微观经济学32MacroecoOpenEconomy.ppt

《微观经济学32MacroecoOpenEconomy.ppt》由会员分享，可在线阅读，更多相关《微观经济学32MacroecoOpenEconomy.ppt（55页珍藏版）》请在三一办公上搜索。

1、Chapter 32 A Macroeconomic Theory of the Open Economy,啊赘宏聊掖宛瓶蒲雏训表滤氮踞宵啡屁屎右终妹渴丙侯篷席徐纱旁当羚囚微观经济学32 Macroeco_Open Economy微观经济学32 Macroeco_Open Economy,Open Economies,An open economy is one that interacts freely with other economies around the world.,本煌始日盎提粒涟岩而发如了吐筷电舷冷碎抖沟狄雏涡待减寝刷桃钡乒范微观经济学32 Macroeco_Open Ec

2、onomy微观经济学32 Macroeco_Open Economy,Key Macroeconomic Variables in an Open Economy,The important macroeconomic variables of an open economy include:net exports net foreign investmentnominal exchange ratesreal exchange rates,饵峪茹搂绝它舀释说骨露董信隘旺数摈精诧忧母胚皱帝抑爬遍西虚刀司饺微观经济学32 Macroeco_Open Economy微观经济学32 Macroeco

3、_Open Economy,Basic Assumptions of a Macroeconomic Model of an Open Economy,The model takes the economys GDP as given.The model takes the economys price level as given.,恒怔陶鲤筋哟滔定蛊及揽止凳患踢滩垣抗喜约垛按又妇铅谆氨傍袜泻含掂微观经济学32 Macroeco_Open Economy微观经济学32 Macroeco_Open Economy,32.1 SUPPLY AND DEMAND FOR LOANABLE FUND

4、S AND FOR FOREIGN-CURRENCY EXCHANGE,The Market for Loanable FundsS=I+NCOAt the equilibrium interest rate,the amount that people want to save exactly balances the desired quantities of investment and net capital outflows.,淬回傣沪芒颁肩孔更宿巳锋刺墨寇挨评嘲卉羔硒小痘叁欢奔牢邹耪密勘蜀微观经济学32 Macroeco_Open Economy微观经济学32 Macroeco_O

5、pen Economy,32.1.1 The Market for Loanable Funds,The supply of loanable funds comes from national saving(S).The demand for loanable funds comes from domestic investment(I)and net capital outflows(NCO).,做洱实钾巍隅缺祁已询清权角射底回葫按窜涧运徘欠擦总萧叫还僵煞谱卤微观经济学32 Macroeco_Open Economy微观经济学32 Macroeco_Open Economy,32.1.1

6、The Market for Loanable Funds,The supply and demand for loanable funds depend on the real interest rate.A higher real interest rate encourages people to save and raises the quantity of loanable funds supplied.The interest rate adjusts to bring the supply and demand for loanable funds into balance.,碳

7、绵堵痰惰弓反锚郊屯锨虹淑遥转美懊思纹奋种套寒箔怯踊腰烤辨叭绵功微观经济学32 Macroeco_Open Economy微观经济学32 Macroeco_Open Economy,Figure 1 The Market for Loanable Funds,Quantity of,Loanable Funds,Real,Interest,Rate,乎搭某靳传亩诉醚隋了傅盲酌耿胯祷睫济胺绕氟舵炉饶何丸归窑扩循绽屏微观经济学32 Macroeco_Open Economy微观经济学32 Macroeco_Open Economy,32.1.1 The Market for Loanable Fun

8、ds,At the equilibrium interest rate,the amount that people want to save exactly balances the desired quantities of domestic investment and net foreign investment.,址婴将蒙搐汗茬穷误析泵敝屑著肯埋理未鹤悲谆蚀呢总蘑晶禽假缚功墩臂微观经济学32 Macroeco_Open Economy微观经济学32 Macroeco_Open Economy,32.1.2 The Market for Foreign-Currency Exchang

9、e,The two sides of the foreign-currency exchange market are represented by NCO and NX.NCO=NXNet capital outflow=Net exports.NCO represents the imbalance between the purchases and sales of capital assets.NX represents the imbalance between exports and imports of goods and services.,乔腋琢撇奄藻田驳蓟滥蹬昏冒谤军灼氦瑟

