 );;
02 3 0
m u DP
m u Y
t
y
=
=
=
3 3 0?) 3 2)%
3 3 %)*2 3 :%;
02 3 0
m u DP
m u Y
t
y
=
=
=
n9+
n;+
12
3 3 ;)?? 3 %?
3 3 0% 3 ;
20
3 3 ;)?? 3 %?
3 3 0% 3 ;
20
m u DP
m u Y
M
m u DP
m u Y
M
=
=
=
=
=
=
3 3 %22) 3 92
3 3 ?) 3 ?)9
20
3 3 %22) 3 92
3 3 ?) 3 ?)9
20
0
m u DP
m u Y
M
m u DP
m u Y
M
=
=
=
=
=
=
!"a# Ioana$An#reea Tema %
&r'(a 0)*, Master Cibernetica si Economie Cantitativa
n0+
0
0
20
0
0
20
0
0
=
=
=
=
=
=
DP
Y
E
DP
Y
E
n+
0
0
20
0
0
20
0
0
=
=
=
=
=
=
DP
Y
X
DP
Y
X
o+ Sen5itivitatea investitii"or in ra(ort c' rata #oban5ii #e (e (iata interna-
2000
+ + < <

0 + < + <
0 2000
0
0 0 0 0
=

= =

+ + + =
+ = + + + = = = + +
< = =

r
I
i
r
I
I r i " i Y i I
r " r Y x x e X E r BP r r Y x x e X E
i
r
I
r
f
f
r r y
f f
y
f
y
r

Ce"e #o'a sen5itivitati s'nt e,a"e3
Problema 2. Modelul Mundell-Fleming, cazul cursului de schimb flotant si cont de capital
perfect liberalizat
a+ !ariabi"e en#o,ene - ., C, I, N/, .D, T, L, 01
!ariabi"e e2o,ene- &, T
R
, .
&
, M, r, 4, 4
s
b+ 4arametrii #
yG
si #

s'nt (o5itivi, in tim( ce (arametr'" #

y
este ne,ativ3 Acest "'cr' in#ica
6a(t'" ca intre e2(ort'" net si 4IB$'" "a nive" ,"oba", (rec'm si intre e2(ort'" net si c'rs'"
rea" #e sc7imb e2ista re"atii (o5itive, in tim( ce intre e2(ort'" net si 4IB e2ista o re"atie
ne,ativa3
c+ La ec7i"ibr', (e (iata b'n'ri"or si servicii"or-

:2? 3 29*; 3 )292 *:;2? 3 ?;2?0 -

+ + < <
+ <

-
+ < + + < <
+ <
0 0 0 0
0 0 0 0
0 0 0 0
+ =
+ + + + + + +

=
+ + + + + + + =
+ + + + + + + + + + =
+ + + =
r Y IS
P
P
# r i Y # NX G I T T c C
# i t c
Y IS
P
P
# Y # NX G I r i T T c C # i t c Y
P
P
# Y # Y # NX G I r i Y i T Y t T Y c C Y
NX G I C Y
$
r
G
y
R y
y y y y
$
G
y
r R y y y y y
$
y
G
y
r y y R y
G
G
G
13
!"a# Ioana$An#reea Tema %
&r'(a 0)*, Master Cibernetica si Economie Cantitativa
#+ M'"ti("icatorii -
M'"ti(i"icator'" investitii"or k
I
2*?) 3 %
+ <

=

=

=
y y y y
I
# i t c I
Y
k
M'"ti("icator'" c7e"t'ie"i"or ,'vernamenta"e k
G
2*?) 3 %
+ <

=

=

=
y y y y
G
# i t c G
Y
k
M'"ti("icator'" cons'm'"'i a'tonom k
C
2*?) 3 %
+ <

0
=

=

=
y y y y
C
# i t c C
Y
k
M'"ti("icator'" trans6er'ri"or k
Tr
%99 3 ?
+ <
=

=

=
y y y y
y
R
Tr
# i t c
c
T
Y
k
M'"ti("icator'" ta2e"or a'tonome k
T
%99 3 ?
+ <
0
=

=
y y y y
y
T
# i t c
c
T
Y
k
e+ Ec7i"ibr'" (e (iata monetara-
+ <

-
0
0
M
P
M
m
r
m
m
Y LM
P
M
M r m Y m
y y
r
r y
+

=
= + +
2?:9 3 %)9%% :* 3 ::::: - + = r Y LM
6+ M'"ti("icator'" masei monetare rea"e -
:* , :

