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LEARNING OBJECTIVES. A. When an economy is closed then (1) aggregate spending must equal domestic production, and (2) national saving must equal domestic investment. B. When the economy is open, these conditions do not have to hold.a. Aggregate spending does not have to equal domestic production in each period.II. Relation between Saving, Investment, foreign trade, and foreign lending. Case 1. In a Small Open Economy. A. Small open economy: an economy which its saving/investment activities have no effect on the world real interest rate. 1. World real interest rate (rw) is determined in the international financial market. 2.
At the short run equilibrium (P3 and 400bn real output) there is a negative output gap of 100bn, given that the maximum possible output is 500bn.A negative output gap is also called a recessionary gap. In the Classical system, the economy is assumed to self-adjust.n this case, the short run equilibrium is at a higher level of real output than the economy can actually produce, as illustrated below. The short run equilibrium position (P6 and a real poutput of 550bn) is above the full employment, creating a positive output gap.