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宏观经济学第十五章MEASUREING A NATION’S INCOME一国收入的衡量Microeconomics the study of how households and firms make decisions and how they interact in markets.微观经济学：研究家庭和企业如何做出决策，以及他们如何在市场上相互交易。
Macroeconomics the study of economy-wide phenomena,including inflation,unemployment,and economic growth宏观经济学：研究整体经济现象，包括通货膨胀、失业和经济增长。
GDP is the market value of final goods and services produced within a country in a given period of time.国内生产总值GDP：给定时期的一个经济体内生产的所有最终产品和服务的市场价值Consumption is spending by households on goods and services, with the exception of purchased of new housing.消费：除了购买新住房，家庭用于物品与劳务的支出。
Investment is spending on capital equipment inventories, and structures, including household purchases of new housing.投资：用于资本设备、存货和建筑物的支出，包括家庭用于购买新住房的支出。
Government purchases are spending on goods and services by local, state, and federal government.政府支出：地方、州和联邦政府用于物品和与劳务的支出。
第三章、开放的经济第一节、资本和产品的国际流动一、净出口净出口也称贸易余额，一般用NX表示，是指本国向其他国家出口的产品与服务的价值减去外国向本国提供的产品和服务的价值，反映国际间产品与服务的流动。
用X表示出口，用IM表示进口，则出口减去进口（X－IM）即为净出口。
国民收入核算恒等式可被写为：Y＝C＋I＋G＋NX对上式进行变形，得：NX＝Y－（C＋I＋G），净出口＝产出－国内支出这个式子说明，在一个开放经济中，国内支出无须等于产品与服务的产出。
如果产出大于国内支出，则净出口为正；如果产出小于国内支出，则净出口为负。
二、开放经济下的支出1、重要定义C d：对国内产品与服务的消费；I d：对国内产品与服务的投资；G d：政府购买的产品与服务；EX：国内产品与服务的出口。
2、推导支出在这些部分之间的划分可以用一个恒等式表示：Y=C d+I d+G d+EX前三项之和C d+I d+G d，是本国在国内产品与服务上的支出；-EX：外国在本国产品和服务上的支出注意：本国在所有产品与服务上的支出是本国在国内产品与服务上的支出与本国在外国产品与服务上的支出之和。
C=C d+C f；I=I d+I f；G=G d+G f此时，有：Y=C+I+G+EX– (C f +I f +G f ) = C+I+G+ EX -IMY= C+I+G+NX3、结论一个经济的净出口必须总是等于其储蓄和投资之间的差额。
4、资本国际流动的形式①国外直接投资（FDI ）：国内居民主动管理国外投资；②国外有价证券投资（FII ）：国内居民购买另一家国家的股票或债券。
他们都得到了对国外资本未来回报的索取权。
在这两种情况下，本国最终都拥有一部分国外资本存量。
这两种购买都增加了国内的资本净流出。
第二节、小型开放经济一、小型开放经济1、小型开放经济模型①该经济对世界利率的影响微不足道；②资本完全流动，该经济中利率r 等于世界利率r*；③生产要素固定；④消费C 与可支配收入（Y-T ）正相关，消费函数为C=C （Y-T ）；⑤投资I 与实际利率r 负相关，投资函数为I =I （r ）；⑥财政政策固定。
曼昆《经济学原理（宏观经济学分册）》（第6版）第32章开放经济的宏观经济理论复习笔记跨考网独家整理最全经济学考研真题，经济学考研课后习题解析资料库，您可以在这里查阅历年经济学考研真题，经济学考研课后习题，经济学考研参考书等内容，更有跨考考研历年辅导的经济学学哥学姐的经济学考研经验，从前辈中获得的经验对初学者来说是宝贵的财富，这或许能帮你少走弯路，躲开一些陷阱。
以下内容为跨考网独家整理，如您还需更多考研资料，可选择经济学一对一在线咨询进行咨询。
一、可贷资金市场与外汇市场的供给与需求1．开放经济的宏观经济模型的两个假设（1）经济的GDP是既定的，用真实GDP衡量的一个经济物品与劳务的产量是由生产要素供给和所得到的投入变为产出的生产技术决定的。
（2）经济物价水平是既定的，物价水平的调整使货币的供求平衡。
2．可贷资金市场（1）假定金融体系只包括一个可贷资金市场。
所有储蓄者都到这个市场上存入他们的储蓄，所有借款者都从这个市场上得到他们的贷款。
在这个市场上，存在一种利率，它既是储蓄的收益，又是借款的成本。
（2）储蓄、投资及其与国际流动的关系式由31章内容可知，在开放经济条件下有：=+S I NCO储蓄＝国内投资＋资本净流出这个恒等式的两边代表可贷资金市场的双方。
可贷资金的供给来自国民储蓄（S），可贷资金的需求来自国内投资（I）和资本净流出（NCO）。
（3）可贷资金的含义可贷资金应该解释为国内产生的可用于资本积累的资源流量。
无论是购买国内资本资产还是购买国外资本资产，这种购买都增加了可贷资金的需求。
由于资本净流出既可以是正的，也可以是负的，所以它既可以增加也可以减少由国内投资引起的可贷资金的需求。
当0NCO>时，一国有资本净流出，此时对海外资本的净购买增加了对国内产生的可贷资金的需求；当0NCO<时，一国有资本净流入，此时来自国外的资本资源减少了对国内产生的可贷资金的需求。
（4）可贷资金量的决定可贷资金的供给量和需求量取决于真实利率。
宏观经济学第十五章MEASUREING A NATION’S INCOME一国收入的衡量Microeconomics the study of how households and firms make decisions and how they interact in markets.微观经济学：研究家庭和企业如何做出决策，以及他们如何在市场上相互交易。
Macroeconomics the study of economy-wide phenomena,including inflation,unemployment,and economic growth宏观经济学：研究整体经济现象，包括通货膨胀、失业和经济增长。
GDP is the market value of final goods and services produced within a country in a given period of time.国内生产总值GDP：给定时期的一个经济体内生产的所有最终产品和服务的市场价值Consumption is spending by households on goods and services, with the exception of purchased of new housing.消费：除了购买新住房，家庭用于物品与劳务的支出。
Investment is spending on capital equipment inventories, and structures, including household purchases of new housing.投资：用于资本设备、存货和建筑物的支出，包括家庭用于购买新住房的支出。