>
>
= =

=
y
P M
m P M
Y
k
M'"ti("icator'" o6ertei a'tonome #e mone#a -
:* 3 :

0
0
= =

=
y
M
m M
Y
k
,+ Ba"anta #e ("ati "a ec7i"ibr' -

9?9 3 :*? ? 3 0 ?90

0* 3
0? 3
= = *00 = ? 3 0 2000000 = 0002) 3 0 :00
-
0
+ =
+ + =
+ + + =
Y NX
Y NX
P
P
# Y # Y # NX NX BP
$
y
G
y
G
7+ M'"ti("icator'" c'rs'"'i rea" #e sc7imb -
9?9 3 :*? = =
P
P
# k
$

i+ Ec7i"ibr'" sim'"tan (e ce"e ? (iete
r = r
$
@A
14
!"a# Ioana$An#reea Tema %
&r'(a 0)*, Master Cibernetica si Economie Cantitativa

# P
P
r i Y # NX G I T T c C # i t c Y
P
P
# r i Y # NX G I T T c C
# i t c
Y IS
M
P
M
m
r
m
m
Y LM
$
$
r
G
y
R y y y y y
$
$
r
G
y
R y
y y y y
y
$
y
r
G
G

= + + < + + < < <

+ + < <
+ <

-
+ <

-
0 0 0 0
= =
=
0 0 0 0
=
0
=
=
+ + + + + + +

=
+

=
8+ !a"ori "a ec7i"ibr' a"e in#icatori"or -
B %*:2 3 )
3 3 ;0:) 3 2?02;
3 3 9% 3 *0
3 3 ?9?2 3 ?0;?
3 3 *;: 3 9:%)
?%%: 3 %
B ) 0) 3 0
3 3 )* 3 %;**
=
=
=
=
=
=
=
=
=
=
=
=
=
= = =
=
d
m u I
m u T
m u C
m u NX
r r
m u Y
$

'n#e d re(re5inta (on#erea #e6icit'"'i b',etar in 4IB3

C+ 3 3 9% 3 *:0
= =
m u T T G DP
R
= + =
"+
"+

:2? 3 29*; 3 )292 2;; 3 ?;%) -

02;* 3 0
0
0
20
:2? 3 29*; 3 )292 2?;? 3 ?;?: -
02;* 3 0
0
0
20
+ =
=
=
=
=
+ =
=
=
=
=
r Y IS
r
Y
I
r Y IS
r
Y
I
4rin 'rmare, "a o crestere>sca#ere a investitii"or c' 20 '3m3, 4IB$'" si rata #e #oban#a va n'
se mo#i6ica, iar c'rs'" rea" #e sc7imb va sca#ea>creste c' 0302;* '3m3 I cresc, at'nci IS se
#e("asea5a s(re #rea(ta3 I sca#, at'nci IS se #e("asea5a s(re stan,a3 LM si B4 n' se mo#i6ica3
"2+

:2? 3 29*; 3 )292 2;; 3 ?;%) -

02;* 3 0
0
0
20
:2? 3 29*; 3 )292 2?;? 3 ?;?: -
02;* 3 0
0
0
20
+ =
=
=
=
=
+ =
=
=
=
=
r Y IS
r
Y
G
r Y IS
r
Y
G
15
!"a# Ioana$An#reea Tema %
&r'(a 0)*, Master Cibernetica si Economie Cantitativa
La o crestere>sca#ere a c7e"t'ie"i"or ,'vernamenta"e c' 20 '3m3, 4IB$'" si rata #e #oban#a va
n' se mo#i6ica, iar c'rs'" rea" #e sc7imb va sca#ea>creste c' 0302;* '3m3 & cresc, at'nci IS se
#e("asea5a s(re #rea(ta3 & sca#, at'nci IS se #e("asea5a s(re stan,a3 LM si B4 n' se mo#i6ica3
"?+

