经济学原理_32开放经济的宏观经济理论详解.ppt

DISCLAIMER: This case study is not in the textbook and not supported with material in the study guide, instructors manual, or test bank, so please feel free to delete it. However, this is a very topical issue that many students want to better understand. (The Daily Show with Jon Stewart and the Colbert Report, two shows many college students watch, make jokes about the falling dollar on occasion.) Data description: Trade-weighted exchange index: major currencies. Source: Board of Governors, Federal Reserve, Release G.5 Foreign Exchange Rates I used the series TWEXMMTH from FRED: /fred2/ This case study is not intended as a definitive explanation of the causes of the falling dollar. Rather, it mentions two of the most likely causes of the falling dollar, which students can now better understand using the analysis in this chapter. Regarding the interest rate cuts: Students learned in this and the previous chapter how changes in interest rates affect NCO, which in turn affects the supply of dollars in the foreign exchange market, which in turn affects the exchange rate. What this chapter does NOT cover is how the Federal Reserve affects interest rates. The loanable funds framework in this chapter is not the best framework for illustrating Federal Reserve policy. (The loanable funds framework deals in flows, whereas we typically use the stocks model of money supply and demand to illustrate Fed policy.) Students can see a discussion and illustration of Federal Reserve interest rate policy in the chapters “The Monetary System” and “The Influence of Monetary and Fiscal Policy on Aggregate Demand”. 开放经济的宏观经济理论 * 案例研究： 中国的资本流动 近年来，中国通过压低人民币的汇率来鼓励出口，从而积累了大量美国资产 导致美国： 美元相对于人民币升值 从中国进口更多物品 贸易赤字增加 一些美国政治家要求中国停止“通货操纵”，否则会限制与中国的贸易，以此来保护受影响的美国行业 然而，美国的消费者却从低价格中获益，中国通货操纵对美国经济的净影响也许并不大 开放经济的宏观经济理论 * 政治不稳定与资本外逃 1994年：墨西哥的政治不稳定导致世界金融市场动荡 人们担心他们所持有的墨西哥资产的安全性 人们大量出售墨西哥资产，并把资本转移出墨西哥 资本外逃：一国资产需求大量且突然地减少 我们用模型来分析这种现象，但是是从墨西哥的视角，而非美国 0 开放经济的宏观经济理论 * 真实利率与资本净流出的