最新版曼昆宏观经济学ch6.pptxVIP

The Open Economy;IN THIS CHAPTER, YOU WILL LEARN:;Imports and exports of selected countries, 2010;In an open economy,;Preliminaries;GDP = expenditure on domestically produced g s;The national income identity in an open economy;Trade surpluses and deficits;International capital flows;The link between trade cap. flows;Saving, investment, and the trade balance 1960–2012;U.S.: The world’s largest debtor nation;Saving and investment in a small open economy;National saving: The supply of loanable funds;Assumptions about capital flows;Investment: The demand for loanable funds;If the economy were closed…;But in a small open economy…;Next, three experiments:;1. Fiscal policy at home;NX and the federal budget deficit (% of GDP), 1965–2012;2. Fiscal policy abroad;;;The nominal exchange rate;A few exchange rates, as of 5/24/2012;The real exchange rate;Understanding the units of ε;one good: Big Mac price in Japan:  P* = 200 Yen price in USA:  P = $2.50 nominal exchange rate  e = 120 Yen/$;ε in the real world our model;How NX depends on ε ;U.S. net exports and the real exchange rate, 1973–2012;The net exports function;The NX curve for the U.S.;The NX curve for the U.S.;How ε is determined;How ε is determined;Interpretation: supply and demand in the foreign exchange market;Next, four experiments:;1. Fiscal policy at home;2. Fiscal policy abroad;;;4. Trade policy to restrict imports;4. Trade policy to restrict imports;The determinants of the nominal exchange rate;The determinants of the nominal exchange rate;The determinants of the nominal exchange rate;Inflation differentials and nominal exchange rates for a cross section of countries;Purchasing Power Parity (PPP);Purchasing Power Parity (PPP);Purchasing Power Parity (PPP);Does PPP hold in the real world?;no change;The U.S. as a large open economy;;CHAPTER SUMMARY;CHAPTER SUMMARY;CHAPTER SUMMARY;CHAPTER SUMMARY;CHAPTER SUMMARY