Adoption of Constructivist Approach Promotes Creative Critical Thinking

EC171 Exam 5 Spring 2019
Instructions
· Due May 7, 2019 before noon. Ideally, hand in your exams
between 9:00AM and noon on May 7 at my office (Old Mill
229). Alternately, slide your papers under my office door before
9:00AM, May 7. Papers turned in late will be assigned a score
of zero. Physical copies must be handed in – no digital copies of
any kind are acceptable.
· This is an examination. Do your own work. You may not work
with any other human nor may you plagiarize published sources.
Always cite the source of any information you do use. Any
evidence that these requirements have been violated will result
in a score of zero for Exam 5.
· Maximum length is six pages (six sheets of paper). Narratives
must be typed. Graphs can be drawn by hand. Staple your pages
together.
· I will not answer any questions related to this examination and
in fact I will not be available to respond to queries after
2:00PM, May 1.
Questions
1. Evaluate current economic policy (trade, fiscal, monetary) in
the US. State what the current condition of the economy is (last
2 years), state the policies during this time of the federal
government, and draw necessary graphs to demonstrate these
conditions. If the policies seem inappropriate with regard to
theory, suggest alternate policy consistent with theory.
2. Repeat the analysis you did in Question 1 for the country you
have been assigned. Cite actual data to support your answers,
and discuss the trade relationship between your assigned

country and the US.
Running Head: ADOPTION OF CONSTRUCTIVIST
APPROACH 1
ADOPTION OF CONSTRUCTIVIST APPROACH 1
Adoption of constructivist approach to promote creative and
critical thinking in learners
EDCU 2130
Abstract
In the current business world, possession of the advanced skills
is important in the market demands. Absence of the advanced
and suitable skills is making it hard for employees to
successfully adapt to the demands of the ever-changing job
markets. The goal of this paper is to look at the perspective of
constructivism with respect to fostering creativity and critical
thinking in students. Present educational system is blamed due
to the failure to produce creative and innovative learners. The
current job market requires graduates to possess creative and
critical thinking skills so that they can be competitive within
job market. Constructivist approaches require students to be
active and confident in their abilities so that they can help in

the identification of the gaps in their knowledge and have the
curiosity of increases their skills and learn more. In conclusion,
constructivism has the ability to nurture creativity and critical
thinking in students.
Today’s job market demands that employees should possess
advanced skills including but not limited to creative, problem-
solving and critical thinking skills. Lack of appropriate skills
has made it difficult for new employees to effectively adapt to
demands of the ever-changing job market. Employers in many
countries have criticized the existing educational system for
failing to produce creative and innovative learners. In United
States, different scholars and researchers have pointed out that
the current education curriculum is designed in a manner that
focuses on drilling students for examination purposes
(Topolovcan & Matijevic, 2017). Overemphasis on tests and
examinations kills creativity and critical thinking in learners.
Currently, there is ensuing debate among policy makers,
researchers, as well as scholars with regard to whether
constructivist perspectives can foster creativity in students.
Some hold the view that constructivist approach is not a sure
way to promote critical and creative thinking in learners
whereas others strongly believe that constructivist perspectives
can significantly enhance critical and creative thinking in
students. The main idea of constructivism is that students
perform an active role in building their own meaning (Bada &
Olusegun, 2015). In this paper, I strongly support the view that
constructivist approach fosters creativity and critical thinking in

students.
Unlike behaviorist models of learning which help instructors to
comprehend and influence the actions of students,
constructivism models assist instructors to understand what the
learners are thinking and to enrich the student’s thinking
(Dunlosky et al., 2013). Constructivism is a learning model that
puts emphasis on the way learners actively construct or create
knowledge based on experiences. Constructivist approaches are
divided into social constructivism and psychological
constructivism. These two forms of constructivist models
emphasize on individual’s thinking as opposed to the behavior
of individuals. Some of the ways through which constructivist
approaches promote creativity and critical thinking in learners
are described below.
Psychological constructivism holds that an individual acquires
knowledge through intellectually organizing and reorganizing
fresh experiences or information. Generally, organization
occurs partially by associating fresh experiences with past
knowledge that is already well known and meaningful. The
individual constructivism is often associated with John Dewey,
a famous educational philosopher (Bada & Olusegun, 2015).
Dewey claimed that students actually learn mainly through
constructing their own knowledge (Bada & Olusegun, 2015). As
a result, Dewey proposed that instructors should modify the
curriculum to match the prior interests and knowledge of
students as much as possible. According to Dewey, the
curriculum could only be justified in an event that it fits the
roles and activities that learners will likely have the moment
they leave the education institutions (Bada & Olusegun, 2015).
Currently, the ideas of Dewey are actually progressive and
innovative to majority of educators. In South Australia, current
developments focus on constructivism as a theoretical
foundation for improving education in government schools.
SACSA (South Australian Curriculum Standards and
Accountability) Framework, which will regulate development
and implementation of curriculum in public schools for

predictable future contains the constructivism theme.
Jean Piaget’s cognitive theory is another example of
psychological constructivism. Piaget argued that learning is an
interplay between two intellectual (mental) activities namely;
assimilation and accommodation (Bada & Olusegun, 2015). By
definition, assimilation refers to the interpretation of fresh
knowledge with regard to prior ideas, information or concepts.
For instance, a pre-school kid who already has a knowledge
about bird might originally identify any flying body (including
mosquitos, bees and houseflies) with the term bird. According
to Piaget, something that is being passed to a new situation is
not merely a behavior but an intellectual symbol for an
experience or an object (Bada & Olusegun, 2015).
Generally, assimilation and accommodation function jointly.
Accommodation is the modification of past concepts in
accordance to new experience or information (Sriwongchai,
Jantharajit, & Chookhampaeng, 2015). For example, a pre-
school child who originally generalizes the idea of bird to
incorporate any flying body finally reviews the idea to include
only specific forms of flying bodies like sparrows and robins,
and not other objects like airplanes, butterflies or mosquitoes.
Piaget posited that assimilation and accommodation operate in
conjunction to enrich the thinking of a child and to build a
cognitive equilibrium (Sriwongchai, Jantharajit, &
Chookhampaeng, 2015). According to Piaget, cognitive
equilibrium is a balance between dependence on previous
knowledge and entry to fresh knowledge (Sriwongchai,
Jantharajit, & Chookhampaeng, 2015). In all situations,
cognitive equilibrium includes an ever-growing range of
intellectual symbols for experiences and objects. Each
intellectual symbol is a schema. As per Piaget, a schema was
not simply an idea but an expounded combination of actions,
experience, and vocabulary associated with the idea
(Sriwongchai, Jantharajit, & Chookhampaeng, 2015). For
instance, a kid’s schema for bird encompasses not only the
meaningful verbal information but also the experiences of kid

