曼昆经济学原理第五版答案英文ch29

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1、Chapter29—OPEN-ECONOMYMACROECONOMICS:BASICCONCEPTS15OPEN-ECONOMYMACROECONOMICS:BASICCONCEPTS29WHAT’SNEW:ThereisanewFYIboxon“TheEuro”andanewIntheNewsboxon“It’sthe21stCentury,DoYouKnowWhereYourCapitalIs?”AnewCaseStudyon“TheHamburgerStandard”hasalsobeenadded.LEARNINGOBJECTIVES:Bytheend

2、ofthischapter,studentsshouldunderstand:Øhownetexportsmeasuretheinternationalflowofgoodsandservices.Øhownetforeigninvestmentmeasurestheinternationalflowofcapital.Øwhynetexportsmustalwaysequalnetforeighinvestment.Øhowsaving,domesticinvestment,andnetforeigninvestmentarerelated.Øthemean

3、ingofthenominalexchangerateandtherealexchangerate.Øpurchasing-powerparityasatheoryofhowexchangeratesaredetermined.KEYPOINTS:1.Netexportsarethevalueofdomesticgoodsandservicessoldabroadminusthevalueofforeigngoodsandservicessolddomestically.Netforeigninvestmentistheacquisitionofforeign

4、assetsbydomesticresidentsminustheacquisitionofdomesticassetsbyforeigners.Becauseeveryinternationaltransactioninvolvesanexchangeofanassetforagoodorservice,aneconomy’snetforeigninvestmentalwaysequalsitsnetexports.2.Aneconomy’ssavingcanbeusedtofinanceinvestmentathomeorbuyassetsabroad.T

5、hus,nationalsavingequalsdomesticinvestmentplusnetforeigninvestment.3.Thenominalexchangerateistherelativepriceofthecurrencyoftwocountries,andtherealexchangerateistherelativepriceofthegoodsandservicesoftwocountries.Whenthenominalexchangeratechangessothateachdollarbuysmoreforeigncurren

6、cy,thedollarisHarcourt,Inc.itemsandderiveditemscopyrightÓ2001byHarcourt,Inc.Chapter29—OPEN-ECONOMYMACROECONOMICS:BASICCONCEPTS15saidtoappreciateorstrengthen.Whenthenominalexchangeratechangessothateachdollarbuyslessforeigncurrency,thedollarissaidtodepreciateorweaken.1.Accordingtothet

7、heoryofpurchasing-powerparity,adollar(oraunitofanyothercurrency)shouldbeabletobuythesamequantityofgoodsinallcountries.Thistheoryimpliesthatthenominalexchangeratebetweenthecurrenciesoftwocountriesshouldreflectthepricelevelsinthosetwocountries.Asaresult,countrieswithrelativelyhighinfl

8、ationshouldhavedepr