Government purchases are spending on goods and services by local, state, and federal government.政府支出：地方、州和联邦政府用于物品和与劳务的支出。
宏观经济学原理(第七版)曼昆-名词解释(带英文)宏观经济学原理曼昆名词解释微观经济学（microeconomics），研究家庭和企业如何做出决策，以及它们如何在市场上相互影响。
宏观经济学（macroeconomics），研究整体经济现象，包括通货膨胀、失业和经济增长。
国内生产总值GDP（gross domestic product），在某一既定时期，一个国家内生产的所有最终物品与服务的市场价值。
消费（consumption），家庭除购买新住房之外，用于物品与服务的支出。
投资（investment），用于资本设备、存货和建筑物的支出，包括家庭用于购买新住房的支出。
政府购买（government purchase），地方、州和联邦政府用于物品与服务的支出。
净出口（net export），外国人对国内生产的物品的支出（出口），减国内居民对外国物品的支出（进口）。
生产。
真实GDP（real GDP），按不变价格评价的物品与服务的生产。
（总之，名义GDP是用当年价格来评价经济中物品与服务生产的价值，真实GDP是用不变的基年价格来评价经济中物品与服务生产的价值。
）GDP平减指数（GDP, deflator），用名义GDP与真实GDP的比率乘以100计算的物价水平衡量指标。
消费物价指数CPI（consumer price index），普通消费者所购买的物品与服务的总费用的衡量指标。
通货膨胀率（inflation rate），从前一个时期以来，物价指数变动的百分比。
生产物价指数（producer price index），企业所购买的一篮子物品运服务的费用的衡量指标。
指数化（indexation），根据法律或合同按照通货膨胀的影响，对货币数量的自动调整。
名义利率（nominal interest rate），通常公布的、未根据通货膨胀的影响，校正的利率。
真实利率（real interest rate），根据通货膨胀的影响校正过的利率。
11THE MACROECONOMICS OF OPEN ECONOMIESCopyright © 2004 South-Western31Open-Economy Macroeconomics: Basic ConceptsOpen-Economy Macroeconomics:Basic Concepts•Open and Closed Economies•A closed economy is one that does not interact with other economies in the world.•There are no exports, no imports, and no capital flows.Copyright © 2004 South-Western •An open economy is one that interacts freely with other economies around the world.Open-Economy Macroeconomics:Basic Concepts•An Open Economy•An open economy interacts with other countries in two ways.•It buys and sells goods and services in world product Copyright © 2004 South-Westernmarkets.•It buys and sells capital assets in world financial markets.THE INTERNATIONAL FLOW OFGOODS AND CAPITAL•An Open Economy•The United States is a very large and openeconomy—it imports and exports huge quantities of goods and services.Copyright © 2004 South-Western •Over the past four decades, international trade and finance have become increasingly important.The Flow of Goods: Exports, Imports, Net Exports•Exports are goods and services that are produced domestically and sold abroad.•Imports are goods and services that are produced abroad and sold domestically.Copyright © 2004 South-Westernproduced abroad and sold domestically.The Flow of Goods: Exports, Imports, Net Exports•Net exports (NX)are the value of a nation’s exports minus the value of its imports.•Net exports are also called the trade balance .Copyright © 2004 South-Western The Flow of Goods: Exports, Imports, Net Exports•A trade deficit is a situation in which net exports (NX ) are negative.•Imports > Exports•A trade surplus is a situation in which net Copyright © 2004 South-WesternA trade surplus is a situation in which net exports (NX ) are positive.•Exports > Imports•Balanced trade refers to when net exports are zero—exports and imports are exactly equal.The Flow of Goods: Exports, Imports, Net Exports•Factors That Affect Net Exports•The tastes of consumers for domestic and foreign goods.•The prices of goods at home and abroad.Copyright © 2004 South-Western •The exchange rates at which people can use domestic currency to buy foreign currencies.The Flow of Goods: Exports, Imports, Net Exports•Factors That Affect Net Exports•The incomes of consumers at home and abroad.