经济专业经济学原理2

1、1开放经济An Open Economy一个开放经济与其他国家相互往来的方式有两种。An open economyeracts with other countrieswo ways.它在世界产品市场上物品和服务。It buys and sells goods and serviin world product markets.它在世界资本市场上资本资产。 It buys and sells capital assets in world finanl markets.4开放与封济Open and Closed Economies开放经济是一个与世界上其他经济往来的经济。 An open ec

2、onomy is oneteracts freely with other economies around the world.3开放与封济Open and Closed Economies封济是一个与世界上其他经济没有相互往来的经济。A closed economy is onet does not eract with other economieshe world.没有出口、进口，也没有资本。There are no exports, no imports, and no capital flows.2第三十一章开放经济宏观经济学：基本概念Open-Economy Macroecono

3、mics:Basic Concepts12物品的：出口、进口与净出口 The Flow of Goods: Exports, Imports, Net Exports贸易赤字是净出口（NX）为负值的情况。A trade deficit is a situation in which net exports (NX) are negative.进口出口 Imports Exports贸易盈余是净出口（NX）为正值的情况。A trade surplus is a situation in which net exports (NX) areitive.出口进口 Exports Imports贸易平

4、衡指的是净出口等于零出口和进口恰好相等。Balanced trade refers to when net exports are zero exports and imports are exactly equal.8物品的：出口、进口与净出口 The Flow of Goods: Exports, Imports, Net Exports净出口（NX）是一国的出口值减去进口值。Net exports (NX) are the value of a nations exports minus the value of itsimports.净出口也被称为贸易余额。Net exports ar

5、e also called the trade balance.7物品的：出口、进口与净出口 The Flow of Goods: Exports, Imports, Net Exports出口是在国内生产并在国外销售的物品与服务。Exports are domestically produced goods and servit are sold abroad.进口是在国外生产并在国内销售的物品与服务。Imports are foreign produced goods and servit are sold domestically.6开放经济An Open Economy经济是一个很大且

6、开放的经济它进口和出口巨大数量的物品与服务。The U.S. is a very large and open economy it imports and exports hugeties of goods and servi.在过去的40年里，国际贸易与金融已变得越来越重要。Over the past four decades,ernational trade and finance havee increasingly important.53percentage of GDP中国经济的Theernationalization of China Economy资料来源 中 计年鉴1230

7、25Export2015Import1050197819811984198719901993199619992002经济的Theernationalization of the U.S.PercentEconomyof GDP15进口Imports105出口Exports01950 1955 1960 1965 1970 1975 1980 1985 1990 1995 211000影响净出口的Factorst Affect Net Exports国内与国外消费者的收入。Thees of consumers at home and abroad.物品从一国运往另一国的成本。The costs

8、of transporting goods from country to country.对国际贸易的政策。The policies of theernment toward ernational trade.10影响净出口的Factorst Affect Net Exports消费者对于国内与国外物品的嗜好。 The tastes of consumers for domestic and foreign goods.国内与国外物品的价格。The priof goods at home and abroad.人们用国内通货国外通货的交换比率汇率。The exchange rates at

9、which people can use domestic currency to buy foreign currencies.94净出口与资本净流出的相等 The Equality of Net Exports and Net Capital Outflow净出口（NX）和资本净流出（NCO）是紧密联系的。 Net exports (NX) and net capital outflow(NCO) are closely linked.对于一个经济整体而言， NX和NCO必须相等。For an economy as a whole, NX and NCO must balance each

10、 other sot:资本净流出净出口 NCO = NX这个等式之所以成立，因为每一笔交易，如果影响了等式的一方，必然也以相同的数量影响了另一方。This holds true because every traniont affects one side must also affect the other side by the same amount.16影响资本净流出的变量 Variablest Influence Net Capital Outflow支付给国产的实际利率。The realerest rates being paid on foreign assets.支付给国内资产

11、的实际利率。The real erest rates being paid on domestic assets.持有国 产所察觉到的经济和政治风险。 The perceived economic and political risks of holding assets abroad.影响国外对国内资产的所的政策。 Theernment policiest affect foreign ownership of domestic assets.15资本：资本净流出 The Flow of Capital: Net Capital Outflow当一个居民了墨公司（mex）的，这一增加了的资本

12、净流出。When a U.S. resident buys stockelmex, the Mexican phone company, the purchase raisesU.S. net capital outflow.当一个居民了的债券，这一减少了的资本净流出。When a Japaresidents buys a bond ied by the U.S.ernment, the purchase redu the U.S. net capital outflow.14资本：资本净流出 The Flow of Capital: Net Capital Outflow资本净流出指的是国内

