中文曼昆宏观经济学第七版讲义ppt课件.ppt

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1、TheOpenEconomy52010UPDATEInthischapter,youwilllearn:accountingidentitiesfortheopeneconomythesmallopeneconomymodelwhatmakesit“small”howthetradebalanceandexchangeratearedeterminedhowpoliciesaffecttradebalance&exchangerateImportsandexports(%ofGDP),2008Inanopen

2、economy,spendingneednotequaloutputsavingneednotequalinvestmentPreliminariesEX=exports=foreignspendingondomesticgoodsIM=imports=Cf+If+Gf=spendingonforeigngoodsNX=netexports(a.k.a.the“tradebalance”)=EX–IMsuperscripts:d=spendingondomesticgoodsf=spendingonfor

3、eigngoodsGDP=expenditureondomesticallyproducedg&sThenationalincomeidentityinanopeneconomyY=C+I+G+NXor,NX=Y–(C+I+G)netexportsdomesticspendingoutputTradesurplusesanddeficitstradesurplus:output>spendingandexports>importsSizeofthetradesurplus=NXtradedeficit:

4、spending>outputandimports>exportsSizeofthetradedeficit=–NXNX=EX–IM=Y–(C+I+G)InternationalcapitalflowsNetcapitaloutflow=S–I=netoutflowof“loanablefunds”=netpurchasesofforeignassetsthecountry’spurchasesofforeignassetsminusforeignpurchasesofdomesticassetsWhen

5、S>I,countryisanetlenderWhenS

6、0-2010tradebalance(rightscale)savinginvestmentU.S.:“Theworld’slargestdebtornation”Everyyearsince1980s:hugetradedeficitsandnetcapitalinflows,i.e.netborrowingfromabroadAsof12/31/2009:U.S.residentsowned$18.4trillionworthofforeignassetsForeignersowned$21.1tril

7、lionworthofU.S.assetsU.S.netindebtednesstorestoftheworld:$2.7trillion--higherthananyothercountry,henceU.S.isthe“world’slargestdebtornation”SavingandinvestmentinasmallopeneconomyAnopen-economyversionoftheloanablefundsmodelfromChapter3.Includesmanyofthesam

8、eelements:productionfunctionconsumptionfunctioninvestmentfunctionexogenouspolicyvariablesNationalsaving:ThesupplyofloanablefundsrS,IAsinChapter3,nationalsavingdoesnotdependontheinterestrateAssumption