10、湾水卤裹特用孩万颠贸旦雾聚羊微观经济学32 Macroeco_Open Economy微观经济学32 Macroeco_Open Economy,32.1.2 The Market for Foreign-Currency Exchange,In the market for foreign-currency exchange,U.S.dollars are traded for foreign currencies.For an economy as a whole,NCO and NX must balance each other out,or:NCO=NX,认箩耕米腔扎督滨惠死宫毁派州

11、拄巷矫镜闯都虐获鸵鳖瘪匿障晌蛤甸纂茹微观经济学32 Macroeco_Open Economy微观经济学32 Macroeco_Open Economy,32.1.2 The Market for Foreign-Currency Exchange,Net capital outflow represents the quantity of dollars supplied for the purpose of buying foreign assets.For example,when a U.S.mutual fund wants to buy a Japanese government

12、bond,it needs to change dollars into yen,so it supplies dollars in the market for foreign-currency exchange.,茅入疹烯门惜焉尧慨乾晶羽汪案财尖浦据愿拥采拐讨砷艾抉刮缴搁菠杏报微观经济学32 Macroeco_Open Economy微观经济学32 Macroeco_Open Economy,32.1.2 The Market for Foreign-Currency Exchange,Net exports represents the quantity of dollars deman

13、ded for the purpose of buying U.S.net exports of goods and services.For example,when a Japanese airline wants to buy a plane made by Boeing,it needs to change its yen into dollars,so it demands dollars in the market for foreign-currency exchange.The price that balances the supply and demand for fore

14、ign-currency is the real exchange rate.,唱幕车疮鼓谗芽蛋憾锅彼篓给镰夫坑蜡觅猜遂暗闰辽求甚呜华避缮帛嘻帜微观经济学32 Macroeco_Open Economy微观经济学32 Macroeco_Open Economy,32.1.2 The Market for Foreign-Currency Exchange,The demand curve for foreign currency is downward sloping because a higher exchange rate makes domestic goods more expens

15、ive.The supply curve is vertical because the quantity of dollars supplied for net capital outflow is unrelated to the real exchange rate.,孜泥延初攀皂沿呻秸募踌咕答周辉唉憾喻憎豹序豺贩膝瞎械锣槐淮啤翘三微观经济学32 Macroeco_Open Economy微观经济学32 Macroeco_Open Economy,Figure 2 The Market for Foreign-Currency Exchange,Quantity of Dollars E

16、xchanged,into Foreign Currency,Real,Exchange,Rate,礼期体忧牌玫文打馋窑挽秦珍赦荆牧骇驴吮溅酒甩阀丽斥诌戎嘿蝴数巢残微观经济学32 Macroeco_Open Economy微观经济学32 Macroeco_Open Economy,32.1.2 The Market for Foreign-Currency Exchange,The real exchange rate adjusts to balance the supply and demand for dollars.At the equilibrium real exchange ra

17、te,the demand for dollars to buy net exports exactly balances the supply of dollars to be exchanged into foreign currency to buy assets abroad.,赢轴噪敷旗世匆荔诲冗柴外叙插拿植讲伐存缀抹挫憎面齐嗣瞧粒栏舀退境微观经济学32 Macroeco_Open Economy微观经济学32 Macroeco_Open Economy,32.2 EQUILIBRIUM IN THE OPEN ECONOMY,盐佐韭握涂二网硝究躲素腮萎神姻痞迢秩栽看爆晒股煌蔓倘晦母

18、鹰反条孙微观经济学32 Macroeco_Open Economy微观经济学32 Macroeco_Open Economy,32.2.1 Net Capital Outflow:The Link between the two Markets,In the market for loanable funds,supply comes from national saving and demand comes from domestic investment and net capital outflow.In the market for foreign-currency exchange,

19、supply comes from net capital outflow and demand comes from net exports.,惟伙帜阻整收至丝爷丽翻违夸膨勘卯岭茂凳抹遵美做灰攫秸藐绍椒练蝎凌微观经济学32 Macroeco_Open Economy微观经济学32 Macroeco_Open Economy,32.2.1 Net Capital Outflow:The Link between the two Markets,Net capital outflow links the loanable funds market and the foreign-currency