13、居民的国产减去外国人的国内资产。Net capital outflow refers to the purchase of foreign assets by domestic residents minus the purchase of domestic assets by foreigners.一个居民了丰田公司的，或者一个墨了福特汽车公司的。A U.S. resident buys stockhe Toyota corporation and a Mexican buys stockhe Ford Motor corporation.135国民储蓄 、国内投资与净国外投资 Nation

14、al Saving, Domestic Investment, and Net Foreign Investment(a)国民储蓄和国内投资（占GDP的百分比）PercentNational Saving and Domestic Investmentof GDP(asrcentage of GDP)20Domestic investment18161412National saving101960 1965 1970 1975 1980 1985 1990 19952000 200520ernational Flows of Goods and Capital: Summary19储蓄、投资

15、及其与国际的关系 Saving, Investment, and Their Relationship to theernational Flows国民储蓄（S）等于Y-C-G，于是National saving (S) equals Y-C-G so:S = I + NXorSaving=Domestic+Foreign储 蓄InvestmentInvestment国内投资资本净流出S = I + NCO or S I = NCO18储蓄、投资及其与国际的关系 Saving, Investment, and Their Relationship to theernational Flows净

16、出口是GDP的一个组成部分Net exports is a component of GDP:Y = C + I + G + NX国民储蓄是国民收入支付完当前的消费和后所剩余的部分。National saving is thee of the nationt is left aftaying for current consumption andernment purchases:Y - C - G = I + NX176Percentage of GDPPercentage of GDP实际与名义汇率Real and Nominal Exchange Rates国际交易受到国际价格的影响。

17、ernational tranions are influenced by ernational pri.两个最重要的国际价格就是名义汇率与实际汇率。The two most importanternational pri are the nominal exchange rate and the real exchange rate.24国民储蓄、国内投资与净国外投资：中国National Saving, Domestic Investment,and Net Foreign Investment: China(b) 资本净流出（占GDP的百分比）Net capital outflow (a

18、srcentage of GDP)543Net Foreign Investment210197819811984198719901993199619992002-1-2-3-4-5资料2来源中 计年鉴国民储蓄 、国内投资与净国外投资：中国 National Saving, Domestic Investment, and Net Foreign Investment: China(a)国民储蓄和国内投资（占GDP的百分比） National Saving and Domestic Investment (asrcentage of GDP)50National Saving40Domesti

19、c Investment30201978198219861990199419982002资料2来源中 计年鉴国民储蓄、国内投资与净国外投资 National Saving, Domestic Investment, and Net Foreign InvestmentPercent(b) 资本净流出（占GDP的百分比）of GDPNet capital outflow (asrcentage of GDP)2Net caoutflow101234561960 19651970 1975 1980 1985 1990 1995 2000 2005217名义汇率Nominal Exchange R

20、ates如果一能够买到的国外通货，就有一个升值。If a dollar buys more foreign currency, there is an appretion of the dollar.如果买到更少，就有一个贬值。If it buys less there is a depretion of the dollar.28名义汇率Nominal Exchange Rates假定日元与之间的汇率是80日元对1 Ame the exchange rate betn theJapayen and U.S. dollar is 80 yen to one dollar.一换得80日元。One

21、 U.S. dollar trades for eighty yen.一日元换得1/80(=0.0125)。One yen trades for 1/80 (=0.0125) of a dollar.27名义汇率Nominal Exchange Rates名义汇率可用两种方法来表示：The nominal exchange rate is expressedwo ways:用每一 对应的国外通货的 数。 In units of foreign currency per one U.S. dollar.用国外一 通货对应的 的 数。 And in units of U.S. dollars pe

22、r one unit of the foreign currency.26名义汇率Nominal Exchange Rates名义汇率是人们用一国通货交换另一国通货的比率。The nominal exchange rate is the rate at whichrson can trade the currency offor the currency of another.258实际汇率Real Exchange RatesRealNominal exchange rate x Domestic priceExchange Foreign priceRate实际汇率名义汇率国内价格/国外价

23、格实际汇率是决定一国出口和进口多少的关键。The real exchange rate is a key determinant of how much a country exports and imports.32实际汇率Real Exchange Rates实际汇率依赖于名义汇率，及在两个国家中以所在国的通货衡量的物品价格。 The real exchange rate depends on the nominal exchange rate and the priof goodshe two countries measured in local currencies.31实际汇率Re

24、al Exchange Rates实际汇率比较了国内物品与在国内经济中的国外物品的价格。The real exchange rate compares the pri of domestic goods and foreign goods he domestic economy.如果一箱德国啤酒比啤酒贵一倍，实际汇率就是每一箱啤酒换1/2箱德国啤酒。If a case of German beer is twice as expensive as American beer, the real exchange rate is 1/2 case of German beer case of A

