克鲁格曼《国际经济学》第八版课后答案(英文)-Ch06
克鲁格曼《国际经济学》第8版笔记和课后习题详解(宏观经济政策和浮动汇率制下的国际协调)【圣才出品】
克鲁格曼《国际经济学》第8版笔记和课后习题详解第19章宏观经济政策和浮动汇率制下的国际协调19.1复习笔记1.支持浮动汇率制的观点(1)货币政策自主性在布雷顿森林体系的固定汇率制度下,除美国以外的其他国家极少有机会运用货币政策来达到内部平衡和外部平衡。
由于要抵消资本流动的影响,货币政策的作用被弱化了。
但是,如果各国中央银行不再为固定汇率而被迫干预货币市场,各国政府就能够运用货币政策来达到内部平衡和外部平衡,并且各国不再会因为外部因素导致本国出现通货膨胀或通货紧缩。
浮动汇率制的提倡者认为,如果中央银行不必再承担稳定其币值的义务,那么它们将恢复对货币的控制。
货币贬值会降低本国产品的相对价格,从而使外国对本国产品的需求增加,进而减少本国的失业。
同样,在经济过热的国家中,中央银行可以通过压缩货币供给来抑制过热的经济活动,而不必担心过多的国际储备流入会破坏其稳定币值的努力。
通过加强对货币政策的控制,各国可以排除那些扭曲国际支付的障碍。
浮动汇率制的提倡者还认为,各国如果使用浮动汇率,就能够选择自己愿意接受的长期通货膨胀率,而不再会被动地引进国外的通货膨胀率。
支持浮动汇率最为有力的理论之一就是认为它能够通过汇率的自动调整来隔绝国外持续性通货膨胀带来的影响。
产生这种隔绝的机制是购买力平价。
(2)对称性浮动汇率制的支持者认为:浮动汇率制可以消除类似布雷顿森林体系所造成的不对称。
由于各国不再将本国货币钉住对美元的汇率,也就不必因此而持有美元作储备。
所以,各国都可以自主决定本国的货币状况。
同样,美国在运用货币政策或财政政策改变美元汇率时,不会再遇到特别的阻碍。
最后,在全球范围内,所有国家的汇率都将由市场而不是由政府决定。
(3)汇率自动稳定器功能与固定汇率相比,浮动汇率相对减少了需求冲击对就业的影响,从而有利于经济稳定。
当对本国产品和劳务的需求下降时,浮动汇率下的货币贬值,会使本国产品和劳务的价格下降,部分地减轻了这种需求下降的不利影响。
克鲁格曼国际经济学第八版上册课后答案
Chapter 4Resources, Comparative Advantage, and Income DistributionChapter OrganizationA Model of a Two-Factor EconomyPrices and ProductionChoosing the Mix of InputsFactor Prices and Goods PricesResources and OutputEffects of International Trade Between Two-Factor Economies Relative Prices and the Pattern of TradeTrade and the Distribution of IncomeFactor Price EqualizationTrade and Income Distribution in the Short RunCase Study: North-South Trade and Income InequalityThe Political Economy of Trade: A Preliminary ViewThe Gains from Trade, RevisitedOptimal Trade PolicyIncome Distribution and Trade PoliticsBox: Income Distribution and the Beginnings of Trade Theory Empirical Evidence on the Heckscher-Ohlin ModelTesting the Heckscher-Ohlin ModelImplications of the TestsSummaryAppendix: Factor Prices, Goods Prices, and Input Choices Choice of TechniqueGoods Prices and Factor PricesChapter OverviewIn Chapter 3, trade between nations was motivated by differences internationally in the relative productivity of workers when producing a range of products. In Chapter 4, this analysis goes a step further by introducing the Heckscher-Ohlin theory.The Heckscher-Ohlin theory considers the pattern of production and trade which will arise when countries have different endowments of factors of production, such as labor, capital, and land. The basic point is that countries tend to export goods that are intensive in the factors with which they are abundantly supplied. Trade has strong effects on the relative earnings of resources, and tends to lead to equalization across countries of prices of the factors of production. These theoretical results and related empirical findings are presented in this chapter.The chapter begins by developing a general equilibrium model of an economy with two goods which are each produced using two factors according to fixed coefficient production functions. The assumption of fixed coefficient production functions provides an unambiguous ranking of goods in terms of factor intensities. (The appendix develops the model when the production functions have variable coefficients.) Two important results are derived using this model. The first is known as the Rybczynski effect. Increasing the relative supply of one factor, holding relative goods prices constant, leads to a biased expansion of production possibilities favoring the relative supply of the good which uses that factor intensively.The second key result is known as the Stolper-Samuelson effect. Increasing the relative price of a good, holding factor supplies constant, increases the return to the factor used intensively in the production of that good by more than the price increase, while lowering the return to the other factor. This result has important income distribution implications.It can be quite instructive to think of the effects of demographic/labor force changes on the supply of different products. For example, how might the pattern of production during the productive years of the “Baby Boom” generation differ from the pattern of production for post Baby Boom generations? What does this imply for returns to factors and relative price behavior?The central message concerning trade patterns of the Heckscher-Ohlin theory is that countries tend to export goods whose production is intensive in factors with which they are relatively abundantly endowed. This is demonstrated by showing that, using the relative supply and relative demand analysis, the country relatively abundantly endowed with a certain factor will produce that factor more cheaply than the other country. International trade leads to a convergence of goods prices. Thus, the results from the Stolper-Samuelson effect demonstrate that owners of a country’s abundant factors gain from trade, but ownersof a country’s scarce factors lose. The extension of this result is the important Factor Price Equalization Theorem, which states that trade in (and thus price equalization of) goods leads to an equalization in the rewards to factors across countries. The political implications of factor price equalization should be interesting to students.The chapter also introduces some political economy considerations. First, it briefly notes that many of the results regarding trade and income distribution assume full and swift adjustment in the economy. In the short run, though, labor and capital that are currently in a particular industry may have sector-specific skills or knowledge and are being forced to move to another sector, and this involves costs. Thus, even if a shift in relative prices were to improve the lot of labor, for those laborers who must change jobs, there is a short run cost.The core of the political economy discussion focuses on the fact that when opening to trade, some may benefit and some may lose, but the expansion of economic opportunity should allow society to redistribute some of the gains towards those who lose, making sure everyone benefits on net. In practice, though, those who lose are often more concentrated and hence have more incentive to try to affect policy. Thus, trade policy is not always welfare maximizing, but may simply reflect the preferences of the loudest and best organized in society.Empirical results concerning the Heckscher-Ohlin theory, beginning with the Leontief paradox and extending to current research, do not support its predictions concerning resource endowments explaining overall patterns of trade, though some patterns do match the broad outlines of its theory (e.g., theUnited States imports more low-skill products from Bangladesh and more high-skill products from Germany). This observation has motivated many economists to consider motives for trade between nations that are not exclusively based on differences across countries. These concepts will be exploredin later chapters. Despite these shortcomings, important and relevant results concerning income distribution are obtained from the Heckscher-Ohlin theory.Answers to Textbook Problems1. The definition of cattle growing as land intensive depends on the ratio of land to labor used inproduction, not on the ratio of land or labor to output. The ratio of land to labor in cattle exceeds the ratio in wheat in the United States, implying cattle is land intensive in the United States. Cattle is land intensive in other countries as well if the ratio of land to labor in cattle production exceeds the ratio in wheat production in that country. Comparisons between another country and the United States is less relevant for this purpose.2. a. The box diagram has 600 as the length of two sides (representing labor) and 60 as the lengthof the other two sides (representing land). There will be a ray from each of the two cornersrepresenting the origins. To find the slopes of these rays we use the information from the questionconcerning the ratios of the production coefficients. The question states that a LC/a TC= 20 anda LF/a TF= 5.Since a LC/a TC= (L C/Q C)/(T C/Q C) =L C/T C we have L C= 20T C. Using the same reasoning,a LF/a TF= (L F/Q F)/(T F/Q F) =L F/T F and since this ratio equals 5, we have L F= 5T F. We cansolve this algebraically since L=L C+ L F= 600 and T=T C+ T F= 60.The solution is L C= 400, T C= 20, L F= 200 and T F= 40.b. The dimensions of the box change with each increase in available labor, but the slopes of the raysfrom the origins remain the same. The solutions in the different cases are as follows.L= 800: T C= 33.33, L C= 666.67, T F= 26.67, L F= 133.33L= 1000: T C= 46.67, L C= 933.33, T F= 13.33, L F= 66.67L= 1200: T C= 60, L C= 1200, T F= 0, L F= 0. (complete specialization).c. At constant factor prices, some labor would be unused, so factor prices would have to change, orthere would be unemployment.3. This question is similar to an issue discussed in Chapter 3. What matters is not the absolute abundanceof factors, but their relative abundance. Poor countries have an abundance of labor relative to capital when compared to more developed countries.4. In the Ricardian model, labor gains from trade through an increase in its purchasing power. Thisresult does not support labor union demands for limits on imports from less affluent countries. The Heckscher-Ohlin model directly addresses distribution by considering the effects of trade on theowners of factors of production. In the context of this model, unskilled U.S. labor loses fromtrade since this group represents the relatively scarce factors in this country. The results from theHeckscher-Ohlin model support labor union demands for import limits. In the short run, certainunskilled unions may gain or lose from trade depending on in which sector they work, but in theory, in the longer run, the conclusions of the Heckscher-Ohlin model will dominate.5. Specific programmers may face wage cuts due to the competition from India, but this is not inconsistentwith skilled labor wages rising. By making programming more efficient in general, this development may have increased wages for others in the software industry or lowered the prices of the goodsoverall. In the short run, though, it has clearly hurt those with sector specific skills who will facetransition costs. There are many reasons to not block the imports of computer programming services (or outsourcing of these jobs). First, by allowing programming to be done more cheaply, it expands the production possibilities frontier of the U.S., making the entire country better off on average.Necessary redistribution can be done, but we should not stop trade which is making the nation as a whole better off. In addition, no one trade policy action exists in a vacuum, and if the U.S. blocked the programming imports, it could lead to broader trade restrictions in other countries.6. The factor proportions theory states that countries export those goods whose production is intensivein factors with which they are abundantly endowed. One would expect the United States, whichhas a high capital/labor ratio relative to the rest of the world, to export capital-intensive goods if the Heckscher-Ohlin theory holds. Leontief found that the United States exported labor-intensive goods.Bowen, Leamer and Sveikauskas found for the world as a whole the correlation between factorendowment and trade patterns to be tenuous. The data do not support the predictions of the theory that countries’ e xports and imports reflect the relative endowments of factors.7. If the efficiency of the factors of production differs internationally, the lessons of the Heckscher-Ohlin theory would be applied to “effective factors” which adjust for the differences in technology or worker skills or land quality (for example). The adjusted model has been found to be moresuccessful than the unadjusted model at explaining the pattern of trade between countries. Factor-price equalization concepts would apply to the effective factors. A worker with more skills or in a country with better technology could be considered to be equal to two workers in another country. Thus, the single person would be two effective units of labor. Thus, the one high-skilled workercould earn twice what lower-skilled workers do, and the price of one effective unit of labor would still be equalized.。
克鲁格曼国际经济学第八版答案
克鲁格曼国际经济学第八版答案【篇一:克鲁格曼国际经济学课后答案英语版】labor productivity and comparative advantage: the ricardian modelanswers to textbook problems1. a. the production possibility curve is a straight line that intercepts the apple axis at 400(1200/3) and the banana axis at 600 (1200/2).b. the opportunity cost of apples in terms of bananas is 3/2. it takes three units of labor to harvest an apple but only two units of labor to harvest a banana. if one foregoes harvesting an apple, this frees up three units of labor. these 3 units of labor could then be used to harvest 1.5 bananas.c. labor mobility ensures a common wage in each sector and competition ensures the price of goods equals their cost of production. thus, the relative price equals the relative costs, which equals the wage times the unit labor requirement for apples divided by the wage times the unit labor requirement for bananas. since wages are equal across sectors, the price ratio equals the ratio of the unit labor requirement, which is 3 apples per 2 bananas.2. a. the production possibility curve is linear, with the intercept on the apple axis equal to160 (800/5) and the intercept on the banana axis equal to 800 (800/1).b. the world relative supply curve is constructed by determining the supply of apples relative to the supply of bananas at each relative price. the lowest relative price at which apples are harvested is 3 apples per 2 bananas. the relative supply curve is flat at this price. the maximum number of apples supplied at the price of 3/2 is 400 supplied by home while, at this price, foreign harvests 800 bananas and no apples, giving a maximum relative supply at this price of 1/2. this relative supply holds for any price between 3/2 and 5. at the price of 5, both countries would harvest apples. the relative supply curve is again flat at 5. thus, the relative supply curve is step shaped, flat at the price 3/2 from the relativesupply of 0 to 1/2, vertical at the relative quantity 1/2 risingfrom 3/2 to 5, and then flat again from 1/2 to infinity.3. a. the relative demand curve includes the points (1/5, 5), (1/2, 2), (1,1), (2,1/2).b. the equilibrium relative price of apples is found at the intersection of the relative demand and relative supply curves. this is the point (1/2, 2), where the relativedemand curve intersects the vertical section of the relative supply curve. thus the equilibrium relative price is 2.c. home produces only apples, foreign produces only bananas, and each country trades some of its product for the product of the other country.d. in the absence of trade, home could gain three bananas by foregoing two apples, and foreign could gain by one apple foregoing five bananas. trade allows each country to trade two bananas for one apple. home could then gain four bananas by foregoing two apples while foreign could gain one apple by