国际金融第八章课件

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1、PartIIMacroPoliciesforOpenEconomiesFocusonmacroeconomicperformance.8Howdoestheopenmacroeconomywork?9Internalandexternalbalancewithfixedexchangerates10Floatingexchangeratesandinternalbalance1macroeconomicperformance（宏观经济运行）—thebehavior(变化)ofacountry’so

2、utput,jobs,andpricesinthefaceofchangingworldconditions.2CHAPTER8HowDoestheOpenMacroeconomyWork?开放的宏观经济是如何运行的？FrameworkofthischapterTheperformanceofanationaleconomy一国经济的状况EquilibriumGDPandspendingmultipliers均衡GDP和支出乘数Threemarkets三个市场（产品、货币和外汇市场）4Theper

3、formanceofanationaleconomyHowwellisacountry’seconomyperforming?Wejudgetheperformanceofanationaleconomyagainsttwoobjectives.Internalbalanceandexternalbalance.5InternalBalanceFullemployment,oranacceptablylowunemploymentratePricestability,oranacceptablyl

4、owinflationrate6ExternalbalanceSustainable(能保持一定水平的)balanceofpaymentswiththerestoftheworldUsefulindicator:Officialsettlementsbalanceapproximatelyequaltozero(sothatthecountryisnotlosingofficialinternationalreservesoracquiringunwantedofficialinternation

5、alreserves)7Ourdiscussionherefocusonthecountry’scurrentaccount.Thegoalhereneednotbeazerobalance.8Aframeworkformacroeconomicanalysisp164AnalysisonthebehavioroftheeconomyintheshortrunisrelativelyKeynesian（凯恩斯主义者）inthatthepricelevelisnotimmediatelyrespon

6、sivetoaggregatedemand(AD)andsupply.Analysisonthebehavioroftheeconomyinthelongerrunismoreclassical(古典学派的)inthatthepriceleveldoesrespondtodemandandsupply.9DeterminantsofrealGDP(representingbothdomesticproductandnationalincome)10Domesticproductiondepends

7、onaggregatedemandAmajorperformancegoalofaneconomyistoachieveproductionofgoodsandservicesthatisclosetotheeconomy’spotential.Thevalueofproductionofgoodsandservicesistheeconomy’srealGDP(Y);itisnearlythesamethingasrealnationalincome.11Intheshortrun(andwit

8、hintheeconomy'ssupplycapabilities),domesticproductionisdeterminedbyaggregatedemand:Y=AD=C+Id+G+(X-M)国内产出（国民收入）＝总需求＝消费＋国内投资＋政府支出＋净出口(X-M):Exportsaretheforeigndemandforourgoods;importsarealreadyincludedintheotherkindsofspending.12Y=AD=C+Id+G+(X-