25、merican beer.30实际汇率Real Exchange Rates实际汇率是一个人用一国物品与服务交换另一国物品与服务的比率。 The real exchange rate is the rate at whichrson can trade the goodsand servioffor the goods and serviof another.299力平价Purchasing-arity按照力平价理论，一给定的通货应该能够在所有国家买到同等数量的物品 According to the purchasing-arity theory, a unit of any given cu

26、rrency should be able to buy the samety of goods in all countries.36力平价Purchasing-arity力平价理论是解释通货的汇率变化的最简单和最广泛接受的理论。The purchasing-arity theory is the simplest and most widely accepted theory explaining the variation of currency exchange rates.35实际汇率Real Exchange Rates结果， 出口增加，进口下降，这两个变化都会增加 的净出口。As

27、 a result, U.S. exports rise, and U.S. imports fall, and both of these changes raise U.S. net exports.相反的， 的实际汇率升值意味着 物品相对国外的物品变得更加昂贵，于是 的净出口下降。Conversely, an appretionhe U.S. real nge rate meanst U.S. goods havee more expensive compared to foreign so U.S. net exports fall.34实际汇率Real Exchange Rates实

28、际汇率的贬值（下降）意味着物品相对于国外物品变得更便宜。A depretion (fall)he U.S. real exchange rate meanst U.S. goods haveecher relative to foreign goods.这就同时鼓励了国内和国外的消费者的物品、更少的其他国的物品。This encourages consumers bot home and abroad to buy more U.S. goods and fewer goods from other countries.3310力平价的含义Implications of Purchasing-

29、arity如果的力在本国和外国总是一样，那么实际汇率就不会改变。If the purchasinger of the dollar is always the same at home and abroad, then the real exchange rate cannot change.两国通货之间的名义汇率必然反映这些国家不同的价格水平。The nominal exchange rate betn the currencies of two countries must reflect the different price levelshose countries.40力平价的基本逻

30、辑Basic Logic of Purchasing-arity如果发生，在两国存在差别的价格最终会趋于一致。If arbitrage occurs, eventually prit differed wo markets would nesarily converge.按照力平价理论，通货必须在所有的国家具有同样的力，汇率会调整以保证这一点。 According to the theory of purchasing-er parity, a currency musve the same purchasinger in all countries and exchange rates mo

31、ve to ensuret.39力平价的基本逻辑Basic Logic of Purchasing-arity如果一价法则不成立，就会存在未被利用的获利机会。If the law of one price were not true, unexploited profit opportunities would exist.从不同市场的不同价格中获利的过程称为套利。The pros of taking advantage of differenin priin different markets is called arbitrage.38力平价的基本逻辑Basic Logic of Purc

32、hasing-arity力平价理论是基于所谓的一价法则 The theory of purchasing-arity is based on a principle called the law of one price.按照一价法则，一个物品在所有地方都必然卖同一价格。According to the law of one price, a good must sell for the same price in all locations.3711力平价的局限性Limiions of Purchasing-arity许多物品都不太容易从一国卖到或运到另一国。Many goods are n

33、ot easily traded or shipped fromto another.在不同国家生产的可贸易物品不总是完全替代品。Tradable goods are not always perfect substitutes when they are produced in different countries.44德国超速通货膨胀时期的货币、价格与名义汇率 Money, Pri, and the Nominal Exchange Rate During the German HyperinflationIndexes(Jan. 1921 = 100)1,000,000,000,000

34、,00010,000,000,000Money supplyPrice level100,0001.00001Exchange rate.000000000119211922192319241925力平价的含义Implications of Purchasing-arity 当 印刷了大量货币，货币的贬值就不仅体现在（ 的）物品和服务上，而且体现在它能够 的其他通货的数量上。When the central bprs largeties of money, the money loses value botherms of the goods and serviit can buy ander

35、ms of the amount ofother currencies it can buy.42力平价的含义Implications of Purchasing-arity根据实际汇率的定义，实际汇率名义汇率国内价格/国外价格按照力平价理论，实际汇率1因此，名义汇率国外价格/国内价格其中，国内和国外价格均以所在国的通货来衡量。4112总结Summary当名义汇率改变以致每一可以外国通货时，就称升值了或坚挺了。 When the nominal exchange rate changes sot each dollar buys more foreign currency, the dollar is said to apprete or strengthen.当名义汇率改变以致每一的国外通货更少了，就称贬值了或疲软了。When the nominal ex