foregoing only two bananas. each country is better off with trade.4.the increase in the number of workers at home shifts outthe relative supply schedulesuch that the corner points are at (1, 3/2) and (1, 5) instead of (1/2, 3/2) and (1/2, 5). the intersection of the relative demand and relative supply curves is now in the lower horizontal section, at the point (2/3, 3/2). in this case, foreign still gains from trade but the opportunity cost of bananas in terms of apples for home is the same whether or not there is trade, so home neither gains nor loses from trade.5.this answer is identical to that in 3. the amount of effective labor has not changedsince the doubling of the labor force is accompanied by a halving of the productivity of labor.6.this statement is just an example of the pauper labor argument discussed in the chapter.the point is that relative wage rates do not come out of thin air; they are determined by comparative productivity and the relative demand for goods. the box in the chapter providesdata which shows the strong connection between wages and productivity. koreas low wage presumably reflects the fact that korea is less productive than the united states in mostindustries. as the test example illustrated, a highly productive country that trades with a less productive, low-wage country will raise, not lower, its standard of living.7.the problem with this argument is that it does not use all the information needed fordetermining comparative advantage in production: this calculation involves the four unit labor requirements (for both the industry and service sectors, not just the two for the service sector). it is not enough to compare only services unit labor requirements. if als als*, home labor is more efficient than foreign labor in services. while this demonstrates that the united states has an absolute advantage in services, this is neithera necessary nor a sufficient condition for determining comparative advantage. for this determination, the industry ratios are also required. the competitive advantage of any industry depends on both the relative productivities of the industries and the relative wages across industries.8.while japanese workers may earn the equivalent wages of u.s. workers, the purchasingpower of their income is one-third less. this implies that although w=w* (more or less), pp* (since 3p=p*). since the united states is considerably more productive in services, service prices are relatively low. this benefits and enhances u.s. purchasing power. however, many of these services cannot be transported and hence, are not traded. this implies that the japanese may not benefit from the lower u.s. services costs, and do not face an international price which is lower than their domestic price. likewise, the price of services in united states does not increase with the opening of trade since these services are non-traded. consequently, u.s. purchasing power is higher than that of japan due to its lower prices on non-traded goods.9.gains from trade still exist in the presence of nontraded goods. the gains from tradedecline as the share of nontraded goods increases. in other words, the higher the portion of goods which do not enter international marketplace, the lower the potential gains from trade. if transport costs were high enough so that no goodswere traded then, obviously, there would be no gains from trade.10.the world relative supply curve in this case consists of a step function, with as manysteps (horizontal portions) as there are countries with different unit labor requirement ratios. any countries to the left of the intersection of the relative demand and relative supply curves export the good in which they have a comparative advantage relative to any country to the right of the intersection. if the intersection occurs in a horizontal portion then the country with that price ratio produces both goods.chapter 3specific factors and income distributionanswers to textbook problems1.texas and louisiana are states with large oil-producing sectors. the real wage of oil-producing factors of production in terms of other goods falls when the price of oil falls relative to the price of other goods. this was the source of economic decline in these states in 1986.2.to analyze the economys production possibility frontier, consider how the output mixchanges as labor is shifted between the two sectors.a. the production functions for goods 1 and 2 are standard plots with quantities on the vertical axis, labor on the horizontal axis, and q1= q1(k1,l1) with slope equal to the mpl1, and on another graph, q2= q2(k2,l2) with slope equal to thempl2.figure 3-1b. to graph the production possibilities frontier, combine the production function diagrams with the economys allocation of labor in a four quadrant diagram. the economys ppf is in the upper right hand corner, as is illustrated in the four quadrant diagram above. the ppf is curved due to declining marginal product of labor in each good.3. a. to solve this problem, one can graph the demand curve for labor in sector 1,represented by (w=mpl1=demand for l1) and the demand curve for labor in sector 2, represented by (w=mpl2=demand for l2) . since the total supply of labor is given by the horizontalaxis, the labor allocation between the sectors is approximately l1=27 and l2=73. the wage rate is approximately $0.98.wl127l2figure 3-2 100lb. use the same type of graph as in problem 2b to show that sectoral output is q1=44 and q2=90. (this involves combining the production function diagrams with the economys allocation of labor in a four quadrant diagram. the economys ppf is in the upper right hand corner, as illustrated in the text.)e a graph of labor demands, as in part a, to show that the intersection of the demand curves for labor occurs at a wage rate approximately equal to $0.74. the relative decline in the price of good 2 caused labor to be reallocated: labor is drawn out of production of good 2 and enters production of good 1 (l1=62, l2=38). this also leads【篇二:克鲁格曼《国际经济学》第八版课后答案(英文)-ch18】monetary system, 1870–1973? chapter organizationmacroeconomic policy goals in an open economyinternal balance: full employment and price-level stabilityexternal balance: the optimal level of the current accountinternational macroeconomic policy under the gold standard, 1870–1914origins of the gold standardexternal balance under the gold standardthe price-specie-flow mechanismthe gold standard “rules of the game”: myth and realitybox: hume v. the mercantilistsinternal balance under the gold standardcase study: the political economy of exchange rate regimes: conflict over america’s monetary standard during the 1890sthe interwar years, 1918–1939the fleeting return to goldinternational economic disintegrationcase study: the international gold standard and the great depressionthe bretton woods system and the international monetary fundgoals and structure of the imfconvertibility and the expansion of private capital flowsspeculative capital flows and crisesanalyzing policy options under the bretton woods systemmaintaining internal balancemaintaining external balanceexpenditure-changing and expenditure-switching policiesthe external-balance problem of the united statescase study: the decline and fall of the bretton woods systemworldwide inflation and the transition to floating ratessummarychapter 18 the international monetary system, 1870–1973 95 ? chapter overviewthis is the first of five international monetary policy chapters. these chapters complement the preceding theory chapters in several ways. they provide the historical and institutional background students require to place their theoretical knowledge in a useful context. the chapters also allow students, through study of historical and current events, to sharpen their grasp of the theoretical models and to develop the intuition those models can provide. (application of the theory to events of current interest will hopefully motivate students to return to earlier chapters and master points that may have been missed on the first pass.) chapter 18 chronicles the evolution of the international monetary system from the gold standard of 1870–1914, through the interwar years, andup to and including the post-world war ii bretton woods regime that ended in march 1973. the central focus of the chapter is the manner in which each system addressed, or failed to address, the requirements of internal and external balance for its participants. a country is in internal balance when its resources are fully employed and there is price level stability. external balance implies an optimal time path of the current account subject to its being balanced over the long run. other factors have been important in the definition of external balance at various times, and these are discussed in the text. the basic definition of external balance as an appropriate current-account level, however, seems to capture a goal that most policy-makers share regardless of the particular circumstances. the price-specie-flow mechanism described bydavid hume shows how the gold standard could ensure convergence to external balance. you may want to present the following model of the price-specie-flow mechanism. this model is based upon three equations:1.2.3. the balance sheet of the central bank. at the most simple level, this is just gold holdings equals the money supply: g ? m. the quantity theory. with velocity and output assumed constant and both normalized to 1, this yields the simple equation m ? p.a balance of payments equation where the current account is a function of the real exchange rate andthere are no private capital flows: ca ? f(e ? p*/p)these equations can be combined in a figure like the one below. the 45? line represents the quantity theory, and the vertical line is the price level where the real exchange rate results in a balanced current account. the economy moves along the 45? line back towards the equilibrium point 0 whenever it is out of equilibrium. for example, the loss of four-fifths of a country’s gold would put that country at point a with lower prices and a lower money supply. the resulting real exchange rate depreciation causes a current account surplus which restores money balances as the country proceeds upthe 45? line from ato 0.figure 18.1the automatic adjustment process described by the price-specie-flow mechanism is expedited by following “rules of the game” under which governments contract the domestic source components oftheir monetary bases when gold reserves are falling (corresponding to a current-account deficit) and expand when gold reserves are rising (the surplus case).in practice, there was little incentive for countries with expanding gold reserves to follow the “rules of the game.” this increased the contractionary burden shouldered by countries with persistent current account deficits. the gold standard also subjugated internal balance to the demands of external balance. research suggests price-level stability and highemployment were attained less consistently under the gold standard than in the post-1945 period.the interwar years were marked by severe economic instability. the monetization of war debt and of reparation payments led to episodes of hyperinflation in europe. an ill-fated attempt to return to the pre-war gold parity for the pound led to stagnation in britain. competitive devaluations and protectionism were pursued in a futile effort to stimulate domestic economic growth during the great depression. these beggar-thy-neighbor policies provoked foreign retaliation and led to the disintegration of the world economy. as one of the case studies shows, strict adherence to the gold standard appears to have hurt many countries during the great depression.determined to avoid repeating the mistakes of the interwar years, allied economic policy-makers met at bretton woods in 1944 to forge a new international monetary system for the postwar world. the exchange-rate regime that emerged from this conference had at its center the u.s. dollar. all other currencies had fixed exchange rates against the dollar, which itself had a fixed value in terms of gold. an international monetary fund was set up to oversee the system and facilitate its functioning by lending to countries with temporary balance of payments problems.a formal discussion of internal and external balance introduces the concepts of expenditure-switching and expenditure-changing policies. the bretton woods system, with its emphasis on infrequent adjustment of fixed parities, restricted the use of expenditure-switching policies. increases in u.s. monetary growth to finance fiscal expenditures after the mid-1960s led to a loss of confidence in the dollar and the termination of the dollar’s convertibil ity into gold. the analysis presented in the text demonstrateshow the bretton woods system forced countries to “import” inflation from the united states and shows that the breakdown of the system occurred when countries were no longer willing to accept this burden. ? answers to textbook problems1. a. since it takes considerable investment to develop uranium mines, you would want a larger currentaccount deficit to allow your country to finance some of the investment with foreign savings.b. a permanent increase in the world price of copper would cause a short-term current accountdeficit if the price rise leads you to invest more in copper mining. if there are no investmenteffects, you would not change your external balance target because it would be optimal simply to spend your additional income.c. a temporary increase in the world price of copper would cause a current account surplus. youwould want to smooth out your country’s consumption by saving some of its temporarily higher income.d. a temporary rise in the world price of oil would cause a current account deficit if you were animporter of oil, but a surplus if you were an exporter of oil. chapter 18 the international monetary system, 1870–1973 972. because the marginal propensity to consume out of income is less than 1, a transfer of income from bto a increases savings in a and decreases savings in b. therefore, a has a current account surplus and b has a corresponding deficit. this corresponds to a balance of payments disequilibrium inhume’s world, which must be financed by gold flows from b to a. these gold flows increase a’s money supply and decrease b’s money supply, pushing up prices in a and depressing prices in b.these price changes cease once balance of payments equilibrium has been restored.3. changes in parities reflected both initial misalignments and balance of payments crises. attempts toreturn to the parities of the prewar period after the war ignored the changes in underlying economic fundamentals that the war caused. this made some exchange rates less than fully credible andencouraged balance of payments crises. central bank commitments to the gold parities were also less than credible after the wartime suspension of the