国际经济学第十五章作业内容

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国际经济学第十五章作业内容

国际经济学第十五章作业内容第十五章作业内容1、假设俄罗斯的年通货膨胀率为100%，而瑞士仅为5%。

根据相对购买力平价，瑞士法郎对俄罗斯卢布的汇率将如何变化？2、讨论一下为什么人们经常说本国货币相对于外币出现实际升值时，出口状况恶化；而当本国货币实际贬值时，出口部门则兴旺发达。

3、在其他条件不变时,下列变动是如何影响一国货币对外币的实际汇率的:a.总支出水平不变,但该国国内消费者决定将更多的收入花在非贸易品上,并相应减少非贸易品的消费。

b.国外居民将需求从其本国产品转向该国的出口商品。

4、大规模战争经常会阻碍国际贸易和金融活动的正常进行。

在这种情况下，大部分汇率失去了彼此之间的相关性，一旦战争结束，政府就会面临以什么比率从新确定汇率的问题。

购买力平价理论经常被用于战争后汇率从新安排的依据。

现在假设你是英国财政大臣并假设第一次世界大战刚刚结束，请说明你将如何运用购买力平价理论来决定英镑对美元的汇率。

在什么情况下，运用这一理论可能是不合适的？5、20世纪70年代末，英国尽力了一夜暴富——由于早几年北海油田的成功开发，以及1979-1980年间石油价格的飞涨，英国国民收入突然迅速增加。

然而到了80年代初期，由于世界性的经济滑坡和对石油需求的减少，油价下降。

下列表中我们列出了英镑对一些外国货币的平均实际汇率指数(这些平均指数被称为实际有效汇率)。

这些指数中任何一个数值的提高都意味着英镑的实际升值，即英国的价格水平相对于用英镑表示的外国平均价格水平提高，反之则贬值。

1976-1984年英国实际有效汇率的变动（1980=100）1967年1977年1978年1979年1980年1981年1982年1983年1984年68.3 66.5 72.2 81.4 100.0 102.8 100.0 92.5 89.8 资料来源：International Monetary Fund，InternationalFinancial Statistics. The real exchange rate measures are based on indices of net out prices called value-added deflators.请用以上信息解释英国1978-1984年实际有汇率变动的原因，请注意非贸易品的作用。

国际经济学(原毅军版)第15、17章课后答案

1. Currency devaluation affects a country's trade balance via its impact on relativeprices (elasticity approach), spending behavior (absorption approach), and the purchasing power of money balances (monetary approach).2. See Question 1.3. The Marshall-Lerner condition refers to the elasticities approach to devaluation.It suggests that devaluation works best at improving a country's trade balance when demand elasticities are high (i.e., the sum of the domestic demand elasticity for imports plus the foreign demand elasticity for exports exceeds one).Empirical studies suggest that demand elasticity for most countries are quite high.4. The J-curve effect implies that due to time lags between the response of goodstraded to relative price changes (e.g., recognition lags), currency devaluation will have a more pronounced effect on a country's trade balance over the longer run.5. The extent to which changing currency values lead to changes in import andexport prices is known as the pass-through relationship. Pass-through is important since buyers have incentives to alter their purchases of foreign goods only to the extent that the prices of these goods change in terms of their domestic currency following a change in the exchange rate.6. The absorption approach concludes that currency devaluation best improves thetrade balance when the country faces a trade deficit along with domestic unemployment.7. The monetary approach suggests currency devaluation affects the domesticprice level and the purchasing power of money balances, which lead to changes in domestic expenditures and the level of imports.8. The 50 percent dollar appreciation results in a 50 percent increase in the firm'sproduction cost in terms of the peso.9. The 50 percent dollar appreciation results in a less-than 50 percent increase inthe firm's production cost in terms of the peso.10. a. Export quantity 1000, 1300, 1030Import quantity 150, 120, 147Export price $3000, $3000, $3000Export receipts $3 million, $3.9 million, and $3.09 millionImport price $20,000, $22,000, $22,000Import payments $3 million, $2.64 million, $3.234 millionTrade balance $0, $1.26 million, -$144,000b.The dollar depreciation improves (worsens) the U.S. trade balancewhen the sum of the export-demand elasticity and the import-demandelasticity are greater (less) than 1.0.c.Because the sum of the export-demand elasticity and theimport-demand elasticity are less than 1.0, the U.S. trade balance willworsen.1. Internal balance consists of full employment with price stability. Externalbalance consists of balance-of-payments equilibrium. Overall balance consists of internal balance plus external balance.2. International economic policy makes use of expenditure-switching instruments(e.g., import tariffs) and expenditure-changing instruments (e.g., monetarypolicy).3. An expenditure-changing policy refers to a government’s attempt to inducechanges in aggregate demand, via fiscal policy (e.g., taxes, government expenditures) or monetary policy (e.g., open market operations, reserve requirements). An expenditure-switching policy attempts to divert expenditures away from foreign goods to domestic goods. Currency devaluation and import barriers are examples of expenditure-switching policies.4. International economic policy formation faces political constraints such associety’s willingness to bear inflation or unemployment as part of the balance-of-payments adjustment process.5. Currency devaluation (depreciation). Currency revaluation (appreciation).6. Under a fixed exchange rate system, fiscal policy is successful in promotinginternal balance while monetary policy is unsuccessful.7. Under a floating exchange rate system, monetary policy is successful inpromoting internal balance while fiscal policy is unsuccessful.8. An expansionary monetary policy leads to a worsening in the home-country’strade account and capital account, and thus deterioration in the overall balance-of-payments position. A concretionary monetary policy leads to an improvement in the home-country’s trade account and capital account, and thus an improvement in the overall balance-of-payments position.9. An expansionary fiscal policy improves the nation’s balance-of-paymentsposition if the resulting net-capital inflows more than offset the resulting trade-account deficit; if the trade-account deficit more than offsets the net-capital inflows, the overall balance-of-payments position deteriorates.10. Policy agreement occurs when a given policy can improve two (or more)economic objectives at the same time. Policy conflict occurs when a given policy improves one objective while detracting from another objective; a dilemma thus exists concerning which objective to pursue.11.Unemployment-with-BOP-surplus, policy agreement.Inflation-with-BOP-deficit, policy agreement.Unemployment-with-BOP-deficit, policy conflict. Inflation-with-BOP-surplus, policy conflict.12.Examples of obstacles to successful international economic policy coordinationinclude: (1) different national economic objectives, (2) different nationalinstitutions, (3) different national political climates, (4) different phases in thebusiness cycle, and (5) lack of guarantee that governments can design andimplement policies that are capable of achieving the intended results.。

