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1、1,Part II Macro Policies for Open Economies,Focus on macroeconomic performance. 8 How does the open macroeconomy work? 9 Internal and external balance with fixed exchange rates 10 Floating exchange rates and internal balance,2,macroeconomic performance （宏观经济运行） the behavior (变化) of a countrys output
2、, jobs, and prices in the face of changing world conditions.,3,CHAPTER 8,How Does the Open Macroeconomy Work? 开放的宏观经济是如何运行的？,4,Framework of this chapter,The performance of a national economy 一国经济的状况 Equilibrium GDP and spending multipliers 均衡GDP和支出乘数 Three markets 三个市场（产品、货币和外汇市场）,5,The performance
3、of a national economy,How well is a countrys economy performing? We judge the performance of a national economy against two objectives. Internal balance and external balance.,6,Internal Balance Full employment, or an acceptably low unemployment rate Price stability, or an acceptably low inflation ra
4、te,7,External balance Sustainable (能保持一定水平的) balance of payments with the rest of the world Useful indicator: Official settlements balance approximately equal to zero (so that the country is not losing official international reserves or acquiring unwanted official international reserves),8,Our discu
5、ssion here focus on the countrys current account. The goal here need not be a zero balance.,9,A framework for macroeconomic analysis p164,Analysis on the behavior of the economy in the short run is relatively Keynesian（凯恩斯主义者） in that the price level is not immediately responsive to aggregate demand
6、 (AD) and supply. Analysis on the behavior of the economy in the longer run is more classical(古典学派的) in that the price level does respond to demand and supply.,10,Determinants of real GDP (representing both domestic product and national income),11,Domestic production depends on aggregate demand,A ma
7、jor performance goal of an economy is to achieve production of goods and services that is close to the economys potential. The value of production of goods and services is the economys real GDP(Y); it is nearly the same thing as real national income.,12,In the short run (and within the economys supp
8、ly capabilities), domestic production is determined by aggregate demand: Y = AD = C + Id + G + (X - M) 国内产出（国民收入）总需求 消费国内投资政府支出净出口 (X - M): Exports are the foreign demand for our goods; imports are already included in the other kinds of spending.,13,Y = AD = C + Id + G + (X - M),E,National spending
9、on goods and services,14,Contd,National spending on goods and services: E=C+ Id + G C=C(Y) (+) Id= Id(i) (- ) G is treated as a political decision.,15,Trade depends on income p166,M=M(Y), imports M are a positive function of Y. Marginal propensity to import (m): the amount by which our imports incre
10、ase when our income goes up by one dollar. 边际进口倾向：每增加一元的收入所增加的进口量。 X depends on income of foreign countries.,16,Equilibrium GDP and spending multipliers,Equilibrium GDP The condition for equilibrium: real GDP=AD, AD = E + X -M, holding the interest rate constant, AD(Y) = E(Y) + X -M(Y), Therefore, t
11、he equilibrium condition is Y= AD(Y) = E(Y) + X -M(Y),17,The spending multiplier in a small, open economy,The spending multiplier shows how equilibrium GDP responds to exogenous（外来的） changes in any component of aggregate demand. 支出乘数体现了均衡GDP是如何随总需求各组成部分的变化而变化的。 乘数是指由总支出变动引起的国民收入增加的倍数。,18,Suppose tha
12、t the government raises its purchases of domestically produced goods and services by 10 units,10 units purchases,10 extra income for whoever produces,Spending part of the extra income to consume,Extra part income for whoever produces,19,Contd,With each extra dollar of income, people will Save 20 cen
13、ts marginal propensity to save (s) ? Spend 30 cents on imports marginal propensity to import (m)? Spend 50 cents domestically marginal propensity to consume domestic product (1-s-m)?,20,Both 20% saved and 30% imports in the extra income represent “leakages” from the domestic expenditure stream. In t
14、he second round of income and expenditures ,only 50% (1-20%-30%)will be passed on and divided up into further domestic spending.,21,10 units purchases,10 extra income for whoever produces,Spending 5 units of the extra income to consume,5 units income for whoever produces goods and service,2.5 units
15、spending on domestic consumption,22,Contd,The spending multiplier in a small open economy is Y/ G = 1/(s + m) 国民收入的增量 / 政府支出的增量 = 1/(边际储蓄倾向 + 边际进口倾向) Note: The multiplier is smaller in a small open economy than it in a comparable closed economy (in which m is zero) Exercise: Q4 p185 a, b,23,a. The s
16、pending multiplier in this small open economy is about 1.82 (= 1/(0.15 + 0.4). If real spending initially declines by $2 billion, then domestic product and income will decline by about $3.64 billion (= 1.82 $2 billion) b.If domestic product and income decline by $3.64 billion, then the countrys imports will decline by about $1.46 billion (= $3.64 billion 0.4).,24,Foreign Spillovers（需求溢出） and Foreign-Income Repercussions 国外需求溢出和外国
