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1、1,Chapter 5 The Standard Trade Model,Introduction A Standard Model of a Trading Economy International Transfers of Income: Shifting the RD Curve Tariffs and Export Subsidies: Simultaneous Shifts in RS and RD Summary Appendix: Representing International Equilibrium with Offer Curves,2,Introduction,Pr
2、evious trade theories have emphasized specific sources of comparative advantage which give rise to international trade: Differences in labor productivity (Ricardian model) Differences in resources (specific factors model and Heckscher-Ohlin model) The standard trade model is a general model of trade
3、 that admits these models as special cases.,3,5-1 A Standard Model of a Trading Economy,The standard trade model is built on four key relationships: Production possibility frontier and the relative supply curve Relative prices and relative demand World relative supply and world relative demand Terms
4、 of trade and national welfare,4,Production Possibilities and Relative Supply Assumptions of the model: Each country produces two goods, food (F) and cloth (C) Each countrys production possibility frontier is a smooth curve (TT) The point on its production possibility frontier at which an economy ac
5、tually produces depends on the price of cloth relative to food, PC/PF. Isovalue lines(P94) Lines along which the market value of output is constant,5,Figure 5-1: Relative Prices Determine the Economys Output(P95),Isovalue lines,6,Figure 5-2: How an Increase in the Relative Price of Cloth Affects Rel
6、ative Supply(P96),VV2(PC/PF)2,TT,7,Relative Prices and Demand The value of an economys consumption equals the value of its production:PCQC + PFQF = PCDC + PFDF = VThe economys choice of a point on the isovalue line depends on the tastes of its consumers, which can be represented graphically by a ser
7、ies of indifference curves.,8,Indifference curves(P96) Each traces a set of combinations of two goods consumption that leave the individual equally well off They have three properties: Downward sloping The farther up and to the right each lies, the higher the level of welfare to which it corresponds
8、 Each gets flatter as we move to the right,9,Figure 5-3: Production, Consumption, and Trade in the Standard Model(P97),Indifference curves,10,If the relative price of cloth, PC/PF , increases, the economys consumption choice shifts from D1 to D2. The move from D1 to D2 reflects two effects: Income e
9、ffect Substitution effect It is possible that the income effect will be so strong that when PC/PF rises, consumption of both goods actually rises, while the ratio of cloth consumption to food consumption falls.,11,Figure 5-4: Effects of a Rise in the Relative Price of Cloth(P98),12,The Welfare Effec
10、t of Changes in the Terms of Trade Terms of trade The price of the good a country s exports divided by the price of its imports.(P94) A rise in the terms of trade increases a countrys welfare, while a decline in the terms of trade reduces its welfare.(P98),13,案例分析:发达国家和发展中国家的贸易条件,发达国家和发展中国家19721993年
11、的贸易条件 （单位出口价值/单位进口价值，1972年为100）,14,发达国家和发展中国家19721993年的贸易条件（单位出口价值/单位进口价值，1972年为100),15,Determining Relative Prices Suppose that the world economy consists of two countries: Home (which exports cloth) Its terms of trade are measured by PC/PF Its quantities of cloth and food produced are QC and QF Fo
12、reign (which exports food) Its terms of trade are measured by PF/PC Its quantities of cloth and food produced are Q*C and Q*F,16,To determine PC/PF , one must find the intersection of world relative supply of cloth and world relative demand. The world relative supply curve (RS) is upward sloping bec
13、ause an increase in PC/PF leads both countries to produce more cloth and less food. The world relative demand curve (RD) is downward sloping because an increase in PC/PF leads both countries to shift their consumption mix away from cloth toward food.,17,Figure 5-5: World Relative Supply and Demand(P
14、99),18,Economic Growth: A Shift of the RS Curve Is economic growth in other countries good or bad for our nation? It may be good for our nation because it means larger markets for our exports. It may mean increased competition for our exporters. Is growth in a country more or less valuable when that
15、 nation is part of a closely integrated world economy? It should be more valuable when a country can sell some of its increased production to the world market. It is less valuable when the benefits of growth are passed on to foreigners rather than retained at home.,19,Growth and the Production Possi
16、bility Frontier Economic growth implies an outward shift of a countrys production possibility frontier (TT). Biased growth Takes place when TT shifts out more in one direction than in the other(P100) Can occur for two reasons: Technological progress in one sector of the economy Increase in a country
17、s supply of a factor of production,20,Figure 5-6: Biased Growth(P100),21,Relative Supply and the Terms of Trade Export-biased growth Disproportionately expands a countrys production possibilities in the direction of the good it exports(P101) Worsens a growing countrys terms of trade, to the benefit of the rest of the world Import-biased growth Disproportionately expands a countrys production possibilities in the direction of the good it imports Improves a growing countrys terms of trade at the rest of the words expense,
