Principles+of+Economics+7th+Edition+Mankiw-Solution+Manual Chapter 31 18

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1、Chapter18/Open-EconomyMacroeconomics:BasicConcepts❖313OPEN-ECONOMYMACROECONOMICS:BASICCONCEPTS31WHAT’SNEWINTHESEVENTHEDITION:ThereisanewIntheNewsfeatureon"TheChangingNatureofU.S.Exports"andanupdatedpresentationoftheU.S.tradedeficit.LEARNINGOBJECTIVES:Bytheendofthischapter,stude

2、ntsshouldunderstand:Øhownetexportsmeasuretheinternationalflowofgoodsandservices.Øhownetcapitaloutflowmeasurestheinternationalflowofcapital.Øwhynetexportsmustalwaysequalnetforeigninvestment.Øhowsaving,domesticinvestment,andnetcapitaloutflowarerelated.Øthemeaningofthenominalexcha

3、ngerateandtherealexchangerate.Øpurchasing-powerparityasatheoryofhowexchangeratesaredetermined.CONTEXTANDPURPOSE:Chapter18isthefirstchapterinatwo-chaptersequencedealingwithopen-economymacroeconomics.Chapter18developsthebasicconceptsandvocabularyassociatedwithmacroeconomicsinanin

4、ternationalsetting:netexports,netcapitaloutflow,realandnominalexchangerates,andpurchasing-powerparity.Thenextchapter,Chapter19,buildsanopen-economymacroeconomicmodelthatshowshowthesevariablesaredeterminedsimultaneously.ThepurposeofChapter18istodevelopthebasicconceptsmacroeconom

5、istsusetostudyopeneconomies.Itaddresseswhyanation’snetexportsmustequalitsnetcapitaloutflow.Italsoaddressestheconceptsoftherealandnominalexchangerateanddevelopsatheoryofexchangeratedeterminationknownaspurchasing-powerparity.©2012CengageLearning.AllRightsReserved.Maynotbescanned,

6、copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.Chapter18/Open-EconomyMacroeconomics:BasicConcepts❖313KEYPOINTS:·Netexportsarethevalueofdomesticgoodsandservicessoldabroad(exports)minusthevalueofforeigngoodsandservicessolddomestically(imports).Netcapitalo

7、utflowistheacquisitionofforeignassetsbydomesticresidents(capitaloutflow)minustheacquisitionofdomesticassetsbyforeigners(capitalinflow).Becauseeveryinternationaltransactioninvolvesanexchangeofanassetforagoodorservice,aneconomy’snetcapitaloutflowalwaysequalsitsnetexports.·Anecono

8、my’ssavingcanbeusedtofinanceinvestmentathomeorbuyasset