国际金融第八章课件

边际进口倾向：每增加一元的收入所 增加的进口量。
X depends on income of foreign countries.
15百度文库
Equilibrium GDP and spending multipliers
Equilibrium GDP The condition for equilibrium: real GDP=AD, AD = E + X -M, holding the interest rate constant, AD(Y) = E(Y) + X -M(Y), Therefore, the equilibrium condition is Y= AD(Y) = E(Y) + X -M(Y)
M=M(Y), imports M are a positive function of Y. Marginal propensity to import (m): the amount by which our imports increase when our income goes up by one dollar.
7
• Our discussion here focus on the country’s current account. • The goal here need not be a zero balance.
8
A framework for macroeconomic analysis p164
Spending 5 units of the extra income to consume
21
Cont’d
The spending multiplier in a small open economy is ∆Y/ ∆G = 1/(s + m)
国民收入的增量 / 政府支出的增量 = 1/(边际储蓄倾向 + 边际进口倾向) Note: The multiplier is smaller in a small open economy than it in a comparable closed economy (in which m is zero) Exercise: Q4 p185 a, b
Part II Macro Policies for Open Economies
Focus on macroeconomic performance. 8 How does the open macroeconomy work? 9 Internal and external balance with fixed exchange rates 10 Floating exchange rates and internal balance
• Analysis on the behavior of the economy in the short run is relatively Keynesian（凯恩 斯主义者） in that the price level is not immediately responsive to aggregate demand (AD) and supply. • Analysis on the behavior of the economy in the longer run is more classical(古典学派 的) in that the price level does respond to demand and supply.
20
• 10 units purchases
10 extra income for whoever produces
5 units income for whoever produces goods and service 2.5 units spending on domestic consumption
Framework of this chapter
• The performance of a national economy 一国经济的状况 • Equilibrium GDP and spending multipliers 均衡GDP和支出乘数 • Three markets 三个市场（产品、货币和外汇市场）
1
macroeconomic performance （宏观 经济运行） —the behavior (变化) of a country’s output, jobs, and prices in the face of changing world conditions.
2
CHAPTER 8
How Does the Open Macroeconomy Work? 开放的宏观经济是如何运行的？ 开放的宏观经济是如何运行的？
支出乘数体现了均衡GDP是如何随总需求各组 成部分的变化而变化的。 • 乘数是指由总支出变动引起的国民收入增加的 倍数。
17
Suppose that the government raises its purchases of domestically produced goods and services by 10 units… • 10 units purchases 10 extra income for whoever produces Spending part of the extra income to consume
18
Extra part income for whoever produces
Cont’d
With each extra dollar of income, people will • Save 20 cents marginal propensity to save (s) ? • Spend 30 cents on imports marginal propensity to import (m)? • Spend 50 cents domestically marginal propensity to consume domestic product (1s-m)?
23
Foreign Spillovers（需求溢出） and Foreign-Income Repercussions 国外需求溢出和外国收入的影响
• Foreign Spillovers • Spillover:需求溢出
(X - M): Exports are the foreign demand for our goods; imports are already included in the other kinds of spending.
12
Y = AD = C + Id + G + (X - M) E
National spending on goods and services
9
• Determinants of real GDP (representing both domestic product and national income)
10
Domestic production depends on aggregate demand
• A major performance goal of an economy is to achieve production of goods and services that is close to the economy’s potential. • The value of production of goods and services is the economy’s real GDP(Y); it is nearly the same thing as real national income.
22
• a. The spending multiplier in this small open economy is about 1.82 (= 1/(0.15 + 0.4)). If real spending initially declines by $2 billion, then domestic product and income will decline by about $3.64 billion (= 1.82 × $2 billion) • b.If domestic product and income decline by $3.64 billion, then the country's imports will decline by about $1.46 billion (= $3.64 billion × 0.4).
5
Internal Balance • Full employment, or an acceptably low unemployment rate • Price stability, or an acceptably low inflation rate
6
External balance
• Sustainable (能保持一定水平的) balance of payments with the rest of the world • Useful indicator: Official settlements balance approximately equal to zero (so that the country is not losing official international reserves or acquiring unwanted official international reserves)
11
• In the short run (and within the economy's supply capabilities), domestic production is determined by aggregate demand: Y = AD = C + Id + G + (X - M) 国内产出（国民收入）＝总需求 ＝消费＋国内投资＋政府支出＋净出口
4
The performance of a national economy
How well is a country’s economy performing? We judge the performance of a national economy against two objectives. Internal balance and external balance.
13
Cont’d
National spending on goods and services:
E=C+ Id + G
C=C(Y) (+) Id= Id(i) (- ) G is treated as a political decision.
14
Trade depends on income p166
19
• Both 20% saved and 30% imports in the extra income represent “leakages” from the domestic expenditure stream. • In the second round of income and expenditures ,only 50% (1-20%-30%)will be passed on and divided up into further domestic spending.
16
The spending multiplier in a small, open economy
• The spending multiplier shows how equilibrium GDP responds to exogenous（ 外来的） changes in any component of aggregate demand.