开放的经济剖析.ppt

* A good candidate for the basket of goods mentioned here is the CPI basket. Perhaps a better candidate would be a basket including all goods services that comprise GDP. Then, the real exchange rate would measure how many units of foreign GDP trade for one unit of domestic GDP. * * The real exchange rate here is a broad index. Source: Federal Reserve Statistical Release H.10, Board of Governors. NX as a percent of GDP was computed from NX and GDP source data from Department of Commerce, Bureau of Economic Analysis (via FRED, the Federal Reserve Bank of St. Louis online database). * * * * In the equation, ε is the only endogenous variable; hence this equation determines its value. * *** Note *** At the lower left corner of this graph, NX does NOT NECESSARILY EQUAL ZERO!!! * WARNING: Don’t let your students confuse the demand for dollars in the foreign exchange market with demand for real money balances (Chapter 4), or the supply of dollars in the foreign exchange market with the supply of money (Chapter 4). If you and your students are into details: NX is actually the net demand for dollars: foreign demand for dollars to purchase our exports minus our supply of dollars to purchase imports. Net capital outflow is the net supply of dollars: The supply of dollars from U.S. residents investing abroad minus the demand for dollars from foreigners buying U.S. assets. * * * * Suggestion: Have your students do this experiment as an in-class exercise. Have them take out a piece of paper, draw the graph, then show what happens when there’s an increase in the country’s investment demand (perhaps in response to an investment tax credit). * The analysis here applies for import restrictions (tariffs, quotas) as well as export subsidies. * In the text box, the remarks in parentheses after each result provide an abbreviated explanation for that result. The real exchange rate appreciates, because the quota has raised the net demand for dollars associat