曼昆宏观经济学第三十二篇答案Word格式文档下载.docx
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曼昆宏观经济学第三十二篇答案Word格式文档下载.docx
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(1)themarketforloanablefundsdeterminestherealinterestrate;
and
(2)themarketforforeign-currencyexchangedeterminestherealexchangerate.
3.IfAmericansdecidedtospendasmallerfractionoftheirincomes,theincreaseinsavingwouldshiftthesupplycurveforloanablefundstotheright,asshowninFigure1.Thedeclineintherealinterestrateincreasesnetcapitaloutflowandshiftsthesupplyofdollarstotherightinthemarketforforeign-currencyexchange.Theresultisadeclineintherealexchangerate.Sincetherealinterestrateislower,domesticinvestmentincreases.Sincenetcapitaloutflowincreases,thetradebalancealsoincreases.Overall,savinganddomesticinvestmentincrease,therealinterestrateandrealexchangeratedecrease,andthetradebalanceincreases.
Figure1
QuestionsforReview
1.Thesupplyofloanablefundscomesfromnationalsaving;
thedemandforloanablefundscomesfromdomesticinvestmentandnetcapitaloutflow.Thesupplyofdollarsinthemarketforforeignexchangecomesfromnetcapitaloutflow;
thedemandfordollarsinthemarketforforeignexchangecomesfromnetexports.Thelinkbetweenthetwomarketsisnetcapitaloutflow.
2.Governmentbudgetdeficitsandtradedeficitsaresometimescalledthetwindeficitsbecauseagovernmentbudgetdeficitoftenleadstoatradedeficit.Thegovernmentbudgetdeficitleadstoreducednationalsaving,causingtheinterestratetoincrease,thusreducingnetcapitaloutflow,whichinturnreducesnetexports.
3.IfaunionoftextileworkersencouragespeopletobuyonlyAmerican-madeclothes,importswouldbereduced,sonetexportswouldincreaseforanygivenrealexchangerate.Thiswouldcausethedemandcurveinthemarketforforeignexchangetoshifttotheright,asshowninFigure2.Theresultisariseintherealexchangerate,butnoeffectonthetradebalance.Thetextileindustrywouldimportless,butotherindustries,suchastheautoindustry,wouldimportmorebecauseofthehigherrealexchangerate.
Figure2
4.Capitalflightisalargeandsuddenmovementoffundsoutofacountry.Capitalflightcausestheinterestratetoincreaseandtheexchangeratetodepreciate.
ProblemsandApplications
1.JapangenerallyrunsatradesurplusbecausetheJapanesesavingrateishighrelativetoJapanesedomesticinvestment.Theresultishighnetcapitaloutflow,whichismatchedbyhighnetexports,resultinginatradesurplus.Theotherpossibilities(highforeigndemandforJapanesegoods,lowJapanesedemandforforeigngoods,andstructuralbarriersagainstimportsintoJapan)wouldaffecttherealexchangerate,butnotthetradesurplus.
2.AreductionintheU.S.governmentbudgetdeficitwouldincreasenationalsaving,shiftingthesupplycurveofloanablefundstotherightinFigure3.ThiswouldreducetherealinterestrateintheUnitedStates,thusincreasingnetcapitaloutflow,andreducingtherealexchangerate.Thustherealvalueofthedollarwoulddecline,notincreaseasthepresidentsuggested.
Figure3
3.IfCongresspassesaninvestmenttaxcredit,itsubsidizesdomesticinvestment.Thedesiretoincreasedomesticinvestmentleadsfirmstoborrowmore,increasingthedemandforloanablefunds,asshowninFigure4.Thisraisestherealinterestrate,thusreducingnetcapitaloutflow.Thedeclineinnetcapitaloutflowreducesthesupplyofdollarsinthemarketforforeignexchange,raisingtherealexchangerate.Thetradebalancealsodeclines,sincenetcapitaloutflow,hencenetexports,arelower.Thehigherrealinterestratealsoincreasesthequantityofnationalsaving.Insummary,savingincreases,domesticinvestmentincreases,netcapitaloutflowdeclines,therealinterestrateincreases,therealexchangerateincreases,andthetradebalancedecreases.
Figure4
4.a.AdeclineinthequalityofU.S.goodsatagivenrealexchangeratewouldreducenetexports,reducingthedemandfordollars,thusshiftingthedemandcurvefordollarstotheleftinthemarketforforeignexchange,asshowninFigure5.
b.Theshifttotheleftofthedemandcurvefordollarsleadstoadeclineintherealexchangerate.Sincenetcapitaloutflowisunchanged,andnetexportsequalsnetcapitaloutflow,thereisnochangeinequilibriuminnetexportsorthetradebalance.
c.Theclaiminthepopularpressisincorrect.AchangeinthequalityofU.S.goodscannotleadtoariseinthetradedeficit.Thedeclineintherealexchangeratemeansthatwegetfewerforeigngoodsinexchangeforourgoods,soourstandardoflivingmaydecline.