•The costs of transporting goods from country to country.Copyright © 2004 South-Western•The policies of the government toward international trade.Figure 1 The Internationalization of the U.S. EconomyPercent of GDP15Imports51019501955196019651970197519801990198520001995ExportsCopyright © 2004 South-WesternThe Flow of Financial Resources: Net Capital Outflow•Net capital outflow refers to the purchase of foreign assets by domestic residents minus the purchase of domestic assets by foreigners.•A U.S. resident buys stock in the Toyota Copyright © 2004 South-Westerny ycorporation and a Mexican buys stock in the Ford Motor corporation.The Flow of Financial Resources: Net Capital Outflow•When a U.S. resident buys stock in Telmex, the Mexican phone company, the purchase raises U.S. net capital outflow.•When a Japanese residents buys a bond issued Copyright © 2004 South-Western When a Japanese residents buys a bond issued by the U.S. government, the purchase reduces the U.S. net capital outflow.The Flow of Financial Resources: Net Capital Outflow•Variables that Influence Net Capital Outflow•The real interest rates being paid on foreign assets.•The real interest rates being paid on domestic assets.Copyright © 2004 South-Western•The perceived economic and political risks of holding assets abroad.•The government policies that affect foreign ownership of domestic assets.The Equality of Net Exports and Net Capital Outflow•Net exports (NX ) and net capital outflow (NCO ) are closely linked.•For an economy as a whole, NX and NCO must balance each other so that:Copyright © 2004 South-Western balance each other so that:NCO = NX•This holds true because every transaction that affects one side must also affect the other side by the same amount.Saving, Investment, and Their Relationship to the International Flows•Net exports is a component of GDP:Y = C + I + G + NX•National saving is the income of the nation that is left after paying for current consumption and Copyright © 2004 South-Westernis left after paying for current consumption and government purchases:Y -C -G =I +NXSaving, Investment, and Their Relationship to the International Flows•National saving (S ) equals Y -C -G so:S = I + NXorCopyright © 2004 South-WesternSaving Domestic Investment Net Capital Outflow=+SINCO=+Figure 2 National Saving, Domestic Investment, and Net Foreign InvestmentPercent of GDP2018(a) National Saving and Domestic Investment (as a percentage of GDP)Domestic investment16141210196019651995199019851980197519702000National savingCopyright © 2004 South-WesternFigure 2 National Saving, Domestic Investment, and Net Foreign InvestmentPercent of GDP423Net capital (b) Net Capital Outflow (as a percentage of GDP)–4–3–2–101outflow196019651995199019851980197519702000Copyright © 2004 South-WesternTHE PRICES FOR INTERNATIONAL TRANSACTIONS: REAL AND NOMINALEXCHANGE RATES•International transactions are influenced by international prices.•The two most important international prices are the nominal exchange rate and the real Copyright © 2004 South-Westernthe nominal exchange rate and the real exchange rate.Nominal Exchange Rates•The nominal exchange rate is the rate at which a person can trade the currency of one country for the currency of another.Copyright © 2004 South-Western Nominal Exchange Rates•The nominal exchange rate is expressed in two ways:•In units of foreign currency per one U.S. dollar.