gold standard, and as a result of the increasingconcern of governments with internal economic conditions.4. a monetary contraction, under the gold standard, will lead to an increase in the gold holdings of thecontracting country’s central bank if other countries do not pursue a similar policy. all countriescannot succeed in doing this simultaneously since the total stock of gold reserves is fixed in the short run. under a reserve currency system, however, a monetary contraction causes an incipient rise in the domestic interest rate, which attracts foreign capital. the central bank must accommodate the inflow of foreign capital to preserve the exchange rate parity. there is thus an increase in the central bank’s holdings of foreign reserves equal to the fall in its holdings of domestic assets. there is no obstacle to a simultaneous increase in reserves by all central banks because central banks acquire more claims on the reserve currency country while their citizens end up with correspondingly greater liabilities.5. the increase in domestic prices makes home exports less attractive and causes a current accountdeficit. this diminishes the money supply and causes contractionary pressures in the economywhich serve to mitigate and ultimately reverse wage demands and price increases.6. a “demand determined” increase in dollar reserve holdings would not affect the world supply ofmoney as central banks merely attempt to trade their holdings of domestic assets for dollar reserves.a “supply determined” increase in reserve holdings, however, would result from expansionarymonetary policy in the united states (the reserve center). at least at the end of the bretton woods era the increase in world dollar reserves arose in part because of an expansionary monetary policy in the united states rather than a desire by other central banks to increase their holdings of dollar assets. only the “supply determined” increase in dollar reserves is relevant for analyzing therelationship between world holdings of dollar reserves by central banks and inflation.7. an increase in the world interest rate leads to a fall in a central bank’s holdings of foreign reserves asdomestic residents trade in their cash for foreign bonds. this leads to a decline in the home country’s money supply. the central bank of a “small” country cannot offset these effects sinceit cannot alter the world interest rate. an attempt to sterilize the reserve loss through open market purchases would fail unless bonds are imperfect substitutes.8. capital account restrictions insulate the domestic interest rate from the world interest rate. monetarypolicy, as well as fiscal policy, can be used to achieve internal balance. because there are nooffsetting capital flows, monetary policy, as well as fiscal policy, can be used to achieve internalbalance. the costs of capital controls include the inefficiency which is introduced when the domestic interest rate differs from the world rate and the high costs of enforcing the controls.9. yes, it does seem that the external balance problem of a deficit country is more severe. while themacroeconomic imbalance may be equally problematic in the long run regardless of whether it is a deficit or surplus, large external deficits involve the risk that the market will fix the problem quickly by ceasing to fund the external deficit. in this case, there may have to be rapid adjustment that could be disruptive. surplus countries are rarely forced into rapid adjustments, making the problems less risky.10. an inflow attack is different from capital flight, but many parallels exist. in an “outflow” attack,speculators sell the home currency and drain the central bank of its foreign assets. the central bank could always defend if it so chooses (they can raise interest rates to improbably high levels), but if it is unwilling to cripple the economy with tight monetar y policy, it must relent. an “inflow” attack issimilar in that the central bank can always maintain the peg, it is just that the consequences of doing so may be more unpalatable than breaking the peg. if money flows in, the central bank must buy foreign assets to keep the currency from appreciating. if the central bank cannot sterilize all the inflows (eventually they may run out of domestic assets to sell to sterilize the transactions where they are buying foreignassets), it will have to either let the currency appreciate or letthe money supply rise. if it is unwilling to allow and increase in inflation due to a rising money supply, breaking the peg maybe preferable.11. a. we know that china has a very large current account surplus, placing them high above the xxline. they also have moderate inflationary pressures (described as “gathering” in the question, implying they arenot yet very strong). this suggests that china is above the ii line, but not too farabove it. it would be placed in zone 1 (see below).b. china needs to appreciate the exchange rate to move down on the graph towards balance.(shown on the graph with the dashed line down)c. china would need to expand government spending to moveto the right and hit the overall balancepoint. such a policy would help cushion the negativeaggregate demand pressurethat the appreciation might generate.【篇三:克鲁格曼《国际经济学》计算题及答案】0名劳动力,如果生产棉花的话,a国的人均产量是2吨,b国也是2吨;要是生产大米的话,a国的人均产量是10吨,b国则是16吨。
克鲁格曼《国际经济学》第8版笔记和课后习题详解(规模经济、不完全竞争和国际贸易)【圣才出品】
克鲁格曼《国际经济学》第8版笔记和课后习题详解第6章规模经济、不完全竞争和国际贸易6.1复习笔记1.规模经济(1)规模经济和国际贸易①规模经济的表现规模经济表现为生产规模越大,生产效率越高,产出的增长大于投入的增长。
表6-1列出了某一行业的投入产出关系,且该产品的生产只需要劳动这一种投入。
从表中可以看出,生产10件产品需要15小时的劳动,而生产25件产品只需要30个小时的劳动。
规模经济表现为:劳动投入增加1倍(从15小时增加到30小时),产出却增加了1.5倍(从10件增加到25件)。
表6-1某一假定行业的投入产出关系②规模经济是国际贸易的动因之一假定世界上只有A和B两个国家,二者都具有生产这种产品的同样技术,最初都生产10个单位。
根据表6-1,该产量在每个国家均要15小时的劳动投入,即全世界用30个小时来生产20单位产品。
但是,现在假定该新产品的生产集中到一个国家,比如说A国,且A国在这一行业也投入30个小时的劳动。
然而,在一个国家内投入30个小时的劳动,却能生产出25件产品。
显然,生产集中到A国可以使得世界以同样的劳动投入多产出25%的产品。
可见,各国可以用比以往更有效的规模专业化地生产有限类别的产品;同时,它们之间的相互贸易又使得消费所有产品成为可能。
(2)规模经济和市场结构①规模经济的分类a.外部规模经济,指单位产品成本取决于整个行业规模而非单个厂商规模的规模经济类型。
b.内部规模经济,指单位产品成本取决于单个厂商的规模而不是其所在的行业规模的规模经济类型。
②规模经济对市场结构的影响外部的和内部的规模经济对市场结构具有不同的影响。
一个只存在外部规模经济的行业(即大厂商没有优势)一般由许多相对较小的厂商构成,且处于完全竞争的状态;相反,存在内部规模经济的行业中,大厂商比小厂商更具有成本优势,就形成了不完全竞争的市场结构。
外部规模经济和内部规模经济都是国际贸易的重要原因。
但是,由于它们对市场结构的影响不同,下面将对它们进行分别讨论。
克鲁格曼国际经济学课后答案
克鲁格曼国际经济学课后答案【篇一:克鲁格曼《国际经济学》(国际金融)习题答案要点】lass=txt>第12章国民收入核算与国际收支1、如问题所述,gnp仅仅包括最终产品和服务的价值是为了避免重复计算的问题。
在国民收入账户中,如果进口的中间品价值从gnp中减去,出口的中间品价值加到gnp中,重复计算的问题将不会发生。
例如:美国分别销售钢材给日本的丰田公司和美国的通用汽车公司。
其中出售给通用公司的钢材,作为中间品其价值不被计算到美国的gnp中。
出售给日本丰田公司的钢材,钢材价值通过丰田公司进入日本的gnp,而最终没有进入美国的国民收入账户。
所以这部分由美国生产要素创造的中间品价值应该从日本的gnp中减去,并加入美国的gnp。
2、(1)等式12-2可以写成ca?(sp?i)?(t?g)。
美国更高的进口壁垒对私人储蓄、投资和政府赤字有比较小或没有影响。
(2)既然强制性的关税和配额对这些变量没有影响,所以贸易壁垒不能减少经常账户赤字。
不同情况对经常账户产生不同的影响。
例如,关税保护能提高被保护行业的投资,从而使经常账户恶化。
(当然,使幼稚产业有一个设备现代化机会的关税保护是合理的。
)同时,当对投资中间品实行关税保护时,由于受保护行业成本的提高可能使该行业投资下降,从而改善经常项目。
一般地,永久性和临时性的关税保护有不同的效果。
这个问题的要点是:政策影响经常账户方式需要进行一般均衡、宏观分析。
3、(1)、购买德国股票反映在美国金融项目的借方。
相应地,当美国人通过他的瑞士银行账户用支票支付时,因为他对瑞士请求权减少,故记入美国金融项目的贷方。
这是美国用一个外国资产交易另外一种外国资产的案例。
(2)、同样,购买德国股票反映在美国金融项目的借方。
当德国销售商将美国支票存入德国银行并且银行将这笔资金贷给德国进口商(此时,记入美国经常项目的贷方)或贷给个人或公司购买美国资产(此时,记入美国金融项目的贷方)。
最后,银行采取的各项行为将导致记入美国国际收支表的贷方。
克鲁格曼《国际经济学》第八版课后答案
Chapter 18The International Monetary System, 1870–1973?Chapter OrganizationMacroeconomic Policy Goals in an Open EconomyInternal Balance: Full Employment and Price-Level StabilityExternal Balance: The Optimal Level of the Current Account International Macroeconomic Policy under the Gold Standard, 1870–1914 Origins of the Gold StandardExternal Balance under the Gold StandardThe Price-Specie-Flow MechanismThe Gold Standard “Rules of the Game”: Myth and RealityBox: Hume v. the MercantilistsInternal Balance under the Gold StandardCase Study: The Political Economy of Exchange Rate Regimes:Conflict over America’s Monetary Standard During the 1890s The Interwar Years, 1918–1939The Fleeting Return to GoldInternational Economic DisintegrationCase Study: The International Gold Standard and the Great Depression The Bretton Woods System and the International Monetary Fund Goals and Structure of the IMFConvertibility and the Expansion of Private Capital FlowsSpeculative Capital Flows and CrisesAnalyzing Policy Options under the Bretton Woods SystemMaintaining Internal BalanceMaintaining External BalanceExpenditure-Changing and Expenditure-Switching PoliciesThe External-Balance Problem of the United StatesCase Study: The Decline and Fall of the Bretton Woods SystemWorldwide Inflation and the Transition to Floating Rates Summary?Chapter OverviewThis is the first of five international monetary policy chapters. These chapters complement the preceding theory chapters in several ways. They provide the historical and institutional background students require to place their theoretical knowledge in a useful context. The chapters also allow students, through study of historical and current events, to sharpen their grasp of the theoretical models and to develop the intuition those models can provide. (Application of the theory to events of current interest will hopefully motivate students to return to earlier chapters and master points that may have been missed on the first pass.)Chapter 18 chronicles the evolution of the international monetary system from the gold standard of1870–1914, through the interwar years, and up to and including the post-World War II Bretton Woods regime that ended in March 1973. The central focus of the chapter is the manner in which each system addressed, or failed to address, the requirements of internal and external balance for its participants.A country is in internal balance when its resources are fully employed and there is price level stability. External balance implies an optimal time path of the current account subject to its being balanced over the long run. Other factors have been important in the definition of external balance at various times, and these are discussed in the text. The basic definition of external balance as an appropriate current-account level, however, seems to capture a goal that most policy-makers share regardless of the particular circumstances.The price-specie-flow mechanism described by David Hume shows how the gold standard could ensure convergence to external balance. You may want to present the following model of the price-specie-flow mechanism. This model is based upon three equations: 1. The balance sheet of the central bank. At the most simple level, this is justgold holdings equals the money supply: G ? M.2. The quantity theory. With velocity and output assumed constant and bothnormalized to 1, this yields the simple equation M ? P.3. A balance of payments equation where the current account is a function of thereal exchange rate and there are no private capital flows: CA ? f(E ? P*/P)These equations can be combined in a figure like the one below. The 45? line represents the quantity theory, and the vertical line is the price level where the real exchange rate results in a balanced current account. The economy moves along the 45? line back towards the equilibrium Point 0 whenever it is out of equilibrium. For example, the loss of four-fifths of a country’s gold would put that country at Point a with lower prices and a lower money supply. The resulting real exchange rate depreciation causes a current account surplus which restores money balances as the country proceeds up the 45? line froma to 0.FigureThe automatic adjustment process described by the price-specie-flow mechanism is expedited by following “rules of the game” under which governments contract the domestic source components oftheir monetary bases when gold reserves are falling (corresponding to a current-account deficit) and expand when gold reserves are rising (the surplus case).In practice, there was little incentive for countries with expanding gold reserves to follow the “rules of the game.” This increased the contractionary burden shouldered by countries with persistent current account deficits. The gold standard also subjugated internal balance to the demands of external balance. Research suggests price-level stability and high employment were attained less consistently under the gold standard than in the post-1945 period.The interwar years were marked by severe economic instability. The monetization of war debt and of reparation payments led to episodes of hyperinflation in Europe. Anill-fated attempt to return to thepre-war gold parity for the pound led to stagnation in Britain. Competitive devaluations and protectionism were pursued in a futile effort to stimulate domestic economic growth during the Great Depression.These beggar-thy-neighbor policies provoked foreign retaliation and led to the disintegration of the world economy. As one of the case studies shows, strict adherence to the Gold Standard appears to have hurt many countries during the Great Depression.Determined to avoid repeating the mistakes of the interwar years, Allied economic policy-makers metat Bretton Woods in 1944 to forge a new international monetary system for the postwar world. The exchange-rate regime that emerged from this conference had at its center the . dollar. All other currencies had fixed exchange rates against the dollar, which itself had a fixed value in terms of gold.An International Monetary Fund was set up to oversee the system and facilitate its functioning by lending to countries with temporary balance of payments problems.A formal discussion of internal and external balance introduces the concepts of expenditure-switching and expenditure-changing policies. The Bretton Woods system, with its emphasis on infrequent adjustmentof fixed parities, restricted the use of expenditure-switching policies. Increases in U.S. monetary growth to finance fiscal expenditures after the mid-1960s led to a loss of confidence in the dollar and the termination of the dollar’s convertibility into gold. The analysis presented in the text demonstrateshow the Bretton Woods system forced countries to “import” inflation from the United States and shows that the breakdown of the system occurred when countries were no longer willing to accept this burden.?Answers to Textbook Problems1. a. Since it takes considerable investment to develop uranium mines, you wouldwant a larger current account deficit to allow your country to finance some of the investment with foreign savings.b. A permanent increase in the world price of copper would cause a short-termcurrent account deficit if the price rise leads you to invest more in coppermining. If there are no investment effects, you would not change yourexternal balance target because it would be optimal simply to spend youradditional income.c. A temporary increase in the world price of copper would cause a currentaccount surplus. You would want to smooth out your country’s consumption bysaving some of its temporarily higher income.d. A temporary rise in the world price of oil would cause a current accountdeficit if you were an importer of oil, but a surplus if you were an exporter of oil.2. Because the marginal propensity to consume out of