国际经济-UCLA课堂内容5

Chapter5TheStandardTradeModelCopyright©2009PearsonAddison-Wesley.Allrightsreserved.5-1Copyright©2009PearsonAddison-Wesley.Allrightsreserved.5-2Preview•Measuringthevaluesofproductionandconsumption•Welfareandtermsoftrade•Effectsofeconomicgrowth•Effectsofinternationaltransfersofincome•Effectsofimporttariffsandexportsubsidies•IncomedistributionCopyright©2009PearsonAddison-Wesley.Allrightsreserved.5-3Introduction•ThestandardtrademodelcombinesideasfromtheRicardianmodelandtheHeckscher-Ohlinmodel.1.Differencesinlaborservices,laborskills,physicalcapital,land,andtechnologybetweencountriescauseproductivedifferences,leadingtogainsfromtrade.2.Theseproductivedifferencesarerepresentedasdifferencesinproductionpossibilityfrontiers,whichrepresenttheproductivecapacitiesofnations.3.Acountry’sPPFdeterminesitsrelativesupplyfunction.4.Nationalrelativesupplyfunctionsdetermineworldarelativesupplyfunction,whichalongwithworldrelativedemanddeterminesanequilibriumunderinternationaltrade.Copyright©2009PearsonAddison-Wesley.Allrightsreserved.5-4TheValueofProduction•Recallthatwhentheeconomymaximizesitsproductionpossibilities,thevalueofoutputVliesonthePPF.•V=PCQC+PFQFdescribesthevalueofoutputinatwogoodmodel,Thelinealongwhichthevalueofoutputisconstantiscalledandisovalueline.Theslopeoftheisovaluelineequals–(PC/PF),andifrelativepriceschangetheslopechanges.Copyright©2009PearsonAddison-Wesley.Allrightsreserved.5-5Fig.5-1:RelativePricesDeterminetheEconomy’sOutputAneconomywhosePPFisTTwillproduceatQ,whichisthehighestpossibleIsovalueline.AtQtheproductionisefficient.SlopeofTTis–(PC/PF)Copyright©2009PearsonAddison-Wesley.Allrightsreserved.5-6Fig.5-2:HowanIncreaseintheRelativePriceofClothAffectsRelativeSupplyAsaresultofincreaseinthepriceofcloth,theeconomyproducesmoreclothandlessfood,theequilibriumshiftsfromQ1toQ2.Copyright©2009PearsonAddison-Wesley.Allrightsreserved.5-7TheValueofConsumption•Thevalueoftheeconomy’sconsumptionisconstrainedtoequalthevalueoftheeconomy’sproduction.PCDC+PFDF=PCQC+PFQF=VMeaning,productionandconsumptionmustlieinthesameisovaluelineDCisconsumptionofcloth,whileDFisforfood•Productionchoicesaredeterminedbytheeconomy’sPPFandthepricesofoutput.•Whatdeterminesconsumptionchoices(demand)?Copyright©2009PearsonAddison-Wesley.Allrightsreserved.5-8TheValueofConsumption(cont.)•Consumerpreferences(taste)andpricesdetermineconsumptionchoices.•Consumerpreferencesarerepresentedbyindifferencecurves(IC):combinationsofgoodsthatmakeconsumersequallysatisfied(indifferent).Eachconsumerhashisorherownpreferences,butwepretendthatwecanrepresentthepreferencesofanaverageconsumerthatrepresentsallconsumersCopyright©2009PearsonAddison-Wesley.Allrightsreserved.5-9Fig.5-3:Production,Consumption,andTradeintheStandardModelCopyright©2009PearsonAddison-Wesley.Allrightsreserved.5-10SomeassumptionsofIC•Indifferencecurvesaredownwardslopingtorepresentthefactthatifanaverageconsumerhaslesscloth,heorshecouldhavemorefoodandstillbeequallysatisfied.•Indifferencecurvesfartherfromtheoriginrepresentlargerquantitiesoffoodandcloth,whichshouldmakeconsumersmoresatisfied:moregoodsareassumedtobemoresatisfying(oratleastmorevaluable)•Indifferencecurvesareflatterwhenmovingtotherighttorepresentthefactthatasmoreclothandlessfoodisconsumed,anextraclothrelativetoanextracalorieoffoodbecomeslessvaluable.Copyright©2009PearsonAddison-Wesley.Allrightsreserved.5-11PricesandtheValueofConsumption•Pricesalsodeterminethevalueofconsumption.Whenthepriceofclothrisesrelativetothepriceoffood,theeconomyisbetteroffwhenitexportscloth:theisovaluelinebecomessteeperandahigherindifferencecurvecanbereached.Ahigherpriceforclothexportsmeansthatmorefoodcanbeimported.Ahigherrelativepriceofclothwillalsoinfluenceconsumptiondecisionsaboutclothversusfood:ahigherrelativepriceofclothmakesconsumerswillingtobuylessclothandmorefood.Copyright©2009PearsonAddison-Wesley.Allrightsreserved.5-12EffectsofaRiseintheRelativePriceofCloth1.TheeconomyhasmovedtohigherIC:betteroff,incomeeffect2.ShiftalongtheIC,towardfoodandawayfromconsumptionofcloth,SubstitutioneffectCopyright©2009PearsonAddison-Wesley.Allrightsreserved.5-13PricesandtheValueofConsumption(cont.)•Thechangeinwelfare(income)whenthepriceofonegoodchangesrelativetothepriceofanotheriscalledtheincomeeffect.Theincomeeffectisrepresentedbyshiftingtoanotherindifferencecurve.Tendstoincreasetheconsumptionofbothgoods•Thesubstitutionofonegoodforanotherwhenthepriceofthegoodchangesrelativetotheotheriscalledthesubstitutioneffect.Thesubstitutioneffectisrepresentedbymovingalongagivenindifferencecurve.MakestheeconomyconsumelessclothandmorefoodCopyright©2009PearsonAddison-Wesley.Allrightsreserved.5-14WelfareandtheTermsofTrade•Thetermsoftrade(TOT)referstothepriceofexportsrelativetothepriceofimports.Whenacountryexportsclothandtherelativepriceofclothincreases,thetermsoftradeincreaseor“improve.”•Becauseahigherpriceforexportsmeansthatthecountrycanaffordtobuymoreimports,•Generalstatement•anincreaseinthetermsoftradeincreasesacountry’swelfare.•Adecreaseinthetermsoftradedecreasesacountry’swelfare.C