中文曼昆宏观经济学第七版讲义

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1、TheOpenEconomy52010UPDATEInthischapter,youwilllearn:accountingidentitiesfortheopeneconomythesmallopeneconomymodelwhatmakesit“small”howthetradebalanceandexchangeratearedeterminedhowpoliciesaffecttradebalance&exchangerateImportsandexports(%ofGDP),2008Inanopeneconomy,spending

2、neednotequaloutputsavingneednotequalinvestmentPreliminariesEX=exports=foreignspendingondomesticgoodsIM=imports=Cf+If+Gf=spendingonforeigngoodsNX=netexports(a.k.a.the“tradebalance”)=EX–IMsuperscripts:d=spendingondomesticgoodsf=spendingonforeigngoodsGDP=expenditureondomes

3、ticallyproducedg&sThenationalincomeidentityinanopeneconomyY=C+I+G+NXor,NX=Y–(C+I+G)netexportsdomesticspendingoutputTradesurplusesanddeficitstradesurplus:output>spendingandexports>importsSizeofthetradesurplus=NXtradedeficit:spending>outputandimports>exportsSizeofthetrade

4、deficit=–NXNX=EX–IM=Y–(C+I+G)InternationalcapitalflowsNetcapitaloutflow=S–I=netoutflowof“loanablefunds”=netpurchasesofforeignassetsthecountry’spurchasesofforeignassetsminusforeignpurchasesofdomesticassetsWhenS>I,countryisanetlenderWhenS

5、entrade&cap.flowsNX=Y–(C+I+G)impliesNX=(Y–C–G)–I=S–Itradebalance=netcapitaloutflowThus,acountrywithatradedeficit(NX<0)isanetborrower(S

6、n”Everyyearsince1980s:hugetradedeficitsandnetcapitalinflows,i.e.netborrowingfromabroadAsof12/31/2009:U.S.residentsowned$18.4trillionworthofforeignassetsForeignersowned$21.1trillionworthofU.S.assetsU.S.netindebtednesstorestoftheworld:$2.7trillion--higherthananyothercount

7、ry,henceU.S.isthe“world’slargestdebtornation”SavingandinvestmentinasmallopeneconomyAnopen-economyversionoftheloanablefundsmodelfromChapter3.Includesmanyofthesameelements:productionfunctionconsumptionfunctioninvestmentfunctionexogenouspolicyvariablesNationalsaving:Thesupp

8、lyofloanablefundsrS,IAsinChapter3,nationalsavingdoesnotdependontheinterestrateAssumption