with birds, conversation concerning birds, as well as pictures of
birds. Over the time, the assimilation and accommodation
regarding birds as well as flying bodies work together and the
kid reviews and grows his or her vocabulary. In addition, the
child adds and memorizes relevant fresh deeds and experiences.
The child progressively builds entire new schemata concerning
mosquitoes, butterflies, birds, and other flying objects from the
gained shared additions and revisions.
Psychological constructivism concepts such as assimilation and
accommodation provides students with an opportunity to learn
new things or information from the existing knowledge
(Sriwongchai, Jantharajit, & Chookhampaeng, 2015).
Furthermore, Psychological constructivism allows students to
extensively explore wide repertoire of knowledge. In these ways
learner’s curiosity and creativity is encouraged and they
develop problem-solving, as well as critical thinking skills.
Constructivist models promote establishment of healthy
relationships between a student and other persons who regarded
as more experienced and knowledgeable (Topolovcan &
Matijevic, 2017). Social constructivism (sociocultural theory)
as portrayed by certain educators and psychologists focuses on
interactions and relationships between a student and other
people with substantial knowledge and experience. Jerome
Bruner is cited as the first psychologist to conceptualize social
constructivism (Topolovcan & Matijevic, 2017). Bruner
strongly believed that learners could typically acquire more
knowledge than had been conventionally anticipated provided
they were accorded proper resources and guidance (Gilakjani,
Lai-Mei, & Ismail, 2013). He referred this kind of support as
instructional scaffolding. The competence, as well as the
intelligence of students is enhanced when scaffolding is availed.
Indeed, Bruner emphasized on offering guidance in appropriate
manner and at right time to foster creativity and critical
thinking in learners.
In 1978, Lev Vygotsky, a Russian Psychologist, proposed ideas
similar to those founded by Jerome Bruner (Gilakjani, Lai-Mei,

& Ismail, 2013). The works of Vygotsky explored the way
thinking of a novice or child is influenced by associations with
individuals who are more experienced, knowledgeable and
capable than the student. Vygotsky argued that a child solving a
new problem or learning a fresh skill can do better if he or she
is accompanied and assisted by a more experienced person than
when the child is handling the task lonely (Gilakjani, Lai-Mei,
& Ismail, 2013). For example, an individual who has played
minimal chess will likely contest against a challenger better if
assisted by a competent chess player as opposed to when
contesting against the challenger lonely. According to
Vygotsky, the difference between assisted performance and solo
performance is the zone of proximal development (ZPD). From
the perspective of social constructivist, learning is considered
as assisted or aided performance (Gilakjani, Lai-Mei, & Ismail,
2013). Initially, the skill is found in the expert assistance during
the process of learning. As long as the expert is competent and
inspired to assist, then he/she organizes skills that allow the
child to build new knowledge or perform crucial skills. In this
scenario, the expert is just like the coach of footballer. The
coach provides assistance and suggest techniques of practicing.
However, the coach does not perform the real playing work
himself or herself. Progressively, through offering continued
experiences conforming to child learner’s developing skills, the
skilled coach enables the child to gain the knowledge or skills
that initially existed only with the expert.
Social constructivism emphasizes a greater direct obligation of
the expert for enabling learning to be possible (Dunlosky et al.,
2013). The expert must possess the skill and knowledge, and
understand the way to organize experiences that allow students
to acquire skill and knowledge themselves in easy and safe
manner. Nonetheless, the expert helps fostering critical thinking
and creativity to learners through arranging the content into
manageable sections, offering appropriate and fruitful practice,
providing the manageable sections in a logical manner,
restoring the analyzed sections at the end of lesson, and to some

extent associating the whole experience to skills and knowledge
relevant to the student already.
Constructivist models demand students to be confident and
active in themselves, as well as their capabilities (Bada &
Olusegun, 2015). It is through confidence that the learners can
acknowledge existence of gaps in their understanding or
information, and take the risk of studying new forms of
thinking. Students may feel susceptible with regard to accepting
their ignorance to other individuals. Recent research shows that
when the learners feel confident about their abilities and peers’
support, the learners are more likely to become active class
members (Topolovcan & Matijevic, 2017). Constructivist
approaches allow learners to develop confidence in their
abilities and this instils creativity and critical thinking in them.
Although there is substantial evidence that constructivist
models can foster creativity and critical thinking in learners,
antagonists of this school of thought like behaviorist
psychologists will argue that the constructivism relies greatly
on mental process and it neglects the behavioral attributes
which they claim are very crucial in learning. However, these
allegations can be termed as baseless and thus cannot be
substantiated. Behaviorists are out there to advance their school
of thought rather than promoting creativity in learners.
Nevertheless, studies have revealed that supporters of social
constructivism appreciate the essence of setting in which
learning takes place (Gilakjani, Lai-Mei, & Ismail, 2013).
In conclusion, the changes presented in today’s job market
requires graduates to have relevant creative and critical thinking
skills if they want to remain relevant in various professions.
According to research, lack of creativity is making graduates to
encounter challenges, specifically in solving problems related to
time efficiency, risk taking and cost taking (Gilakjani, Lai-Mei,
& Ismail, 2013). Constructivist approaches require students to
be active and confident in their abilities (Bada & Olusegun,
2015). When students are confident of their abilities, they are
able identify gaps in their knowledge and this increases their

