曼昆--《经济学理》宏观经济学分册第六版.ppt

* This graph combines panels (a) and (b) of Figure 2 in the textbook. National saving is constructed as Y – C – G. Investment is gross private domestic investment. NCO is constructed as S – I. Source: U.S. Department of Commerce. I obtained the data from: /fred2/ Series: GDP (for Y), GDPI (for I), GCE (for G), PCE (for C). All data are quarterly, SAAR, billions of current dollars. * This slide mirrors the discussion at the end of the textbook’s case study “Is the U.S. Trade Deficit a National Problem?” The following slide does not. * The material on this slide is NOT IN THE TEXTBOOK, AND NOT SUPPORTED WITH STUDY GUIDE OR TEST BANK QUESTIONS. Therefore, you may wish to skip this slide. In case you do, I have omitted it from the student handout file for this chapter. But I hope you’ll consider keeping it. Students find it interesting, and it is the logical conclusion of the case study. U.S. assets are generally considered less risky than other countries’ assets, so the U.S. has been able to borrow from abroad at lower interest rates than it receives on its assets abroad. As a result, total interest payments the U.S. makes to foreigners are not much different than the total interest the U.S. earns on its foreign assets, even though the U.S. owes foreigners $2.5 trillion more than foreigners owe the U.S. Hence, the $2.5 trillion net debt is not much of a drain on U.S. income. Not at this point. But that could change. As the U.S. debt continues to grow, foreigners may require higher interest rates to continue to supply the U.S. with the capital it needs to finance its trade deficits. If so, servicing the U.S.’ net debt will become an increasing drain on future U.S. income Data source: Bureau of Economic Analysis, U.S. Department of Commerce: /newsreleases/international/intinv/intinvnewsrelease.htm * Just before you teach this, consider updating the data with the latest available. One convenient place for exchange rate data is /i