曼昆-宏观经济学原理-第六版-讲义课件.ppt
Open-Economy Macroeconomics:Basic Concepts,1,2011 Cengage Learning.All Rights Reserved.May not be copied,scanned,or duplicated,in whole or in part,except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.,Basic Concepts,Closed economyEconomy that does not interact with other economies in the worldOpen economyEconomy that interacts freely with other economies around the world,2,2011 Cengage Learning.All Rights Reserved.May not be copied,scanned,or duplicated,in whole or in part,except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.,International Flow of Goods,ExportsGoods&servicesProduced domesticallySold abroadImportsGoods and servicesProduced abroadSold domestically,3,2011 Cengage Learning.All Rights Reserved.May not be copied,scanned,or duplicated,in whole or in part,except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.,International Flow of Goods,Net exportsValue of a nations exports Minus the value of its importsAlso called trade balanceTrade balanceValue of a nations exportsMinus the value of its importsAlso called net exports,4,2011 Cengage Learning.All Rights Reserved.May not be copied,scanned,or duplicated,in whole or in part,except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.,International Flow of Goods,Trade surplusExcess of exports over importsTrade deficitExcess of imports over exportsBalanced tradeExports equal imports,5,2011 Cengage Learning.All Rights Reserved.May not be copied,scanned,or duplicated,in whole or in part,except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.,International Flow of Goods,Factors that influence a countrys exports,imports,and net exports:Tastes of consumers for domestic&foreign goodsPrices of goods at home and abroadExchange ratesPeople use domestic currency to buy foreign currenciesIncomes of consumers at home and abroad,6,2011 Cengage Learning.All Rights Reserved.May not be copied,scanned,or duplicated,in whole or in part,except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.,International Flow of Goods,Factors that influence a countrys exports,imports,and net exports:Cost of transporting goods from country to countryGovernment policies toward international trade,7,2011 Cengage Learning.All Rights Reserved.May not be copied,scanned,or duplicated,in whole or in part,except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.,The increasing openness of the U.S.economy,Increasing importance of international trade and finance1950s,imports and exports:4-5%of GDPRecent years:Exports increased more than twiceImports increased more than three times,8,2011 Cengage Learning.All Rights Reserved.May not be copied,scanned,or duplicated,in whole or in part,except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.,The increasing openness of the U.S.economy,Increase in international tradeImprovements in transportationAdvances in telecommunicationsTechnological progress Governments trade policiesNAFTAGATT,9,2011 Cengage Learning.All Rights Reserved.May not be copied,scanned,or duplicated,in whole or in part,except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.,Figure 1,10,2011 Cengage Learning.All Rights Reserved.May not be copied,scanned,or duplicated,in whole or in part,except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.,The Internationalization of the U.S.Economy,This figure shows exports and imports of the U.S.economy as a percentage of U.S.gross domestic product since 1950.The substantial increases over time show the increasing importance of international trade and finance.,International Flow of Capital,Net capital outflow Purchase of foreign assets by domestic residentsForeign direct investmentForeign portfolio investmentMinus the purchase of domestic assets by foreigners,11,2011 Cengage Learning.All Rights Reserved.May not be copied,scanned,or duplicated,in whole or in part,except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.,International Flow of Capital,Variables that influence net capital outflowReal interest rates paid on foreign assetsReal interest rates paid on domestic assetsPerceived economic and political risks of holding assets abroadGovernment policies that affect foreign ownership of domestic assets,12,2011 Cengage Learning.All Rights Reserved.May not be copied,scanned,or duplicated,in whole or in part,except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.,Net Exports=Net Capital Outflow,Net exports(NX)Imbalance between a countrys exports and its importsNet capital outflow(NCO)Imbalance betweenAmount of foreign assets bought by domestic residentsAnd the amount of domestic assets bought by foreignersIdentity:NCO=NX,13,2011 Cengage Learning.All Rights Reserved.May not be copied,scanned,or duplicated,in whole or in part,except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.,Net Exports=Net Capital Outflow,When NX 0(trade surplus)Selling more goods and services to foreigners Than it is buying from themFrom net sale of goods and servicesReceives foreign currencyBuy foreign assetsCapital-flowing out of the country:NCO 0,14,2011 Cengage Learning.All Rights Reserved.May not be copied,scanned,or duplicated,in whole or in part,except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.,Net Exports=Net Capital Outflow,When NX 0(trade deficit)Buying more goods and services from foreignersThan it is selling to themThe net purchase of goods and servicesNeeds financedSelling assets abroadCapital-flowing into the country:NCO 0,15,2011 Cengage Learning.All Rights Reserved.May not be copied,scanned,or duplicated,in whole or in part,except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.,Saving and Investment,Open economy:Y=C+I+G+NXNational saving:S=Y C G Y C G=I+NXS=I+NXNX=NCOS=I+NCOSaving=Domestic investment+Net capital outflow,16,2011 Cengage Learning.All Rights Reserved.May not be copied,scanned,or duplicated,in whole or in part,except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.,International Flows,Trade surplus:Exports ImportsNet exports 0Y Domestic spending(C+I+G)S INCO 0,17,2011 Cengage Learning.All Rights