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Consider an open economy described by the following equations and the Mundell- Fleming model of an open economy.

G = 2,500

T = 2,000

C = 500 + 0.75(Y - T)

I = 900 - 50r

NX = 1,500 - 250e

M / P = Y - 40r

M = 3000

P = 3

r = r* = 5

a) Derive the IS* and LM* curves.

b) Calculate the equilibrium exchange rate, income, and net exports.

c) Assume a floating exchange rate. Calculate what happens to the exchange rate, income, net exports and money supply if the government increases expending by 500.

d ) Now, assume a fixed exchange rate. Calculate what happens to the exchange rate, income, net exports, and the money supply if the government increases expending by 500.