curiosity to learn new skills (Dunlosky et al., 2013).
Consequently, I maintain that constructivism has the potential
to foster creativity and critical thinking in learners. Insights
from constructivist psychologists like Piaget, Bruner and
Vygotsky clearly demonstrate how constructivist approaches
can promote creativity, problem solving and critical thinking
skills in leaners.
References
Bada, S. O., & Olusegun, S. (2015). Constructivism learning
theory: A paradigm for teaching and learning. Journal of
Research & Method in Education, 5(6), 66-70.
Dunlosky, J., Rawson, K. A., Marsh, E. J., Nathan, M. J., &
Willingham, D. T. (2013). Improving students’ learning with
effective learning techniques: Promising directions from
cognitive and educational psychology. Psychological Science in
the Public Interest, 14(1), 4-58.
Gilakjani, A. P., Lai-Mei, L., & Ismail, H. N. (2013). Teachers'
use of technology and constructivism. International Journal of
Modern Education and Computer Science, 5(4), 49.
Sriwongchai, A., Jantharajit, N., & Chookhampaeng, S. (2015).
Developing the Mathematics Learning Management Model for
Improving Creative Thinking in Thailand. International
Education Studies, 8(11), 77-87.
Topolovcan, T., & Matijevic, M. (2017). Critical Thinking as a
Dimension of Constructivist Learning: Some of the
Characteristics of Students of Lower Secondary Education in
Croatia. Center for Educational Policy Studies Journal, 7(3), 47-
66.
Instructions
This assignment requires that you create a multimedia
presentation that showcases your key assessment position paper.
The multimedia presentation should not be a standard copy and
pasted PowerPoint; however, it may be a PowerPoint that
incorporates multimedia elements that will result in an

innovative experience. Although you may incorporate other
media clips or tools to highlight your presentation, I will need
to see you delivering dialogue during the media
presentation. [My reference to the use of a PowerPoint by no
means suggests that a PowerPoint is the expected format for the
presentation.] I am expecting creative and innovative
presentations utilizing various forms of multimedia. The
multimedia presentation should be at least 10 minutes but no
longer than 12 minutes.
Exam 5
There will be 2 questions.
Current US economic policy – I have answered this question in
class at least 5 times this semester for fiscal and monetary
policy. Trade policy will also be queried.
Each student will be assigned a different country to answer a
question similar to #1. The country assignments are on the next
slide. https://data.worldbank.org/country
The exam will be posted on Blackboard May 3, and you are
expected to work on it during class time that day. Class does not
meet that day.
You must turn in your assignment to me before noon on
Tuesday, May 7. I will have office hours that day from 9-noon.

INTERNATIONAL TRADE:
THE MACROECONOMIC VIEW
PPF, SIC analysis
Basic Trade TheoryIn its simplest form, trade theory explains
international trade through comparative advantage, relying on
the Hecksher-Ohlin theorem – a country will export the good
that uses relative intensely its relatively abundant resource.
Show these:
Factor Price EqualizationShow Gains from trade with PPF,
SICTariffs, Quotas, PPF/SIC, S/DGrowth and Trade
Copyright © 2012 Pearson Addison-Wesley. All rights reserved.
Chapter 7
International Trade, Exchange
Rates, and Macroeconomic Policy
TopicsInternational FinanceExchange RatesInterest ratesPrices
GDP = Expenditure on a Country’s Goods and Services
Y = Cd + Id + Gd + EX

= (C-Cf) + (I-If) + (G-Gf) + EX
= C + I + G + EX – (Cf + If +Gf)
= C + I + G + EX – IM
= C + I + G + CA
Expenditure on domestic production
National income = value of domestic
production
Expenditure by domestic individuals and institutions
Net expenditure by foreign individuals and institutions
Balance of Payments AccountsThe balance of payments
accounts are separated into 3 broad accounts:current account:
accounts for flows of goods and services (imports and
exports).financial account: accounts for flows of financial
assets (financial capital).capital account: flows of special
categories of assets (capital): typically non-market, non-
produced, or intangible assets like debt forgiveness, copyrights
and trademarks.
How Do the Balance of Payments Accounts Balance?Due to the
double entry of each transaction, the balance of payments
accounts will balance by the following equation:
current account +
financial account +
capital account = 0

Balance of Payments AccountsThe 3 broad accounts are more
finely divided:Current account: imports and exports
merchandise (goods like DVDs)
services (payments for legal services, shipping services, tourist
meals,…)
income receipts (interest and dividend payments, earnings of
firms and workers operating in foreign countries)Current
account: net unilateral transfers gifts (transfers) across
countries that do not purchase a good or service nor serve as
income for goods and services produced
Balance of Payments Accounts (cont.)Capital account: records
special transfers of assets, but this is a minor account for the
U.S.
Balance of Payments Accounts (cont.)Financial account: the
difference between sales of domestic assets to foreigners and
purchases of foreign assets by domestic citizens.Financial
inflow Foreigners loan to domestic citizens by buying domestic
assets Domestic assets sold to foreigners are a credit (+)
because the domestic economy acquires money during the
transactionFinancial outflow Domestic citizens loan to
foreigners by buying foreign assets Foreign assets purchased by
domestic citizens are a debit (-) because the domestic economy
gives up money during the transaction
U.S. Balance of Payments Accounts (cont.)About 70% of
foreign assets held by the U.S. are denominated in foreign
currencies and almost all of U.S. liabilities (debt) are
denominated in dollars.Changes in the exchange rate influence

value of net foreign wealth (gross foreign assets minus gross
foreign liabilities).Appreciation of the value of foreign
currencies makes foreign assets held by the U.S. more valuable,
but does not change the dollar value of dollar-denominated debt
for the U.S.
Definitions of Exchange RatesExchange rates are quoted as
foreign currency per unit of domestic currency or domestic
currency per unit of foreign currency.How much can be
exchanged for one dollar? ¥97.385/$How much can be
exchanged for one yen? $$0.01027/¥Exchange rates allow us to
denominate the cost or price of a good or service in a common
currency. How much does a Nissan cost? ¥2,500,000Or,
¥2,500,000 x $0.01027/¥ = $25,672.50
Exchange Rate Quotations
Depreciation and AppreciationDepreciation is a decrease in the
value of a currency relative to another currency. A depreciated
currency is less valuable (less expensive) and therefore can be
exchanged for (can buy) a smaller amount of foreign
currency.$1/€ → $1.20/€ means that the dollar has depreciated
relative to the euro. It now takes $1.20 to buy one euro, so that
the dollar is less valuable.The euro has appreciated relative to
the dollar:
it is now more valuable.

