Chap_18宏观经济学曼昆

7THEMACROECONOMICSOFOPENECONOMIES开放经济宏观经济学Open-EconomyMacroeconomics:BasicConcepts开放经济宏观经济学：基本概念Chapter18Harcourt,Inc.itemsandderiveditemscopyright©2001byHarcourt,Inc.本章我们将探索这些问题的答案：物品与资本的国际流动是如何联系起来的？真实汇率与名义汇率有什么区别？什么是“购买力平价”？它又是如何解释名义汇率的？3Harcourt,Inc.itemsandderiveditemscopyright©2001byHarcourt,Inc.OpenandClosedEconomies开放经济与封闭经济Aclosedeconomyisonethatdoesnotinteractwithothereconomiesintheworld.封闭经济——不与世界其他经济进行交易的经济。Therearenoexports,noimports,andnocapitalflows.没有出口、进口，也没有资本流动。Harcourt,Inc.itemsandderiveditemscopyright©2001byHarcourt,Inc.OpenandClosedEconomies开放经济与封闭经济Anopeneconomyisonethatinteractsfreelywithothereconomiesaroundtheworld.开放经济——自由地与世界其他经济进行交易的经济。Harcourt,Inc.itemsandderiveditemscopyright©2001byHarcourt,Inc.18.1TheinternationalFlowofGoodsandcapital物品与资本的国际流动Anopeneconomyinteractswithothercountriesintwoways.一个开放经济以两种方式与其他国家相互交易。Itbuysandsellsgoodsandservicesinworldproductmarkets.在世界产品市场上购买并出售物品与劳务。Itbuysandsellscapitalassetsinworldfinancialmarkets.在世界金融市场上购买并出售资本资产。Harcourt,Inc.itemsandderiveditemscopyright©2001byHarcourt,Inc.TheU.S.isaverylargeandopeneconomy–itimportsandexportshugequantitiesofgoodsandservices.美国是一个很大的开放经济体，它进口和出口大量的物品与劳务。Overthepastfourdecades,internationaltradeandfinancehavebecomeincreasinglyimportant.在过去的40年里，国际贸易和国际金融已经变得越来越重要。Harcourt,Inc.itemsandderiveditemscopyright©2001byHarcourt,Inc.18.1TheFlowofGoods:Exports,Imports,NetExports物品的流动：出口、进口以及净出口Exportsaredomesticallyproducedgoodsandservicesthataresoldabroad.出口——国内生产而在国外销售的物品与劳务Importsareforeignproducedgoodsandservicesthataresolddomestically.进口——国外生产而在国内销售的物品与劳务Netexports(NX)arethevalueofanation’sexportsminusthevalueofitsimports.Netexportsarealsocalledthetradebalance.净出口——一国的出口值减去进口值。净出口又被称为贸易余额Harcourt,Inc.itemsandderiveditemscopyright©2001byHarcourt,Inc.Atradedeficitisasituationinwhichnetexports(NX)arenegative.ImportsExportsAtradesurplusisasituationinwhichnetexports(NX)arepositive.ExportsImportsBalancedtradereferstowhennetexportsarezero–exportsandimportsareexactlyequal.Harcourt,Inc.itemsandderiveditemscopyright©2001byHarcourt,Inc.贸易赤字是净出口小于零的状况。进口出口贸易盈余是净出口大于零的状况。出口进口平衡的贸易——出口正好等于进口的状况。Harcourt,Inc.itemsandderiveditemscopyright©2001byHarcourt,Inc.你认为下列事件对美国的净出口会有什么影响？A.加拿大陷入衰退（收入下降，失业增加）B.美国消费者决定为爱国购买更多“美国制造”的产品C.墨西哥生产物品的价格比美国生产物品价格上涨更快课堂练习1影响净出口的变量11Harcourt,Inc.itemsandderiveditemscopyright©2001byHarcourt,Inc.A.加拿大陷入衰退（收入下降，失业增加）美国的净出口会减少因为加拿大消费者会减少买美国出口产品的购买B.美国消费者决定为爱国购买更多“美国制造”的产品美国的净出口会增加因为进口下降课堂练习1参考答案12Harcourt,Inc.itemsandderiveditemscopyright©2001byHarcourt,Inc.C.