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1、Macroeconomics Chapter 17,1,World Markets in Goods and Credit,C h a p t e r 1 7,Macroeconomics Chapter 17,2,World Markets in Goods and Credit,Assumptions:the goods are physically identical.transport costs and barriers to trade small enough to neglect.,Macroeconomics Chapter 17,3,World Markets in Goo
2、ds and Credit,law of one price. Markets work to ensure that the same good sells at the same price for all buyers and sellers in all locations. We also simplify by ignoring inflation, so that the price level, P, is constant over time.,Macroeconomics Chapter 17,4,World Markets in Goods and Credit,it =
3、 if t home nominal interest rate = foreign nominal interest ratert = rft home real interest rate = foreign real interest rate,Macroeconomics Chapter 17,5,The Balance of International Payments,Closed economy: Yt = Ct+ It+ Gt real GDP = real domestic expenditure,Macroeconomics Chapter 17,6,The Balance
4、 of International Payments,Open EconomyExports are the goods and services produced in the home country that are sold to the rest of the world, and imports are the goods and services produced by the rest of the world that are bought by the home country. The difference between exports and imports, or
5、net exports, is called the trade balance.,Macroeconomics Chapter 17,7,The Balance of International Payments,Yt + Impt = Ct+ It+ Gt + Expttrade balance = Expt - Impt = Yt (Ct+ It+ Gt)trade balance = real GDP real domestic expenditure,Macroeconomics Chapter 17,8,The Balance of International Payments,B
6、ft : the net nominal holdings of foreign assets by the home country at the end of year t. These assets or debts could be held by the home countrys households or government.The addition to the home countrys ownership of capital located in the rest of the world is called foreign direct investment.,Mac
7、roeconomics Chapter 17,9,The Balance of International Payments,net real asset income from abroad = rt1 Bft1/PThe total real income of domestic residents in year t is the sum of real GDP, Yt, and the net real asset income from abroad, rt1 Bft1/P. This total is called the real gross national product (
8、real GNP).,Macroeconomics Chapter 17,10,The Balance of International Payments,real GNP= Yt + rt1 B ft1/ Preal GNP = real GDP+ net real asset income from abroad(Bft Bf t1)/P. is called net foreign investment,Macroeconomics Chapter 17,11,The Balance of International Payments,Ct+ It+ Gt + (B ft B ft1)/
9、 P = Yt+ r t1B ft1/ Preal domestic expenditure+ net foreign investment = real GNP on goods and services,Macroeconomics Chapter 17,12,The Balance of International Payments,(B ftBft1)/P = Yt+ rt1 Bft1/P (Ct+ It+ Gt)net foreign investment = real GNP real domestic expenditure = real current-account bala
10、nce,Macroeconomics Chapter 17,13,The Balance of International Payments,the real current-account balance.a current-account surplusa current-account deficita balance on current account,Macroeconomics Chapter 17,14,The Balance of International Payments,(B ft B ft1 )/ P = Yt ( Ct+ It+ Gt) + rt1Bft1/Prea
11、l current-account balance = trade balance + net real asset income from abroad,Macroeconomics Chapter 17,15,History of the U.S. Current-Account Balance,Macroeconomics Chapter 17,16,History of the U.S. Current-Account Balance,Macroeconomics Chapter 17,17,History of the U.S. Current-Account Balance,Mac
12、roeconomics Chapter 17,18,History of the U.S. Current-Account Balance,Macroeconomics Chapter 17,19,History of the U.S. Current-Account Balance,Macroeconomics Chapter 17,20,Chinese Trade Balance 以下数据均来自中国统计局,Macroeconomics Chapter 17,21,Chinese FDI,Macroeconomics Chapter 17,22,Chinese FDI,Macroeconom
13、ics Chapter 17,23,Could you report the Balance of International Payments for China in 2008?,(B ft B ft1 )/ P = Yt ( Ct+ It+ Gt) + rt1Bft1/Preal current-account balance?trade balance?net real asset income from abroad?the return rate r2007?,Macroeconomics Chapter 17,24,Determinants of the Current-Acco
14、unt Balance,A small country model:Production Function:Yt = A F( K, Lt)Total ExpendituresYt = Ct+ It+ Gtthe real interest rate on bonds, rt, has to equal the real rate of return on capitalrt = MPK ,Macroeconomics Chapter 17,25,Determinants of the Current-Account Balance,Suppose, to begin, that The re
15、al interest rate in the rest of the world, rf, is constant The domestic real interest rate is also set at rf The opening up to the world credit market would not change the real interest rate available to the home countrys households.,Macroeconomics Chapter 17,26,Determinants of the Current-Account Balance,The home country would end up with the same real GDP, Yt, consumption, Ct , gross domestic investment, It , and so on.Therefore, the condition Yt = Ct + It + Gt would continue to hold.We see, accordingly, that the trade balance would be zerotrade balance= Yt - （Ct + It + Gt ）,