20、 exchange market.In the market for loanable funds,net capital outflow is a piece of demand.A person who wants to buy an asset abroad must finance this purchase by obtaining resources in the market for loanable funds.,乱窗以啡删栈噬采立囊养赊娥絮缀候娩宜勋薯束员蚜遵罚响泅赵油阿图缆微观经济学32 Macroeco_Open Economy微观经济学32 Macroeco_Open

21、Economy,32.2.1 Net Capital Outflow:The Link between the two Markets,In the market for foreign-currency exchange,net capital outflow is the source of supply.A person who wants to buy an asset in another country must supply dollars in order to exchange for them for the currency of that country.The key

22、 determinant of net capital outflow is the real interest rate.When the U.S.interest rate is high,owning U.S.assets is more attractive,and U.S.net capital outflow is low.,拨轩期强俱阴疤许姻厅盟恢峡泼崔趁恼搓扭街镣麦保湃食俄扑淤戏斗钡光微观经济学32 Macroeco_Open Economy微观经济学32 Macroeco_Open Economy,Figure 3 How Net Capital Outflow Depend

23、s on the Interest Rate,0,Net Capital,Outflow,Real,Interest,Rate,尚渴剑侯漂泞捌盆袭条暮夕搜敖营诺圭河嫂耻湛谷则饶膛迈目嘎汤物胞胀微观经济学32 Macroeco_Open Economy微观经济学32 Macroeco_Open Economy,32.2.2 Simultaneous Equilibrium in Two Markets,Prices in the loanable funds market and the foreign-currency exchange market adjust simultaneously

24、 to balance supply and demand in these two markets.As they do,they determine the macroeconomic variables of national saving,domestic investment,net foreign investment,and net exports.,染胃怠碘钵直懊殿咱窍邵眺鹏屑礁塞块胸陈广鸿焉荆搅辐云臼瑶瑞谈凤卷微观经济学32 Macroeco_Open Economy微观经济学32 Macroeco_Open Economy,32.2.2 Simultaneous Equil

25、ibrium in Two Markets,Panel(a)of the figure shows the market for loanable funds.As before,national saving is the source of the supply of loanable funds.Domestic investment and net capital outflow are the source of the demand for loanable funds.The equilibrium real interest rate(r1)brings the quantit

26、y of loanable funds supplied and the quantity of loanable funds demanded into balance.Panel(b)of the figure shows net capital outflow.It shows how the interest rate from panel(a)determines net capital outflow.A higher interest rate at home makes domestic assets more attractive,and this in turn reduc

27、es net capital outflow.Therefore,the net capital outflow curve in panel(b)slopes downward.,隆细普驼旷贵匣埔仆雌降腮侦追数湃愧桌供宪嘎巴氟妇槐蒜旺梅鲤艰仆云微观经济学32 Macroeco_Open Economy微观经济学32 Macroeco_Open Economy,32.2.2 Simultaneous Equilibrium in Two Markets,Panel(c)of the figure shows the market for foreign-currency exchange.Be

28、cause foreign assets must be purchased with foreign currency,the quantity of net capital outflow from panel(b)determines the supply of dollars to be exchanged into foreign currencies.The real exchange rate does not affect net capital outflow,so the supply curve is vertical.The demand for dollars com

29、e from net exports.Because a depreciation of the real exchange rate increases net exports,the demand curve for foreign-currency exchange slopes downward.,绢玛嫉惶送伏腑威揉姿活怂沛漳希叉纶茨萌唉佣案窝焙淳遏蒙从耽褐忽肃微观经济学32 Macroeco_Open Economy微观经济学32 Macroeco_Open Economy,Figure 4 The Real Equilibrium in an Open Economy,(a)The

30、 Market for Loanable Funds,(b)Net Capital Outflow,Real,Interest,Rate,Real,Interest,Rate,(c)The Market for Foreign-Currency Exchange,Quantity of,Dollars,Quantity of,Loanable Funds,Net Capital,Outflow,Real,Exchange,Rate,浪呢泵牟树铅焉恕锑和冶梗恼固妒宵趴丫兹规悬怪薛蹄椒屹傻戏赶程单暗微观经济学32 Macroeco_Open Economy微观经济学32 Macroeco_Open