:2? 3 29*; 3 )292 2;; 3 ?;%) -

02;* 3 0
0
0
20
:2? 3 29*; 3 )292 2?;? 3 ?;?: -
02;* 3 0
0
0
20
0
0
+ =
=
=
=
=
+ =
=
=
=
=
r Y IS
r
Y
C
r Y IS
r
Y
C
Deci, "a o crestere>sca#ere a cons'm'"'i a'tonom c' 20 '3m3, 4IB$'" si rata #e #oban#a va n'
se mo#i6ica, iar c'rs'" rea" #e sc7imb va sca#ea>creste c' 0302;* '3m3 C
0
creste, at'nci IS se
#e("asea5a s(re #rea(ta3 C
0
sca#e, at'nci IS se #e("asea5a s(re stan,a3 LM si B4 n' se mo#i6ica3
"%+

:2? 3 29*; 3 )292 ?;?: 3 ?;:2 -

02?* 3 0
0
0
20
:2? 3 29*; 3 )292 %)? 3 ?;2;; -
02?* 3 0
0
0
20
+ =
=
=
=
=
+ =
=
=
=
=
r Y IS
r
Y
Tr
r Y IS
r
Y
Tr
La o crestere>sca#ere a trans6er'ri"or c' 20 '3m3, 4IB$'" si rata #e #oban#a va n' se mo#i6ica,
iar c'rs'" rea" #e sc7imb va sca#ea>creste c' 0302?* '3m3 Tr cresc, at'nci IS se #e("asea5a s(re
#rea(ta3 Tr sca#, at'nci IS se #e("asea5a s(re stan,a3 LM si B4 n' se mo#i6ica3
")+

:2? 3 29*; 3 )292 %)? 3 ?;2;; -

02?* 3 0
0
0
20
:2? 3 29*; 3 )292 ?;?: 3 ?;:2 -
02?* 3 0
0
0
20
0
0
+ =
=
=
=
=
+ =
=
=
=
=
r Y IS
r
Y
T
r Y IS
r
Y
T
Mo#i6icari"e s'nt in sens invers 6ata #e mo#i6icari"e a(ar'te in ca5'" trans6er'ri"or,
(re5entate "a ('nct'" anterior3
":+
16
!"a# Ioana$An#reea Tema %
&r'(a 0)*, Master Cibernetica si Economie Cantitativa

%99 3 ?092 9 3 )%9;% )0) 3 %;;% -

2?; 3
0
0
02 3 0
+ =
=
=
=
=
r Y IS
r
Y
c
y

9 3 2*0 ) 3 %9) ?% 3 ?:909 -

2?; 3
0
0
02 3 0
+ =
=
=
=
=
r Y IS
r
Y
c
y
La o crestere>sca#ere a inc"inatiei mar,ina"e s(re cons'm c' 0302, 4IB$'" si rata #e #oban#a
va n' se mo#i6ica, iar c'rs'" rea" #e sc7imb va sca#ea>creste c' 32?; '3m3 Mo#i6icarea
inc"inatiei mar,ina"e s(re cons'm con#'ce "a mo#i6icarea c'rbei IS, #ar n' #etermina
mo#i6icarea c'rbe"or LM si B43
"*+

?2* 3 2:;) %9000 ?:*20 -

:** 3
0
0
02 3 0
+ =
=
=
=
=
r Y IS
r
Y
t
y

;* 3 ?0;0 ))0%) 0;* 3 %20 -

:** 3
0
0
02 3 0
+ =
=
=
=
=
r Y IS
r
Y
t
y
Mo#i6icarea inc"inatiei mar,ina"e s(re cons'm con#'ce "a mo#i6icarea c'rbei IS, #ar n'
#etermina mo#i6icarea c'rbe"or LM si B43
"9+
M creste, at'nci LM se #e("asea5a s(re #rea(ta3 M sca#e, at'nci LM se #e("asea5a s(re
stan,a3 IS si B4 n' se mo#i6ica3
";+
17
r Y LM
r
Y
M
r Y LM
r
Y
M
:* 3 ::::: :2:2 3 %)*; -
0%?2* 3 0
0
:0: 3 2%
20
:* 3 ::::: 9)*? 3 %);:9 -
0%?2* 3 0
0
:0: 3 2%
20
+ =
=
=
=
=
+ =
=
=
=
=

