曼昆宏观经济学武大19章.ppt

A Macroeconomic Theory of the Open Economy开放经济的宏观经济理论 Chapter 19 Open Economies 开放经济 An open economy is one that interacts freely with other economies around the world. 开放经济是一个与世界其他经济体进行自由交易的经济体。 Key Macroeconomic Variables in an Open Economy The important macroeconomic variables of an open economy include: net exports net capital outflow nominal exchange rates real exchange rates 开放经济中关键的宏观经济变量 一个开放经济中重要的宏观经济变量包括: 净出口 净资本外流 名义汇率 实际汇率 Basic Assumptions of a Macroeconomic Model of an Open Economy开放经济的宏观经济模型的基本假设 The model takes the economy’s GDP as given. 模型把GDP作为既定的。 The model takes the economy’s price level as given. 模型把经济的物价水平作为既定的。 SUPPLY AND DEMAND FOR LOANABLE FUNDS AND FOR FOREIGN-CURRENCY EXCHANGE The Market for Loanable Funds S = I + NCO At the equilibrium interest rate, the amount that people want to save exactly balances the desired quantities of investment and net capital outflows. 可贷资金市场与外汇市场的供给与需求 可贷资金市场 S = I + NCO 在均衡利率时，人们想储蓄的量正好与合意的国内投资和净资本外流量平衡。 The Market for Loanable Funds可贷资金市场 The supply of loanable funds comes from national saving (S). 可贷资金的供给来源于国民储蓄（S）。 The demand for loanable funds comes from domestic investment (I) and net capital outflow (NCO). 对可贷资金的需求来源于国内投资（I）与净资本外流（NCO）。 The Market for Loanable Funds The supply and demand for loanable funds depend on the real interest rate. A higher real interest rate encourages people to save and raises the quantity of loanable funds supplied. The interest rate adjusts to bring the supply and demand for loanable funds into balance. 可贷资金市场 可贷资金的供给和需求取决于实际利率。 更高的实际利率鼓励人们储蓄，提高可贷资金的供給量。 利率调整直至可贷资金供求平衡。 Figure 1 The Market for Loanable Funds 图1. 可贷资金市场 The Market for Loanable Funds可贷资金量 At the equilibrium interest rate, the amount that people want to save exactly balances the desired quantities of domestic investment and net capital outflow. 在均衡利率时，人们想储蓄的量正好与合意的国内投资和净资本外流量平衡。 The Market for Foreign-Currency Exchange The two sides of the foreign-currency exchange market are rep