巴罗宏观经济学：现代观点第17章课件.pptxVIP

World Markets in Goods and Credit C h a p t e r 1 7 Macroeconomics Chapter 17 1 ¡ Assumptions: l the goods are physically identical. l transport costs and barriers to trade small enough to neglect. World Markets in Goods and Credit Macroeconomics Chapter 17 2 ¡ law of one price. l Markets work to ensure that the same good sells at the same price for all buyers and sellers in all locations. We also simplify by ignoring inflation, so that the price level, P, is constant over time. World Markets in Goods and Credit Macroeconomics Chapter 17 3 ¡ it = if t home nominal interest rate = foreign nominal interest rate ¡ rt = rft home real interest rate = foreign real interest rate World Markets in Goods and Credit Macroeconomics Chapter 17 4 ¡ Closed economy: l Yt = Ct+ It+ Gt l real GDP = real domestic expenditure The Balance of International Payments Macroeconomics Chapter 17 5 ¡ Yt + Impt = Ct+ It+ Gt + Expt ¡ trade balance = Expt - Impt = Yt − (Ct+ It+ Gt) ¡ trade balance = real GDP − real domestic expenditure The Balance of International Payments Macroeconomics Chapter 17 7 ¡ Bft : the net nominal holdings of foreign l These assets or debts could be held by the home country’s households or government. l The addition to the home country’s ownership of capital located in the rest of the world is called foreign direct investment. The Balance of International Payments assets by the home country at the end of Macroeconomics Chapter 17 8 year t. ¡ real GNP= Yt + rt−1 ·B ft−1/ P l real GNP = real GDP+ net real asset income from abroad ¡ (Bft − Bf t−1)/P. is called net foreign