!"a# Ioana$An#reea Tema %

&r'(a 0)*, Master Cibernetica si Economie Cantitativa
M
0
creste, at'nci LM se #e("asea5a s(re stan,a3 M
o
sca#e, at'nci LM se #e("asea5a s(re
#rea(ta3 IS si B4 n' se mo#i6ica3
"0+
9?9 3 :*? ? 3 0 ?:0 -
:2? 3 29*; 3 )292 2;; 3 ?;%) -
02;* 3 0
0
0
20
9?9 3 :*? ? 3 0 ?200 -
:2? 3 29*; 3 )292 2?;? 3 ?;?: -
02;* 3 0
0
0
20
0
0
+ =
+ =
=
=
=
=
+ =
+ =
=
=
=
=
Y NX BP
r Y IS
r
Y
NX
Y NX BP
r Y IS
r
Y
NX

m+ Mo#i6icarea D4 -
m+
0 20
3 0 20
= = =
= =
DP DP I
DP I
m2+
3 3 20 20
3 3 20 20
m u DP G
m u DP G
= =
= =
m?+
3 0 20
0 20
0
0
= =
= =
DP C
DP C
m%+
3 3 20 20
3 3 20 20
m u DP T
m u DP T
R
R
= =
= =
m)+
3 3 20 20
3 3 20 20
0
0
m u DP T
m u DP T
= =
= =
18
r Y LM
r
Y
M
r Y LM
r
Y
M
* 3 ::::: )* 3 %);** -
0%:? 3 0
0
?? 3 ??
20
* 3 ::::: ;0?% 3 %)*0 -
0%:? 3 0
0
?? 3 ??
20
0
+ =
=
=
=
=
+ =
=
=
=
=

!"a# Ioana$An#reea Tema %

&r'(a 0)*, Master Cibernetica si Economie Cantitativa
m:+
0 02 3 0
3 0 02 3 0
= =
= =
DP c
DP c
y
y
m*+
3 3 ))% 3 ;9? 02 3 0
3 3 ))% 3 ;9? 02 3 0
m u DP t
m u DP t
y
y
= =
= =

m9+
3 3 ::0% 3 29 20
3 3 ::0% 3 29 20
m u DP M
m u DP M
= =
= =
m;+
3 3 :* 3 ?0 20
3 3 :* 3 ?0 20
0
m u DP M
m u DP M
= =
= =
m0+
0 20
0 20
0
0
= =
= =
DP NX
DP NX
n+ Mo#i6icarea 4IB si a D4 "a ec7i"ibr'
AA T
0
= 0
n+
0
0
20
0
0
20
=
=
=
=
=
=
DP
Y
I
DP
Y
I
n2+
3 3 20
0
20
3 3 20
0
20
m u DP
Y
G
m u DP
Y
G
=
=
=
=
=
=
n?+
0
0
20
0
0
20
0
0
=
=
=
=
=
=
DP
Y
C
DP
Y
C
n%+
3 3 20
0
20
3 3 20
0
20
m u DP
Y
Tr
m u DP
Y
Tr
=
=
=
=
=
=
19
!"a# Ioana$An#reea Tema %
&r'(a 0)*, Master Cibernetica si Economie Cantitativa
n)+
3 3 20
0
20
3 3 20
0
20
0
0
m u DP
Y
T
m u DP
Y
T
=
=
=
=
=
=
n:+
0
0
02 3 0
=
=
=
DP
Y
c
y
0
0
02 3 0
=
=
=
DP
Y
c
y
n*+
3 3 ))% 3 ;9?
0
02 3 0
m u DP
Y
t
y
=
=
=
3 3 ))% 3 ;9?
0
02 3 0
m u DP
Y
t
y
=
=
=
n9+
n;+
n0+
20
3 3 ::0% 3 29
3 3 :0: 3 2%
20
3 3 ::0% 3 29
3 3 :0: 3 2%
20
m u DP
m u Y
M
m u DP
m u Y
M
=
=
=
=
=
=
3 3 :* 3 ?0
3 3 ?? 3 ??
20
3 3 :* 3 ?0
3 3 ?? 3 ??
20
0
m u DP
m u Y
M
m u DP
m u Y
M
=
=
=
=
=
=
!"a# Ioana$An#reea Tema %
&r'(a 0)*, Master Cibernetica si Economie Cantitativa
0
0
20
0
0
20
0
0
=
=
=
=
=
=
DP
Y
NX
DP
Y
NX
AAT
0
= !00
n+
0
0
20
0
0
20
=
=
=
=
=
=
DP
Y
I
DP
Y
I
n2+
3 3 20
0
20
3 3 20
0
20
m u DP
Y
G
m u DP
Y
G
=
=
=
=
=
=
n?+
0
0
20
0
0
20
0
0
=
=
=
=
=
=
DP
Y
C
DP
Y
C
n%+
3 3 20
0
20
3 3 20
0
20
m u DP
Y
Tr
m u DP
Y
Tr
=
=
=
=
=
=
n)+
3 3 20
0
20
3 3 20
0
20
0
0
m u DP
Y
T
m u DP
Y
T
=
=
=
=
=
=
n:+
21
!"a# Ioana$An#reea Tema %
&r'(a 0)*, Master Cibernetica si Economie Cantitativa
0
0
02 3 0
=
=
=
DP
Y
c
y
0
0
02 3 0
=
=
=
DP
Y
c
y
n*+
3 3 ))% 3 ;9?
0
02 3 0
m u DP
Y
t
y
=
=
=
3 3 ))% 3 ;9?
0
02 3 0
m u DP
Y
t
y
=
=
=
n9+
n;+
n0+
0
0
20
0
0
20
0
0
=
=
=
=
=
=
DP
Y
NX
DP
Y
NX
o+ Intr'cat rata #e #oban#a (e (iata interna este e,a"a c' rata #e #oban#a (e (iata e2terna,
sen5itivitatea investitii"or in ra(ort c' rata #oban5ii #e (e (iata interna este e,a"a c'
sen5itivitatea investitii"or in ra(ort c' rata #oban5ii (e (iata e2terna3
2000 =