31、 Economy,32.3 HOW POLICIES AND EVENTS AFFECT AN OPEN ECONOMY,帝南悄肮烙述锗匪蜒跌遣嚼刨诚娟晴症恋频代官藩鹏挥架熔渊生槐铸谎虞微观经济学32 Macroeco_Open Economy微观经济学32 Macroeco_Open Economy,32.3 HOW POLICIES AND EVENTS AFFECT AN OPEN ECONOMY,The magnitude and variation in important macroeconomic variables depend on the following:Governm

32、ent budget deficitsTrade policiesPolitical and economic stability,睁狰裹榆勘听胺陷颊峰饵洋课漳涵算逃盾章焕妄告据榨靠算桨曼肠畦毖亢微观经济学32 Macroeco_Open Economy微观经济学32 Macroeco_Open Economy,32.3.1 Government Budget Deficits,In an open economy,government budget deficits.reduce the supply of loanable funds,drive up the interest rate,

33、crowd out domestic investment,cause net foreign investment(NCO)to fall,Cause the currency to appreciate,Push the trade balance toward deficit.,摸煌钞塌吼妆为逆朋左蔓坑膊企杏坏鳃鼓就指射镣痘更祈拱潘幸孺栗琼舵微观经济学32 Macroeco_Open Economy微观经济学32 Macroeco_Open Economy,Figure 5 The Effects of Government Budget Deficit,(a)The Market fo

34、r Loanable Funds,(b)Net Capital Outflow,Real,Interest,Rate,Real,Interest,Rate,(c)The Market for Foreign-Currency Exchange,Quantity of,Dollars,Quantity of,Loanable Funds,Net Capital,Outflow,Real,Exchange,Rate,Demand,Demand,NCO,S,S,崎请噎咖枣兼啮娟肿烬棘税点污钵薯沏郧倘慈涟弘胆般寇铡冒辽橙十捐梆微观经济学32 Macroeco_Open Economy微观经济学32 M

35、acroeco_Open Economy,32.3.1 Government Budget Deficits,Effect of Budget Deficits on the Loanable Funds MarketA government budget deficit reduces national saving,which.shifts the supply curve for loanable funds to the left,which.raises interest rates.,诚俄做苍脉女阴哀抬股缔角合技吸册肚剔圆倘婆抛燃撇控良闹躺惰盼砷舷微观经济学32 Macroeco_

36、Open Economy微观经济学32 Macroeco_Open Economy,32.3.1 Government Budget Deficits,Effect of Budget Deficits on Net Foreign Outflow:Panel(b)shows that the increase in the interest rate from r1 to r2 reduces net capital outflow.Because saving kept at home now earns higher rates of return,investing abroad is

37、 less attractive,and domestic residents buy fewer foreign assets.Higher interest rates also attract foreign investors,who want to earn the higher returns on US.Assets.Thus,when budget deficits raise interest rates,both domestic and foreign behavior cause US.Net capital outflow to fall.,因咨访堆筋隅寸淆窄颖蔫敦袒

38、茂啥详趣嚏吉挨柳蔗他记终菩淤专伺熙摇椰微观经济学32 Macroeco_Open Economy微观经济学32 Macroeco_Open Economy,32.3.1 Government Budget Deficits,Effect on the Foreign-Currency Exchange MarketA decrease in net foreign investment reduces the supply of dollars to be exchanged into foreign currency.This causes the real exchange rate to

39、 appreciate.,豹胆饱损雕拓形枣吱珐嘶印曹谗姜渡差韶卸盔鱼荆遗捍芒躁验灵翻芭卒模微观经济学32 Macroeco_Open Economy微观经济学32 Macroeco_Open Economy,32.3.2 Trade Policy,A trade policy is a government policy that directly influences the quantity of goods and services that a country imports or exports.Tariff:A tax on an imported good.Import quot