income is less than 1, atransfer of income from B to A increases savings in A and decreases savings in B.Therefore, A has a current account surplus and B has a corresponding deficit.This corresponds to a balance of payments disequilibrium in Hume’s world, which must be financed by gold flows from B to A. These gold flows increase A’s money supply and decrease B’s money supply, pushing up prices in A and depressingprices in B. These price changes cease once balance of payments equilibrium has been restored.3. Changes in parities reflected both initial misalignments and balance of paymentscrises. Attempts to return to the parities of the prewar period after the war ignored the changes in underlying economic fundamentals that the war caused. This made some exchange rates less than fully credible and encouraged balance ofpayments crises. Central bank commitments to the gold parities were also less than credible after the wartime suspension of the gold standard, and as a result of the increasing concern of governments with internal economic conditions.4. A monetary contraction, under the gold standard, will lead to an increase in thegold holdings of the contracting country’s central bank if other countries do not pursue a similar policy. All countries cannot succeed in doing thissimultaneously since the total stock of gold reserves is fixed in the short run.Under a reserve currency system, however, a monetary contraction causes anincipient rise in the domestic interest rate, which attracts foreign capital. The central bank must accommodate the inflow of foreign capital to preserve theexchange rate parity. There is thus an increase in the central bank’s holdings of foreign reserves equal to the fall in its holdings of domestic assets. There is no obstacle to a simultaneous increase in reserves by all central banksbecause central banks acquire more claims on the reserve currency country while their citizens end up with correspondingly greater liabilities.5. The increase in domestic prices makes home exports less attractive and causes acurrent account deficit. This diminishes the money supply and causescontractionary pressures in the economywhich serve to mitigate and ultimately reverse wage demands and price increases.6. A “demand determined” increase in dollar reserve holdings would not affect theworld supply of money as central banks merely attempt to trade their holdings of domestic assets for dollar rese rves. A “supply determined” increase in reserve holdings, however, would result from expansionary monetary policy in the United States (the reserve center). At least at the end of the Bretton Woods era the increase in world dollar reserves arose in part because of an expansionarymonetary policyin the United States rather than a desire by other central banks to increasetheir holdings of dollar assets. Only the “supply determined” increase indollar reserves is relevant for analyzing the relationship between world holdings of dollar reserves by central banks and inflation.7. An increase in the world interest rate leads to a fall in a central bank’sholdings of foreign reserves as domestic residents trade in their cash forforeign bonds. This leads to a d ecline in the home country’s money supply. The central bank of a “small” country cannot offset these effects sinceit cannot alter the world interest rate. An attempt to sterilize the reserve loss through open market purchases would fail unless bonds are imperfect substitutes.8. Capital account restrictions insulate the domestic interest rate from the worldinterest rate. Monetary policy, as well as fiscal policy, can be used to achieve internal balance. Because there are no offsetting capital flows, monetary policy, as well as fiscal policy, can be used to achieve internal balance. The costs of capital controls include the inefficiency which is introduced when the domestic interest rate differs from the world rate and the high costs of enforcing the controls.9. Yes, it does seem that the external balance problem of a deficit country is moresevere. While the macroeconomic imbalance may be equally problematic in the long run regardless of whether it is a deficit or surplus, large external deficits involve the risk that the market will fix the problem quickly by ceasing to fund the external deficit. In this case, there may have to be rapid adjustment that could be disruptive. Surplus countries are rarely forced into rapid adjustments, making the problems less risky.10. An inflow attack is different from capital flight, but many parallels exist. Inan “outflow” attack, speculators sell the home currency and drain the central bank of its foreign assets. The central bank could always defend if it so chooses (they can raise interest rates to improbably high levels), but if it is unwilling to cripple the economy with tight monetary policy, it must relent. An “inflow”attack is similar in that the central bank can always maintain the peg, it is just that the consequences of doing so may be more unpalatable than breaking the peg. If money flows in, the central bank must buy foreign assets to keep thecurrency from appreciating. If the central bank cannot sterilize all the inflows (eventually they may run out of domestic assets to sell to sterilize thetransactions where they are buying foreign assets), it will have to either let the currency appreciate or let the money supply rise. If it is unwilling to allow and increase in inflation due to a rising money supply, breaking the peg may be preferable.11. a. We know that China has a very large current account surplus, placing them highabove the XX line. They also have moderate inflationary pressures (describedas “gathering” in the question, implying they are not yet very strong). This suggests that China is above the II line, but not too far above it. It wouldbe placed in Zone 1 (see below).b. China needs to appreciate the exchange rate to move down on the graph towardsbalance. (Shown on the graph with the dashed line down)c. China would need to expand government spending to move to the right and hitthe overall balance point. Such a policy would help cushion the negativeaggregate demand pressurethat the appreciation might generate.。
克鲁格曼国际经济学答案(英文)
Overview of Section IInternational Trade TheorySection I of the text is comprised of six chapters: Chapter 2 Labor Productivity and Comparative Advantage: The Ricardian Model Chapter 3 Specific Factors and Income Distribution Chapter 4 Resources and Trade: The Heckscher-Ohlin Model Chapter 5 The Standard Trade Model Chapter 6 Economies of Scale, Imperfect Competition, and International Trade Chapter 7 International Factor Movements T Section I Overview Section I of the text presents the theory of international trade. The intent of this section is to explore the motives for and implications of patterns of trade between countries. The presentation proceeds by introducing successively more general models of trade, where the generality is provided by increasing the number of factors used in production, by increasing the mobility of factors of production across sectors of the economy, by introducing more general technologies applied to production, and by examining different types of market structure. Throughout Section I, policy concerns and current issues are used to emphasize the relevance of the theory of international trade for interpreting and understanding our economy. Chapter 2 gives a brief overview of world trade. In particular, it discusses what we know about the quantities and pattern of world trade today. The chapter uses the empirical relationship known as the gravity model as a framework to describe trade. This framework describes trade as a function of the size of the economies involved and their distance. It can then be used to see where countries are trading more or less than expected. The chapter also notes the growth in world trade over the previous decades and uses the previous era of globalization (pre-WWI) as context for today’s experience. Chapter 3 introduces you to international trade theory through a framework known as the Ricardian model of trade. This model addresses the issue of why two countries would want to trade with each other. This model shows how mutually-beneficial trade arises when there are two countries, each with one factor of production which can be applied toward producing each of two goods. Key concepts are introduced, such as the production possibilities frontier, comparative advantage versus absolute advantage, gains from trade, relative prices, and relative wages across countries. 4 Krugman/Obstfeld • International Economics: Theory and Policy, Seventh Edition Chapter 4 introduces what is known as the classic Heckscher-Ohlin model of international trade. Using this framework, you can work through the effects of trade on wages, prices and output. Many important and intuitive results are derived in this chapter including: the Rybczynski Theorem, the Stolper-Samuelson Theorem, and the Factor Price Equalization Theorem. Implications of the Heckscher-Ohlin model for the pattern of trade among countries are discussed, as are the failures of empirical evidence to confirm the predictions of the theory. The chapter also introduces questions of political economy in trade. One important reason for this addition to the model is to consider the effects of trade on income distribution. This approach shows that while nations generally gain from international trade, it is quite possible that specific groups within these nations could be harmed by this trade. This discussion, and related questions about protectionism versus globalization, becomes broader and even more interesting as you work through the models and different assumptions of subsequent chapters. Chapter 5 presents a general model of international trade which admits the models of the previous chapters as special cases. This “standard trade model” is depicted graphically by a general equilibrium trade model as applied to a small open economy. Relative demand and relative supply curves are used to analyze a variety of policy issues, such as the effects of economic growth, the transfer problem, and the effects of trade tariffs and production subsidies. The appendix to the chapter develops offer curve analysis. While an extremely useful tool, the standard model of trade fails to account for some important aspects of international trade. Specifically, while the factor proportions Heckscher-Ohlin theories explain some trade flows between countries, recent research in international economics has placed an increasing emphasis on economies of scale in production and imperfect competition among firms. Chapter 6 presents models of international trade that reflect these developments. The chapter begins by reviewing the concept of monopolistic competition among firms, and then showing the gains from trade which arise in such imperfectly competitive markets. Next, internal and external economies of scale in production and comparative advantage are discussed. The chapter continues with a discussion of the importance of intra-industry trade, dumping, and external economies of production. The subject matter of this chapter is important since it shows how gains from trade arise in ways that are not suggested by the standard, more traditional models of international trade. The subject matter also is enlightening given the increased emphasis on intra-industry trade in industrialized countries. Chapter 7 focuses on international factor mobility. This departs from previous chapters which assumed that the factors of production available for production within a country could not leave a country’s borders. Reasons for and the effects of international factor mobility are discussed in the context of a one-factor (labor) production and trade model. The analysis of the international mobility of labor motivates a further discussion of international mobility of capital. The international mobility of capital takes the form of international borrowing and lending. This facilitates the discussion of inter-temporal production choices and foreign direct investment behavior. 。
克鲁格曼《国际经济学》(第8版)课后习题详解(第7章国际要素流动)【圣才出品】
克鲁格曼《国际经济学》(第8版)课后习题详解(第7章国际要素流动)【圣才出品】第7章国际要素流动⼀、概念题1.外国直接投资(direct foreign investment)答:外国直接投资⼜称“海外直接投资”,是指⼀个国家或地区的投资者对另⼀国家或地区所进⾏的、以控制或参与经营管理为特征的跨国投资⾏为,是国际资本流动的⼀种重要形式。
跨国公司是最主要的直接投资主体之⼀。
外国直接投资有多种具体形式,常见的有直接在国外投资设⽴⼦公司或分公司、购买国外某公司全部或⼀定⽐例的股份并获得⼀定的控制权、通过与东道国企业签订各种合约或合同取得对该企业的某种控制权等。
2.跨国公司的分布及内部化动机(location and internalization motives of multinationals)答:内部化是指在企业内部建⽴市场,以企业的内部市场代替外部市场,从⽽解决由于市场不完全⽽带来的不能保证供需交换正常进⾏的问题的⾏为过程。
内部化理论认为,由于市场存在不完全性和交易成本上升,因此企业通过外部市场的买卖关系不能保证企业获利,并导致许多附加成本。
因此,建⽴企业内部市场即通过跨国公司内部形成的公司内市场,就能克服外部市场和市场不完全所造成的风险和损失,给技术转移和垂直⼀体化带来好处。
3.要素流动(factor movements)答:要素流动是指⽣产要素在不同国家之间的流动。
具体包括劳动⼒流动、国际借贷和证券投资等形式的短期资本流动,以及跨国公司进⾏的长期投资等。
就经济本⾝⽽⾔,⽣产要素的国际流动和商品的国际流动(国际贸易)没有本质的不同,⼆者在⼀定程度上是可以相互替代的;但在现实⽣活中,由于社会、政治和⽂化传统等⽅⾯的差异,⽣产要素的国际流动远⽐商品的国际流动困难和复杂。
如今,商品的国际流动越来越便捷,但⽣产要素的国际流动还有很多限制:⼤多数国家仍对移民做出严格的限制,东道国对国际资本短期流动的投机性和冲击⼒提⾼了警惕,⼤多数国家对跨国公司进⾏直接投资的领域和股权⽐例做出了限制性规定等。
克鲁格曼《国际经济学》(第8版)课后习题详解(第3章 劳动生产率和比较优势:李嘉图模型)【圣才出品】
第3章劳动生产率和比较优势:李嘉图模型一、概念题1.绝对优势(absolute advantage)答:绝对优势论是指由英国古典经济学的奠基人亚当·斯密提出的贸易理论,即各国以生产成本的绝对差异为基础、发挥各自的优势进行国际分工,并通过自由贸易增进共同利益的国际贸易理论斯密认为,国际贸易和国际分工的原因及基础是各国间存在的劳动生产率和生产成本的绝对差别。
一国如果在某种产品上具有比别国高的劳动生产率,就称该国在这一产品上就具有绝对优势。
2.贫民劳动论(pauper labor argument)答:贫民劳动论是指在国际贸易中,如果来自外国的竞争是建立在低工资的基础上,那么这种竞争是不公平的,而且会损害其他参与竞争国家的利益。
因此,贫民劳动论认为,为了保护本国利益,国内产业没有必要与低效率低工资的外国产业展开贸易。
但是,克鲁格曼却认为,贫民劳动论是对李嘉图比较优势的误解,因为本国决定进行贸易还是自己生产,关键是用本国自己的劳动力来衡量,与外国的低工资率并没有多大关系。
3.比较优势(comparative advantage)答:比较优势理论认为,国际贸易的基础并不限于劳动生产率上的绝对差别。
只要各国之间存在着劳动生产率上的相对差别,就会出现生产成本和产品价格的相对差别,从而使各国在不同的产品上具有比较优势,使国际分工和国际贸易成为可能。
根据李嘉图的比较优势贸易理论,每个国家都应集中生产并出口其具有“比较优势”的产品,进口其具有“比较劣势”的产品。
4.生产可能性边界(production possibility frontier)答:生产可能性边界又称“生产可能性曲线”或“产品转换曲线”,是指在技术不变和资源充分利用的情况下,社会或单个厂商把全部资源充分地和有效率地用于生产商品所能获得的最大产量的各种组合的曲线。
生产可能性边界用于说明减少一种商品的产出量可以增加另一种商品的产出量的可能性。
在曲线之外的任何点都是不可能得到的,资源不可能实现这种配置,曲线内的点都可以得到,资源容易实现这种配置,只有曲线上的点代表资源充分利用下的最优效率。
克鲁格曼《国际经济学》第8版笔记和课后习题详解(贸易政策中的政治经济学)【圣才出品】
(2)反对自由贸易的观点 ①贸易条件改善论 对一个能够影响国际价格的大国而言,关税可以降低进口产品的价格从而使贸易条件得 到改善,但这一收益必须抵补剔除关税带来的成本。所以,贸易条件改善的收益可能会超过 其成本。当关税到达某个程度才有可能改善一国福利,这里存在最优关税问题。 a.最优关税。由于不断提高关税税率改善贸易条件而提高福利的速度与减少贸易量而 降低福利水平的速度不一致,在理论上存在一个最优关税,在这种最优关税下,该国的福利 水平达到最高。如图 9-2 所示,在曲线上对应于关税率 t0 的点 1,社会福利达到最大。
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圣才电子书 十万种考研考证电子书、题库视频学习平台
失为一种次优的增进社会福利的做法。利用次优理论的最有代表性的论点是国内市场失灵 论。
a.国内市场失灵论。国内市场失灵论建立在反对生产者剩余和消费者剩余理论的基础 上。国内市场失灵论认为,国内市场失灵即国内市场没有发挥应有功能,导致生产者剩余没 有正确衡量成本和收益。图 9-3 阐释了反对自由贸易的国内市场失灵论。
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圣才电子书 十万种考研考证电子书、题库视频学习平台
克鲁格曼第八版 国际金融下答案