= =

r
I
i
r
I
r $
(+ Economia va 6'nctiona "a nive" (otentia" #aca 4IB$'" se mo#i6ica c' -
22
3 3 ::0% 3 29
3 3 :0: 3 2%
20
3 3 ::0% 3 29
3 3 :0: 3 2%
20
m u DP
m u Y
M
m u DP
m u Y
M
=
=
=
=
=
=
3 3 :* 3 ?0
3 3 ?? 3 ??
20
3 3 :* 3 ?0
3 3 ?? 3 ??
20
0
m u DP
m u Y
M
m u DP
m u Y
M
=
=
=
=
=
=
!"a# Ioana$An#reea Tema %
&r'(a 0)*, Master Cibernetica si Economie Cantitativa
3 3 %? 3 0922 )* 3 %;** :0000
=
m u Y Y Y = = =
Dar -
+ <

0
=
M
P
M
m
r
m
m
Y
y
$
y
r
+

=
Deci, mas'ri"e #e (o"itica 6isca"a n' ar avea im(act as'(ra 4IB$'"'i3 Se (ot 'ti"i5a #oar
mas'ri #e (o"itica monetara -
3 3 *?* = =

m u P m Y M
P
M
m P
M
m
Y
y
y y
= =

= =
Ast6e", este necesara o crestere a masei monetare care va con#'ce "a #e(recierea mone#ei
nationa"e3
3 3 *99 3 ? m u =
D+ 3 3 2%0000 = B 2 B 2 B
0
m u Y Y Y
G G G
= = =
0%:; 3 0
0
0
=
=
=

r
Y
r+ 3 3 000?) 3 0 = B * 3 0 B * 3 0 B
0
m u r r r
$ $ $
= = =
0?2) 3 0
000?) 3 0
?? 3 2?
=
=
=

r
Y
s+ La ec7i"ibr'-
+ +< <

0
=
M
P
M
m
r
m
m
Y
y
$
y
r
+

=
Daca intr$'n mo#e" IS$LM cresc c7e"t'ie"i"e ,'vernamenta"e, at'nci creste 4IB$'" e2tern
si toto#ata rata #e #oban#a e2terna, r
$
3 Din <+ reiese ca 4IB$'" intern creste <m
r
%0& m
y
'0+3
De asemenea, #aca masa monetara in economia ,"oba"a creste, at'nci 4IB$'" e2tern
creste si rata #e #oban#a e2terna r
$
sca#e3 Din <+ re5'"ta ca 4IB$'" intern sca#e3
Problema 3. Modelul Mundell-Fleming, cazul cursului de schimb fix si cont de capital
restrictionat
a+ !ariabi"e en#o,ene - ., C, I, N/, .D, T, E, /, L, r, CC1
!ariabi"e e2o,ene- &, T
R
, M, 4, 4
s
b+ 4arametr'" e