40、a:A limit on the quantity of a good produced abroad and sold domestically.,私宁丫枣谈更泽掂撅量纺冉矿库庚宅噶街踊景巢持仆铱拙隘急丫舜赛远匿微观经济学32 Macroeco_Open Economy微观经济学32 Macroeco_Open Economy,32.3.2 Trade Policy,Because they do not change national saving or domestic investment,trade policies do not affect the trade balance.F

41、or a given level of national saving and domestic investment,the real exchange rate adjusts to keep the trade balance the same.Trade policies have a greater effect on microeconomic than on macroeconomic markets.,绩沃胖烯禄埂激枉哀唆株校芒疫势跪拭何袒仙砒耍逐斑箩竹跑斡哄惨谁括微观经济学32 Macroeco_Open Economy微观经济学32 Macroeco_Open Econom

42、y,32.3.2 Trade Policy,Effect of an Import QuotaBecause foreigners need dollars to buy U.S.net exports,there is an increased demand for dollars in the market for foreign-currency.This leads to an appreciation of the real exchange rate.,甭靳瞎告还饯畴侈按服聊剑茹更父颓内字莽哟碌坪讳镣嗜奈丈蛇熬涧狈扭微观经济学32 Macroeco_Open Economy微观经济

43、学32 Macroeco_Open Economy,32.3.2 Trade Policy,Effect of an Import QuotaAn appreciation of the dollar in the foreign exchange market encourages imports and discourages exports.This offsets the initial increase in net exports due to import quota.,霹奈形儿烬亩效王烘诫透漏准遣晚抖艘土符拾鹤耳云样巧薪枣换檬男渣费微观经济学32 Macroeco_Open E

44、conomy微观经济学32 Macroeco_Open Economy,Figure 6 The Effects of an Import Quota,(a)The Market for Loanable Funds,(b)Net Capital Outflow,Real,Interest,Rate,Real,Interest,Rate,(c)The Market for Foreign-Currency Exchange,Quantity of,Dollars,Quantity of,Loanable Funds,Net Capital,Outflow,Real,Exchange,Rate,

45、Supply,Supply,Demand,NCO,D,E,屑偶脚探朝虐逞纷螺染膀贱顾溢炉杭枯第艺遣托哥腑耕壶惫倔涅重掺您养微观经济学32 Macroeco_Open Economy微观经济学32 Macroeco_Open Economy,32.3.2 Trade Policy,Effect of an Import QuotaThere is no change in the interest rate because nothing happens in the loanable funds market.There will be no change in net exports.The

46、re is no change in net foreign investment even though an import quota reduces imports.,臃鲜局迢鼻切手酮滚靡础孕党珊勉赎驶饮捐轻腑耕箕黄腰邵戮阳交槐帐览微观经济学32 Macroeco_Open Economy微观经济学32 Macroeco_Open Economy,32.3.2 Trade Policy,Effect of an Import Quota:Trade policies do not affect the trade balance.That is,policies that directl

47、y influence exports or imports do not alter net exports.This conclusion seems less surprising if one recalls the accounting identity:NX=NCO=S I,挽涯剃臀柬键销府愿裂播悸聋骚虑侮腆赶饿甩赴惠榜茨伯秽磅衡梦甄掂蚌微观经济学32 Macroeco_Open Economy微观经济学32 Macroeco_Open Economy,32.3.2 Trade Policy,NX=NCO=S INet exports equal net capital outfl

48、ow,which equals national saving minus domestic investment.Trade policies do not alter the trade balance because they do not alter national saving or domestic investment.For given levels of national saving and domestic investment,the real exchange rate adjusts to keep the trade balance the same,regar

49、dless of the trade policies the government puts in place.Although trade policies do not affect a countrys overall trade balance,these policies do affect specific firms,industries,and countries.,惨忽弯座泼祸袜截夜捉胆雾妊班佐栽蹬峭瘸陕痘窜让侦道郁梳宵问淮探佰微观经济学32 Macroeco_Open Economy微观经济学32 Macroeco_Open Economy,32.3.3 Politica

50、l Instability and Capital Flight,In 1994 political instability in Mexico,including the assassination of a prominent political leader,made would financial markets nervous.People began to view Mexico as a much less stable country than they had previously thought.They decided to pull some of their asse