| 单词 | internal balance |
| 释义 | internal balance A situation where the level of activity in an economy is consistent with a stable rate of inflation. At higher activity levels inflation tends to rise, and at lower levels unemployment is unnecessarily high. Maintaining internal balance is one objective of macroeconomic policy. Internal balance is contrasted with external balance, which is a situation where the economy has a balance of payments, on current and capital account combined, which is sustainable, at least in the medium run. Some combination of monetary and fiscal policies should allow both internal and external balance to be maintained. A policy dilemma confronts any body controlling only one policy instrument if internal balance suggests that interest rates, for example, should be lowered, while external balance requires that they be raised. The horizontal axis represents expenditure changing: movements to the right indicate expansion, and movements to the left contraction. The vertical axis represents expenditure switching: movements upwards represent a switch towards home-produced goods, and movements downwards a shift towards imports. AEB is the external balance line. With constant total expenditure, expenditure switching towards home goods, for example by devaluation, causes a shift towards external surplus, and switching towards foreign goods causes a shift towards external deficit. With no switching, expanding expenditure causes a shift towards external deficit, and contracting expenditure causes a shift towards external surplus. Thus AEB slopes upwards. CED is the internal balance line. With constant total expenditure, switching towards home goods causes a shift towards internal inflation, and switching towards foreign goods causes a shift towards internal deflation. With no switching, expanding total expenditure causes a shift towards internal inflation, and contracting expenditure causes a shift towards internal deflation. Thus CED slopes downwards.In Zone I there is internal inflation and an external surplus.In Zone II there is internal inflation and an external deficit.In Zone III there is internal deflation and an external deficit.In Zone IV there is internal deflation and an external surplus. In general a combination of expenditure changing and expenditure switching policies is needed to get to the equilibrium point E. |
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