一、芒德尔—克鲁格曼三元悖论的 基本内涵和政策意义 芒德尔通过芒德尔——弗莱明模型所证明的基本观点是:在开放经济条件下,适当地选择货币政策和财政政策就有可能实现内部平衡和外部平衡,无需改变汇率或改变其他支出政策。其基本结论是,在小国经济中,扩张性货币政策在浮动汇率条件下的收入效应大于固定汇率下的收入效应,扩张性财政政策在固定汇率条件下的收入效应大于浮动汇率下的收入效应。在极端情况下,对开放经济条件下的小国(小经济 I. Basic Connotations and Policy Implications of the Mundell-Krugman Ternary Paradox The basic view Mundell proved through the Mundell-Fleming model is that under an open economy, the proper choice of monetary policy and finance Policies are likely to achieve internal and external balances without changing the exchange rate or changing other spending policies. The basic conclusion is that in a small country economy, the income effect of expansionary monetary policy under floating exchange rate conditions is greater than that under fixed exchange rate. The income effect of expansionary fiscal policy under fixed exchange rate conditions is greater than that under floating exchange rate. In extreme cases, small states under the conditions of an open economy (small economies