Chapter 14Money, Interest Rates, and Exchange RatesChapter OrganizationMoney Defined: A Brief ReviewMoney as a Medium of ExchangeMoney as a Unit of AccountMoney as a Store of ValueWhat is Money?How the Money Supply is DeterminedThe Demand for Money by IndividualsExpected ReturnRiskLiquidityAggregate Money DemandThe Equilibrium Interest Rate: The Interaction of Money Supply and Demand Equilibrium in the Money MarketInterest Rates and the Money SupplyOutput and the Interest RateThe Money Supply and the Exchange Rate in the Short RunLinking Money, the Interest Rate, and the Exchange RateU.S. Money Supply and the Dollar/Euro Exchange RateEurope’s Money Supply and the Dollar/Euro Exchange RateMoney, the Price Level, and the Exchange Rate in the Long Run Money and Money PricesThe Long-Run Effects of Money Supply ChangesEmpirical Evidence on Money Supplies and Price LevelsMoney and the Exchange Rate in the Long RunChapter 14 Money, Interest Rates, and Exchange Rates 65Inflation and Exchange Rate DynamicsShort-Run Price Rigidity versus Long-Run Price FlexibilityBox: Money Supply Growth and Hyperinflation in BoliviaPermanent Money Supply Changes and the Exchange RateExchange Rate OvershootingCase Study: Can Higher Inflation Lead to Currency Appreciation? The Implications of Inflation Targeting SummaryChapter OverviewThis chapter combines the foreign-exchange market model of the previous chapter with an analysis of the demand for and supply of money to provide a more complete analysis of exchange rate determination in the short run. The chapter also introduces the concept of the long-run neutrality of money which allows an examination of exchange rate dynamics. These elements are brought together at the end of the chapter in a model of exchange rate overshooting.The chapter begins by reviewing the roles played by money. Money supply is determined by the central bank; for a given price level, the central bank’s choice of a nominal money supply determines the real money supply. An aggregate demand function for real money balances is motivated and presented. Money-market equilibrium—the equality of real money demand and the supply of real money balances—determines the equilibrium interest rate.A familiar diagram portraying money-market equilibrium is combined with the interest rate parity diagram presented in the previous chapter to give a simple model of monetary influences on exchange rate determination. The domestic interest rate, determined in the domestic money market, affects the exchange rate through the interest parity mechanism. Thus, an increase in domestic money supply leads to a fall in the domestic interest rate. The home currency depreciates until its expected future appreciation is large enough to equate expected returns on interest-bearing assets denominated in domestic currency and in foreign currency. A contraction in the money supply leads to an exchange rate appreciation through a similar argument. Throughout this part of the chapter the expected future exchange rate is still regarded as fixed.The analysis is then extended to incorporate the dynamics of long-run adjustment to monetary changes. The long run is defined as the equilibrium that would be maintained after all wages and prices fully adjusted to their market-clearing levels. Thus the long-run analysis is based on the long-run neutralityof money: All else equal, a permanent increase in the money supply affects only the general price level—and not interest rates, relative prices, or real output—in the long run. Money prices, including, importantly, the money prices of foreign currencies, move in the long run in proportion to any change in the money supply’s level. Thus, an increase in the money supply, for example, ultimately results in a proportional exchange rate depreciation.The combination of these long-run effects with the short-run static model allows consideration of exchange rate dynamics. In particular, the long-run results are suggestive of how long-run exchange rate expectations change after permanent money-supply changes. One dynamic result which emerges from this model is exchange rate overshooting in response to a change in the money supply. For example, a permanent money-supply expansion leads to expectations of a proportional long-run currency depreciation. Foreign-exchange market equilibrium requires an initial depreciation of the currency large enough to equate expected returns on foreign and domestic bonds. But because the domestic interest rate falls in the short run, the currency must actually depreciate beyond (and thus overshoot) its new expected long-run level in the short run to maintain interest parity. As domestic prices rise and M/P falls, the interest rate returns to its previous level and the exchange rate falls (appreciates) back to its long-run level, higher than the starting point, but not as high as the initial reaction.66 Krugman/Obstfeld •International Economics: Theory and Policy, Eighth EditionThe chapter concludes with a useful case study that helps bridge the gap between the stylized world of the model and the real world of central bank policy-making where the central bank sets the interest rate rather than money, and news about inflation may change expectations about future money supply changes when the central bank has committed to a particular level of inflation.Answers to Textbook Problems1. A reduction in real money demand has the same effects as an increase in the nominal money supply.In Figure 14.1, the reduction in money demand is depicted as a backward shift in the money demand schedule from L1 to L2. The immediate effect of this is a depreciation of the exchange rate from E1 to E2, if the reduction in money demand is temporary, or a depreciation to E3 if the reduction is permanent. The larger impact effect of a permanent reduction in money demand arises because this change also affects the future exchange rate expected in the foreign exchange market. In the long run, the price level rises to bring the real money supply into line with real money demand, leaving all relative prices, output, and the nominal interest rate the same and depreciating the domestic currency in proportion to the fall in real money demand. The long-run level of real balances is (M/P2), a level where the interest rate in the long-run equals its initial value. The dynamics of adjustment to apermanent reduction in money demand are from the initial Point 1 in the diagram, where the exchange rate is E1, immediately to Point 2, where the exchange rate is E3 and then, as the price level falls over time, to the new long-run position at Point 3, with an exchange rate of E4.2. A fall in a country’s population would reduce money demand, all else equal, since a smallerpopulation would undertake fewer transactions and thus demand less money. This effect wouldprobably be more pronounced if the fall in the population were due to a fall in the number ofhouseholds rather than a fall in the average size of a household since a fall in the average sizeof households implies a population decline due to fewer children who have a relatively smalltransactions demand for money compared to adults. The effect on the aggregate money demand function depends upon no change in income commensurate with the change in population—else, the change in income would serve as a proxy for the change in population with no effect on theaggregate money demand function.Figure 14.1Chapter 14 Money, Interest Rates, and Exchange Rates 67 3. Equation 14-4 is M s/P=L(R, Y). The velocity of money, V=Y/(M/P). Thus, when there is equilibriumin the money market such that money demand equals money supply, V=Y/L(R, Y). When R increases, L(R, Y) falls and thus velocity rises. When Y increases, L(R, Y) rises by a smaller amount (since the elasticity of aggregate money demand with respect to real output is less than one) and the fraction Y/L(R, Y) rises. Thus, velocity rises with either an increase in the interest rate or an increase inincome. Since an increase in interest rates as well as an increase in income cause the exchange rate to appreciate, an increase in velocity is associated with an appreciation of the exchange rate.4. An increase in domestic real GNP increases the demand for money at any nominal interest rate. Thisis reflected in Figure 14.2 as an outward shift in the money demand function from L1 to L2. The effect of this is to raise domestic interest rates from R1 to R2 and to cause an appreciation of the domestic currency from E1 to E2.5. Just as money simplifies economic calculations within a country, use of a vehicle currency forinternational transactions reduces calculation costs. More importantly, the more currencies used in trade, the closer the trade becomes to barter, since someone who receives payment in a currency she does not need must then sell it for a currency she needs. This process is much less costly when there is a ready market in which any nonvehicle currency can be traded against the vehicle currency, which then fulfills the role of a generally accepted medium of exchange.Figure 14.26. Currency reforms are often instituted in conjunction with other policies which attempt to bring downthe rate of inflation. There may be a psychological effect of introducing a new currency at themoment of an economic policy regime change, an effect that allows governments to begin with a ―clean slate‖ and makes people reconsider their expectations concerning inflation. Experience shows, however, that such psychological effects cannot make a stabilization plan succeed if it is not backed up by concrete policies to reduce monetary growth.7. The interest rate at the beginning and at the end of this experiment are equal. The ratio of money toprices (the level of real balances) must be higher when full employment is restored than in the initial state where there is unemployment: the money-market equilibrium condition can be satisfied only with a higher level of real balances if GNP is higher. Thus, the price level rises, but by less than twice its original level. If the interest rate were initially below its long-run level, the final result will be one with higher GNP and higher interest rates. Here, the final level of real balances may be higher or lower than the initial level, and we cannot unambiguously state whether the price level has more than doubled, less than doubled, or exactly doubled.68 Krugman/Obstfeld •International Economics: Theory and Policy, Eighth Edition8. The 1984–1985 money supply growth rate was 12.4% in the United States (100% ⨯ (641.0 –570.3)/570.3) and 334.8% in Brazil (100% ⨯ (106.1 – 24.4)/24.4). The inflation rate in the United States during this period was 3.5% and in Brazil the inflation rate was 222.6%. The change in real money balances in the United States was approximately 12.4% – 3.5% = 8.9%, while the change in real money balances in Brazil was approximately 334.8% – 222.6% = 112.2%. The small change in the U.S. price level relative to the change in its money supply as compared to Brazil may be due to greater short-run price stickiness in the United States; the change in the price level in theUnited States represents 28% of the change in the money supply ((3.5/12.4) ⨯ 100%), while inBrazil this figure is 66% ((222.6/334.8) ⨯ 100%). There are, however, large differences between the money supply growth and the growth of the price level in both countries, which casts doubt on the hypothesis of money neutrality in the short run for both countries.9. Velocity is defined as real income divided by real balances or, equivalently, nominal income dividedby nominal money balances (V=P⨯Y/M). Velocity in Brazil in 1985 was 13.4 (1418/106.1), while velocity in the United States was 6.3 (4010/641). These differences in velocity reflected the different costs of holding cruzados compared to holding dollars. These different costs were due to the high inflation rate in Brazil which quickly eroded the value of idle cruzados, while the relatively low inflation rate in the United States had a much less deleterious effect on the value of dollars.Figure 14.310. If an increase in the money supply raises real output in the short run, then the fall in the interest ratewill be reduced by an outward shift of the money demand curve caused by the temporarily higher transactions demand for money. In Figure 14.3, the increase in the money supply line from (M1/P) to (M2/P) is coupled with a shift out in the money demand schedule from L1 to L2. The interest rate falls from its initial value of R1 to R2, rather than to the lower level R3, because of the increase in output and the resulting outward shift in the money demand schedule. Because the interest rate does not fall as much when output rises, the exchange rate depreciates by less: from its initial value of E1 to E2, rather than to E3, in the diagram. In both cases we see the exchange rate appreciate backsome to E4 in the long run. The difference is the overshoot is much smaller if there is a temporary increase in Y. Note, the fact that the increase in Y is temporary means that we still move to the same IP curve, as LR prices will still shift the same amount when Y returns to normal, and we still have the same size M increase in both cases. A permanent increase in Y would involve a smaller expected price increase and a smaller shift in the IP curve.Chapter 14 Money, Interest Rates, and Exchange Rates 69 Undershooting occurs if the new short-run exchange rate is initially below its new long-run level.This happens only if the interest rate rises when the money supply rises—that is if GDP goes up so much that R does not fall, but increases. This is unlikely because the reason we tend to think that an increase in M may boost output is because of the effect of lowering interest rates, so we generally don’t think that the Y response can be so great as to increase R.11. We saw in Chapter 14 that as the interest rate falls, people prefer to hold more cash and fewerfinancial assets. If interest rates were to fall below zero, people would strictly prefer cash to financial assets as the zero return on cash would dominate any negative return. Thus, interest rates cannot fall below zero because no one would hold a financial asset with a negative rate of return when another asset at a zero rate of return (cash) exists.12. One clear complication that a zero interest rate introduces is that the central bank is ―out ofammunition.‖ It literally cannot reduce interest rates any further and thus may struggle to respond to additional shocks that hit the economy over time. The central bank is still not completely powerless, it can print more money and try to increase inflation (increasing inflation with a constant zero interest rate would mean a declining real interest rate) to stimulate the economy, but the standard toolkit is not operational. As further discussion in Chapter 17 will show, a zero interest rate may also be asymptom of a lack of responsiveness in the economy to low interest rates.13. a. If money adjusts automatically to changes in the price level, then any number of combinations ofmoney and prices could satisfy the money supply/money demand equations. There would be nounique solution.b. Yes, a rule such as this one would help anchor the price level and imply there is no longer aninfinite number of money and price combinations that could satisfy money supply and moneydemand.c. A one time permanent unexpec ted fall in ―u‖ would imply that R would have to fall until priceshave a chance to rise and balance out the equation. As prices rise, R would return to its initiallevel. The story described is essentially identical to that in Figure 14.13. The interest rate woulddrop and then rise slowly over time and the price level would start out static and then rise overtime. The exchange rate should overshoot (assuming that expectations are tied to future prices inthe same way they are described in the text).。