国际经济学多米尼克萨尔15ch课后答案

Answer to Problems1. a. The rate of inflation in the United Kingdom from 1973 to 2001 was:116.1 – 15.6 = 100.5 = 1.460 or 146.0%(116.1+15.6)/2 68.85On the other hand, the rate of inflation in the United States from 1973 to 2001 was:112.1 – 34.3 = 77.8 = 1.063 or 106.3%(112.1+34.3)/2 73.2Thus, the inflation rate in the United Kingdom minus the inflation rate in the United Statesfrom 1973 to 2001 was:146.0% - 1063% = 39.7%From 1973 to 2001, the British pound depreciated with respect to the U.S. dollar from£0.4078 to the dollar in 1973 and £0.6944 per dollar in 2001 or by0.6944 – 0.4078 = 0.2866 = 0.520 or 52.0%(0.6944+0.4078)/2 0.5511b. The relative PPP theory did hold only to the extent that the rate of inflation was higher in theUnited Kingdom and the pound depreciated with respect to the U.S. between 1973 and 2001.But the percent depreciation of the British pound with respect to the dollar was much greater than that predicted by the relative PPP.Note that in the above calculations, percentage changes were obtained by the averageof the beginning and end values. You may want to ask the class to do the same whenassigning this and the next problem so as to get the same answer.2. The rate of inflation in Switzerland from 1973 to 2001 was:103.2 – 45.0 = 58.2 = 0.785 or 78.5%(103.2+45.0)/2 74.1Thus, the inflation rate in Switzerland minus the inflation rate in the United States (found inProblem 1a) is:78.5% - 106.3% = -27.8%From 1973 to 2001, the Swiss franc appreciated with respect to the U.S. dollar from3.1648 Swiss francs per dollar in 1973 to 1.6876 Swiss francs per dollar in 2001 or by11.6876 - 3.1648 = -1.4772 = -0.609 or –60.9%(1.6876+3.1648)/2 2.4262The relative PPP theory did hold only to the extent that the rate of inflation was lower in Switzerland and the Swiss franc appreciated with respect to the U.S. between 1973 and 2001.But the percent appreciation of the Swiss franc with respect to the dollar was much greater than that predicted by the relative PPP.3. a. Md=kPY=(1/V)(PY)=(1/5)(200)=$40 billion.b. If the nation's nominal GDP rises to $220 billion, Md=220/5=$44 billion.c. If the nation's nominal GNP increases by 10 percent each year,Md increases also by 10 per cent each year.4. a. Monetary base of the nation is,D+F=8+2=$10 billion.b. The value of the money multiplier is,m=1/LLR=1/0.25=4.c. The value of the nation's total money supply isMs=m(D+F)=4(8+2)=$40 billion5. a. Md=Ms and the nation is in balance of payments equilibrium.b. Md of $44 billion exceeds Ms of $40 by $4 billion.With m=4, there will be an inflow of money or international reserves from abroad of $1billion to equate Ms to Md. Thus, the nation's balance of payments surplus will be equalto $1.The nation will face a continuous inflow of money or international reserves, year in and year out.7. Md=100/4=25 falls short of Ms=30 and there will be an outflow of international reserves(a deficit in the nation's balance of payments).8.According to the monetary approach, inflation in the second nation is caused by excessivemoney creation there. As a result, either the first nation's exchange rate has to appreciateto keep its balance of payments in equilibrium or its monetary base will rise (so that inflationwill spread to nation 1).2。

克鲁格曼《国际经济学》(第8版)课后习题详解(第15章长期价格水平和汇率)【圣才出品】

第15章长期价格水平和汇率一、概念题1．费雪效应（Fisher effect ）答：费雪效应是指通货膨胀率和利率在长期中同比例变化的关系。

美国经济学家费雪在其《利息理论》一书中阐述了这一关系。

这一关系假定，在长期中通货膨胀率等于预期通货膨胀率。

在其他条件不变的情况下，如果一国的预期通货膨胀率上升，最终会导致该国货币存款利率的同比例上升；反之，如果预期通货膨胀率下降，最终会导致货币存款利率的同比例下降。

从国际资本流动来看，费雪效应体现了通货膨胀率、利率和汇率变化的关系。

当其他条件不变时，若一国的预期通货膨胀率上升，在外汇市场上将导致该种货币的贬值；根据利率平价理论，这最终将导致该国货币存款利率的上升。

这一关系还可以用相对购买力平价理论和利率平价理论的结合来说明。

相对购买力平价表明，在一定时期内两国货币汇率变动的百分比等于两国通货膨胀率之差。

利率平价表明，两国货币汇率预期变动的百分比等于两国货币存款的预期收益率之差，即两国货币存款未来的利率之差。

在长期中，两国货币的汇率变动即为两国货币汇率的预期变动。

这样，两国货币存款未来利率之差就等于两国通货膨胀率之差，用公式表示：G F G F R R ππ-=-G R 和F R 分别代表两国货币存款的利率，G π和F π分别代表两国的通货膨胀率。

该公式表明，在其他条件不变时，一国通货膨胀率的上升最终将导致该国货币存款利率同比例上升。

2．购买力平价（purchasing power parity ，PPP ）答：购买力平价是指不同国家商品和服务的价格水平的比率。

一国的价格水平以一个基准的商品和服务“篮子”的价格来表示，它反映该国货币的国内购买力。

对购买同一个基准的商品和服务“篮子”来说，在本国以本国货币支付的价格与其在外国以外国货币支付的价格之比，便是购买力平价。

具体计算方法为：在两国（或多国）选择同质的“一篮子”商品和服务，收集价格、数量和支出额资料，分别核算各组、各类商品和服务价格的比率，最终获得一个综合的价格比率。

陈爱贞《国际经济学》第15章

– 相对购买力平价
• 它认为，在任何一段时期内，两种货币汇率变化的
百分比等于同一时期两国国内价格水平变化的百分
比之差。
• 美国与欧洲相对购买力平价可以表示为
(E$/€,t - E$/€, t –1)/E$/€, t –1 = US, t - E, t
(15-2)
其中:
2021/7/13
t 表示通货膨胀率
图 15-6: 1970-1985年部门的生产率增长与非贸易品相对价格的变化
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38
国际利差和实际汇率
• 在一般情况下，国家之间的利率差异不仅
取决于预期的通货膨胀率之差，而且还取
决于预期的实际汇率的变动.
• 我们得到实际汇率的预期变动、名义汇率
的预期变动和预期通货膨胀率三者之间的
关系:
这里:
PiUS 表示的是货物i 的美元价格
PiE 表示的是相应的欧元价格
E$/€ 是美元对欧元的汇率
5
购买力平价
• 购买力平价理论
– 两国货币的汇率等于两国的价格水平之比. – 它比较的是国家间的一篮子平均价格. – 购买力平价预测的美元/欧元汇率是:
E$/€ = PUS/PE
(15-1)
其中:
PPUE S：：在一欧个洲商购品买篮该子商在品美篮国子的的美美元元价价格格
– 如果一价定律对所有商品都成立，那么只要用来计算不同国家价格水平的基准商品篮子是一样的，那么购买力平价就成立。
– 购买力平价认为，即使一价定律不成立，其背后隐藏的经济力量也会最终使各国货币的购买力趋于一致。
2021/7/13
8
购买力平价
• 绝对购买力平价和相对购买力平价