•And in units of U.S. dollars per one unit of the Copyright © 2004 South-Westernp foreign currency.Nominal Exchange Rates•Assume the exchange rate between theJapanese yen and U.S. dollar is 80 yen to one dollar.•One U.S. dollar trades for 80 yen.Copyright © 2004 South-Western y•One yen trades for 1/80 (= 0.0125) of a dollar.Nominal Exchange Rates•Appreciation refers to an increase in the value of a currency as measured by the amount of foreign currency it can buy.•Depreciation refers to a decrease in the value of Copyright © 2004 South-WesternDepreciationrefers to a decrease in the value of a currency as measured by the amount of foreign currency it can buy.Nominal Exchange Rates•If a dollar buys more foreign currency, there is an appreciation of the dollar.•If it buys less there is a depreciation of the Copyright © 2004 South-Western dollar.Real Exchange Rates•The real exchange rate is the rate at which a person can trade the goods and services of one country for the goods and services of another.Copyright © 2004 South-WesternReal Exchange Rates•The real exchange rate compares the prices of domestic goods and foreign goods in the domestic economy.•If a case of German beer is twice as expensive as Copyright © 2004 South-Western pAmerican beer, the real exchange rate is 1/2 case of German beer per case of American beer.Real Exchange Rates•The real exchange rate depends on the nominal exchange rate and the prices of goods in the two countries measured in local currencies.Copyright © 2004 South-WesternReal Exchange Rates•The real exchange rate is a key determinant of how much a country exports and imports.R l h t Nominal exchange rate Domestic price Copyright © 2004 South-Western Real exchange rate =g pForeign priceReal Exchange Rates•A depreciation (fall) in the U.S. real exchange rate means that U.S. goods have become cheaper relative to foreign goods.•This encourages consumers both at home and Copyright © 2004 South-WesternThis encourages consumers both at home and abroad to buy more U.S. goods and fewer goods from other countries.Real Exchange Rates•As a result, U.S. exports rise, and U.S. imports fall, and both of these changes raise U.S. net exports.•Conversely,an appreciation in the U.S.real Copyright © 2004 South-Western Conversely, an appreciation in the U.S. real exchange rate means that U.S. goods have become more expensive compared to foreign goods, so U.S. net exports fall.A FIRST THEORY OFEXCHANGE-RATE DETERMINATION: PURCHASING-POWER PARITY •The purchasing-power parity theory is the simplest and most widely accepted theory explaining the variation of currency exchange rates.Copyright © 2004 South-WesternThe Basic Logic of Purchasing-Power Parity •Purchasing-power parity is a theory ofexchange rates whereby a unit of any given currency should be able to buy the same quantity of goods in all countries.Copyright © 2004 South-Western q y gThe Basic Logic of Purchasing-Power Parity •According to the purchasing-power paritytheory, a unit of any given currency should be able to buy the same quantity of goods in all countries.Copyright © 2004 South-WesternBasic Logic of Purchasing-Power Parity •The theory of purchasing-power parity is based on a principle called the law of one price .