Depreciation and Appreciation (cont.)Appreciation is an
increase in the value of a currency relative to another currency.
An appreciated currency is more valuable (more expensive) and
therefore can be exchanged for (can buy) a larger amount of
foreign currency.$1/€ → $0.90/€ means that the dollar has
appreciated relative to the euro. It now takes
only $0.90 to buy one euro, so that the dollar is more
valuable.The euro has depreciated relative to the dollar:
it is now less valuable.
Foreign Exchange MarketsThe set of markets where foreign
currencies and other assets are exchanged for domestic
onesInstitutions buy and sell deposits of currencies or other
assets for investment purposes.The daily volume of foreign
exchange transactions was about $5.0 trillion in 2017 Most
transactions exchange foreign currencies for U.S. dollars.
Spot Rates and Forward RatesSpot rates are exchange rates for
currency exchanges “on the spot,” or when trading is executed
in the present.Forward rates are exchange rates for currency
exchanges that will occur at a future (“forward”) date.Forward
dates are typically 30, 90, 180, or 360 days in the future.Rates
are negotiated between two parties in the present, but the
exchange occurs in the future.
Dollar/Pound Spot and Forward Exchange Rates, 1983–2013

The Demand of Currency DepositsWhat influences the demand
of (willingness to buy) deposits denominated in domestic or
foreign currency?Factors that influence the return on assets
determine the demand of those assets.
The Demand of Currency Deposits (cont.)Rate of return: the
percentage change in value that an asset offers during a time
period.The annual return for $100 savings deposit with an
interest rate of 2% is $100 x 1.02 = $102, so that the rate of
return = ($102 – $100)/$100 = 2%.Real rate of return: inflation-
adjusted rate of return, which represents the additional amount
of goods & services that can be purchased with earnings from
the asset.The real rate of return for the above savings deposit
when inflation is 1.5% is 2% – 1.5% = 0.5%. After accounting
for the rise in the prices of goods and services, the asset can
purchase 0.5% more goods and services after 1 year.
The Demand of Currency Deposits (cont.)If prices are fixed, the
inflation rate is 0% and (nominal) rates of return = real rates of
return.Because trading of deposits in different currencies occurs
on a daily basis, we often assume that prices do not change from
day to day.A good assumption to make for the short run.
The Demand of Currency Deposits (cont.)Risk of holding assets
also influences decisions about whether to buy them.Liquidity
of an asset, or ease of using the asset to buy goods and services,
also influences the willingness to buy assets.

The Demand of Currency Deposits (cont.)But we assume that
risk and liquidity of currency
deposits in foreign exchange markets are essentially the same,
regardless of their currency denomination. Risk and liquidity
are only of secondary importance when deciding to buy or sell
currency deposits.Importers and exporters may be concerned
about risk and liquidity, but they make up a small fraction of
the market.
The Demand of Currency Deposits (cont.)We therefore say that
investors are primarily concerned about the rates of return on
currency deposits. Rates of return that investors expect to earn
are determined by interest rates that the assets will
earnexpectations about appreciation or depreciation
The Demand of Currency Deposits (cont.)A currency deposit’s
interest rate is the amount of a currency that an individual or
institution can earn by lending a unit of the currency for a
year.The rate of return for a deposit in domestic currency is the
interest rate that the deposit earns. To compare the rate of
return on a deposit in domestic currency with one in foreign
currency, considerthe interest rate for the foreign currency
depositthe expected rate of appreciation or depreciation of the
foreign currency relative to the domestic currency.
The Demand of Currency Deposits (cont.)Suppose the interest
rate on a dollar deposit is 2%.Suppose the interest rate on a
euro deposit is 4%.Does a euro deposit yield a higher expected

rate
of return? Suppose today the exchange rate is $1/€1, and the
expected rate one year in the future is $0.97/€1.$100 can be
exchanged today for €100. These €100 will yield €104 after one
year.These €104 are expected to be worth $0.97/€1 x €104 =
$100.88 in one year.
The Demand of Currency Deposits (cont.)The rate of return in
terms of dollars from investing in euro deposits is
($100.88 – $100)/$100 = 0.88%.Let’s compare this rate of
return with the rate of return from a dollar deposit.The rate of
return is simply the interest rate.After 1 year the $100 is
expected to yield $102:
($102 – $100)/$100 = 2%The euro deposit has a lower expected
rate of return: thus, all investors should be willing to dollar
deposits and none should be willing to hold euro deposits.
The Demand of Currency Deposits (cont.)Note that the expected
rate of appreciation of the euro was ($0.97 – $1)/$1 = –0.03 = –
3%.We simplify the analysis by saying that the dollar rate of
return on euro deposits approximately equals the interest rate on
euro deposits plus the expected rate of appreciation of euro
deposits 4% + –3% = 1% ≈ 0.88%R€ + (Ee$/€ – E$/€)/E$/€
The Demand of Currency Deposits (cont.)The difference in the
rate of return on dollar deposits and euro deposits is
R$ – (R€ + (Ee$/€ – E$/€)/E$/€ ) =
R$ –R€ –(Ee$/€ – E$/€)/E$/€

expected rate of return = interest rate on dollar deposits
interest rate
on euro deposits
expected rate of return on euro deposits
expected
exchange rate
current
exchange rate
expected rate of appreciation of the euro
Model of Foreign Exchange MarketsWe use the demand of (rate
of return on) dollar denominated deposits and the demand of
(rate of return on) foreign currency denominated deposits
to construct a model of foreign exchange markets.
This model is in equilibrium when deposits of all currencies
offer the same expected rate of return: interest parity.Interest
parity implies that deposits in all currencies are equally
desirable assets.Interest parity implies that arbitrage in the
foreign exchange market is not possible.
*
Model of Foreign Exchange Markets (cont.)Interest parity says:

R$ = R€ + (Ee$/€ – E$/€)/E$/€ Why should this
condition hold? Suppose it didn’t. Suppose R$ > R€ + (Ee$/€
– E$/€)/E$/€ Then no investor would want to hold euro
deposits, driving down the demand and price of euros.Then all
investors would want to hold dollar deposits, driving up the
demand and price of dollars.The dollar would appreciate and the
euro would depreciate, increasing the right side until equality
was achieved:
R$ > R€ + (Ee$/€ – E$/€)/E$/€
*
Model of Foreign Exchange Markets (cont.)How do changes in
the current exchange rate affect the expected rate of return of
foreign currency deposits?
*
Model of Foreign Exchange Markets (cont.)Depreciation of the
domestic currency today lowers the expected rate of return on
foreign currency deposits. Why?When the domestic currency
depreciates, the initial cost of investing in foreign currency
deposits increases, thereby lowering the expected rate of return
of foreign currency deposits.