克鲁格曼《国际经济学》第8版笔记和课后习题详解(最优货币区和欧洲的经验)【圣才出品】
克鲁格曼《国际经济学》第8版笔记和课后习题详解第20章最优货币区和欧洲的经验20.1复习笔记1.欧洲单一货币的演变(1)1969~1978年欧洲货币改革的原因欧盟国家从20世纪60年代末开始努力寻求货币政策的一致性和汇率的更大稳定性,其主要有三个原因:一是影响世界经济的政策形势发生了变化;二是人们希望欧盟能发挥更大的作用;三是汇率的变动给欧盟带来了不少管理上的问题。
具体原因有两个:①为了提高欧洲在世界货币体系中的地位。
1969年的货币危机使得欧洲对美国将其国际货币职责放在其国家利益之前的可靠性失去信心。
面对美国越来越自私的政策,欧盟国家为了更加有效地维护自己的经济利益,决定在货币问题上采取一致行动。
②为了把欧盟变成一个真正的统一市场。
欧盟的长远目标就是要消除所有障碍,把欧盟变成一个巨大的统一的市场。
欧洲的政府官员认为,汇率的不确定性,是减少欧盟内部贸易的主要原因之一,只有在欧洲国家之间建立起固定的相互汇率,才能形成一个真正的统一欧洲市场。
(2)1979~1998年的欧洲货币体系(EMS)欧洲货币体系是欧洲共同体国家为实现经济一体化而于1979年3月13日建立的区域性金融体系。
当时参加的国家有联邦德国、法国、意大利、荷兰、比利时、卢森堡、丹麦和爱尔兰。
1984年9月希腊加入,1987年5月12日西班牙加入,1987年11月10日葡萄牙加入,1995年1月1日奥地利、芬兰和瑞典加入。
欧洲货币体系的主要内容包括三个方面:①创建欧洲货币单位。
欧洲货币单位是欧洲货币体系的中心内容。
在结构上,欧洲货币单位与欧洲记账单位相同,都是由成员国的一定量的货币组成,是一个货币“篮子”。
与欧洲记账单位的本质区别是,欧洲货币单位不仅可以作为价值尺度给资产和负债标价,而且还是一种支付手段,在许多方面发挥着货币的功能。
所以,欧洲货币单位既是一个货币“篮子”,也是一种“篮子货币”。
②建立双重的中心汇率制,以保证成员国汇率的稳定。
国际经济学(克鲁格曼)课后习题答案1-8章
第一章练习与答案1 . 为什么说在决定生产和消费时,相对价格比绝对价格更重要?答案提示:当生产处于生产边界线上,资源则得到了充分利用,这时,要想增加某一产品的生产,必须降低另一产品的生产,也就是说,增加某一产品的生产是有机会机本(或社会成本)的。
生产可能性边界上任何一点都表示生产效率和充分就业得以实现,但究竟选择哪一点,则还要看两个商品的相对价格,即它们在市场上的交换比率。
相对价格等于机会成本时,生产点在生产可能性边界上的位置也就确定了。
所以,在决定生产和消费时,相对价格比绝对价格更重要。
2. 仿效图1—6和图1—乙试推导出丫商品的国民供给曲线和国民需求曲线。
答案提示:3. 在只有两种商品的情况下,当一个商品达到均衡时,另外一个商品是否也同时达到均衡?试解释原因。
答案提示:4. 如果生产可能性边界是一条直线,试确定过剩供给(或需求)曲线。
答案提示:5. 如果改用丫商品的过剩供给曲线(B国)和过剩需求曲线(A 国)来确定国际均衡价格,那么所得出的结果与图1 —13中的结果是否一致?答案提示:国际均衡价格将依旧处于贸易前两国相对价格的中间某点。
6. 说明贸易条件变化如何影响国际贸易利益在两国间的分配。
答案提示:一国出口产品价格的相对上升意味着此国可以用较少的出口换得较多的进口产品,有利于此国贸易利益的获得,不过,出口价格上升将不利于出口数量的增加,有损于出口国的贸易利益;与此类似,出口商品价格的下降有利于出口商品数量的增加,但是这意味着此国用较多的出口换得较少的进口产品。
对于进口国来讲,贸易条件变化对国际贸易利益的影响是相反的。
7. 如果国际贸易发生在一个大国和一个小国之间,那么贸易后,国际相对价格更接近于哪一个国家在封闭下的相对价格水平?答案提示:贸易后,国际相对价格将更接近于大国在封闭下的相对价格水平。
& 根据上一题的答案,你认为哪个国家在国际贸易中福利改善程度更为明显些?答案提示:小国9* .为什么说两个部门要素使用比例的不同会导致生产可能性边界曲线向外凸?答案提示:第二章答案1.根据下面两个表中的数据,确定(1)贸易前的相对价格;(2)比较优势型态。
克鲁格曼《国际经济学》(第8版)课后习题详解(第5章 标准贸易模型)【圣才出品】
第5章标准贸易模型一、概念题1.偏向型增长(biased growth)答:偏向型增长是指生产可能性边界在一个方向上扩张的幅度大于在另一方向上扩张的幅度的一种经济增长方式。
经济发生偏向型增长的原因有:某个生产部门技术的进步;某种生产要素供给的增加或国家利用资源效率的提高等等。
在其他条件不变时,偏向型增长的直接影响是导致偏向扩张的产品的世界相对供给增加。
例如,图5-1(a)说明了偏向于X产品的经济增长,图5-1(b)说明了偏向于Y产品的经济增长。
图5-1 偏向型增长2.内部价格(internal price)答:内部价格是“外部价格”的对称,是指在国际贸易中相对于国际市场价格的产品的国内市场价格。
在各国的贸易活动中,政府经常借助于各种关税或补贴等政策措施来实现有利于本国经济的目标。
这些贸易政策会导致同种产品在国内市场和国际市场上具有不同的价格,其中产品在国内市场上的价格称为“内部价格”,而相对于国内市场价格的国际市场价格称为“外部价格”。
3.出口偏向型增长(export-biased growth)答:出口偏向型增长是指一国的经济增长主要源于出口产品生产能力提高的增长方式,表现在生产可能性边界上就是使生产可能性边界扩张偏向于出口产品。
一国的经济增长意味着该国生产能力的提高,从而使该国能够生产更多的产品。
对于不同产品而言,其生产能力的提高幅度可能是不相同的。
如果一国出口产品生产能力的提高幅度超过了其他类产品,那么这种经济增长方式就是出口偏向型增长。
4.等价值线(iso value lines)答:等价值线是描述市场产出价值的曲线,同一条等价值线的产出价值相等且不变。
例如,如图5-2所示,有两种产品A和B,价格分别是A P和B P,产量是A Q和B Q,那么等价值线是由等式A A B B+=所确定的。
V越大,等价值线的位置离原点越远,对应的产P Q P Q V出价值就越高。
图5-2 等价值线5.出口补贴(export subsidy)答:出口补贴是指国家为了降低出口商品的价格,提高其在国际市场上的竞争能力,对出口商品给予的现金补贴或财政上的优惠待遇。
克鲁格曼《国际经济学》第8版笔记和课后习题详解(国民收入核算与国际收支平衡)【圣才出品】
克鲁格曼《国际经济学》第8版笔记和课后习题详解第12章国民收入核算与国际收支平衡12.1复习笔记1.国民收入账户(1)GNP宏观经济分析的主要着眼点是一国的国民生产总值(GNP),它是一国的生产要素在一定时期内所生产并在市场上卖出的最终商品和服务的价值总量。
GNP是宏观经济学家研究一国产出时所用的基本度量手段,由花费在最终产品上的支出的市场价值量加总而得到。
GNP的支出与劳动、资本以及其他生产要素紧密相连。
根据购买最终产品的四种可能用途,GNP可以分解为以下四个部分:消费(国内居民私人消费的数额)、投资(私人企业为进行再生产而留下的用于购买厂房设备的数额)、政府购买(政府使用的数额)和经常项目余额(对外净出口的商品和服务的数额)。
(2)国民收入国民收入等于GNP减去折旧,加上净单边转移支付,再减去间接商业税。
即:国民收入=GNP-折旧+净单边转移支付-间接商业税在实际经济中,要使GNP和国民收入的恒等关系完全成立,必须对GNP的定义作一定调整:①GNP不考虑机器和建筑物在使用过程中由于磨损而引起的经济损失。
这部分经济损失称为折旧,折旧减少了资本所有者的收入。
为了计算一定时期的国民收入,必须从GNP 中减去这一时期资本的折旧。
GNP减去折旧后称为国民生产净值(NNP)。
②一国的收入可能会包括外国居民的赠与,这种赠与称为单边转移支付。
单边转移支付的例子包括向居住在国外的退休公民支付养老金、赔偿支付和对遭受旱灾国家的救济援助等。
净单边转移支付是一国收入的一部分,但不是一国产出的一部分,因此,净单边转移支付,必须加到NNP中以计算国民收入。
③国民收入取决于生产者获得的产品价格,GNP则取决于购买者所支付的价格。
但是,这两组价格并不是完全一致的,例如,销售税会使得购买者的支付大于销售者的收入,导致GNP被高估,超过了国民收入。
这部分税收被称为间接商业税。
在计算国民收入时,这部分间接商业税必须从GNP中减去。
克鲁格曼《国际经济学》(第8版)课后习题详解(第20章 最优货币区和欧洲的经验)【圣才出品】
第20章最优货币区和欧洲的经验一、概念题1.欧洲货币体系的信誉理论(credibility theory of the EMS)答:任何汇率导向的稳定政策成功的一个重要因素是汇率政策信誉,政府希望公众相信政府的汇率政策承诺并以此决定本币的持有量。
政策的外部强制性承诺能够保持政策信誉,如通过把本国货币名义汇率钉住低通货膨胀国家的货币来引进政策信誉,这样会使预期通货膨胀率比没有实行钉住汇率时下降得更快,且将其调整到低均衡通货膨胀率的成本会更少。
在欧洲货币体系下,通过固定与德国马克的汇率,欧洲其他成员国相当于引进了德国中央银行的信誉作为防止通货膨胀的屏障,从而减轻了国内通货膨胀的压力。
欧洲货币体系的信誉理论认为,违背国际汇率协定而可能付出的政治代价约束了政府的某些货币行为,即通过使得本国货币贬值来获得短期的利益,而实际付出的代价却是长期高通货膨胀带来的经济崩溃。
2.《马斯特里赫特条约》(Maastricht Treaty)答:马斯特里赫特条约,简称“马约”,是指1991年12月欧洲共同体12国政府首脑在荷兰的马斯特里赫特城召开会议,并于1992年2月签署的《欧洲经济与货币联盟条约》和《政治联盟条约》,合称《欧洲联盟条约》。
《马约》于1993年正式生效,欧洲共同体成为欧盟。
《马约》的主要内容是为建立欧洲经济与货币联盟确定了时间表和步骤。
《马约》规定:1990年7月1日至1993年12月31日为第一阶段,要求各成员国取消外汇管制,实现资本的自由流动,加强财政、货币、金融政策的协调一致;第二阶段从1994年1月1日开始,主要是建立欧洲中央银行的雏形——欧洲货币局;第三阶段最早于1997年1月开始,最晚于1999年1月1日开始,逐步建立一种“真正”的单一货币和独立的欧洲中央银行。
为了建立统一的货币体系,《马约》规定了经济趋同条款,主要内容是:①各国财政赤字占其国内生产总值的比率在3%以下;②各国政府债务总额占其国内生产总值的比率低于60%;③各国消费价格上涨率不得超出三个最低国的平均上涨率1.5个百分点;④各国长期利率不得超出三个物价最平稳的成员国的平均利率2个百分点;⑤各国货币在过去两年内处于欧洲外汇汇率机制的正常变动范围内。
克鲁格曼《国际经济学》第八版课后答案(英文)-Ch06
Chapter 6Economies of Scale, Imperfect Competition, and International TradeChapter OrganizationEconomies of Scale and International Trade: An OverviewEconomies of Scale and Market StructureThe Theory of Imperfect CompetitionMonopoly: A Brief ReviewMonopolistic CompetitionLimitations of the Monopolistic Competition ModelMonopolistic Competition and TradeThe Effects of Increased Market SizeGains from an Integrated Market: A Numerical ExampleEconomies of Scale and Comparative AdvantageThe Significance of Intraindustry TradeWhy Intraindustry Trade MattersCase Study: Intraindustry Trade in Action: The North American Auto Pact DumpingThe Economics of DumpingCase Study: Anti-Dumping as ProtectionReciprocal DumpingThe Theory of External EconomiesSpecialized SuppliersLabor Market PoolingKnowledge SpilloversExternal Economies and Increasing Returns22 Krugman/Obstfeld •International Economics: Theory and Policy, Eighth EditionExternal Economies and International TradeExternal Economies and the Pattern of TradeTrade and Welfare with External EconomiesBox: Tinseltown EconomicsDynamic Increasing ReturnsEconomic Geography and Interregional TradeSummaryAppendix: Determining Marginal RevenueChapter OverviewIn previous chapters, trade between nations was motivated by their differences in factor productivity or relative factor endowments. The type of trade which occurred, for example of food for manufactures, is based on comparative advantage and is called interindustry trade. This chapter introduces trade based on economies of scale in production. Such trade in similar productions is called intraindustry trade, and describes, for example, the trading of one type of manufactured good for another type of manufactured good. It is shown that trade can occur when there are no technological or endowment differences, but when there are economies of scale or increasing returns in production.Economies of scale can either take the form of (1) external economies, whereby the cost per unit depends on the size of the industry but not necessarily on the size of the firm; or as (2) internal economies, whereby the production cost per unit of output depends on the size of the individual firm but not necessarily on the size of the industry. Internal economies of scale give rise to imperfectly competitive markets, unlike the perfectly competitive market structures that were assumed to exist in earlier chapters. This motivatesthe review of models of imperfect competition, including monopoly and monopolistic competition. The instructor should spend some time making certain that students understand the equilibrium concepts of these models since they are important for the justification of intraindustry trade.In markets described by monopolistic competition, there are a number of firms in an industry, each of which produces a differentiated product. Demand for its good depends on the number of other similar products available and their prices. This type of model is useful for illustrating that trade improves the trade-off between scale and variety available to a country. In an industry described by monopolistic competition, a larger market—such as that which arises through international trade—lowers average price (by increasing production and lowering average costs) and makes available for consumption a greater range of goods. While an integrated market also supports the existence of a larger number of firms in an industry, the model presented in the text does not make predictions about where these industries will be located.It is also interesting to compare the distributional effects of trade when motivated by comparative advantage with those when trade is motivated by increasing returns to scale in production. When countries are similar in their factor endowments, and when scale economies and product differentiation are important, the income distributional effects of trade will be small. You should make clear to the students the sharp contrast between the predictions of the models of monopolistic competition and the specific factors and Heckscher-Ohlin theories of international trade. Without clarification, some students may find the contrasting predictions of these models confusing.Another important issue related to imperfectly competitive markets is the practice of price discrimination, namely charging different customers different prices. One particularly controversial form of price discrimination is dumping, whereby a firm charges lower prices for exported goods than for goods sold domestically. This can occur only when domestic and foreign markets are segmented. The economicsChapter 6 Economies of Scale, Imperfect Competition, and International Trade 23 of dumping are illustrated in the text using the example of an industry which contains a single monopolistic firm selling in the domestic and foreign market. Reverse dumping can also occur, whereby a producer sells a product at lower prices in the domestic market than in the foreign market. While there is no good economic justification for the view that dumping is harmful, it is often viewed as an unfair trade practice.The other type of economies of scale, external economies, has very different economic implicationsthan internal economies. Since external economies of scale occur at the industry level rather than the firm level, it is possible for there to be many small competitors in an industry, in contrast to the structure which develops under internal economies of scale. Under external economies, trade may not be beneficial to all countries and there may be some justification for protectionism. Dynamic scale economies, which arise when unit production costs fall with cumulative production over time, rather than with current levels of production, also provide a potential justification for protectionism. External economies of scale can also be important for explaining interregional trade (trade within a country). While some industries need to be located near a particular factor (e.g., a natural resource), for others, the factors (e.g., skilled labor) are fairly mobile. Historical accidents may help explain the patterns then. This study of the patterns of economic interactions across space—either within or across countries—is known as economic geography.Answers to Textbook Problems1. Cases a and d reflect external economies of scale since concentration of the production of an industryin a few locations reduces the industry’s costs even when the scale of operation of individual firms remains small. External economies need not lead to imperfect competition. The benefits of geographical concentration may include a greater variety of specialized services to support industry operations and larger labor markets or thicker input markets. Cases b and c reflect internal economies of scale and occur at the level of the individual firm. The larger the output of a product by a particular firm, the lower its average costs. This leads to imperfect competition as in petrochemicals, aircraft, and autos.2. The profit maximizing output level of a monopolist occurs where marginal revenue equals marginalcost. Unlike the case of perfectly competitive markets, under monopoly marginal revenue is not equal to price. Marginal revenue is always less than price under imperfectly competitive markets because to sell an extra unit of output, the firm must lower the price of all units, not just the marginal one.3. By concentrating the production of each good with economies of scale in one country rather thanspreading the production over several countries, the world economy will use the same amount of labor to produce more output. In the monopolistic competition model, such a concentration of labor benefits the host country, which can also capture some monopoly rents, while it may hurt the rest of the world which could then face higher prices on its consumption goods. In the external economies case, such monopolistic pricing behavior is less likely since imperfectly competitive markets are less likely.4. Although this problem is a bit tricky and the numbers don’t work out nicely, a solution does exist.The first step in finding the solution is to determine the equilibrium number of firms in the industry.The equilibrium number of firms is that number, n, at which price equals average cost. We know that AC= F/X+c, where F represents fixed costs of production, X represents the level of sales by each firm, and c represents marginal costs. We also know that P= c+ (1/bn), where P and b represent price and the demand parameter. Also, if all firms follow the same pricing rule, then X= S/n where S equals total industry sales. So, set price equal to average cost, cancel out the c’s and replace X by S/n.Rearranging what is left yields the formula n2= S/Fb. Substitute in S= 900,000 + 1,600,000 +3,750,000 = 6,250,000, F= 750,000,000 and b= 1/30,000. The numerical answer is that n= 15.8 firms.However, since you will never see 0.8 firms, there will be 15 firms that enter the market, not 16 firms since the last firm knows that it can not make positive profits. The rest of the solution is straight-forward. Using X= S/n, output per firm is 41,666 units. Using the price equation, and the fact that c= 5,000, yields an equilibrium price of $7,000.24 Krugman/Obstfeld •International Economics: Theory and Policy, Eighth Edition5. a. 17,000 + 150/n= 5,000,000,000n/S+ 17,000. With S US= 300 million, the number of automakersequals three. With S E= 533 million, the number of automakers equals four.b. P US= 17,000 + 150/3, P US= $17,050. P E= 17,000 + 150/4, P US= $17,037.50.c. 17,000 + 150/n= 5,000,000,000n/S+ 17,000. With S US+E= 833 million, the number of totalautomakers now equals five. This helps to explain some of the consolidation that has happenedin the industry since trade has