este (o5itiv, in tim( ce (arametr'" x

este ne,ativ3 Acest "'cr' in#ica 6a(t'"

ca intre e2(ort si c'rs'" rea" #e sc7imb e2ista o re"atie (o5itiva, in tim( ce intre im(ort si
c'rs'" rea" #e sc7imb e2ista o re"atie ne,ativa3 Ast6e", o crestere a c'rs'"'i rea" #e sc7imb
va #etermina o #e(reciere a mone#ei nationa"e care va inc'ra8a e2(ort'ri"e si va
#esc'ra8a im(ort'ri"e, a,entii economici nationa"i 6iin# nevoiti sa ac7ite o cantitate mai
mare #e mone#a nationa"a (entr' (ro#'se"e ac7i5itionate #in strainatate3
c+ La ec7i"ibr', (e (iata b'n'ri"or si servicii"or-
23
!"a# Ioana$An#reea Tema %
&r'(a 0)*, Master Cibernetica si Economie Cantitativa

22*? 3 ?0; ; 3 ))0? *??9 3 92:9 -
++ < + < <
+ <

-
+ < + + < <
+ <
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
+ =
+ + + + + +
+
=
+ + + + + + = +
+ + + + + + + + =
+ + + =
r Y IS
x e
P
P
r i X E G I T T c C
x i t c
Y IS
X
P
P
x E
P
P
e G I r i T T c C x i t c Y
X
P
P
x Y x E
P
P
e G I r i Y i T Y t T Y c C Y
NX G I C Y
$
r R y
y y y y
$ $
r R y y y y y
$
y
$
r y y R y
#+ M'"ti("icatorii -
M'"ti(i"icator'" investitii"or k
I
2;2 3
+ <

=
+
=

=
y y y y
I
x i t c I
Y
k
M'"ti("icator'" c7e"t'ie"i"or ,'vernamenta"e k
G
2;2 3
+ <

=
+
=

=
y y y y
G
x i t c G
Y
k
M'"ti("icator'" cons'm'"'i a'tonom k
C
2;2 3
+ <

0
=
+
=

=
y y y y
C
x i t c C
Y
k
M'"ti("icator'" trans6er'ri"or k
Tr
0??: 3
+ <
=
+
=

=
y y y y
y
R
Tr
x i t c
c
T
Y
k
M'"ti("icator'" ta2e"or a'tonome k
T
0??: 3
+ <
0
=
+

=
y y y y
y
T
x i t c
c
T
Y
k
e+ Ec7i"ibr'" (e (iata monetara-
+ <

-
0
0
M
P
M
m
r
m
m
Y LM
P
M
M r m Y m
y y
r
r y
+

=
= + +
2?:9 3 %)9%% :* 3 ::::: - + = r Y LM
6+ M'"ti("icator'" masei monetare rea"e -
:* , :

>
>
= =

=
y
P M
m P M
Y
k
M'"ti("icator'" o6ertei a'tonome #e mone#a -
:* 3 :

0
0
= =

=
y
M
m M
Y
k
,+ Ba"anta #e ("ati "a ec7i"ibr' -
r Y BP
r Y BP
r r Y x x e
P
P
X E CC X E BP
$
y
$
00 )%2 3 2%0: %2 3 0 ?%)
0* 3
0? 3
= = 2)00 00 = %2 3 0 0) 3 0 = 00 %00
+ <
0 0
+ + =
+ + =
+ + = + =

24
!"a# Ioana$An#reea Tema %
&r'(a 0)*, Master Cibernetica si Economie Cantitativa
7+ Ec7i"ibr'" sim'"tan (e ce"e ? (iete
=
$
@A
$
y
$
$
$
$
r
r R y
r
y
r y y y y
$
$
r r
y
r R y y y y y
r r
y
r r Y x x e
P
P
X E BP
X E
P
P
x e G I M
P
M
m
i T T c C
m
m
i x i t c Y
X E
P
P
x e G I M
P
M
m
Y
m
m
i T T c C x i t c Y
IS
M
P
M
m
Y
m
m
r LM