Model of Foreign Exchange Markets (cont.)Appreciation of the
domestic currency today raises the expected return of deposits
on foreign currency deposits. Why?When the domestic currency
appreciates, the initial cost of investing in foreign currency
deposits decreases, thereby increasing the expected rate of
return of foreign currency deposits.
Today’s Dollar/Euro Exchange Rate and the Expected Dollar
Return on Euro Deposits When Ee$/€ = $1.05 per Euro
The Relation between the Current Dollar/Euro Exchange Rate
and the Expected Dollar Return on Euro Deposits
Determination of the Equilibrium Dollar/Euro Exchange Rate
Model of Foreign Exchange Markets (cont.) The effects of
changing interest rates: an increase in the interest rate paid on
deposits denominated in a particular currency will increase the
rate of return on those deposits. This leads to an appreciation of
the currency.Higher interest rates on dollar-denominated assets
cause the dollar to appreciate.Higher interest rates on euro-
denominated assets cause the dollar to depreciate.
Effect of a Rise in the Dollar Interest Rate

Effect of a Rise in the Euro Interest Rate
The Effect of an Expected Appreciation of the EuroIf people
expect the euro to appreciate in the future, then euro-
denominated assets will pay in valuable euros, so that these
future euros will be able to buy many dollars and many dollar-
denominated goods.The expected rate of return on euros
therefore increases.An expected appreciation of a currency leads
to an actual appreciation (a self-fulfilling prophecy).An
expected depreciation of a currency leads to an actual
depreciation (a self-fulfilling prophecy).
Determination of the Equilibrium Interest Rate
Effect of an Increase in the Money Supply on the Interest Rate
Effect on the Interest
Rate of a Rise in Real Income
Simultaneous Equilibrium in the U.S. Money Market and the
Foreign Exchange Market

Money Market/Exchange Rate Linkages
Effect on the Dollar/Euro Exchange Rate and Dollar Interest
Rate of an Increase in the U.S. Money Supply
Changes in the Domestic Money SupplyAn increase in a
country’s money supply causes interest rates to fall, rates of
return on domestic currency deposits to fall, and the domestic
currency to depreciate.A decrease in a country’s money supply
causes interest rates to rise, rates of return on domestic
currency deposits to rise, and the domestic currency to
appreciate.
Changes in the Foreign Money SupplyHow would a change in
the supply of euros affect the U.S. money market and foreign
exchange markets?An increase in the supply of euros causes a
depreciation of the euro (an appreciation of
the dollar).A decrease in the supply of euros causes an
appreciation of the euro (a depreciation of the dollar).
Effect of an Increase in the European Money Supply on the
Dollar/Euro Exchange Rate
Changes in the Foreign Money Supply (cont.)The increase in the

supply of euros reduces interest rates in the EU, reducing the
expected rate of return on euro deposits.This reduction in the
expected rate of return on euro deposits causes the euro to
depreciate.We predict no change in the U.S. money market due
to the change in the supply of euros.
Short-Run and Long-Run Effects of an Increase in the U.S.
Money Supply (Given Real Output, Y)
Law of One PriceThe law of one price simply says that the same
good in different competitive markets must sell for the same
price, when transportation costs and barriers between those
markets are not important.Why? Suppose the price of pizza at
one restaurant is $20, while the price of the same pizza at an
identical restaurant across the street is $40.What do you predict
will happen? Many people will buy the $20 pizza, few will buy
the $40 one.
Law of One Price (cont.)Due to the price difference,
entrepreneurs would have an incentive to buy pizza at the cheap
location and sell it at the expensive location for an easy
profit.Due to strong demand and decreased supply, the price of
the $20 pizza would tend to increase.Due to weak demand and
increased supply, the price of the $40 pizza would tend to
decrease.People would have an incentive to adjust their
behavior and prices would tend to adjust until one price is
achieved across markets (across restaurants).

Law of One Price (cont.)Consider a pizza restaurant in Seattle
and one across the border in Vancouver. The law of one price
says that the price of the same pizza (using a common currency
to measure the price) in the two cities must be the same if
markets are competitive and transportation costs and barriers
between markets are not important.
PpizzaUS = (EUS$/C$) x (PpizzaCanada)
PpizzaUS = price of pizza in Seattle
PpizzaCanada = price of pizza in Vancouver
EUS$/C$ = U.S. dollar/Canadian dollar exchange rate
Purchasing Power ParityPurchasing power parity is the
application of the law of one price across countries for all goods
and services, or for representative groups (“baskets”) of goods
and services.
PUS = (EUS$/C$) x (PCanada)
PUS = level of average prices in the U.S.
PCanada = level of average prices in Canada
EUS$/C$ = U.S. dollar/Canadian dollar exchange rate
Purchasing Power Parity (cont.)Purchasing power parity (PPP)
implies that the exchange rate is determined by levels of
average prices
EUS$/C$ = PUS/PCanadaIf the price level in the U.S. is
US$200 per basket, while the price level in Canada is C$400 per
basket, PPP implies that the C$/US$ exchange rate should be
C$400/US$200 = C$2/US$1.Predicts that people in all countries
have the same purchasing power with their currencies: 2
Canadian dollars buy the same amount of goods as 1 U.S.
dollar, since prices in Canada are twice as high.

Purchasing Power Parity (cont.)Purchasing power parity (PPP)
comes in 2 forms:Absolute PPP: purchasing power parity that
has already been discussed. Exchange rates equal the level of
relative average prices across countries.
E$/€ = PUS/PEURelative PPP: changes in exchange rates equal
changes in prices (inflation) between two periods:
(E$/€,t – E$/€, t –1)/E$/€, t – – t
–1 to t
A Quick RecapExchange rate determination has two main
schools of thought.
Interest rates – Interest Parity ConditionR$ = R€ + (Ee$/€ –
E$/€)/E$/€
Prices – Purchasing Power ParityAbsolute PPP: E$/€ =
PUS/PEURelative PPP: (E$/€,t – E$/€, t –1)/E$/€, t –
–
Monetary Approach to Exchange RatesMonetary approach to the
exchange rate: uses monetary factors to predict how exchange
rates adjust in the long run, based on the absolute version of
PPP.It predicts that levels of average prices across countries
adjust so that the quantity of real monetary assets supplied will
equal the quantity of real monetary assets demanded:
PUS = MsUS/L (R$, YUS)
PEU = MsEU/L (R€, YEU)
Monetary Approach
to Exchange Rates (cont.)To the degree that PPP holds and to