墨西哥生产物品的价格比美国生产物品价格上涨更快这使美国产品相对于墨西哥产品更有吸引力对墨西哥的出口增加，从墨西哥的进口减少因此美国的净出口会增加课堂练习1参考答案13Harcourt,Inc.itemsandderiveditemscopyright©2001byHarcourt,Inc.FactorsThatAffectNetExports影响净出口的因素（1）Thetastesofconsumersfordomesticandforeigngoods.消费者对国内与国外物品的嗜好。（2）Thepricesofgoodsathomeandabroad.国内与国外物品的价格。（3）Theexchangeratesatwhichpeoplecanusedomesticcurrencytobuyforeigncurrencies.人们可以用国内通货购买国外通货的汇率。Harcourt,Inc.itemsandderiveditemscopyright©2001byHarcourt,Inc.FactorsThatAffectNetExports影响净出口的因素（4）Theincomesofconsumersathomeandabroad.国内与国外消费者的收入。（5）Thecostsoftransportinggoodsfromcountrytocountry.从一国向另一国运送物品的成本。（6）Thepoliciesofthegovernmenttowardinternationaltrade.政府对国际贸易的政策。Figure1TheInternationalizationoftheU.S.EconomyPercentofGDP05101519501955196019651970197519801990198520001995ExportsImports图1.美国经济的国际化GDP的百分比05101519501955196019651970197519801990198520001995出口进口Harcourt,Inc.itemsandderiveditemscopyright©2001byHarcourt,Inc.18.1.2TheFlowofFinancialResources:NetCapitalOutflowNetcapitaloutflowreferstothepurchaseofforeignassetsbydomesticresidentsminusthepurchaseofdomesticassetsbyforeigners.AU.S.residentbuysstockintheToyotacorporationandaMexicanbuysstockintheFordMotorcorporation.Harcourt,Inc.itemsandderiveditemscopyright©2001byHarcourt,Inc.18.1.2金融资源的流动:净资本外流净资本外流——本国居民购买的外国资产减外国人购买的国内资产。一个美国居民购买丰田公司的股票，一个墨西哥人购买美国福特公司的股票。Harcourt,Inc.itemsandderiveditemscopyright©2001byHarcourt,Inc.WhenaU.S.residentbuysstockinTelmex,theMexicanphonecompany,thepurchaseraisesU.S.NetCapitalOutflow。当一个美国居民购买了墨西哥电话公司（Telmex）的股票时，这种购买增加了美国的净资本外流。WhenaJapaneseresidentsbuysabondissuedbytheU.S.government,thepurchasereducestheU.S.NetCapitalOutflow。当一个日本居民购买了美国政府发行的债券时，这种购买减少了美国的净资本外流。Harcourt,Inc.itemsandderiveditemscopyright©2001byHarcourt,Inc.VariablesthatInfluenceNetCapitalOutflowTherealinterestratesbeingpaidonforeignassets.Therealinterestratesbeingpaidondomesticassets.Theperceivedeconomicandpoliticalrisksofholdingassetsabroad.Thegovernmentpoliciesthataffectforeignownershipofdomesticassets.Harcourt,Inc.itemsandderiveditemscopyright©2001byHarcourt,Inc.影响净资本外流的因素国外资产得到的实际利率。国内资产得到的实际利率。持有国外资产可以觉察到的经济与政治风险。影响国外拥有国内资产的政府政策。Harcourt,Inc.itemsandderiveditemscopyright©2001byHarcourt,Inc.18.1.3TheEqualityofNetExportsandNetCapitalOutflowNetexports(NX)andnetcapitaloutflow(NCO)arecloselylinked.Foraneconomyasawhole,NXand(NCO)mustbalanceeachothersothat:NCO=NXThisholdstruebecauseeverytransactionthataffectsonesidemustalsoaffecttheothersidebythesameamount.Ha