国际经济学课程学习题集与参考答案

国际经济学习题集及参考答案一、填空、选择、判断题（每题1分）：第一章：1、国际贸易理论以微观经济学原理为基础，讨论世界围的资源配置问题。

2、最常用国际贸易模型的结构形式为两个国家、两种产品（或部门）和两种要素。

3、在完竞争的假设前提下，封闭条件下的相对价格是国际贸易产生的基础。

4、国家间的供给、需求方面的差异是造成相对价格的根源。

5、贸易后，国际均衡价格由两国的供需共同决定，国际均衡价格处于两国封闭下的相对价格之间。

6、国际贸易利益包括两个部分：来自交换的利益和来自专业化的利益。

7、贸易理论主要围绕三个问题展开：国际贸易的格局、国际贸易的条件、国际贸易的收益。

第二章：1、斯密的绝对优势论认为国际贸易的基础是各国之间劳动生产率的绝对差别；嘉图的比较优势论认为国际贸易的基础是各国之间劳动生产率的相对差别。

2、哈伯勒首先用机会成本概念来阐明比较优势论。

3、重商主义者提倡的国家经济政策有：限制进口和鼓励出口，采取奖金、退税、协定和殖民地贸易等措施鼓励出口。

4、嘉图认为在国际贸易中起决定作用的不是绝对成本，而是相对成本。

5、斯密的绝对优势论认为国际贸易的基础是各国之间劳动生产率的绝对差别；劳动生产率的比较优势论认为国际贸易的基础是各国之间劳动生产率的相对差别。

6、在嘉图模型中，生产可能性边界线方程是一个线性方程式，表示A、B两国的PPF曲线是一条直线段。

7、重商主义者提倡的国家经济政策有：限制进口和鼓励出口，采取奖金、退税、协定和殖民地贸易等措施鼓励出口。

8、嘉图认为在国际贸易中起决定作用的不是绝对成本，而是相对成本。

9、机会成本概念表明：彼种选择的机会成本就构成此种选择的机会成本。

选择题：1、首先用机会成本理论来解释比较优势原理的学者是： C、A、嘉图B、罗布津斯基C、哈伯勒D、穆勒第三章：1、要素禀赋理论最初是由赫克歇尔和俄林提出的，后经萨缪尔森等人加工不断完善。

2、要素禀赋理论由H-O定理、要素价格均等化定理和罗伯津斯基定理、斯托伯-萨缪尔森定理等构成3、要素价格均等化理论指出国际贸易通过商品价格的均等化会导致要素价格的均等化，从而在世界围实现资源的最佳配置。

西方经济学课后习题答案第十五章

第十五章开放经济的宏观经济学1．什么是名义汇率与实际汇率?两者之间的关系如何表示?【参考答案】名义汇率是两个国家（或地区）货币的相对价格，即一种货币能兑换成另一种货币的数量，用e 表示。

名义汇率有两种不同的标价方法，一种是直接标价法，用本国货币表示的国外货币的价格，另一种是间接标价法，用国外货币表示本国货币的价格。

实际汇率是用两国（或地区）价格水平对名义汇率加以调整后的汇率，用ε表示。

与名义汇率相比，实际汇率更能说明一国（或地区）货币的真实购买力。

如果本国产品的价格用本币表示为P ，某一国外产品的价格用外币表示为f P ，国内居民持有本国货币要购买国外商品，在国外生产商只接受外币来交换其商品的条件下，本国居民应该先用本币以名义汇率e 购买该外币，然后用该外币以f P 的价格购买国外产品，这样，一单位国外商品用本币单位数量来表示就等于f eP 。

由此可见，实际汇率与名义汇率之间的关系可以表示为：fP e P ε=。

2.实际汇率与净出口关系如何表达?【参考答案】实际汇率的变化会影响一国的净出口。

一般来说，影响进出口的主要因素是一国的国民收入、进出口的商品相对价格、关税、进出口商品量限额等因素。

由于实际汇率是本国商品和服务相对于国外商品和服务的价格，它的变化直接影响出口和进口。

对于进口来说，如果本币升值，国外商品和服务就变得相对便宜，故进口正向地取决于本币升值。

对于出口来说，如果本币升值，本国出口商品会变得相对昂贵，从而抑制了出口，故出口反向地取决于汇率变动。

由于净出口是出口与进口的差额，从总体上来看，净出口反向地取决于本币升值。

用图形表示：3．在固定汇率的蒙代尔-弗莱明模型里,扩张性的财政政策与货币政策对国民收入有什么影响?【参考答案】在固定汇率制下，中央银行必须对外汇市场进行干预以维持汇率的固定水平。

以下我们用图形具体分析固定汇率制下扩张性的财政政策和货币政策对国民收入的影响。

首先，分析扩张性的财政政策对国民收入的影响。

国际经济学n_CH15

i$
dollar interest rate

i rate euro interest
i €

E $e /€ E $ /€ E $ /€
expected rate of depreciation of the dollar
© 2008 Worth Publishers ▪ International Economics ▪ Feenstra/Taylor
2 of 106
Risky Arbitrage
• From Chapter 13,ห้องสมุดไป่ตู้risky arbitrage implies uncovered interest parity (UIP):
John Maynard Keynes, A Tract on Monetary Reform, 1923
• Prices may fail to adjust in the short run (“sticky prices”), so that th t the th theory th of f PPP is i valid lid f for l long-run analysis. l i
• Exchange rate E$/€ is “too high” (Point 3.)
FR < DR → → arbitragers want to sell € and buy $ $. E$/€ starts to fall (leftward along the horizontal axis) moving up along the FR line, from Point 3 to Point 1.
Summary

国际经济学习题与答案

第一章国际贸易理论的微观基础习题（一）选择题1.微观经济学研究的是单个社会的资源配置问题，而国际贸易理论研究的是（）A 一国的资源配置问题B两国范围内的资源配置问题C地区范围内的资源配置问题D世界范围内的资源配置问题2. 一个人在作出选择时，（）A如果边际收益非常大，他或她就不用考虑机会成本B进行最小机会成本的选择C比较该选择活动的边际成本和边际收益D只有当总利益非常大时，他或她才会选择使用其稀缺的资源3.机会成本（）A由自己支付，而与他人无关B对劳务而言是零，因为劳务不会持续太久；对物品而言是正的，因为物品具有长久性C是为了进行某一选择而放弃的评价最高的选择D是为了进行某一选择放弃的所有选择4.如果两个人在商品的生产中具有不同的机会成本，那么他们能够从专业化与交换中（）A都受损B一人受益，一人受损C既不受益，也不受损D都能够受益5. 沿着外凸的生产可能性边界线向下移动时，随着一种物品产量的增加，生产该物品的机会成本将（）A保持不变B增加C减少D无法确定6 .一个国家（），能够在其生产可能性边界线之外的点上进行消费。