the degree that prices adjust to equate the quantity of real
monetary assets supplied with the quantity of real monetary
assets demanded, we have the following prediction: The
exchange rate is determined in the long run by prices, which are
determined by the relative supply and demand of real monetary
assets in money markets across countries.
Monetary Approach
to Exchange Rates (cont.)
Predictions about changes in
Money supply: a permanent rise in the domestic money supply
causes a proportional increase in the domestic price level, thus
causing a proportional depreciation in the domestic currency
(through PPP). This is same prediction as long-run model
without PPP.
Interest rates: a rise in domestic interest rateslowers the demand
of real monetary assets,and is associated with a rise in domestic
prices, thus causing a proportional depreciation of the domestic
currency (through PPP).
Monetary Approach
to Exchange Rates (cont.)
Output level: a rise in the domestic level of production and
income (output) raises domestic demand of real monetary
assets, and is associated with a decreasing level of average
domestic prices (for a fixed quantity of money supplied),thus
causing a proportional appreciation of the domestic currency
(through PPP).All 3 changes affect money supply or money
demand, and cause prices to adjust so that the quantity of real
monetary assets supplied matches the quantity of real monetary

assets demanded, and cause exchange rates to adjust according
to PPP.
Monetary Approach
to Exchange Rates (cont.)A change in the money supply results
in a change in the level of average prices.A change in the
growth rate of the money supply results in a change in the
growth rate of prices (inflation).A constant growth rate in the
money supply results in a persistent growth rate in prices
(persistent inflation) at the same constant rate, when other
factors are constant.Inflation does not affect the productive
capacity of the economy and real income from production in the
long run.Inflation, however, does affect nominal interest rates.
The Fisher EffectThe Fisher effect (named affect Irving Fisher)
describes the relationship between nominal interest rates and
inflation.Derive the Fisher effect from the interest parity
condition:
R$ – R€ = (Ee$/€ – E$/€)/E$/€ If financial markets expect
(relative) PPP to hold, then expected exchange rate changes will
equal expected inflation between countries: (Ee$/€ – E$/€)/E$/€
– refore, R$ – –
effect: a rise in the domestic inflation rate causes an equal rise
in the interest rate on deposits of domestic currency in the long
run, when other factors remain constant.
Monetary Approach to Exchange RatesSuppose that the U.S.
central bank unexpectedly increases the growth rate of the

European inflation rate remains at 0%.According to the Fisher
effect, the interest rate in the U.S. will adjust to the higher
inflation rate.
Fig. 16-1: Long-Run Time Paths of U.S. Economic Variables
After a Permanent Increase in the Growth Rate of the U.S.
Money Supply
Fig. 16-1: Long-Run Time Paths of U.S. Economic Variables
After a Permanent Increase in the Growth Rate of the U.S.
Money Supply (cont.)
Monetary Approach to Exchange Rates (cont.)The increase in
nominal interest rates decreases the demand of real monetary
assets.In order for the money market to maintain equilibrium in
the long run, prices must jump so that
PUS = MsUS/L (R$, YUS)In order to maintain PPP, the
exchange rate must jump (the dollar must depreciate) so that
E$/€ = PUS/PEUThereafter, the money supply and prices are
predict
predicted to depreciate at the same rate.
The Role of Inflation and Expectations
In the long-run model without PPP: Changes in money supply
lead to changes in the level of average prices.No inflation is
predict to occur in the long run, but only during the transition to

the long-run equilibrium.During the transition, inflation causes
the nominal interest rate to increase to its long-run
value.Expectations of higher domestic inflation cause the
expected return on foreign currency deposits to increase,
making the domestic currency depreciate before the transition
period.
Short-Run and Long-Run Effects of an Increase in the U.S.
Money Supply (Given Real Output, Y)
The Role of Inflation and Expectations (cont.)In the monetary
approach (with PPP), the rate of inflation increases permanently
when the growth rate of the money supply increases
permanently. With persistent domestic inflation (above foreign
inflation), the monetary approach also predicts an increase in
the domestic nominal interest rate.Expectations of higher
domestic inflation cause the expected purchasing power of
domestic currency to decrease relative to the expected
purchasing power of foreign currency, thereby making the
domestic currency depreciate.
How a Rise in U.S. Monetary Growth Affects Dollar Interest
Rates and the Dollar/Euro Exchange Rate When Goods Prices
Are Flexible
The Role of Inflation and Expectations (cont.)In the long-run
model without PPP, the level of average prices does not
immediately adjust even if expectations of inflation

adjust,causing the exchange rate to overshoot (causing the
domestic currency to depreciate more than) its long-run value.In
the monetary approach (with PPP), the level of average prices
adjusts with expectations of inflation, causing the domestic
currency to depreciate, but with no overshooting.
Shortcomings of PPPThere is little empirical support for
absolute purchasing power parity.The prices of identical
commodity baskets, when converted to a single currency, differ
substantially across countries.Relative PPP is more consistent
with data, but it also performs poorly to predict exchange rates.
Fig. 16-2: The Yen/Dollar Exchange Rate and Relative Japan-
U.S. Price Levels, 1980–2012
Shortcomings of PPP (cont.)
Reasons why PPP may not be accurate: the law of one price may
not hold because of
Trade barriers and nontradable products
Imperfect competition
Differences in measures of average prices for baskets of goods
and services
Shortcomings of PPP (cont.)Trade barriers and nontradable
productsTransport costs and governmental trade restrictions
make trade expensive and in some cases create nontradable
goods or services.Services are often not tradable: services are
generally offered within a limited geographic region (for

example, haircuts). The greater the transport costs, the greater
the range over which the exchange rate can deviate from its PPP
value.One price need not hold in two markets.
Shortcomings of PPP (cont.)Imperfect competition may result in
price discrimination: “pricing to market.” A firm sells the same
product for different prices in different markets to maximize
profits, based on expectations about what consumers are willing
to pay.One price need not hold in two markets.
Shortcomings of PPP (cont.)Differences in the measure of
average prices for goods and serviceslevels of average prices
differ across countries because of differences in how
representative groups (“baskets”) of goods and services are
measured.Because measures of groups of goods and services are
different, the measure of their average prices need not be the
same.One price need not hold in two markets.
The Real Exchange Rate Approach to Exchange RatesBecause
of the shortcomings of PPP, economists have tried to generalize
the monetary approach to PPP to make a better theory.The real
exchange rate is the rate of exchange for goods and services
across countries. In other words, it is the relative
value/price/cost of goods and services across countries.For
example, it is the dollar price of a European group of goods and
services relative to the dollar price of an American group of
goods and services:
qUS/EU = (E$/€ x PEU)/PUS
Note: E$/€ = qUS/EU x PUS/PEU

