巴罗宏观经济学：现代观点第17章

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1、WorldMarketsinGoodsandCreditChapter171MacroeconomicsChapter17WorldMarketsinGoodsandCreditAssumptions:thegoodsarephysicallyidentical.transportcostsandbarrierstotradesmallenoughtoneglect.2MacroeconomicsChapter17WorldMarketsinGoodsandCreditlawofoneprice.Marketsworktoensurethatthesamegoodse

2、llsatthesamepriceforallbuyersandsellersinalllocations.Wealsosimplifybyignoringinflation,sothatthepricelevel,P,isconstantovertime.3MacroeconomicsChapter17WorldMarketsinGoodsandCreditit=ifthomenominalinterestrate=foreignnominalinterestratert=rfthomerealinterestrate=foreignrealinterestrate

3、4MacroeconomicsChapter17TheBalanceofInternationalPaymentsClosedeconomy:Yt=Ct+It+GtrealGDP=realdomesticexpenditure5MacroeconomicsChapter17TheBalanceofInternationalPaymentsOpenEconomyExportsarethegoodsandservicesproducedinthehomecountrythataresoldtotherestoftheworld,andimportsarethegoodsa

4、ndservicesproducedbytherestoftheworldthatareboughtbythehomecountry.Thedifferencebetweenexportsandimports,ornetexports,iscalledthetradebalance.6MacroeconomicsChapter17TheBalanceofInternationalPaymentsYt+Impt=Ct+It+Gt+Expttradebalance=Expt-Impt=Yt−(Ct+It+Gt)tradebalance=realGDP−realdomest

5、icexpenditure7MacroeconomicsChapter17TheBalanceofInternationalPaymentsBft:thenetnominalholdingsofforeignassetsbythehomecountryattheendofyeart.Theseassetsordebtscouldbeheldbythehomecountry’shouseholdsorgovernment.Theadditiontothehomecountry’sownershipofcapitallocatedintherestoftheworldis

6、calledforeigndirectinvestment.8MacroeconomicsChapter17TheBalanceofInternationalPaymentsnetrealassetincomefromabroad=rt−1·Bft−1/PThetotalrealincomeofdomesticresidentsinyeartisthesumofrealGDP,Yt,andthenetrealassetincomefromabroad,rt−1·Bft−1/P.Thistotaliscalledtherealgrossnationalproduct(r

7、ealGNP).9MacroeconomicsChapter17TheBalanceofInternationalPaymentsrealGNP=Yt+rt−1·Bft−1/PrealGNP=realGDP+netrealassetincomefromabroad(Bft−Bft−1)/P.iscallednetforeigninvestment10MacroeconomicsChapter17TheBalanceofInternationalPaymentsCt+It+Gt+(Bft−Bft−1)/P=Yt+rt−1·Bft−1/Prealdome