X-M = CA(q,Y-T)\
q = \dfrac{
EP ^{*}
}{
p
}
$$q = 실질환율 = 환율 \times \dfrac{외국물가}{자국물가}$$
$$X-M = CA(q^{\oplus },(Y-T)^{\ominus} )$$
X-M = CA(q^{\oplus },(Y-T)^{\ominus} )
$$\therefore\ Y^D = D\Bigl(C = Y - T,\ \overline{I},\ \overline{G},\ q = E\dfrac{P^*}{P}\Bigr)$$
$$C =Y-T \ \oplus \rightarrow
\left(
국내소비 Y-T \ \oplus > 해외소비 Y-T \ \ominus
\right)$$
$$\overline{I},\ \overline{G},\ q = E\dfrac{P^*}{P} \Rightarrow \oplus$$
$$\ Y^D = D\Bigl(C \downarrow = (Y - \overline{T } ) ,\ \overline{I},\ \overline{G},\ q = E\dfrac{\overline{P^*}}{\overline{P}}\Bigr) \downarrow$$
M^d \ 화페수요곡선 = L \left(
R^{\ominus }, Y^{\oplus }
\right)