The Real Exchange Rate Approach to Exchange Rates
(cont.)According to PPP, exchange rates are determined by
relative average prices:
E$/€ = PUS/PEUAccording to the more general real exchange
rate approach, exchange rates may also be influenced by the real
exchange rate:
E$/€ = qUS/EU x PUS/PEU
Exchange Rate Regimes
Initial assumption is that exchange rates are flexible
Fixed is the special case
Exchange Rate SystemsIn a (pure) flexible exchange rate
system, the foreign exchange rate is free to change every day in
order to establish an equilibrium between QS and QD of a
nation’s currency In a fixed exchange rate system, the foreign
exchange rate is fixed for long periods of timeMaintained by
central bank purchases and sales of the nation’s currencyIf there
is an excess demand of the home cu
CB buys currency / sells USDWhen the CB purchases (sells)
foreign currency, its holdings of foreign exchange reserves
increase (decrease)Under a fixed exchange rate system, an
increase (decrease) in the value of the currency is known as a
revaluation (devaluation)The current system of exchange rates
is not a pure flexible exchange rate system because of CB
intervention in FX markets1986-2009: Foreign CB’s intervened
by buying over $4 trillion USD

17-*
IntroductionMany countries try to fix or “peg” their exchange
rate to a currency or group of currencies by intervening in the
foreign exchange markets.Many with a flexible or “floating”
exchange rate in fact practice a managed floating exchange
rate.The central bank “manages” the exchange rate from time to
time by buying and selling currency and assets, especially in
periods of exchange rate volatility.How do central banks
intervene in the foreign exchange markets?
17-*
Assets, Liabilities
and the Money SupplyA purchase of any asset by the central
bank will be paid for with currency or a check written from the
central bank, both of which are denominated in domestic
currency, and both of which increase the supply of money in
circulation.The transaction leads to equal increases of assets
and liabilities.When the central bank buys domestic bonds or
foreign bonds, the domestic money supply increases.
17-*
Assets, Liabilities
and the Money Supply (cont.)A sale of any asset by the central
bank will be paid for with currency or a check written to the

central bank, both of which are denominated in domestic
currency.The central bank puts the currency into its vault or
reduces the amount of deposits of banks,causing the supply of
money in circulation to shrink.The transaction leads to equal
decreases of assets
and liabilities.When the central bank sells domestic bonds or
foreign bonds, the domestic money supply decreases.
17-*
Foreign Exchange MarketsCentral banks trade foreign
government bonds in the foreign exchange markets.Foreign
currency deposits and foreign government bonds are often
substitutes: both are fairly liquid assets denominated in foreign
currency.Quantities of both foreign currency deposits and
foreign government bonds that are bought and sold influence the
exchange rate.
17-*
Fixed Exchange RatesTo fix the exchange rate, a central bank
influences the quantities supplied and demanded of currency by
trading domestic and foreign assets, so that the exchange rate
(the price of foreign currency in terms of domestic currency)
stays constant.Foreign exchange markets are in equilibrium
when
R = R* + (Ee – E)/E When the exchange rate is fixed
at some level E0 and the market expects it to stay fixed at that
level, then
R = R*

17-*
Fixed Exchange Rates (cont.)To fix the exchange rate, the
central bank must trade foreign and domestic assets in the
foreign exchange market until R = R*.Alternatively, we can say
that it adjusts the quantity of monetary assets in the money
market until the domestic interest rate equals the foreign
interest rate, given the level of average prices and real output:
Ms/P = L(R*,Y)
17-*
Fixed Exchange Rates (cont.)Suppose that the central bank has
fixed the exchange rate at E0 but the level of output rises,
raising the demand of real monetary assets.This is predicted put
upward pressure on interest rates and the value of the domestic
currency.How should the central bank respond if it wants to fix
exchange rates?
17-*
Fixed Exchange Rates (cont.)The central bank should buy
foreign assets in the foreign exchange markets, thereby
increasing the domestic money supply, thereby reducing interest
rates in the short run.Alternatively, by demanding (buying)
assets denominated in foreign currency and by supplying
(selling) domestic currency, the price/value of foreign currency
is increased and the price/value of domestic currency is
decreased.
17-*
Asset Market Equilibrium

with a Fixed Exchange Rate, E0
17-*
Monetary Policy and Fixed Exchange RatesWhen the central
bank buys and sells foreign assets to keep the exchange rate
fixed and to maintain domestic interest rates equal to foreign
interest rates, it is not able to adjust domestic interest rates to
attain other goals.In particular, monetary policy is ineffective in
influencing output and employment.
16-*
IS-LM ModelThe amount of investment expenditure depends on
the interest rate.Investment projects use saved or borrowed
funds, and the relevant interest rate represents the (real) cost of
spending or borrowing those funds.A higher interest rate means
less investment expenditure.The IS-LM model predicts that
investment expenditure is inversely related to the relevant
interest rate.
16-*
IS-LM Model (cont.)The IS-LM model expresses aggregate
demand as:
D = C(Y – T, R-πe ) + I(R-πe)+ G + CA(EP*/P, Y – T, R-πe )
Or more simply:
D = D(EP*/P, Y – T, R-πe, G)

Investment
as a function
of the real
interest rate
R-πe
Current account as
a function of the real
exchange rate,
disposable income
and the real interest
rate R-πe
Consumption
as a function
of disposable
income and the
real interest
rate R-πe
Government
purchases are
exogenous
16-*
IS-LM Model (cont.)Instead of relating exchange rates and
output, the IS-LM relates interest rates and output.In
equilibrium, aggregate output = aggregate demandY = D(EP*/P,
Y – T, R-πe, G)In equilibrium, interest parity holdsR = R* +
(Ee-E)/EE(1+R) = ER* + Ee E(1+R–R*) = Ee E = Ee/(1+R–R*)

