国际金融第八章课件

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பைடு நூலகம்
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.
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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.
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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？
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• Our discussion here focus on the country’s current account. • The goal here need not be a zero balance.
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A framework for macroeconomic analysis p164
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• Determinants of real GDP (representing both domestic product and national income)
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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.
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.
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
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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.
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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)?
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• 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).
Spending 5 units of the extra income to consume
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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
(X - M): Exports are the foreign demand for our goods; imports are already included in the other kinds of spending.
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Y = AD = C + Id + G + (X - M) E
National spending on goods and services
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。
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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
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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
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• 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.
• 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.
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）
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.
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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)
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Cont’d