become more free in recent decades, e.g., Ford acquiring Jaguar,Daimler-Benz acquiring Chrysler, etc.d. Prices fall in the United States as well as Europe to $17,030. Also, variety increases in bothmarkets: in the United States, consumers were able to choose between three brands before freetrade; now they can choose between five. In Europe, consumers were able to choose betweenfour brands before free trade; now they can also choose between five brands.6. This is an open-ended question. Looking at the answer to Question 11 can provide some hints. Twoother examples would be: Biotechnology and Aircraft design. Biotechnology is an industry in which innovation fuels new products, but it is also one where learning how to successfully take an idea and create a profitable product is a skill set that may require some practice. Aircraft design requires both innovations to create new planes that are safer and or more cost efficient, but it is also an industry where new planes are often subtle alterations of previous models and where detailed experience with one model may be a huge help in creating a new one.7. a. The relatively few locations for production suggest external economies of scale in production.If these operations are large, there may also be large internal economies of scale in production.b. Since economies of scale are significant in airplane production, it tends to be done by a smallnumber of (imperfectly competitive) firms at a limited number of locations. One such locationis Seattle, where Boeing produces airplanes.c. Since external economies of scale are significant in semiconductor production, semiconductorindustries tend to be concentrated in certain geographic locations. If, for some historical reason, a semiconductor is established in a specific location, the export of semiconductors by that countryis due to economies of scale and not comparative advantage.d. “True” scotch whiskey can only come from Scotland. The production of scotch whiskey requiresa technique known to skilled distillers who are concentrated in the region. Also, soil and climacticconditions are favorable for grains used in local scotch production. This reflects comparativeadvantage.e. France has a particular blend of climactic conditions and land that is difficult to reproduceelsewhere. This generates a comparative advantage in wine production.8. The Japanese producers are price discriminating across United States and Japanese markets, so thatthe goods sold in the United States are much cheaper than those sold in Japan. It may be profitable for other Japanese to purchase these goods in the United States, incur any tariffs and transportation costs, and resell the goods in Japan. Clearly, the price differential across markets must be non-trivial for this to be profitable.Chapter 6 Economies of Scale, Imperfect Competition, and International Trade 25 9. a. Suppose two countries that can produce a good are subject to forward-falling supply curves andare identical countries with identical curves. If one country starts out as a producer of a good,i.e., it has a head start even as a matter of historical accident, then all production will occur in thatparticular country and it will export to the rest of the world.b. Consumers in both countries will pay a lower price for this good when external economies aremaximized through trade and all production is located in a single market. In the present example, no single country has a natural cost advantage or is worse off than it would be under autarky. 10. External economies are important for firms as technology changes rapidly and as the “cutting edge”moves quickly with frequent innovations. As this process slows, manufacturing becomes moreroutine and there is less advantage conferred by external economies. Instead, firms look for low cost production locations. Since external economies are no longer important, firms find little advantage in being clustered, and it is likely that locations other than the high-wage original locations are chosen.11. a. i. Very likely due to the need to have a common pool of labor with such skills.ii. Somewhat likely due to the need for continual innovation and learning.b. i. Unlikely since it is difficult to see how the costs of a single firm would fall if other firms arepresent in the asphalt industry.ii. Unlikely because they are industries in which technology is more stable than in other industries such as software services or cancer research.c. i. Highly likely because having a great number of support firms and an available pool of skilledlabor in filmmaking are critical to film production.ii. Highly likely because film making is an industry in which learning is important.d. i. Somewhat likely in that it may be advantageous to have other researchers nearby.ii. Highly likely because such research builds on itself through a learning-by-doing process.e. i. Unlikely because it is difficult to see how the existence of another timber firm with lowercosts to another timber firm.ii. Unlikely due to the relatively stable technology involved in timber harvesting.。
(克鲁格曼)英文课件国际经济学CH06
– Marginal Cost (MC) is the amount it costs the firm to produce one extra unit.
Copyright © 2003 Pearson Education, Inc.
Slide 6-12
5.The Theory of Imperfect Competition
▪ Monopoly: A Brief Review
• Marginal revenue
– The extra revenue the firm gains from selling an additional unit
– Its curve, MR, always lies below the demand curve, D.
• Increasing the amount of all inputs used in the
production of any commodity will increase output of that commodity in the same proportion.
▪ In practice, many industries are characterized by
Table 6-1: Relationship of Input to Output for a Hypothetical Industry
Copyright © 2003 Pearson Education, Inc.
Slide 6-6
3.Economies of Scale and Market Structure
Slide 6-3
2.Economies of Scale and
克鲁格曼《国际经济学》(第8版)课后习题详解
克鲁格曼《国际经济学》(第8版)课后习题详解克鲁格曼《国际经济学》(第8版)课后习题详解第1章绪论本章不是考试的重点章节,建议读者对本章内容只作大致了解即可,本章没有相关的课后习题。
第1篇国际贸易理论第2章世界贸易概览一、概念题1>(发展中国家(developing countries)答:发展中国家是与发达国家相对的经济上比较落后的国家,又称“欠发达国家”或“落后国家”。
通常指第三世界国家,包括亚洲、非洲、拉丁美洲及其他地区的130多个国家。
衡量一国是否为发展中国家的具体标准有很多种,如经济学家刘易斯和世界银行均提出过界定发展中国家的标准。
一般而言,凡人均收入低于美国人均收入的五分之一的国家就被定义为发展中国家。
比较贫困和落后是发展中国家的共同特点。
2>(服务外包(service outsourcing)答:服务外包是指企业将其非核心的业务外包出去,利用外部最优秀的专业化团队来承接其业务,从而使其专注于核心业务,达到降低成本、提高效率、增强企业核心竞争力和对环境应变能力的一种管理模式。
20世纪90年代以来,随着信息技术的迅速发展,特别是互联网的普遍存在及广泛应用,服务外包得到蓬勃发展。
从美国到英国,从欧洲到亚洲,无论是中小企业还是跨国公司,都把自己有限的资源集中于公司的核心能力上而将其余业务交给外部专业公司,服务外包成为“发达经济中不断成长的现象”。
3>(引力模型(gravity model)答:丁伯根和波伊赫能的引力模型基本表达式为:其中,是国与国的贸易额,为常量,是国的国内生产总值,是国的国内生产总值,是两国的距离。
、、三个参数是用来拟合实际的经济数据。
引力模型方程式表明:其他条件不变的情况下,两国间的贸易规模与两国的GDP成正比,与两国间的距离成反比。
把整个世界贸易看成整体,可利用引力模型来预测任意两国之间的贸易规模。
另外,引力模型也可以用来明确国际贸易中的异常现象。
4>(第三世界(third world)答:第三世界这个名词原本是指法国大革命中的Third Estate(第三阶级)。
国际经济学第八版下册答案
国际经济学第八版下册答案【篇一:克鲁格曼《国际经济学》第八版课后答案(英文)-ch10】>trade policy in developing countries? chapter organizationimport-substituting industrializationthe infant industry argumentpromoting manufacturing through protectionismcase study: mexico abandons import-substituting industrializationresults of favoring manufacturing: problems of import-substituting industrializationtrade liberalization since 1985export-oriented industrialization: the east asian miraclethe facts of asian growthtrade policy in the hpaesindustrial policy in the hpaesbox: india’s boomother factors in growthsummary? chapter overviewthe final two chapters on international trade, chapters 10 and 11, discuss trade policy considerations in the context of specific issues. chapter 10 focuses on the use of trade policyin developing countries and chapter 11 focuses on new controversies in trade policy.while there is great diversity among the developing countries, they share some common policy concerns. these include the development of domestic manufacturing industries, the uneven degree of development within the country, and the desire to foster economic growth and improve living standards. this chapter discusses both the successful and unsuccessful trade policy strategies which have been applied by developing countries in attempts to address these concerns.many developing countries pose the creation of a significant manufacturing sector as a key goal of economic development. one commonly voiced argument for protecting manufacturing industries is the infant industry argument, which states thatdeveloping countries have a potential comparative advantage inmanufacturing and can realize that potential through an initial period of protection. this argument assumes market failure in the form of imperfect capital markets or the existence of externalities in production. such a market failure makes the social return to production higher than the private return. this implies that a firm will not be able to recapture rents or profits that are in line with the contribution to welfare made by the product or industry establishment of the firm. without some government support, the argument goes, the amount of investment which will occur in this industry will be less than socially optimal levels.chapter 10 trade policy in developing countries 43given these arguments, many nations have attempted import-substitution-led industrialization. in the 1950s and 1960s the strategy was quite popular and did lead to a dramatic reduction in imports in some countries. the overall result, though, was not a success. the infant industry argument did not always hold, as protection could let young industries survive, but could not make them efficient. by the late 1980s, most countries had shifted away from the strategy, and the chapter includes a case study of mexico’s change from import substitution to a more open strategy.since 1985 many developing countries had abandoned import substitution and pursued (sometimesaggressively) trade liberalization. the chapter notes two sides of the experience. on the one hand, trade has gone up considerably and changed in character. developing countries export far more of the gdpthan prior to liberalization, and more of it is in manufacturing as opposed to agricultural or mining sectors. at the same time, the growth experience of these countries has not been universally good and it is difficult to tell if the success stories are due to trade or due to reforms that came at the same time as liberalization. the east asian “miracle” of the high-performing asian economies (hpaes) provides a striking andcontroversial example of export-oriented industrialization. while these countries encountered difficulties in the late 1990s (see chapter 22), this chapter focuses on their spectaculargrowth from the 1960s to 1990s. it is acknowledged that the growth was extremely impressive; the controversy is over the source of the success in these countries. some observers argue that although these countries do not practice free trade, they have lower rates of protection (and more outward orientation) than other developing countries. other observers argue that the interventionist industrial policies pursued by the hpaes have been the reason for success, and outward orientation is just a by-product of active rather than passive government involvement in industry. still others argue that high rates of domestic savings and rapid improvements in education are behind the stunning growth performance.? answers to textbook problems1. the countries that seem to benefit most from international trade include many of the countries of thepacific rim, south korea, taiwan, singapore, hong kong, malaysia, indonesia, and others. though the experience of each country is somewhat different, most of these countries employed some kind of infant industry protection during the beginning phases of their development, but then withdrew protection relatively quickly after industries became competitive on world markets. concerningwhether their experiences lend support to the infant industry argument or argues against it is still a matter of controversy. however, it appears that it would have been difficult for these countries to engage in export-led growth without some kind of initial government intervention.the japanese example gives pause to those who believe that protectionism is always disastrous.however, the fact of japanese success does not demonstrate that protectionist trade policy wasresponsible for that success. japan was an exceptional society that had emerged into the ranks of advanced nations before world war ii and was recovering from wartime devastation. it is arguable that economic success would have come anyway, so that the apparent success of protection represents a “pseudo-infant-industry” case of the kind discussed in the text.a. the initial high costs of production would justify infant industry protection if the costs to thesociety during the period of protection were less than the future stream of benefits from a mature, low cost industry.b. an individual firm does not have an incentive to bear development costs itself for an entireindustry when these benefits will accrue to other firms. thereis a stronger case for infantindustry protection in this instance because of the existenceof market failure in the form of theappropriability of technology. 2. 3.44 krugman/obstfeld ? international economics: theory and policy, eighth edition4. india ceased being a colony of britain in 1948, thus its dramatic break from all imports in favor ofmexico (as opposed to recently deposed colonial firms in india) may have helped keep mexico open to importing capital goods necessary in the manufacturing process.in some countries the infant industry argument simply did not appear to work well. such protection will not create a competitive manufacturing sector if there are basic reasonswhy a country does not have a competitive advantage in a particular area. this was particularly the case in manufacturing where many low-income countries lack skilled labor, entrepreneurs, and the level of managerialacumen necessary to be competitive in world markets. the argument is that trade policy alone cannot rectify these problems. often manufacturing was also created on such a small-scale that it made the industries noncompetitive, where economies of scale are critical to being a low-cost producer.moreover protectionist policies in less-developed countries have had a negative impact on incentives, which has led to “rent-seeking” or corruption.question 6 involves assessing the impact of dual labor markets. the topic is not covered extensively in the current edition of the book and instructors may not want to assign the question unless they bring additional material into the classroom to augment the text.a. we know that the wages should be equivalent, so, given that80 – la ? wa, we can substitute wm for wa, and recall that wm ? 100 – lm. combined with the information that la ? lm ? 100, we getl*a?40 and the equilibrium wage ? 40.b. since wm ? 50, lm ? 50 and thus la ? 50 and wm ? 30, we have a net loss of (0.5)(10)(20) ? 100 in national income. 5. 6.【篇二:国际经济学(克鲁格曼)课后习题答案1-8章】1.为什么说在决定生产和消费时,相对价格比绝对价格更重要?答案提示:当生产处于生产边界线上,资源则得到了充分利用,这时,要想增加某一产品的生产,必须降低另一产品的生产,也就是说,增加某一产品的生产是有机会机本(或社会成本)的。