16-*
IS-LM Model (cont.)Y = D(EeP*/P(1+R–R*) , Y – T, R-πe, G)
This equation describes the IS curve: combinations of interest
rates and output such that aggregate demand equals aggregate
output, given values of exogenous variables Ee,P*,P, R*,T, πe,
and G.Lower interest rates increase investment demand (and
consumption and import demand), leading to higher aggregate
demand and higher aggregate output in equilibrium.The IS
curve slopes down.
16-*
IS-LM Model (cont.)In equilibrium, the quantity of real
monetary assets supplied matches the quantity of real monetary
assets demanded: Ms/P = L(R,Y)This equation describes the LM
curve: combinations of interest rates and output such that the
money market is in equilibrium, given values of exogenous
values P and Ms.Higher income is predicted to cause higher
demand of real monetary assets and higher interest rates in the
money market.The LM curve slopes up.
16-*
IS-LM Model (cont.)
Both the output
markets and money
market are in
equilibrium at R1
and Y1
1

R1
Y1
LM
IS
Output, Y
Interest
rate, R
Output markets
are in equilibrium
Money market
is in equilibrium
16-*
Effects of Temporary Changes in the Money Supply (cont.)
Expected return
on foreign currency
deposits
R2
LM2

Interest rate, R
Output, Y
LM1
2
Y2
1
Y1
R1
2´
E2
1´
E1
IS1
Temporary increase
in money
supply
16-*
Effects of Permanent Changes

in the Money Supply in the Short Run
Expected return
on foreign currency
deposits
R3
R2
LM2
Interest rate, R
Output, Y
LM1
2
Y2
3
Y3
1
Y1
R1

2´
E2
1´
E1
E3
3´
IS1
IS2
Domestic currency
is expected
to depreciate
Permanent increase
in money
supply
16-*
Effects of Temporary Changes in Fiscal Policy
Expected return
on foreign currency
deposits

R2
R1
Interest rate, R
Output, Y
LM
1
Y1
2
Y2
2´
E2
E1
1´
IS1
IS2
Temporary
fiscal
expansion

16-*
Effects of Permanent Changes in Fiscal Policy
Expected return
on foreign currency
deposits
R2
R1
Interest rate, R
Output, Y
LM
1
Y1
2
Y2
2´
E2

E1
1´
E3
3´
IS1
IS2
Permanent
fiscal
expansion
Domestic currency
is expected to appreciate
IS/LM/BP MODEL
The International TrilemmaThe international “trilemma” is the
impossibility of any nation to simultaneously maintain all of the
following:Independent control of domestic monetary
policyFixed exchange ratesFree flows of capital with other
nationsThe EU’s common currency (the Euro) and free flows of
capital between countries prevent individual EU countries from
pursuing independent monetary policiesThe US has flexible

exchange rates and free flows of capital, so it can run an
independent monetary policyBut countries like Japan and China
can buy USD to keep their own currencies undervalued to
promote their exports
The Monetary Trilemma for Open Economies
COUNTRYSTUDENT
Afghanistan
Ao, Muyu
Algeria
Bol, Jonah S.
Argentina
Bush, John W.
Australia
Chen, Dingsheng
Austria
Clark, Anthony R.
Bangladesh
Cummins III, Tommy J.
Belgium
Deckers, Claire G.
Bolivia
Donovan, Eric J.
Brazil
Ferrier, Lucas J.
Brunei
Gordon, Tyler R.
Bulgaria
Gu, Xinzong
Burma
Hobbs, Forester S.
Burundi
Huang, Yu
Cambodia

Huo, Shiyun
Cameroon
Jones, Alec P.
Canada
Keller, Chris L.
Chad
Kleitsch, Noah
Chile
Kpedi, Ra
China
Kuchimanchi, Karthik
Colombia
Labinger, Jonathan P.
Costa Rica
Li, Zihao
Denmark
Lin, Xinhao
Ecuador
Logue Jr., Mike P.
Egypt
Lospinoso, Madison K.
Finland
Luo, Chenying
France
Luo, Xin
Georgia
Miller, Sean
Germany
Pitaniello, Luna A.
Ghana
Qi, Haoyue
Greece
Renaud, Zachary
Grenada
Smith, Christopher T.
Guatemala

Suler, Erin
Hungary
Thibault, Caleb S.
Iceland
Wei, Wei
India
Werth, Sara L.
Indonesia
Wittmeier, Nick D.
Iran
Xiong, Jiawei
Iraq
Yan, Tao
Ireland
Yao, Yuanke
Israel
Yu, Chengji
Italy
Zandvoort, Nathan
Jamaica
Zhang, Qianfeng
Japan
Zhang, Qicheng
Jordan
Zhang, Yifan
Kenya
Zhu, Qianwei
COUNTRY
STUDENT
Korea, South
Andrews, Zack N.
Kuwait
Arliss, Will F.
Luxembourg
Baum, Will D.
Madagascar

Cai, Ying
Malaysia
Calcaterra, Katie
Mali
Cameron, Carter T.
Mauritania
Carpenter, Hunter
Mauritius
Chen, Hancong
Mexico
Chen, Zilu
Montenegro
Cianciola, Joseph C.
Morocco
Croxford, Ryan F.
Mozambique
Curtis, Ray V.
Netherlands
Draper, Meghan E.
New Zealand
Fino-Theuer, Tyler J.
Nicaragua
Flaherty, James M.
Niger
Frangiosa, Cole A.
Nigeria
Fusco, Katherine C.
Norway
Gosselin, Sam L.
Oman
Hackett, Finn F.
Pakistan
Halilovic, Hamza
Palestinian Territories
Hall, Aryn E.
Panama

Heon, Emily R.
Paraguay
Hogan, Bill T.
Peru
Jeffers, Sean
Philippines
Kiel-Zabel, Ryan
Poland
Krassnig-Plass, Nora
Portugal
Lee, Tyler D.
Qatar
Lennon, Cat V.
Romania
Mandigo, Janelle F.
Russia
Mason, Oliver M.
Saudi Arabia
Pare, Luke
Senegal
Pelon, Ben M.
Serbia
Raymond, Daniel
Singapore
Redmond, Catherine
South Africa
Repka, Wil R.
South Korea
Rider, William M.
Spain
Rodenhauser, Mark G.
Sri Lanka
Sherpa, Ringin N.
Sudan
Smith, Jake P.
Sweden

Swanke, Hope A.
Switzerland
Turek, Jackson W.
Syria
Van de Graaf, Sarah J.
Thailand
von Hagke, Henry G.
Turkey
Waine, Doug H.
Uganda
Zhang, Qijie

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