+ + =
+ + + + + + = + +
+ + + + +

+ + = +
+

=
= =
0 0
0 0 0 0 0 0
=
0 0 0 0
=
0 0
=
0
= =
+ <
+ < + <

+ < + + < <

+ < ++ <

< + < + + < <

-
+ <

-
i+ !a"ori "a ec7i"ibr' a"e in#icatori"or - <. e ca"c'"at+
B 2;09 3 0 =
% 3 %
3 3 90:9 3 2:%)*
=
=
=
=
=
r
m u Y

Deoarece rata #e #oban#a "a ec7i"ibr' este ne,ativa, re5'"ta ca (e aceasta (iata n' se va
stabi"i 'n ec7i"ibr' intre ce"e ? (iete3 Ast6e", n' se (ot ca"c'"a va"ori a"e in#icatori"or "a ec7i"ibr'3
n+ Intr'cat rata #e #oban#a (e (iata interna este e,a"a c' rata #e #oban#a (e (iata e2terna,
sen5itivitatea investitii"or in ra(ort c' rata #oban5ii #e (e (iata interna este e,a"a c'
sen5itivitatea investitii"or in ra(ort c' rata #oban5ii (e (iata e2terna3
2000
+ + < <

+ <
=
0 0
= =
0 0
=

= =

+ + + =
+ + =
r
I
i
r
I
r Y x x e
P
P
X E r
r r Y x x e
P
P
X E BP
r $
$
y
$
$
$
y
$
$

o+ 3 3 000?) 3 0 = B * 3 0 B * 3 0 B
0
m u r r r
$ $ $
= = =
Deoarece rata #e #oban#a (e (iata interna n' #e(in#e #e rata #e #oban#a #e (e (iata e2terna
<cont #e ca(ta" restrictionat+, at'nci mo#i6icarea ratei #e #oban#a #e (e (iata internationa"a n' va
mo#i6ica 4IB$'", rata interna a #oban5ii si c'rs'" rea" #e sc7imb "a nive" nationa"3
(+ La ec7i"ibr'-
+ +< <

+ + < <

=
+ + < <

+ <

0
=
0 0
=
=
0 0
0
=
M
P
M
m
r
m
m
Y x x e
P
P
X E
m
m
Y
r Y x x e
P
P
X E r
M
P
M
m
r
m
m
Y
y
$
y
r
y
$
$
y
r
$
y
$
$
y y
r
+

+ + +

=
+ + + =
+

Daca intr$'n mo#e" IS$LM cresc c7e"t'ie"i"e ,'vernamenta"e "a nive" ,"oba", at'nci creste
4IB$'" e2tern si toto#ata rata #e #oban#a e2terna, r
$
3 Din <+ reiese ca 4IB$'" intern creste <m
r
%0&
m
y
'0+3
25
!"a# Ioana$An#reea Tema %
&r'(a 0)*, Master Cibernetica si Economie Cantitativa
De asemenea, #aca masa monetara in economia ,"oba"a creste, at'nci 4IB$'" e2tern
creste si rata #e #oban#a e2terna r
$
sca#e3 Din <+ re5'"ta ca 4IB$'" intern sca#e3
D+ 4o"itica 6isca"a-
0
0
>

> =

G
r
y
G
k
m
m
G
r
k
G
Y
Deci, o crestere a c7e"t'ie"i"or ,'verrnamenta"e va con#'ce "a cresterea 4IB$'"'i nationa"
si "a cresterea ratei #e #oban#a interne3
4o"itica monetara -
0

0
< =

> =

r
r
r
m
P
M
r
m
i
P
M
Y
4rin 'rmare, cresterea masei monetare va #etermina cresterea 4IB$'"'i si sca#erea ratei
#e #oban#a interne3
Problema 4. Modelul Mundell-Fleming , cazul cursului de schimb fix si cont de capital
perfect liberalizat
a+ !ariabi"e en#o,ene - ., C, I, N/, .D, T, L1
!ariabi"e e2o,ene- &, T
R
, r, 0, M3
b+ 4arametr'" #
y
este ne,ativ, in tim( ce (arametr'" #

este (o5itiv3 Acest "'cr' in#ica re"atia

(o5itiva care e2ista intre e2(ort'" net si nive"'" c'rs'"'i rea", (rec'm si re"atia ne,ativa
#intre e2(ort'" net si o't('t3
c+ La ec7i"ibr', (e (iata b'n'ri"or si servicii"or-

