How Does the Open Macroeconomy Work?

# 第22章 How Does the Open Macroeconomy Work?

## 章节概览
How Does the Open Macroeconomy Work? This chapter provides a framework and model for analyzing international macroeconomics. We judge the performance of a national economy against two objectives. Internal balance involves both full employment and price stability or an acceptable rate of inflation. External balance involves a reasonable and sustainable makeup of the country's international payments, taken to be approximately an official settlements balance that is zero.

## 知识点
### 1. The Performance of a National Economy
- 教学说明：This chapter provides a framework and model for analyzing international macroeconomics. We judge the performance of a national economy against two objectives. Internal balance involves both full employment and price stability or an acceptable rate of inflation. External balance involves a reasonable and sustainable makeup of the country's international payments, taken to be approximately an official settlements balance that is zero.
- 支撑要点：Internal Balance
- 支撑要点：Actual domestic production close to the economy’s potential, often summarized as full employment (an acceptably low unemployment rate)
- 支撑要点：Price stability (an acceptably low inflation rate)
- 来源类型：manual

### 2. Domestic Production Depends on Aggregate Demand
- 教学说明：In the short run (and within the economy's supply capabilities), domestic production is determined by aggregate demand: Y = AD = C + Id + G + (X - M) = E + (X - M), where Y is both domestic production and national income, and E is national expenditure on goods and services. Consumption C is a positive function of Y (inclusive of the effects of taxes T), and real domestic investment Id is a negative function of the interest rate i.
- 支撑要点：In the short run, domestic production (producers’ willingness to produce) is determined by demand.
- 支撑要点：Equilibrium occurs when domestic production (Y, or real GDP) equals desired aggregate demand (AD) for domestically produced goods and services:
- 支撑要点：Y = AD = C + I
- 来源类型：manual

### 3. Equilibrium GDP and Spending Multipliers
- 教学说明：If the interest rate and price level are constant, then the equilibrium is the level of real GDP (and income) that equals desired aggregate demand at that level of income, or, equivalently, the level of real GDP for which desired national saving S equals desired domestic and foreign investment Id + If, given that X - M is (approximately) equal to If.
- 支撑要点：In the short run, domestic production (producers’ willingness to produce) is determined by demand.
- 支撑要点：Equilibrium occurs when domestic production (Y, or real GDP) equals desired aggregate demand (AD) for domestically produced goods and services:
- 支撑要点：Y = AD = C + I
- 来源类型：manual

### 4. Trade Depends on Income
- 教学说明：In the short run (and within the economy's supply capabilities), domestic production is determined by aggregate demand: Y = AD = C + Id + G + (X - M) = E + (X - M), where Y is both domestic production and national income, and E is national expenditure on goods and services. Consumption C is a positive function of Y (inclusive of the effects of taxes T), and real domestic investment Id is a negative function of the interest rate i.
- 支撑要点：Consumption expenditure depends on domestic income (Y):
- 支撑要点：C = C (Y)
- 支撑要点：Real private domestic investment is negatively related to the level of interest rates, i, in the economy:
- 来源类型：manual

### 5. A More Complete Framework: Three Markets
- 教学说明：The IS-LM-FE model provides a more complete framework for analyzing the open macroeconomy. It shows the determination of the short-run equilibrium levels of the country's real GDP and interest rate while also indicating the state of the country's official settlements balance (or, equivalently, the pressure on the exchange rate value of the country's currency).
- 支撑要点：Three types of markets:
- 支撑要点：Domestic product market
- 支撑要点：Money market
- 来源类型：manual

### 6. A Framework for Macroeconomic Analysis
- 教学说明：This chapter provides a framework and model for analyzing international macroeconomics. We judge the performance of a national economy against two objectives. Internal balance involves both full employment and price stability or an acceptable rate of inflation. External balance involves a reasonable and sustainable makeup of the country's international payments, taken to be approximately an official settlements balance that is zero.
- 支撑要点：Our model analyzes the economy in the short run, when prices are “sticky” and slow to respond to various demand shocks, such as changes in the money supply.
- 支撑要点：Beyond the short run, the price level does respond to demand and supply shocks. This means that the amount of inflation the country experiences eventually depends on the rate of growth of the country’s money supply.
- 支撑要点：In addition, the economy tends toward full employment in the long run.
- 来源类型：manual

### 7. Domestic Production and Unemployment
- 教学说明：5.The intersection of the IS and LM curves indicates a short-run equilibrium in the country’s market for goods and services (the IS curve) and a short-run equilibrium in the country’s market for money (the LM curve). The intersection indicates the equilibrium level of the country’s real domestic product and income (its real GDP) and the equilibrium level of its interest rate.
- 支撑要点：Internal Balance
- 支撑要点：Actual domestic production close to the economy’s potential, often summarized as full employment (an acceptably low unemployment rate)
- 支撑要点：Price stability (an acceptably low inflation rate)
- 来源类型：manual

## 案例
### 案例 1: 2.Disagree. The recession in the United States reduces U.S. national inc ...
2.Disagree. The recession in the United States reduces U.S. national income, so U.S. residents reduce spending on all kinds of things, including spending on imports. The decrease in U.S. imports is a decrease in the exports of other countries, including Europe’s exports to the United States. The reduction in European exports reduces production in Europe, so the growth of real GDP in Europe declines.

