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1、CHAPTER32AMacroeconomicTheoryoftheOpenEconomyEcoPRINnCIPoLEmSOFicsN.GregoryMankiwPremiumPowerPointSlidesbyRonCronovich©2009South-Western,apartofCengageLearning,allrightsreservedInthischapter,lookfortheanswerstothesequestions:§Inanopeneconomy,whatdeterminesthereal
2、interestrate?Therealexchangerate?§Howarethemarketsforloanablefundsandforeign-currencyexchangeconnected?§Howdogovernmentbudgetdeficitsaffecttheexchangerateandtradebalance?§Howdootherpoliciesoreventsaffecttheinterestrate,exchangerate,andtradebalance?1Introduction§T
3、hepreviouschapterexplainedthebasicconceptsandvocabularyoftheopeneconomy:netexports(NX),netcapitaloutflow(NCO),andexchangerates.§Thischaptertiestheseconceptstogetherintoatheoryoftheopeneconomy.§Wewillusethistheorytoseehowgovtpoliciesandvariouseventsaffectthetradeb
4、alance,exchangerate,andcapitalflows.§Westartwiththeloanablefundsmarket…AMACROECONOMICTHEORYOFTHEOPENECONOMY21TheMarketforLoanableFunds§Anidentityfromtheprecedingchapter:S=I+NCOSavingNetcapitalDomesticoutflowinvestment§Supplyofloanablefunds=saving.§Adollarofsaving
5、canbeusedtofinance§§§So,demandforloanablefunds=I+NCOAMACROECONOMICTHEORYOFTHEOPENECONOMY3TheMarketforLoanableFunds§Recall:§Sdependspositivelyontherealinterestrate,r.§Idependsnegativelyonr.§WhataboutNCO?AMACROECONOMICTHEORYOFTHEOPENECONOMY4HowNCODependsontheRealIn
6、terestRateTherealinterestrate,r,istherealreturnonNetcapitaloutflowdomesticassets.rAfallinrr1NCONCONCO1AMACROECONOMICTHEORYOFTHEOPENECONOMY52TheLoanableFundsMarketDiagramLoanablefundsrS=savingLFAMACROECONOMICTHEORYOFTHEOPENECONOMY6ACTIVELEARNING1Budgetdeficitsandc
7、apitalflows§Supposethegovernmentrunsabudgetdeficit(previously,thebudgetwasbalanced).§Usetheappropriatediagramstodeterminetheeffectsontherealinterestrateandnetcapitaloutflow.7ACTIVELEARNING1Answers83TheMarketforForeign-CurrencyExchange§Anotheridentityfromthepreced
8、ingchapter:NCO=NXNetcapitaloutflowNetexports§Inthemarketforforeign-currencyexchange,AMACROECONOMICTHEORYOFTHEOPENECONOMY9TheMarketforForeign-CurrencyExchange§R