A没有任何时候B在充分就业的情况下C同其他国家进行贸易时D所有生产要素全部投入生产的时候7.供给曲线除了表示不同的价格水平所提供的商品数量外，还可以被认为是（）A愿意并有能力支付的曲线B边际收益曲线C供给的最高价格曲线D供给的最低价格曲线8. 在封闭条件下，一国生产技术的改进降低了棉花的生产成本，那么棉花的价格（），棉花的生产数量（）A上升；增加B上升；减少C下降；增加D下降；减少9 .对于两国贸易模型来说，国际均衡价格一定处于两国贸易前的（）A最低相对价格水平之下B最高相对价格水平之上C相对价格水平之间D根据具体情况而定10 .经济学家作出这样的假设：作为一种目标，消费者总是在追求（）A其效用最大化B其收入的最大化C其边际效用的最大化D以上选项均不对（二）简答题1如何理解狭义和广义的国际贸易，国际贸易理论的主要研究对象是什么？2既然国际贸易理论与微观经济学的基本原理存在着一致性，为什么还要区分国际贸易与国内贸易，将国际贸易作为一个独立的问题来研究呢？3用相对价格概念解释经济行为主体是如何摆脱“货币幻觉”的影响的。

《国际经济学》课后习题参考答案

《国际经济学》课后习题参考答案第一章练习与答案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—7，试推导出Y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Y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。

8．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。

国际经济学第十五章汇率决定幻灯片PPT

• 两个重要假设：（1）稳定的货币需求方程，即货币需求同某些经济变量存在着稳定的关系；（2）购买力平价持续有效。
理论模型
两国的货币需求函数假设如下所示：
Md kPY Md *k*P*Y*
两国货币市场均衡时，货币需求等于货币供给
Ms Md Ms* Md*
根据购买力平价公式，可得到汇率水平一个新的表达形式：
两个主要的分支。它们的区别在于资产替代性这一假定上。货币法假定本国同国外债券有充分可替代性，而资产组合平衡法则假定本国同国外债券不具有充分可替代性，因此资产组合平衡法特别强调了债券市场的作用。货币法中也有两个基本的分析模型，一是弹性价格货币模型，另一个是粘性价格货币模型。前者认为汇率水平应主要由货币市场的供求状况决定；后者认为，在短期内，由于不同市场存在不同的调整速度，商品市场和资产市场并不是同时达到均衡的，资产市场调整快于商品市场调整使汇率出现超调，这便是短期内汇率容易波动的原因。资产组合模型指出，投资者根据对收益率和风险性的考察，将财富分配于各种可供选择的资产，确定自己的资产组合。当资产组合达到了稳定状态时，国内外资产市场供求也达到了均衡，均衡汇率也相应地被确定；当财富总量（资产供给）发生变化时，通过汇率和利率的共同调节，资产组合达到新的平衡。
• 资产组合模型放松了货币模型对资产替代性的假设，认为国内外资产之间不完全替代。
• 资产组合达到了稳定状态，国内外资产市场供求也达到了均衡，汇率也相应地被决定。
• 资产组合模型指出，投资者根据对收益率和风险性的考察，将财富分配于各种可供选择的资产，确定自己的资产组合。当资产组合达到了稳定状态时，国内外资产市场供求也达到了均衡，均衡汇率也相应地被确定；当财富总量（资产供给）发生变化时，通过汇率和利率的共同调节，资产组合达到新的平衡。

宏观经济学第15章国际经济学的基本知识

国际贸易好处的机会成本分析
机会成本不变假定（线性生产可能性线）
四、要素禀赋理论
瑞典经济学家赫克歇尔（1879-1959年）在其1919年发表的论文《对外贸易对收入分配的影响》中提出了这样一个问题：如何解释李嘉图理论中两国比较成本之间的差异？也就是说，国家之间的比较优势是由什么决定的。他认为，如果假定两国的生产技术完全相同，则两国要素禀赋的不同就成为决定两国之间比较成本存在差异，从而有必要进行贸易的唯一因素。赫克歇尔的学生俄林（1899—1979年）在此基础上于20世纪30年代建立起一个完整的理论体系。后来，美国著名经济学家萨缪尔森进一步推导出这一理论的数学条件。
五、规模经济理论
规模经济[Economics of Scale]——当所有生产要素按相同的比例增加（即生产规模扩大）时厂商所得到的好处。反之，则是规模不经济[Diseconomics of Scale] 。内部经济[Internal Economics]——当厂商规模扩大时由于自身内部因素所引起的收益增加。反之为内部不经济[Internal Diseconomics]。外部经济[External Economics]——行业规模的扩大使个别厂商所得到的好处。反之为外部不经济[External Diseconomics]。
交换结果：中国：大米拥有量50吨（自产100吨减出口50吨），小麦拥有量50吨（进口）。美国：大米拥有量70吨（自产20吨加进口50吨），小麦拥有量75吨（自产125吨减出口50吨）。贸易所得：中国增加小麦拥有量25吨；美国增加大米拥有量10吨。所以，国际贸易仍然有可能对双方都有好处。
不完全竞争和国际贸易
比较优势理论及要素禀赋理论在分析国际贸易时都假定产品市场是完全竞争的。随着制成品在国际贸易中所占比重越来越大、进出口企业规模越来越大，完全竞争假定就越来越不符合国际贸易的实际了。因为完全竞争市场的三个主要特征是产品无差异、存在大量小的买者和卖者和市场进入容易，而制成品是有差异的，进出口企业规模较大以至一家企业某一产品的贸易在国际贸易中所占比重较大，进入国际市场并不容易。因此，垄断竞争和寡头垄断被认为是国际贸易中的两种典型的市场结构。

