曼昆经济学理第5版宏观PPT全.ppt

These review questions are not hard, but will give students – and you – a quick check of their understanding. If you wish, you can change the slide title from “Chapter review questions” to “Practice exam questions” or “Old exam questions.” Anything with the word “exam” always gets students’ attention! This is the first time students are seeing the two graphs together. Be sure to point out that the vertical axis of both graphs measures the same variable on the same scale. Hence, r1 in the graph on the left is the same as r1 in the graph on the right. Also, be sure to mention the direction of causality: the LF market diagram determines r, and then this value of r determines NCO in the diagram on the right. * That NX = demand for dollars and NCO = supply of dollars is critically important. Make sure to allow enough time for students to write this down in their notes. * The 5th edition has a new paragraph with more intuition explaining why the S/NCO curve is vertical rather than positively sloped. Here’s a quick summary: If E rises, our dollars can buy more foreign assets (perhaps 60,000 pesos worth of Mexican bonds instead of 50,000). Yet, what we care about is the rate of return on foreign assets. This return does not depend on whether E is high or low. * It might be worth elaborating for a moment on the parenthetical remark: “Hence, NX is really the net demand for dollars.” What we mean is that NX equals foreign demand for dollars to purchase U.S. exports minus U.S. supply of dollars to purchase imports. * Again, please consider elaborating on the parenthetical remark: “So, NCO is really the net supply of dollars.” It means that NCO equals U.S. supply of dollars to purchase foreign assets minus foreign demand for dollars to purchase U.S. assets. This exercise, like the previous one, lets students work with one piece of the larger model before putting all the pieces together. * Data are 5-year averages of quarterly data. (Thi