第三十二章开放经济的宏观经济理论AMacroeconomicTheoryoftheOpenEconomy1开放经济中关键的宏观经济变量KeyMacroeconomicVariablesinanOpenEconomy‹开放经济的重要宏观经济变量包括：Theimportantmacroeconomicvariablesofanopeneconomyinclude:‹净出口netexports‹净国外投资netforeigninvestment‹名义汇率nominalexchangerates‹实际汇率realexchangerates2开放经济的宏观经济模型的基本假设BasicAssumptionsofaMacroeconomicModelofanOpenEconomy‹模型将经济的GDP当成给定的。Themodeltakestheeconomy’sGDPasgiven.‹模型将经济的价格水平当成给定的。Themodeltakestheeconomy’spricelevelasgiven.3可贷资金市场TheMarketforLoanableFundsS=I+NFI‹在均衡利率水平上，人们想要储蓄的数量恰好平衡了所需的投资和净国外投资的数量。Attheequilibriuminterestrate,theamountthatpeoplewanttosaveexactlybalancesthedesiredquantitiesofinvestmentandnetforeigninvestment.4可贷资金市场TheMarketforLoanableFunds‹可贷资金的供给来自于国民储蓄（S）。Thesupplyofloanablefundscomesfromnationalsaving(S).‹可贷资金的需求来自于国内投资（I）与净国外投资（NFI）。Thedemandforloanablefundscomesfromdomesticinvestment(I)andnetforeigninvestment(NFI).5可贷资金市场：供给TheMarketforLoanableFunds:Supply更高的实际利率鼓励人们储蓄并提高可贷资金供给的数量。Ahigherrealinterestrateencouragespeopletosaveandraisesthequantityofloanablefundssupplied.6可贷资金市场：需求TheMarketforLoanableFunds:Demand‹更高的利率也使借款为投资项目筹资的成本更高；因而抑制了投资，并减少了可贷资金需求量。Ahigherinterestratealsomakesborrowingtofinancecapitalprojectsmorecostly；thusitdiscouragesinvestmentandreducesthequantityofloanablefundsdemanded.‹国内的实际利率上升还抑制了人们购买外国资产，而鼓励了外国人购买本国资产。Anincreaseindomesticrealinterestratediscouragespeoplefrombuyingforeignassetsandencouragesforeignerstobuydomesticassets.‹上述两个原因都使得更高的利率减少了可贷资金的（总）需求。7可贷资金市场TheMarketforLoanableFunds‹可贷资金的供求依赖于实际利率。Thesupplyanddemandforloanablefundsdependontherealinterestrate.‹利率调整以使可贷资金的供求平衡。Theinterestrateadjuststobringthesupplyanddemandforloanablefundsintobalance.8可贷资金市场TheMarketforLoanableFundsRealInterestRateSupplyofloanablefunds(fromnationalsaving)可贷资金供给（来自国民储蓄）EquilibriumrealinterestrateDemandforloanable均衡的funds(fordomestic实际利率investmentandnetforeigninvestment)可贷资金需求（来自国内投资与净国外投资）Equ