国际金融第八章幻灯片.pptVIP

Part II Macro Policies for Open Economies;macroeconomic performance （宏观经济运行） —the behavior (变化) of a country’s output, jobs, and prices in the face of changing world conditions.;CHAPTER 8;Framework of this chapter;The performance of a national economy;Internal Balance Full employment, or an acceptably low unemployment rate Price stability, or an acceptably low inflation rate ; External balance Sustainable (能保持一定水平的) balance of payments with the rest of the world Useful indicator: Official settlements balance approximately equal to zero (so that the country is not losing official international reserves or acquiring unwanted official international reserves);Our discussion here focus on the country’s current account. The goal here need not be a zero balance. ;A framework for macroeconomic analysis p164;;Domestic production depends on aggregate demand;In the short run (and within the economys supply capabilities), domestic production is determined by aggregate demand: Y = AD = C + Id + G + (X - M) 国内产出（国民收入）＝总需求 ＝消费＋国内投资＋政府支出＋净出口 (X - M): Exports are the foreign demand for our goods; imports are already included in the other kinds of spending.;Y = AD = C + Id + G + (X - M) ;Cont’d;Trade depends on income p166;Equilibrium GDP and spending multipliers;The spending multiplier in a small, open economy;Suppose that the government raises its purchases of domestically produced goods and services by 10 units…;Cont’d;;;Cont’d; a. The spending multiplier in this small open economy is about 1.82 (= 1/(0.15 + 0.4)). If real spending initially declines by $2 billion, then domestic product and income will decline by about $3.64 billion (= 1.82 ? $2 billion) b.If domestic product and income decline by $3.64 billion, then the countrys imports will decline by about $1.46 billion (= $3.64 billion ? 0.4).; Foreign Spillovers（需求溢出） and Foreign-Income Repercussions国外需求溢出和外国收入的影响;;;Foreign-Income Repercussions p171;Figure 8.3Foreign Trade and Income R