国际经济学十五章题库

CHAPTER 15—EXCHANGE-RATE ADJUSTMENTS AND THE BALANCE OF PAYMENTSMULTIPLE CHOICE1. According to the absorption approach, the economic circumstances that best warrant a currencydevaluation is where the domestic economy faces:a. Unemployment coupled with a payments deficitb. Unemployment coupled with a payments surplusc. Full employment coupled with a payments deficitd. Full employment coupled with a payments surplusANS: A PTS: 12. According to the J-curve effect, when the exchange value of a country's currency appreciates, thecountry's trade balance:a. First moves toward deficit, then later toward surplusb. First moves toward surplus, then later toward deficitc. Moves into deficit and stays thered. Moves into surplus and stays thereANS: B PTS: 13. Assume that Brazil has a constant money supply and that it devalues its currency. The monetaryapproach to devaluation reasons that one of the following tends to occur for Brazil:a. Domestic prices rise--purchasing power of money falls--consumption fallsb. Domestic prices rise--purchasing power of money rises--consumption risesc. Domestic prices fall--purchasing power of money rises--consumption fallsd. Domestic prices fall--purchasing power of money rises--consumption risesANS: A PTS: 14. According to the Marshall-Lerner approach, a currency depreciation will best lead to animprovement on the home country's trade balance when the:a. Home demand for imports is inelastic--foreign export demand is inelasticb. Home demand for imports is inelastic--foreign export demand is elasticc. Home demand for imports is elastic--foreign export demand is inelasticd. Home demand for imports is elastic--foreign export demand is elasticANS: D PTS: 15. Assume an economy operates at full employment and faces a trade deficit. According to theabsorption approach, currency devaluation will improve the trade balance if domestic:a. Interest rates rise, thus encouraging investment spendingb. Income rises, thus stimulating consumptionc. Output falls to a lower leveld. Spending is cut, thus freeing resources to produce exportsANS: D PTS: 16. An appreciation of the U.S. dollar tends to:a. Discourage foreigners from making investments in the United Statesb. Discourage Americans from purchasing foreign goods and servicesc. Increase the number of dollars that could be bought with foreign currenciesd. Discourage Americans from traveling overseasANS: A PTS: 17. The Marshall-Lerner condition deals with the impact of currency depreciation on:a. Domestic incomeb. Domestic absorptionc. Purchasing power of money balancesd. Relative pricesANS: D PTS: 18. According to the J-curve concept, which of the following is false--that the effects of a currencydepreciation on the balance of payments are:a. Transmitted primarily via the income adjusted mechanismb. Likely to be adverse or negative in the short runc. In the long run positive, given favorable elasticity conditionsd. Influenced by offsetting devaluations made by other countriesANS: A PTS: 19. Which of the following is true for the J-curve effect? It:a. Applies to the interest rate effects of currency depreciationb. Applies to the income effects of currency depreciationc. Suggests that demand tends to be most elastic over the long rund. Suggests that demand tends to be least elastic over the long runANS: C PTS: 110. American citizens planning a vacation abroad would welcome:a. Appreciation of the dollarb. Depreciation of the dollarc. Higher wages extended to foreign workersd. Lower wages extended to foreign workersANS: A PTS: 111. Assume the Canadian demand elasticity for imports equals 0.2, while the foreign demandelasticity for Canadian exports equals 0.3. Responding to a trade deficit, suppose the Canadian dollar depreciates by 20 percent. For Canada, the depreciation would lead to a:a. Worsening trade balance--a larger deficitb. Improving trade balance--a smaller deficitc. Unchanged trade balanced. None of the aboveANS: A PTS: 112. Assume the Canadian demand elasticity for imports equals 1.2, while the foreign demandelasticity for Canadian exports equals 1.8. Responding to a trade deficit, suppose the Canadian dollar depreciates by 10 percent. For Canada, the depreciation would lead to a(n):a. Worsening trade balance--a larger deficitb. Improving trade balance--a smaller deficitc. Unchanged trade balanced. None of the aboveANS: B PTS: 113. From 1985 to 1988 the U.S. dollar depreciated over 50 percent against the yen, yet Japaneseexport prices to Americans did not come down the full extent of the dollar depreciation. This is best explained by:a. Partial currency pass-throughb. Complete currency pass-throughc. Partial J-curve effectd. Complete J-curve effectANS: A PTS: 114. Because of the J-curve effect and partial currency pass-through, a depreciation of the domesticcurrency tends to increase the size of a:a. Trade surplus in the short runb. Trade surplus in the long runc. Trade deficit in the short rund. Trade deficit in the long runANS: C PTS: 115. According to the Marshall-Lerner condition, a currency depreciation is least likely to lead to animprovement in the home country's trade balance when:a. Home demand for imports is inelastic and foreign export demand is inelasticb. Home demand for imports is elastic and foreign export demand is inelasticc. Home demand for imports is inelastic and foreign export demand is elasticd. Home demand for imports is elastic and foreign export demand is elasticANS: A PTS: 116. If foreign manufacturers cut manufacturing costs and profit margins in response to a depreciationin the U.S. dollar, the effect of these actions is to:a. Shorten the amount of time in which the depreciation leads to a smaller trade deficitb. Shorten the amount of time in which the depreciation leads to a smaller trade surplusc. Lengthen the amount of time in which the depreciation leads to a smaller trade deficitd. Lengthen the amount of time in which the depreciation leads to a smaller trade surplusANS: C PTS: 117. The shift in focus toward imperfectly competitive markets in domestic and international tradequestions the concept of:a. Official exchange ratesb. Complete currency pass-throughc. Exchange arbitraged. Trade-adjustment assistanceANS: B PTS: 118. The extent to which a change in the exchange rate leads to changes in import and export prices isknown as:a. The J-curve effectb. The Marshall-Lerner effectc. The absorption effectd. Pass-through effectANS: D PTS: 119. Complete currency pass-through arises when a 10 percent depreciation in the value of the dollarcauses U.S.:a. Import prices to fall by 10 percentb. Import prices to rise by 10 percentc. Export prices to rise by 10 percentd. Export prices to rise by 20 percentANS: B PTS: 120. Which approach predicts that if an economy operates at full employment and faces a trade deficit,currency devaluation (depreciation) will improve the trade balance only if domestic spending is cut, thus freeing resources to produce exports?a. The absorption approachb. The Marshall-Lerner approachc. The monetary approachd. The elasticities approachANS: A PTS: 121. Which approach analyzes a nation's balance of payments in terms of money demand and moneysupply?a. Expenditures approachb. Absorption approachc. Elasticities approachd. Monetary approachANS: D PTS: 122. The ____ effect suggests that following a currency depreciation a country's trade balanceworsens for a period before it improves.a. Marshall-Lernerb. J-curvec. Absorptiond. Pass-throughANS: B PTS: 123. The J-curve effect implies that following a currency appreciation, a country's trade balance:a. Worsens before it improvesb. Continually worsensc. Improves before it worsensd. Continually improvesANS: C PTS: 124. Which analysis considers the extent by which foreign and domestic prices adjust to a change inthe exchange rate in the short run:a. Monetary analysisb. Absorption analysisc. Expenditures analysisd. Pass-through analysisANS: D PTS: 125. The longer the currency pass-through period, the ____ required for currency depreciation to havethe intended effect on the trade balance.a. Shorter the time periodb. Longer the time periodc. Larger the spending cutd. Smaller the spending cutANS: B PTS: 126. The shorter the currency pass-through period, the ____ required for currency depreciation tohave the intended effect on the trade balance.a. Shorter the time periodb. Longer the time periodc. Larger the spending cutd. Smaller the spending cutANS: A PTS: 127. Assume that Ford Motor Company obtains all of its inputs in the United States and all of its costsare denominated in dollars. A depreciation of the dollar's exchange value:a. Enhances its international competitivenessb. Worsens its international