Figure5
5.Areductioninrestrictionsofimportswouldreducenetexportsatanygivenrealexchangerate,thusshiftingthedemandcurvefordollarstotheleft.Theshiftofthedemandcurvefordollarsleadstoadeclineintherealexchangerate,whichincreasesnetexports.Sincenetcapitaloutflowisunchanged,andnetexportsequalsnetcapitaloutflow,thereisnochangeinequilibriuminnetexportsorthetradebalance.Butbothimportsandexportsrise,soexportindustriesbenefit.
6.a.WhentheFrenchdevelopastrongtasteforCaliforniawines,thedemandfordollarsintheforeign-currencymarketincreasesatanygivenrealexchangerate,asshowninFigure6.
b.Theresultoftheincreaseddemandfordollarsisariseintherealexchangerate.
c.Thequantityofnetexportsisunchanged.
Figure6
7.Anexportsubsidyincreasesnetexportsatanygivenrealexchangerate.Thiscausesthedemandfordollarstoshifttotherightinthemarketforforeignexchange,asshowninFigure7.Theeffectisahigherrealexchangerate,butnochangeinnetexports.Sothesenatoriswrong;
anexportsubsidywillnotreducethetradedeficit.
Figure7
8.HigherrealinterestratesinEuropeleadtoincreasedU.S.netcapitaloutflow.Highernetcapitaloutflowleadstohighernetexports,sinceinequilibriumnetexportsequalnetcapitaloutflow(NX=NCO).Figure8showsthattheincreaseinnetcapitaloutflowleadstoalowerrealexchangerate,higherrealinterestrate,andincreasednetexports.
Figure8
9.a.IftheelasticityofU.S.netcapitaloutflowwithrespecttotherealinterestrateisveryhigh,thelowerrealinterestratethatoccursbecauseoftheincreaseinprivatesavingwillincreasenetcapitaloutflowagreatdeal,soU.S.domesticinvestmentwillnotincreasemuch.
b.Sinceanincreaseinprivatesavingreducestherealinterestrate,inducinganincreaseinnetcapitaloutflow,therealexchangeratewilldecline.IftheelasticityofU.S.exportswithrespecttotherealexchangerateisverylow,itwilltakealargedeclineintherealexchangeratetoincreaseU.S.netexportsbyenoughtomatchtheincreaseinnetcapitaloutflow.
10.a.IftheJapanesedecidedtheynolongerwantedtobuyU.S.assets,U.S.netcapitaloutflowwouldincrease,increasingthedemandforloanablefunds,asshowninFigure9.TheresultisariseinU.S.interestrates,anincreaseinthequantityofU.S.saving(becauseofthehigherinterestrate),andlowerU.S.domesticinvestment.
b.Inthemarketforforeignexchange,therealexchangeratedeclinesandthebalanceoftradeincreases.
Figure9
11.TheflighttosafetyledtoadesirebyforeignerstobuyU.S.governmentbonds,resultinginadeclineinU.S.netcapitaloutflow,asshowninFigure10.Thedeclineinnetcapitaloutflowalsomeansadeclineinthedemandforloanablefunds.Asthefigureshows,theshifttotheleftinthedemandcurveresultsinadeclineintherealinterestrateintheUnitedStates.Inaddition,thedecreaseinnetcapitaloutflowdecreasesthesupplyofdollarsintheforeign-exchangemarket,causingthedollartoappreciate,shownasariseintherealexchangerate.Thelowerrealinterestratecausesnationalsavingtodecline,butincreasesdomesticinvestment.Sincenetcapitaloutflowislower,netexportsarelower,thusthetradebalancedeclines.
Figure10
12.a.WhenU.S.mutualfundsbecomemoreinterestedininvestinginCanada,CanadiannetcapitaloutflowdeclinesastheU.S.mutualfundsmakeportfolioinvestmentsinCanadianstocksandbonds.Thedemandforloanablefundsshiftstotheleftandthenetcapitaloutflowcurveshiftstotheleft,asshowninFigure11.Asthefigureshows,therealinterestratedeclines,thusreducingCanada’sprivatesaving,butincreasingCanada’sdomesticinvestment.Inequilibrium,Canadiannetcapitaloutflowdeclines.
b.SinceCanada'
sdomesticinvestmentincreases,inthelongrun,Canada'
scapitalstockwillincrease.
c.Withahighercapitalstock,Canadianworkerswillbemoreproductive(thevalueoftheirmarginalproductwillincrease)sowageswillrise.ThusCanadianworkerswillbebetteroff.
d.TheshiftofinvestmentintoCanadameansincreasedU.S.netcapitaloutflow.Asaresult,theU.S.realinterestrises,leadingtolessdomesticinvestment,whichinthelongrunreducestheU.S.capitalstock,lowersthevalueofmarginalproductofU.S.workers,andthereforedecreasesthewagesof
U.S.workers.TheimpactonU.S.citizenswouldbedifferentfromtheimpactonU.S.workersbecausesomeU.S.citizensowncapitalthatn
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