中級宏觀經(jīng)濟學(xué)開放經(jīng)濟(存儲版)
【正文】 出 , S ? I. ε 1 NX 1 44 解釋 : 該模型中的外匯市場的供給與需求 ?凈出口：對美元的凈需求。 ?def2: 名義匯率調(diào)整使得各國的一籃子產(chǎn)品的成本相等 . ?理由 : 套利（ arbitrage），一價定律 the law of one price 57 Purchasing Power Parity (PPP) ?PPP: e ?P = P* 外國貨幣表示的一籃子本國產(chǎn)品的花費 本國貨幣表示的一籃子本國產(chǎn)品的花費。 ?發(fā)放貸款和持有外國資產(chǎn)。 67 Chapter summary 1. Net exportsthe difference between ? exports and imports ? a country’s output (Y ) and its spending (C + I + G) 2. Net capital outflow equals ? purchases of foreign assets minus foreign purchases of the country’s assets ? the difference between saving and investment 3. National ine accounts identities: ? Y = C + I + G + NX ? trade balance NX = S ? I capital outflow 68 Chapter summary 4. Impact of policies on NX : ? NX increases if policy causes S to rise or I to fall ? NX does not change if policy affects neither S nor I. Example: trade policy 5. Exchange rates ? nominal: the price of a country’s currency in terms of another country’s currency ? real: the price of a country’s goods in terms of another country’s goods. ? The real exchange rate equals the nominal rate times the ratio of prices of the two countries. 69 Chapter summary 6. How the real exchange rate is determined ? NX depends negatively on the real exchange rate, other things equal ? The real exchange rate adjusts to equate NX with capital outflow 7. How the nominal exchange rate is determined ? e equals the real exchange rate times the country’s price level relative to the foreign price level. ? For a given value of the real exchange rate, the percentage change in the nominal exchange rate equals the difference between the foreign amp。 ε is a tradeweighted index. 案例研究 The Reagan Deficits revisited 61 . 是一個開放大型經(jīng)濟 ?到目前為止，我們學(xué)習(xí)了兩個長期的模型 : ?封閉經(jīng)濟 (chapter 3) ?小型開放經(jīng)濟 (chapter 5) ?大型的開放經(jīng)濟 like the 上兩個極端情況之間 . ?例如 … 62 NX I r large open economy small open economy closed economy 三個模型中的擴張性財政政策 falls, but not as much as in small open economy falls no change falls, but not as much as in closed economy no change falls rises, but not as much as in closed economy no change rises 擴張性財政使得國民儲蓄下降，下降幅度依賴于開放程度 : 63 宋錚：中國貿(mào)易順差的真相 ?國有和私營企業(yè)不對稱的融資能力可以為中國的貿(mào)易順差和資本輸出提供一個合理的解釋。 45 解釋 : 外匯市場的供給與需求 需求 : 外國人需要美元購買美國的凈出口 . ε NX NX(ε ) 1 ( *)S I r?供給 : 凈資本流出 (S ? I ) 是投資國外的美元供給 ε 1 NX 1 46 四種實驗 1. 國內(nèi)的財政政策 2. 國外的財政政策 3. 投資需求的增加 4. 限制進口的
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