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Chapter 6Economies of Scale, Imperfect Competition, and International TradeChapter OrganizationEconomies of Scale and International Trade: An OverviewEconomies of Scale and Market StructureThe Theory of Imperfect CompetitionMonopoly: A Brief ReviewMonopolistic CompetitionLimitations of the Monopolistic Competition ModelMonopolistic Competition and TradeThe Effects of Increased Market SizeGains from an Integrated Market: A Numerical ExampleEconomies of Scale and Comparative AdvantageThe Significance of Intraindustry TradeWhy Intraindustry Trade MattersCase Study: Intraindustry Trade in Action: The North American Auto Pact DumpingThe Economics of DumpingCase Study: Anti-Dumping as ProtectionReciprocal DumpingThe Theory of External EconomiesSpecialized SuppliersLabor Market PoolingKnowledge SpilloversExternal Economies and Increasing Returns22 Krugman/Obstfeld •International Economics: Theory and Policy, Eighth EditionExternal Economies and International TradeExternal Economies and the Pattern of TradeTrade and Welfare with External EconomiesBox: Tinseltown EconomicsDynamic Increasing ReturnsEconomic Geography and Interregional TradeSummaryAppendix: Determining Marginal RevenueChapter OverviewIn previous chapters, trade between nations was motivated by their differences in factor productivity or relative factor endowments. The type of trade which occurred, for example of food for manufactures, is based on comparative advantage and is called interindustry trade. This chapter introduces trade based on economies of scale in production. Such trade in similar productions is called intraindustry trade, and describes, for example, the trading of one type of manufactured good for another type of manufactured good. It is shown that trade can occur when there are no technological or endowment differences, but when there are economies of scale or increasing returns in production.Economies of scale can either take the form of (1) external economies, whereby the cost per unit depends on the size of the industry but not necessarily on the size of the firm; or as (2) internal economies, whereby the production cost per unit of output depends on the size of the individual firm but not necessarily on the size of the industry. Internal economies of scale give rise to imperfectly competitive markets, unlike the perfectly competitive market structures that were assumed to exist in earlier chapters. This motivatesthe review of models of imperfect competition, including monopoly and monopolistic competition. The instructor should spend some time making certain that students understand the equilibrium concepts of these models since they are important for the justification of intraindustry trade.In markets described by monopolistic competition, there are a number of firms in an industry, each of which produces a differentiated product. Demand for its good depends on the number of other similar products available and their prices. This type of model is useful for illustrating that trade improves the trade-off between scale and variety available to a country. In an industry described by monopolistic competition, a larger market—such as that which arises through international trade—lowers average price (by increasing production and lowering average costs) and makes available for consumption a greater range of goods. While an integrated market also supports the existence of a larger number of firms in an industry, the model presented in the text does not make predictions about where these industries will be located.It is also interesting to compare the distributional effects of trade when motivated by comparative advantage with those when trade is motivated by increasing returns to scale in production. When countries are similar in their factor endowments, and when scale economies and product differentiation are important, the income distributional effects of trade will be small. You should make clear to the students the sharp contrast between the predictions of the models of monopolistic competition and the specific factors and Heckscher-Ohlin theories of international trade. Without clarification, some students may find the contrasting predictions of these models confusing.Another important issue related to imperfectly competitive markets is the practice of price discrimination, namely charging different customers different prices. One particularly controversial form of price discrimination is dumping, whereby a firm charges lower prices for exported goods than for goods sold domestically. This can occur only when domestic and foreign markets are segmented. The economicsChapter 6 Economies of Scale, Imperfect Competition, and International Trade 23 of dumping are illustrated in the text using the example of an industry which contains a single monopolistic firm selling in the domestic and foreign market. Reverse dumping can also occur, whereby a producer sells a product at lower prices in the domestic market than in the foreign market. While there is no good economic justification for the view that dumping is harmful, it is often viewed as an unfair trade practice.The other type of economies of scale, external economies, has very different economic implicationsthan internal economies. Since external economies of scale occur at the industry level rather than the firm level, it is possible for there to be many small competitors in an industry, in contrast to the structure which develops under internal economies of scale. Under external economies, trade may not be beneficial to all countries and there may be some justification for protectionism. Dynamic scale economies, which arise when unit production costs fall with cumulative production over time, rather than with current levels of production, also provide a potential justification for protectionism. External economies of scale can also be important for explaining interregional trade (trade within a country). While some industries need to be located near a particular factor (e.g., a natural resource), for others, the factors (e.g., skilled labor) are fairly mobile. Historical accidents may help explain the patterns then. This study of the patterns of economic interactions across space—either within or across countries—is known as economic geography.Answers to Textbook Problems1. Cases a and d reflect external economies of scale since concentration of the production of an industryin a few locations reduces the industry’s costs even when the scale of operation of individual firms remains small. External economies need not lead to imperfect competition. The benefits of geographical concentration may include a greater variety of specialized services to support industry operations and larger labor markets or thicker input markets. Cases b and c reflect internal economies of scale and occur at the level of the individual firm. The larger the output of a product by a particular firm, the lower its average costs. This leads to imperfect competition as in petrochemicals, aircraft, and autos.2. The profit maximizing output level of a monopolist occurs where marginal revenue equals marginalcost. Unlike the case of perfectly competitive markets, under monopoly marginal revenue is not equal to price. Marginal revenue is always less than price under imperfectly competitive markets because to sell an extra unit of output, the firm must lower the price of all units, not just the marginal one.3. By concentrating the production of each good with economies of scale in one country rather thanspreading the production over several countries, the world economy will use the same amount of labor to produce more output. In the monopolistic competition model, such a concentration of labor benefits the host country, which can also capture some monopoly rents, while it may hurt the rest of the world which could then face higher prices on its consumption goods. In the external economies case, such monopolistic pricing behavior is less likely since imperfectly competitive markets are less likely.4. Although this problem is a bit tricky and the numbers don’t work out nicely, a solution does exist.The first step in finding the solution is to determine the equilibrium number of firms in the industry.The equilibrium number of firms is that number, n, at which price equals average cost. We know that AC= F/X+c, where F represents fixed costs of production, X represents the level of sales by each firm, and c represents marginal costs. We also know that P= c+ (1/bn), where P and b represent price and the demand parameter. Also, if all firms follow the same pricing rule, then X= S/n where S equals total industry sales. So, set price equal to average cost, cancel out the c’s and replace X by S/n.Rearranging what is left yields the formula n2= S/Fb. Substitute in S= 900,000 + 1,600,000 +3,750,000 = 6,250,000, F= 750,000,000 and b= 1/30,000. The numerical answer is that n= 15.8 firms.However, since you will never see 0.8 firms, there will be 15 firms that enter the market, not 16 firms since the last firm knows that it can not make positive profits. The rest of the solution is straight-forward. Using X= S/n, output per firm is 41,666 units. Using the price equation, and the fact that c= 5,000, yields an equilibrium price of $7,000.24 Krugman/Obstfeld •International Economics: Theory and Policy, Eighth Edition5. a. 17,000 + 150/n= 5,000,000,000n/S+ 17,000. With S US= 300 million, the number of automakersequals three. With S E= 533 million, the number of automakers equals four.b. P US= 17,000 + 150/3, P US= $17,050. P E= 17,000 + 150/4, P US= $17,037.50.c. 17,000 + 150/n= 5,000,000,000n/S+ 17,000. With S US+E= 833 million, the number of totalautomakers now equals five. This helps to explain some of the consolidation that has happenedin the industry since trade has become more free in recent decades, e.g., Ford acquiring Jaguar,Daimler-Benz acquiring Chrysler, etc.d. Prices fall in the United States as well as Europe to $17,030. Also, variety increases in bothmarkets: in the United States, consumers were able to choose between three brands before freetrade; now they can choose between five. In Europe, consumers were able to choose betweenfour brands before free trade; now they can also choose between five brands.6. This is an open-ended question. Looking at the answer to Question 11 can provide some hints. Twoother examples would be: Biotechnology and Aircraft design. Biotechnology is an industry in which innovation fuels new products, but it is also one where learning how to successfully take an idea and create a profitable product is a skill set that may require some practice. Aircraft design requires both innovations to create new planes that are safer and or more cost efficient, but it is also an industry where new planes are often subtle alterations of previous models and where detailed experience with one model may be a huge help in creating a new one.7. a. The relatively few locations for production suggest external economies of scale in production.If these operations are large, there may also be large internal economies of scale in production.b. Since economies of scale are significant in airplane production, it tends to be done by a smallnumber of (imperfectly competitive) firms at a limited number of locations. One such locationis Seattle, where Boeing produces airplanes.c. Since external economies of scale are significant in semiconductor production, semiconductorindustries tend to be concentrated in certain geographic locations. If, for some historical reason, a semiconductor is established in a specific location, the export of semiconductors by that countryis due to economies of scale and not comparative advantage.d. “True” scotch whiskey can only come from Scotland. The production of scotch whiskey requiresa technique known to skilled distillers who are concentrated in the region. Also, soil and climacticconditions are favorable for grains used in local scotch production. This reflects comparativeadvantage.e. France has a particular blend of climactic conditions and land that is difficult to reproduceelsewhere. This generates a comparative advantage in wine production.8. The Japanese producers are price discriminating across United States and Japanese markets, so thatthe goods sold in the United States are much cheaper than those sold in Japan. It may be profitable for other Japanese to purchase these goods in the United States, incur any tariffs and transportation costs, and resell the goods in Japan. Clearly, the price differential across markets must be non-trivial for this to be profitable.Chapter 6 Economies of Scale, Imperfect Competition, and International Trade 25 9. a. Suppose two countries that can produce a good are subject to forward-falling supply curves andare identical countries with identical curves. If one country starts out as a producer of a good,i.e., it has a head start even as a matter of historical accident, then all production will occur in thatparticular country and it will export to the rest of the world.b. Consumers in both countries will pay a lower price for this good when external economies aremaximized through trade and all production is located in a single market. In the present example, no single country has a natural cost advantage or is worse off than it would be under autarky. 10. External economies are important for firms as technology changes rapidly and as the “cutting edge”moves quickly with frequent innovations. As this process slows, manufacturing becomes moreroutine and there is less advantage conferred by external economies. Instead, firms look for low cost production locations. Since external economies are no longer important, firms find little advantage in being clustered, and it is likely that locations other than the high-wage original locations are chosen.11. a. i. Very likely due to the need to have a common pool of labor with such skills.ii. Somewhat likely due to the need for continual innovation and learning.b. i. Unlikely since it is difficult to see how the costs of a single firm would fall if other firms arepresent in the asphalt industry.ii. Unlikely because they are industries in which technology is more stable than in other industries such as software services or cancer research.c. i. Highly likely because having a great number of support firms and an available pool of skilledlabor in filmmaking are critical to film production.ii. Highly likely because film making is an industry in which learning is important.d. i. Somewhat likely in that it may be advantageous to have other researchers nearby.ii. Highly likely because such research builds on itself through a learning-by-doing process.e. i. Unlikely because it is difficult to see how the existence of another timber firm with lowercosts to another timber firm.ii. Unlikely due to the relatively stable technology involved in timber harvesting.。