competitivenessc. Does not affect its international competitivenessd. None of the aboveANS: A PTS: 128. Assume that Ford Motor Company obtains all of its inputs in the United States and all of its costsare denominated in dollars. An appreciation of the dollar's exchange value:a. Enhances its international competitivenessb. Worsens its international competitivenessc. Does not affect its international competitivenessd. None of the aboveANS: B PTS: 129. Assume that Ford Motor Company obtains some of its inputs in Mexico (foreign sourcing). Asthe peso becomes a larger portion of Ford's total costs, a dollar appreciation leads to a ____ in the peso cost of a Ford vehicle and a ____ in the dollar cost of a Ford compared to the cost changes that occur when all input costs are dollar denominated.a. Smaller increase, larger decreaseb. Smaller increase, smaller decreasec. Larger increase, smaller decreased. Larger increase, larger decreaseANS: A PTS: 130. Assume that Ford Motor Company obtains some of its inputs in Mexico (foreign sourcing). Asthe peso becomes a larger portion of Ford's total costs, a dollar depreciation leads to a (an) ____ in the peso cost of a Ford vehicle and a (an) ____ in the dollar cost of a Ford compared to the cost changes that occur when all input costs are dollar denominated.a. Decrease, increaseb. Increase, decreasec. Decrease, decreased. Increase, increaseANS: A PTS: 131. Given favorable elasticity conditions, an appreciation of the yen results ina. A smaller Japanese trade deficitb. A larger Japanese trade surplusc. Decreased prices for imported products for Japand. Increased prices for imported products for JapanANS: C PTS: 132. Given favorable elasticity conditions, a depreciation of the lira tends to result in:a. Lower prices of imported products for Italyb. Higher prices of imported products for Italyc. A larger trade deficit for Italyd. A smaller trade surplus for ItalyANS: B PTS: 133. According to the J-curve effect, a depreciation of the pound's exchange value has:a. No impact on a U.K. balance-of-trade deficit in the short runb. No impact on a U.K. balance-of-trade deficit in the long runc. An immediate negative effect on the U.K. balance of traded. An immediate positive effect on the U.K. balance of tradeANS: C PTS: 134. According to the J-curve effect, an appreciation of the yens exchange value has:a. No impact on the Japanese trade balance in the short runb. No impact on the Japanese trade balance in the long runc. An immediate negative effect on the Japanese trade balanced. An immediate positive effect on the Japanese trade balanceANS: D PTS: 135. According to the Marshall-Lerner condition, currency depreciation has no effect on a country'strade balance if the elasticity of demand for its exports plus the elasticity of demand for itsimports equals:a. 0.1b. 0.5c. 1.0d. 2.0ANS: C PTS: 136. According to the Marshall-Lerner condition, currency depreciation would have a positive effecton a country's trade balance if the elasticity of demand for its exports plus the elasticity ofdemand for its imports equals:a. 0.2b. 0.5c. 1.0d. 2.0ANS: D PTS: 137. According to the Marshall-Lerner condition, currency depreciation would have a negative effecton a country's trade balance if the elasticity of demand for its exports plus the elasticity ofdemand for its imports equals:a. 0.5b. 1.0c. 1.5d. 2.0ANS: A PTS: 138. The absorption approach suggests that one of the following causes a trade deficit to decreasefollowing currency depreciation:a. A decline in domestic interest ratesb. A rise in domestic importsc. A rise in government spendingd. A decline in domestic absorptionANS: D PTS: 139. The absorption approach to currency depreciation is represented by one of the followingequations:a. B = Y - Ab. Y = C + I + G + (X-M)c. I + X = S + Md. S - I = X - MANS: A PTS: 140. The time period that it takes for companies to form new business connections and place neworders in response to currency depreciation is known as the:a. Recognition lagb. Replacement lagc. Decision lagd. Production lagANS: C PTS: 141. The time period that it takes for companies to increase output of commodities for which demandhas increased due to currency depreciation is known as the:a. Recognition lagb. Decision lagc. Replacement lagd. Production lagANS: D PTS: 142. According to the J-curve effect, currency appreciation:a. Decreases a trade surplusb. Increases a trade surplusc. Decreases a trade surplus before increasing a trade surplusd. Increases a trade surplus before decreasing a trade surplusANS: D PTS: 143. According to the J-curve effect, currency depreciation:a. Decreases a trade deficitb. Increases a trade deficitc. Decreases a trade deficit before increasing a trade deficitd. Increases a trade deficit before decreasing a trade deficitANS: D PTS: 144. The analysis of the effects of currency depreciation include all of the following except the:a. Absorption approachb. Elasticity approachc. Fiscal approachd. Monetary approachANS: C PTS: 145. According to the absorption approach (B = Y - A), currency devaluation improves a nation'strade balance if:a. Y increases and A increasesb. Y decreases and A decreasesc. Y increases and/or A decreasesd. Y decreases and/or A increasesANS: C PTS: 146. The effect of currency depreciation on the purchasing power of money balances and the resultingimpact on domestic expenditures is emphasized by the:a. Absorption approachb. Monetary approachc. Fiscal approachd. Elasticity approachANS: B PTS: 147. The Marshall-Lerner condition suggests that depreciation of the franc leads to a worsening ofFrance's trade account if the:a. Elasticity of demand for French exports is 0.4 while the French elasticity of demand forimports is 0.2b. Elasticity of demand for French exports is 0.6 while the French elasticity of demand forimports is 0.4c. Elasticity of demand for French exports is 0.5 while the French elasticity of demand forimports is 0.7d. Elasticity of demand for French exports is 0.6 while the French elasticity of demand forimports is 0.7ANS: A PTS: 1Table 14.1. Hypothetical Costs of Producing an Automobile for Toyota Inc. of JapanCost Component Yen Cost Dollar-Equivalent Cost Labor 1,200,000MaterialsSteel 800,000Other materials 1,600,000Total material costs 2,400,000Other costs 400,000Total costs 4,000,00048. Refer to Table 14.1. Assuming that Toyota obtains all inputs from Japanese suppliers and that theyen/dollar exchange rate is 200 yen per dollar. The dollar-equivalent cost of a Toyota automobile equals:a. $5000b. $10,000c. $15,000d. $20,000ANS: D PTS: 149. Refer to Table 14.1. Assume that Toyota Inc. obtains all of its automobile inputs from Japanesesuppliers. If the yen's exchange value appreciates from 200 yen = $1 to 100 yen = $1, the yen cost of a Toyota automobile equals:a. 4,000,000 yenb. 6,000,000 yenc. 8,000,000 yend. 10,000,000 yenANS: D PTS: 150. Refer to Table 14.1. Assume that Toyota Inc. obtains all of its automobile inputs from Japanesesuppliers. If the yen's exchange value appreciates from 200 yen = $1 to 100 yen = $1, thedollar-equivalent cost of a Toyota automobile equals:a. $10,000b. $20,000c. $30,000d. $40,000ANS: D PTS: 151. Refer to Table 14.1. Assume that Toyota Inc. imports steel from U.S. suppliers, whose costs aredenominated in dollars, while all other inputs are obtained from Japanese suppliers whose costs are denominated in yen. If the yen's exchange value appreciates from 200 yen = $1 to 100 yen = $1, the yen cost of a Toyota automobile equals:a. 2,400,000 yenb. 3,000,000 yenc. 3,600,000 yend. 4,200,000 yenANS: C PTS: 152. Refer to Table 14.1. Assume that Toyota Inc. imports steel from U.S. suppliers, whose costs aredenominated in dollars, while all other inputs are obtained from Japanese suppliers whose costs are denominated in yen. If the yen's exchange value appreciates from 200 yen = $1 to 100 yen = $1, the dollar-equivalent cost of a Toyota automobile equals:a. $24,000b. $30,000c. $36,000d. $42,000ANS: C PTS: 153. The lag that occurs between changes in relative prices and the quantities of goods traded is thea. Recognition lagb. Recovery lagc. Implementation lagd. Legislative lagANS: A PTS: 154. The Marshall-Lerner condition illustratesa. The price effects of a nation's currency depreciation on its trade deficitb. The price effects of a nation's currency appreciation on its trade deficitc. The effect of fixed exchange rate systems on the trade balanced. None of the aboveANS: A PTS: 155. The absorption approach to currency depreciation focuses on thea. Purchasing power of moneyb. Relative price effectsc. Income effectsd. Price elasticity of demandANS: C PTS: 156. Reversing balance of payments disequilibria may