国际贸易学课件：CH16 NATIONAL AND INTERNATIONAL ACCOUNTS INCOME, WEALTH, AND THE BALANCE OF PAYMENTS

1、151 Exchange Rates and Interest Rates in the Short Run2 Interest Rates in the Short Run3 The Asset Approach4 A Complete Theory5 Fixed Exchange Rates and the Trilemma6 ConclusionsNATIONAL AND INTERNATIONAL ACCOUNTS:INCOME, WEALTH, AND THE BALANCE OF PAYMENTS2 of 97 2008 Worth Publishers International

2、 Economics Feenstra/TaylorThe First Task of Any Macroeconomist Is to Measure Economic Transactions The collection and analysis of such data can help improve research and policy formulation. National output, consumption, investment. International flows of trade and finance. Trade surpluses in emergin

3、g economies like China and India. The size of the U.S. trade deficit. Indebtedness of the U.S. to the rest of the world. To understand such debates, we must first know what is being talked about. What do all these measures mean? How are they related? How does the global economy actually function? Ho

4、w these trends might be related to national saving and the governments budget? 3 of 97 2008 Worth Publishers International Economics Feenstra/TaylorThe Goals of This Chapter To explain the international system of trade and payments. To discover how international trade in goods and services is comple

5、mented and balanced by a parallel trade in assets. To see how these transactions relate to national income and wealth.4 of 97 2008 Worth Publishers International Economics Feenstra/Taylor1 Measuring Macroeconomic Activity: An OverviewA closed economy is characterized by a circular flow of payments.

6、At various points in this flow, economic activity is measured and recorded in the national income and product accounts.In an open economy, These additional flows are recorded in a nations balance of payments accounts.5 of 97 2008 Worth Publishers International Economics Feenstra/TaylorNational Incom

7、e and Product AccountsThe Flow of Payments in a Closed Economy: Introducing the National Income and Product Accounts. Gross National Expenditure (GNE), the total expenditure on final goods and services by home entities in any given period of measurement (usually a calendar year, unless otherwise not

8、ed). It is made up of three parts: Personal consumption C. Investment I. Government spending G.6 of 97 2008 Worth Publishers International Economics Feenstra/TaylorC + I + GPersonal consumption expenditures (usually called “consumption”) equal total spending by private households on final goods and

9、services, including nondurable goods such as food, durable goods such as a television, and services such as window cleaning or gardening.Gross private domestic investment (usually called “investment”) equals total spending by firms or households on final goods and services to make additions to the s

10、tock of capital. Investment includes construction of a new house or a new factory, the purchase of new equipment, and net increases in inventories of goods held by firms (i.e., unsold output). 7 of 97 2008 Worth Publishers International Economics Feenstra/TaylorC + I + GGovernment consumption expend

11、itures and gross investment (often called “government consumption”) equal spending by the public sector on final goods and services, including spending on public works, national defense, the police, and the civil service. It does not include any transfer payments or income redistributions, such as S

12、ocial Security or unemployment insurance paymentsthese are not purchases of goods or services, just rearrangements of private spending power.Once GNE is spent, where do the payments flow next?8 of 97 2008 Worth Publishers International Economics Feenstra/TaylorGDPA countrys gross domestic product (G

13、DP) is the value of all (intermediate and final ) goods and services produced as output by firms, minus the value of all goods and services purchased as inputs by firms. GDP is also known as value added.GDP is a product measure, in contrast to GNE, which is an expenditure measure.In a closed economy

14、, intermediate sales must equal intermediate purchases, so in GDP these two terms cancel out, leaving only the value of final goods and services produced, which equals the expenditure on final goods and services, or GNE.Thus, GDP equals GNE. Once GDP is sold, where do the payments flow next?9 of 97

15、2008 Worth Publishers International Economics Feenstra/TaylorThe Flow of Payments in a Closed Economy10 of 97 2008 Worth Publishers International Economics Feenstra/TaylorThe Flow of Payments in an Open Economy11 of 97 2008 Worth Publishers International Economics Feenstra/Taylor2 Income, Product, a

16、nd Expenditure Three Approaches to Measuring Economic Activity:w The expenditure approach looks at the demand for goods: it examines how much is spent on demand for final goods and services. The key measure is GNE.w The product approach looks at the supply of goods: it measures the value of all good

17、s and services produced as output minus the value of goods used as inputs in production. The key measure is GDP.w The income approach focuses on payments to owners of factors: it tracks the amount of income they receive. The key measures are gross national income GNI and gross national disposable in

18、come GNDI (which includes net transfers).12 of 97 2008 Worth Publishers International Economics Feenstra/TaylorFrom GNE to GDP: Accounting for Trade in Goods and Services13 of 97 2008 Worth Publishers International Economics Feenstra/TaylorFrom GDP to GNI: Accounting for Trade in Factor Services14 of 97 2008 Worth Publishers International Economics Feenstra/TaylorA Paper Tiger?15 of 97 2008 Worth Publishers International Economics Feenstra/TaylorFrom GNI to GNDI: Accounting for Transfers of Income16 of 97 2008 Worth Pu