•According to the law of one price ,a good must sell for the same price in all locations.Copyright © 2004 South-Western Basic Logic of Purchasing-Power Parity •If the law of one price were not true,unexploited profit opportunities would exist.•The process of taking advantage of differences in prices in different markets is called Copyright © 2004 South-Westernin prices in different markets is called arbitrage .Basic Logic of Purchasing-Power Parity •If arbitrage occurs, eventually prices that differed in two markets would necessarily converge.•According to the theory of purchasing-power Copyright © 2004 South-Western According to the theory of purchasing power parity, a currency must have the samepurchasing power in all countries and exchange rates move to ensure that.Implications of Purchasing-Power Parity •If the purchasing power of the dollar is always the same at home and abroad, then the exchange rate cannot change.•The nominal exchange rate between the Copyright © 2004 South-WesternThe nominal exchange rate between the currencies of two countries must reflect the different price levels in those countries.Implications of Purchasing-Power Parity •When the central bank prints large quantities of money, the money loses value both in terms of the goods and services it can buy and in termsof the amount of other currencies it can buy.Copyright © 2004 South-Westerny Figure 3 Money, Prices, and the NominalExchange Rate During the German Hyperinflation10,000,000,0001,000,000,000,000,000Money supplyIndexes(Jan. 1921 5100)100,0001.00001.00000000011921192219231924Exchange ratePrice level1925Copyright © 2004 South-WesternLimitations of Purchasing-Power Parity •Many goods are not easily traded or shipped from one country to another.•Tradable goods are not always perfectsubstitutes when they are produced in different Copyright © 2004 South-Western substitutes when they are produced in different countries.Summary•Net exports are the value of domestic goods and services sold abroad minus the value of foreign goods and services sold domestically.•Net capital outflow is the acquisition of foreign Copyright © 2004 South-WesternNet capital outflow is the acquisition of foreign assets by domestic residents minus theacquisition of domestic assets by foreigners.Summary•An economy’s net capital outflow always equals its net exports.•An economy’s saving can be used to either finance investment at home or to buy assets Copyright © 2004 South-Western finance investment at home or to buy assets abroad.Summary•The nominal exchange rate is the relative price of the currency of two countries.•The real exchange rate is the relative price of the goods and services of two countries.Copyright © 2004 South-Westernthe goods and services of two countries.Summary•When the nominal exchange rate changes sothat each dollar buys more foreign currency, the dollar is said to appreciate or strengthen.•When the nominal exchange rate changes so Copyright © 2004 South-Western When the nominal exchange rate changes so that each dollar buys less foreign currency, the dollar is said to depreciate or weaken.Summary•According to the theory of purchasing-power parity, a unit of currency should buy the same quantity of goods in all countries.•The nominal exchange rate between the Copyright © 2004 South-WesternThe nominal exchange rate between thecurrencies of two countries should reflect the countries’ price levels in those countries.。