came at the expense ofa. Economic relations with our trading partnersb. Domestic recessionc. Price inflationd. All of the aboveANS: D PTS: 1TRUE/FALSE1. Currency devaluation is initiated by governmental policy rather than the free-market forces ofsupply and demand.ANS: T PTS: 12. If a currency's exchange rate is overvalued, a government would likely initiate actions to revaluethe currency.ANS: F PTS: 13. If a currency's exchange rate is undervalued, a government would likely initiate actions todevalue the currency.ANS: F PTS: 14. The purpose of currency devaluation is to cause a depreciation in a currency's exchange value.ANS: T PTS: 15. The purpose of currency revaluation is to cause an appreciation in a currency's exchange value.ANS: T PTS: 16. Assume that General Motors employs labor and materials, whose costs are denominated indollars, in the production of automobiles. If the dollar's exchange value depreciates by 10 percent against the yen, the yen-denominated cost of a GM vehicle rises by 10 percent.ANS: T PTS: 17. Assume that General Motors employs labor and materials, whose costs are denominated indollars, in the production of automobiles. If the dollar's exchange value appreciates by 10 percent against the yen, the yen-denominated cost of a GM vehicle falls by 10 percent.ANS: T PTS: 18. Appreciation of the dollar's exchange value worsens the international competitiveness of BoeingInc., whereas a dollar depreciation improves its international competitiveness.ANS: T PTS: 19. When manufacturing automobiles, suppose that General Motors uses labor and materials whosecosts are denominated in dollars and pounds respectively. If the dollar's exchange valueappreciates by 15 percent against the pound, the pound-denominated cost of a GM vehicle rises by 15 percent.ANS: F PTS: 110. According to the absorption approach, currency devaluation best improves a country's tradebalance when its economy is at maximum capacity.ANS: F PTS: 111. When manufacturing computer software, suppose that Microsoft Inc. uses labor and materialswhose costs are denominated in dollars and francs respectively. If the dollar's exchange value depreciates 10 percent against the franc, the franc-denominated cost of the firm's software falls by 10 percent.ANS: F PTS: 112. When producing jetliners, suppose that Boeing employs labor and materials whose costs aredenominated in dollars and marks respectively. If the dollar's exchange value depreciates 20 percent against the mark, the mark-denominated cost of a Boeing jetliner falls by an amount less than 20 percent.ANS: T PTS: 113. As yen-denominated costs become a larger portion of Ford's total costs, a dollar appreciationresults in a smaller increase in the yen-denominated cost of a Ford auto than occurs when all input costs are dollar denominated.ANS: T PTS: 114. A depreciation of the dollar results in Whirlpool dishwashers becoming less competitive inEurope.ANS: F PTS: 115. By decreasing the relative production costs of U.S. companies, a dollar appreciation tends tolower U.S. export prices in foreign-currency terms, which induces an increase in the amount of U.S. goods exported abroad.ANS: F PTS: 116. By increasing relative U.S. production costs, a dollar depreciation tends to increase U.S. exportprices in foreign-currency terms, which results in an increase in the quantity of U.S. goodsexported abroad.ANS: F PTS: 117. Suppose the exchange value of the franc rises against the currencies of Switzerland's majortrading partners. To protect themselves from decreases in foreign sales caused by the mark's appreciation, Swiss companies could shift production to countries whose currencies haddepreciated against the mark.ANS: T PTS: 118. In the early 1990s, the yen sharply appreciated against the dollar. To protect themselves fromexport reductions caused by the yen's appreciation, Japanese auto companies transferredincreasing amounts of auto production from the United States to Japan.ANS: F PTS: 119. The elasticity approach to currency depreciation emphasizes the income effects of depreciation.ANS: T PTS: 120. The elasticity approach to currency depreciation emphasizes the relative price effects ofdepreciation and suggests that depreciation best improves a country's trade balance when the elasticities of demand for the country's imports and exports are high.ANS: T PTS: 121. The absorption approach to currency devaluation deals with the income effects of devaluationwhile the elasticity approach to devaluation deals with the price effects of devaluation.ANS: T PTS: 122. According to the absorption approach, an increase in domestic expenditures must occur forcurrency devaluation to promote balance of trade equilibrium.ANS: F PTS: 123. The monetary approach emphasizes the effects of currency depreciation on the purchasing powerof money, and the resulting impact on domestic expenditure levels.ANS: T PTS: 124. According to the Marshall-Lerner condition, currency depreciation will worsen a country'sbalance of trade if the country's elasticity of demand for imports plus the foreign demandelasticity for the country's exports exceeds 1.0.ANS: F PTS: 125. The Marshall-Lerner condition asserts that if the sum of a country's elasticity of demand forimports and the foreign elasticity of demand for the country's exports equals 1.0, a depreciation of the country's currency will not affect its balance of trade.ANS: F PTS: 126. Suppose the U.S. price elasticity of demand for imports equals 0.4 and the foreign demandelasticity for the U.S. exports equals 0.2. According to the Marshall-Lerner condition, adepreciation of the dollar's exchange value will improve the U.S. balance of trade.ANS: T PTS: 127. The Marshall-Lerner condition suggests that if the sum of a country's elasticity of demand forimports and the foreign elasticity of demand for the country's exports exceeds 1.0, anappreciation of the country's exchange rate will worsen its balance of trade.ANS: T PTS: 128. Suppose the U.S. price elasticity of demand for imports equals 1.2 and the foreign elasticity ofdemand for U.S. exports equals 1.5. According to the Marshall-Lerner condition, an appreciation of the dollar's exchange value would worsen the U.S. balance of trade.ANS: T PTS: 129. Empirical research suggests that most countries' price elasticities of demand for imports andexports are very inelastic, suggesting that currency depreciation would result in a worsening of a country's balance of trade.ANS: F PTS: 130. The J-curve effect implies that in the short run a currency depreciation will result in a balance oftrade surplus for the home country. As time passes, however, the home country's balance of trade will move toward deficit.ANS: F PTS: 131. Suppose the dollar appreciates 10 percent against the Swiss franc. According to the J-curve effect,the U.S. balance of trade will initially worsen, but then improve as time passes.ANS: T PTS: 132. The J-curve effect implies that the price elasticity of demand for imports and exports is moreelastic in the short run than in the long run.ANS: F PTS: 133. The extent to which changing currency values result in changing prices of imports and exports isknown as the J-curve effect.ANS: F PTS: 134. Complete currency pass through suggests that if the dollar's exchange value depreciates by 10percent, imports will become 10 percent more expensive to Americans while U.S. exports will become 10 percent cheaper to foreigners.ANS: T PTS: 135. Partial currency pass-through implies that if the dollar's exchange value appreciates by 10percent, imports would become, say, 6 percent more expensive to Americans while U.S. exports would become, say, 8 percent cheaper to foreigners.ANS: F PTS: 136. Suppose the U.S. economy is operating at full capacity and the dollar's exchange valuedepreciates. According to the absorption approach, the United States would have to acceptreductions in domestic spending if the U.S. trade balance is to improve as a result of thedepreciation.ANS: T PTS: 1SHORT ANSWER1. How do demand elasticities influence a country's trade position when exchange rates change?ANS:According to the elasticities approach, currency depreciation leads to the greatest improvement in a country's trade position when demand elasticities are high. This is because the response of trade volumes to exchange-rate changes is highest when demand is elastic.PTS: 12. How is the absorption approach used for analyzing the effects of currency devaluation?ANS:The absorption approach provides insights about the changes in the trade balance by considering the impact of devaluation on the spending behavior of the domestic economy and the influence of domestic spending on the trade balance.PTS: 1。