### 案例 2: 11.The real exchange rate value of the dollar increased from 90 ...
11.The real exchange rate value of the dollar increased from 90 to 100, so the U.S. dollar had a real appreciation. The United States lost international price competitiveness. (For the import and export functions shown in equations 22.13 and 22.14, the ratio (Pf e/P) is an indicator of the U.S. international price competitiveness.

### 案例 3: We have chosen to focus more on the complete model, and ...
We have chosen to focus more on the complete model, and to reduce the treatment of spending multipliers by presenting the explicit formula for only the small, open-economy multiplier. Foreign income repercussions are covered intuitively and with examples. An instructor who wants to cover more on multipliers may want to prepare a class handout of a few pages that works through multipliers with foreign income repercussions.

### 案例 4: The final piece of the framework that we develop in the ...
The final piece of the framework that we develop in the text is that the country's exports and imports depend on international price competitiveness, in addition to depending on national incomes. The price of foreign-produced traded products relative to the price of home-produced substitute products is Pf e/P, where e is measured as units of domestic currency per unit of foreign currency.

## 习题
### 题目 1
Which of the following is NOT a fundamental objective for the performance of a country's macroeconomy?
- A) Price stability
- B) Interest rates
- C) Full employment of resources
- D) A reasonable and sustainable balance of payments with the rest of the world

### 题目 2
The goal of internal balance includes
- A) low interest rates.
- B) full employment of resources.
- C) a reasonable and sustainable balance of payments with the rest of the world.
- D) exchange rate stability.

### 题目 3
If C represents aggregate consumption, Id represents domestic investments, G represents government expenditures, E represents national expenditures on goods and services, X represents foreign demands for exports, and M represents domestic demand for imports, then aggregate demand for this country equals
- A) C + Id + G.
- B) E + C + Id + (X – M).
- C) C + Id + G + (X – M).
- D) E + (M – X).

### 题目 4
Equilibrium gross domestic product (GDP) in the short run is determined at the point where
- A) gross domestic production equals aggregate demand.
- B) domestic production equals domestic consumption.
- C) imports equal exports.
- D) the rate of unemployment equals zero.

### 题目 5
Real domestic investment spending is
- A) positively related to the marginal propensity to consume.
- B) negatively related to the level of interest rates in the economy.
- C) positively related to government spending.
- D) negatively related to the exchange rate.

### 题目 6
The amount by which imports increase when income goes up by one dollar is called
- A) the marginal propensity to consume.
- B) the spending multiplier.
- C) the money multiplier.
- D) the marginal propensity to import.

### 题目 7
If the marginal propensity to save is 0.3 and the marginal propensity to import is 0.2, then value of the simple spending multiplier is
- A) 2.0.
- B) 0.5.
- C) 1.5.
- D) 0.1.

### 题目 8
The greater the marginal propensity to import, the
- A) smaller the spending multiplier.
- B) greater the level of investment.
- C) greater is the net export.
- D) smaller is the level of consumption.

## 参考答案
- 题目 1: 答案：B | 选项内容：Interest rates | Topic：The Performance of a National Economy | Difficulty：1 Easy
- 题目 2: 答案：B | 选项内容：full employment of resources. | Topic：The Performance of a National Economy | Difficulty：1 Easy
- 题目 3: 答案：C | 选项内容：C + Id + G + (X – M). | Topic：Domestic Production Depends on Aggregate Demand | Difficulty：2 Medium
- 题目 4: 答案：A | 选项内容：gross domestic production equals aggregate demand. | Topic：Equilibrium GDP and Spending Multipliers | Difficulty：1 Easy
- 题目 5: 答案：B | 选项内容：negatively related to the level of interest rates in the economy. | Topic：Equilibrium GDP and Spending Multipliers | Difficulty：1 Easy
- 题目 6: 答案：D | 选项内容：the marginal propensity to import. | Topic：Trade Depends on Income | Difficulty：1 Easy
- 题目 7: 答案：A | 选项内容：2.0. | Topic：Trade Depends on Income | Difficulty：2 Medium
- 题目 8: 答案：A | 选项内容：smaller the spending multiplier. | Topic：Trade Depends on Income | Difficulty：1 Easy

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