曼昆-宏观经济学原理-第六版-讲义课件.ppt
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1、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.,Ba
2、sic 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 permitt
3、ed 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
4、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 valu
5、e 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 ce
6、rtain 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
7、,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 co
8、nsumers 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 pe
9、rmitted 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 towar
10、d 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
11、 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 par
12、t,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
13、 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.
14、,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.
15、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 ass
16、ets 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 certa
17、in 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 asset
18、s 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-prot
19、ected 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,13,2
20、011 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
21、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
22、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
23、 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
24、 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 par
25、t,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 n
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