国际经济学(下册国际金融)克鲁格曼中文答案

《国际经济学》（国际金融）习题答案要点第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()()p CA S 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。

国际经济学15章

dA=adY+dAd ，d(CA)=(1－a)dY－dAd 。所以贬值对贸易差额的影响包括两部分，即贬值的收入效应(1－a)dY及贬值的吸收效应（直接效应）dAd。只有当(1－a)dY>dAd时，贸易收支方能得到改善。 1、贬值的收入效应：（1）闲置资源效应（Idle Resources Effect）：即当一国生产要素尚未被充分利用而存在闲置的生产能力时，由贬值引起的出口需求上升就可能进而引发产量扩大，使国民收入增加，但同时也引致国内吸收（投资和消费）的增加，其最终效果取决于贬值的收入效应(1－a)dY是正还是负，而这又取决于边际吸收倾向。 A．若a <1，则(1－a)dY >0，国内吸收的增加小于国民收入的增加，贸易收支得到改善； B．若a >1，则(1－a)dY <0，国内吸收的增加大于国民收入的增加，于是贸易收支进一步恶化； C．若a =1，则(1－a)dY =0，贬值不产生收入效应，从而不影响贸易收支。
二、吸收论（Absorption Approach）根据前面的凯恩斯宏观经济模型，我们知道贸易差额等于一国的国民收入与其吸收之间的差额，即：CA=X－M=Y－(C+I+G)=Y－A
国际收支吸收分析法的基本思想：贸易收支顺差意味着国民收入大于国内吸收，逆差则相反。因此，当一国贸易收支处于失衡状态时，可通过改变国民收入或国内吸收的办法来加以调节。对上式两边进行微分可得：d(CA)=dY—dA 由上式可知，货币贬值对贸易差额的影响效果取决于其对国民收入和吸收的影响效果的比较。其中货币贬值对吸收的影响可分解为两部分：（１）是贬值后收入变动对吸收的影响，即为收入变动的“引致支出”效应，该效应可表示成adY，a为边际吸收倾向，它等于边际消费倾向与边际投资倾向之和；（２）是除收入变动影响之外的贬值对吸收的直接影响效应，该效应可表示为dAd。两种效应之和等于货币贬值对吸收的净影响效应。

国际经济学第15章看-

O
LM2 LM0 LM1
Y
LM曲线向右上方倾斜, 可以用凯恩斯主义的货币理论
来解释: 货币需求（L）是由货币的交易需求与预防需求（ L1）和货币的投机需求（L2）所组成。货币的交易需求与预防需求取决于国民收入, 与国民收入同方向变动；而货币的投机需求取决于利率, 与利率成反方向变动。
当货币供给既定时, 如果货币的交易需求与预防需
10.2.3 IS-LM-FE 模型
◆ 在开放经济中, 我们可以用IS-LM-FE模型来研究如何使一国经济同时达到内外部均衡。
◆ IS曲线表示的是商品市场的均衡, 描述的是在商品市场达到均衡时, 国民收入与利率之间的关系。LM曲线表示的货币市场的均衡, 描述的是在货币市场达到均衡时, 国民收入与利率之间的关系。FE曲线表示国际收支平衡。
图10-12 固定汇率条件下的财政和货币政策
r FE LM´Leabharlann rFFLME
rE
IS´
IS
O
YE YF
Y
2. 浮动汇率条件下的政策组合如果一国实行的是浮动汇率制, 汇率可以自由地变动, 意味着一国的外汇供给与外汇需求应该是相等的, 也就是说该国在长期内不应存在外部失衡问题。这时, 就可以集中运用财政政策和货币政策实现内部均衡。此外, 在短期内还可以采用汇率变动的支出转换政策来实现对外均衡。
◆ 在浮动汇率条件下, 货币政策的作用效果要比在固定汇率条件下明显得多。如果一国增加货币供给, 就会造成利率的下降。从短期看, 利率的下降将导致资本外流, 支出增加及国民收入的提高会导致进口的扩大, 因而使国际收支状况恶化。
◆ 支出调整政策就是需求管理政策, 由财政政策和货币政策组成。支出转换政策是指能够影响贸易商品的国际竞争力, 通过改变支出的构成增加本国收入的政策。狭义的支出转换政策是指汇率政策。

国际经济学第十五章作业 内容