巴罗宏观经济学：现代观点第17章.ppt

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

2、oodsellsatthesamepriceforallbuyersandsellersinalllocations.Wealsosimplifybyignoringinflation,sothatthepricelevel,P,isconstantovertime.3MacroeconomicsChapter17WorldMarketsinGoodsandCreditit=ifthomenominalinterestrate=foreignnominalinterestratert=rfthomerealinterestrate=foreignrealin

3、terestrate4MacroeconomicsChapter17TheBalanceofInternationalPaymentsClosedeconomy:Yt=Ct+It+GtrealGDP=realdomesticexpenditure5MacroeconomicsChapter17TheBalanceofInternationalPaymentsOpenEconomyExportsarethegoodsandservicesproducedinthehomecountrythataresoldtotherestoftheworld,andimpo

4、rtsarethegoodsandservicesproducedbytherestoftheworldthatareboughtbythehomecountry.Thedifferencebetweenexportsandimports,ornetexports,iscalledthetradebalance.6MacroeconomicsChapter17TheBalanceofInternationalPaymentsYt+Impt=Ct+It+Gt+Expttradebalance=Expt-Impt=Yt−(Ct+It+Gt)tradebalanc

5、e=realGDP−realdomesticexpenditure7MacroeconomicsChapter17TheBalanceofInternationalPaymentsBft:thenetnominalholdingsofforeignassetsbythehomecountryattheendofyeart.Theseassetsordebtscouldbeheldbythehomecountry’shouseholdsorgovernment.Theadditiontothehomecountry’sownershipofcapitalloc

6、atedintherestoftheworldiscalledforeigndirectinvestment.8MacroeconomicsChapter17TheBalanceofInternationalPaymentsnetrealassetincomefromabroad=rt−1·Bft−1/PThetotalrealincomeofdomesticresidentsinyeartisthesumofrealGDP,Yt,andthenetrealassetincomefromabroad,rt−1·Bft−1/P.Thistotaliscalle

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

8、/P=Yt+rt−1·Bft−1/Prealdome