:2? 3 29*; 3 )292 0)? 3 ?292 -

+ +< = + < <
+ <

-
+ < + < + + < <
+ < + <
0 0 0 0
0 0 0 0
0 0 0 0
+ =
+ + + + + +

=
+ + + + + + =
+ + + + + + + + + = + + + =
r Y IS
P
P
# r i i NX G I T T c C
# i t c
Y IS
NX
P
P
# G I r i T T c C # i t c Y
NX Y #
P
P
# G I r i Y i T Y t T Y c C Y NX G I C Y
$
r r R y
y y y y
$
r R y y y y y
y
$
r y y R y
#+ M'"ti("icatorii -
M'"ti(i"icator'" investitii"or k
I
2*?) 3 %
+ <

=

=

=
y y y y
I
# i t c I
Y
k
M'"ti("icator'" c7e"t'ie"i"or ,'vernamenta"e k
G
2*?) 3 %
+ <

=

=

=
y y y y
G
# i t c G
Y
k
M'"ti("icator'" cons'm'"'i a'tonom k
C
26
!"a# Ioana$An#reea Tema %
&r'(a 0)*, Master Cibernetica si Economie Cantitativa
2*?) 3 %
+ <

0
=

=

=
y y y y
C
# i t c C
Y
k
M'"ti("icator'" trans6er'ri"or k
Tr
%99 3 ?
+ <
=

=

=
y y y y
y
R
Tr
# i t c
c
T
Y
k
M'"ti("icator'" ta2e"or a'tonome k
T
%99 3 ?
+ <
0
=

=
y y y y
y
T
# i t c
c
T
Y
k
e+ Ec7i"ibr'" (e (iata monetara-
+ <

-
0
0
M
P
M
m
r
m
m
Y LM
P
M
M r m Y m
y y
r
r y
+

=
= + +
2%? 3 *:92 :0000 -
9*) :00 = 2) 3 ? + <

0
+ =
= = +
+
+
= =
r Y LM
N R
D
R
D
N
D
N
M M
6+ M'"ti("icator'" masei monetare rea"e -
:* , :

>
>
= =

=
y
P M
m P M
Y
k
M'"ti("icator'" o6ertei a'tonome #e mone#a -
:* 3 :

0
0
= =

=
y
M
m M
Y
k
,+ !a"oarea ba"antei #e ("ati "a ec7i"ibr' -
0* 3
0? 3
= *00 ? 3 0 :00
0
$
$
y
Y NX
P
P
# Y # NX NX

+ =
+ + =
7+ Ec7i"ibr'" sim'"tan (e ce"e 2 (iete -
$
$
r r
=
= =
Din <+ @A
+ = + < <
+ <

0 0 0 0
=
P
P
# r i i NX G I T T c C
# i t c
Y
$
r r R y
y y y y


+ + + + + +

=
Din re"atia LM -
+ <

0
= =
M
P
M
m
Y
m
m
r
r r
y
+

=
i+ !a"ori "a ec7i"ibr' a"e in#icatori"or -
27
!"a# Ioana$An#reea Tema %
&r'(a 0)*, Master Cibernetica si Economie Cantitativa
))02 3 *;29
) 3 9%0
:%?) 3 ;2
90; 3 2%?;;
*0) 3 )?):
% 3 %
3 0
?::* 3 ?9?
=
=
=
=
=
=
=
=
=
=
=
=
= =
= =
=
NX
I
T
C
L
r r
Y
$
$

8+ :%?) 3 )
= =
= + = T T G DP
R
o+
??0 + < 0
00)) 3 0 )) 3 0 3 0 = 0) 3

= =
= = =
$
y
r
y
r
$ $
r
m
m
r
m
m
Y LM
P
M
r r
Din IS-
:2)) 3 % 22)) 3 0
=
+ = < + = < =

= =

= + =

# P
P
r i
k
Y
P
P
# r i k Y
$ r
G
$
r G
Deva"ori5area mone#ei nationa"e-
B :09 3 %

0
0
=

(+ Sen5itivitatea investitii"or in ra(ort c' rata #oban5ii #e (e (iata interna-
2000 =

= =

r
I
i
r
I
r $
Ce"e #o'a sen5itivitati s'nt e,a"e3
28