Reserved.May not be copied,scanned,or duplicated,in whole or in part,except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.,International Flows,Trade deficit:Exports ImportsNet exports 0Y Domestic spending(C+I+G)S INCO 0,18,2011 Cengage Learning.All Rights Reserved.May not be copied,scanned,or duplicated,in whole or in part,except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.,International Flows,Balanced trade:Exports=ImportsNet exports=0Y=Domestic spending(C+I+G)S=INCO=0,19,2011 Cengage Learning.All Rights Reserved.May not be copied,scanned,or duplicated,in whole or in part,except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.,Table 1,20,2011 Cengage Learning.All Rights Reserved.May not be copied,scanned,or duplicated,in whole or in part,except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.,International Flows of Goods and Capital:Summary,This table shows the three possible outcomes for an open economy.,Is the U.S.trade deficit a national problem?,Past two decadesBorrowed heavily in world financial marketsTo finance large trade deficitsBefore 1980National saving&domestic investment were closeSmall net capital outflow,21,2011 Cengage Learning.All Rights Reserved.May not be copied,scanned,or duplicated,in whole or in part,except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.,Is the U.S.trade deficit a national problem?,After 1980National saving-fell substantially below investmentNet capital outflow-a large negative numberCapital inflowU.S.-going into debt,22,2011 Cengage Learning.All Rights Reserved.May not be copied,scanned,or duplicated,in whole or in part,except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.,Is the U.S.trade deficit a national problem?,Changes in capital flowsArise from changes in savingArise from changes in investment1980 to 1987Increase flow of capital(from 0.5 to 3.6%of GDP)Decline in national saving of 2.6 percentage pointsDecline public savingIncrease in government budget deficit,23,2011 Cengage Learning.All Rights Reserved.May not be copied,scanned,or duplicated,in whole or in part,except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.,Is the U.S.trade deficit a national problem?,1991 to 2000Increase flow of capital(from 0.5 to 3.9%of GDP)Saving increased Budget surplusInvestment increased from 13.4 to 17.7%of GDP,24,2011 Cengage Learning.All Rights Reserved.May not be copied,scanned,or duplicated,in whole or in part,except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.,Is the U.S.trade deficit a national problem?,2000 to 2006Increase in capital flow(to 5.7%o GDP)Investment boom abatedBudget deficitsNational saving-fell to extraordinarily low levels2007 to 2009,Trade deficit shrank Substantial decline in housing pricesDeep recessionDramatic fall in investment,25,2011 Cengage Learning.All Rights Reserved.May not be copied,scanned,or duplicated,in whole or in part,except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.,Is the U.S.trade deficit a national problem?,Trade deficit induced by a fall in savingThe nation is putting away less of its income to provide for its futureNo reason to deplore the resulting trade deficitsBetter to have foreigners invest in the U.S.economy than no one at all,26,2011 Cengage Learning.All Rights Reserved.May not be copied,scanned,or duplicated,in whole or in part,except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.,Is the U.S.trade deficit a national problem?,Trade deficit induced by an investment boomEconomy is borrowing from abroad to finance the purchase of new capital goodsFor good return on investment-the economy should be able to handle the debts that are being accumulatedFor lower return on investment-debts will look less desirable,27,2011 Cengage Learning.All Rights Reserved.May not be copied,scanned,or duplicated,in whole or in part,except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.,Figure 2,28,2011 Cengage Learning.All Rights Reserved.May not be copied,scanned,or duplicated,in whole or in part,except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.,National Saving,Domestic Investment,and Net Capital Outflow,Panel(a)shows national saving and domestic investment as a percentage of GDP.You can see from the figure that national saving has been lower since 1980 than it was before 1980.This fall in national saving has been reflected primarily in reduced net capital outflow rather than in reduced domestic investment.,Figure 2,29,2011 Cengage Learning.All Rights Reserved.May not be copied,scanned,or duplicated,in whole or in part,except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.,National Saving,Domestic Investment,and Net Capital Outflow,Panel(b)shows net capital outflow as a percentage of GDP.You can see from the figure that national saving has been lower since 1980 than it was before 1980.This fall in national saving has been reflected primarily in reduced net capital outflow rather than in reduced domestic investment.,Real&Nominal Exchange Rates,Nominal exchange rateRate at which a person can trade currency of one country for currency of anotherAppreciation(strengthen)Increase in the value of a currencyAs measured by the amount of foreign currency it can buyBuy more foreign currency,30,2011 Cengage Learning.All Rights Reserved.May not be copied,scanned,or duplicated,in whole or in part,except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.,Real&Nominal Exchange Rates,Depreciation(weaken)Decrease in the value of a currencyAs measured by the amount of foreign currency it can buyBuy less foreign currency,31,2011 Cengage Learning.All Rights Reserved.May not be copied,scanned,or duplicated,in whole or in part,except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.,Real&Nominal Exchange Rates,Real exchange rateRate at which a person can trade goods and services of one countryFor goods and services of another,32,2011 Cengage Learning.All Rights Reserved.May not be copied,scanned,or duplicated,in whole or in part,except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.,Real&Nominal Exchange Rates,Real e
