曼昆《经济学原理》macroeconomic--(汉魅HanMei―经济金融类汇总分享).ppt

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1、32AMacroeconomicTheoryoftheOpenEconomyOpenEconomiesAnopeneconomyisonethatinteractsfreelywithothereconomiesaroundtheworld.KeyMacroeconomicVariablesinanOpenEconomyTheimportantmacroeconomicvariablesofanopeneconomyinclude:netexportsnetforeigninvestmentnominalexchangeratesrealexchangeratesBasicAssu

2、mptionsofaMacroeconomicModelofanOpenEconomyThemodeltakestheeconomy’sGDPasgiven.Themodeltakestheeconomy’spricelevelasgiven.SUPPLYANDDEMANDFORLOANABLEFUNDSANDFORFOREIGN-CURRENCYEXCHANGETheMarketforLoanableFundsS=I+NCOAttheequilibriuminterestrate,theamountthatpeoplewanttosaveexactlybalancesthedes

3、iredquantitiesofinvestmentandnetcapitaloutflows.TheMarketforLoanableFundsThesupplyofloanablefundscomesfromnationalsaving(S).Thedemandforloanablefundscomesfromdomesticinvestment(I)andnetcapitaloutflows(NCO).TheMarketforLoanableFundsThesupplyanddemandforloanablefundsdependontherealinterestrate.A

4、higherrealinterestrateencouragespeopletosaveandraisesthequantityofloanablefundssupplied.Theinterestrateadjuststobringthesupplyanddemandforloanablefundsintobalance.Figure1TheMarketforLoanableFundsCopyright©2003Southwestern/ThomsonLearningQuantityofLoanableFundsRealInterestRateSupplyofloanablefu

5、nds(fromnationalsaving)Demandforloanablefunds(fordomesticinvestmentandnetcapitaloutflow)EquilibriumquantityEquilibriumrealinterestrateTheMarketforLoanableFundsAttheequilibriuminterestrate,theamountthatpeoplewanttosaveexactlybalancesthedesiredquantitiesofdomesticinvestmentandnetforeigninvestmen

6、t.TheMarketforForeign-CurrencyExchangeThetwosidesoftheforeign-currencyexchangemarketarerepresentedbyNCOandNX.NCOrepresentstheimbalancebetweenthepurchasesandsalesofcapitalassets.NXrepresentstheimbalancebetweenexportsandimportsofgoodsandservices.TheMarketforForeign-CurrencyExchangeInthemarketfor

7、foreign-currencyexchange,U.S.dollarsaretradedforforeigncurrencies.Foraneconomyasawhole,NCOandNXmustbalanceeachotherout,or:NCO=NXTheMarketforForeign-CurrencyExchangeThepricethatbalancesthesupplyanddemandforforeign-currencyistherealexchan