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International Economics 讲授人: 刘志忠 电子邮箱: [email protected] TEST 1(20120912) 1、Suppose there are 100 workers in Home. There are 200 workers in Foreign. There are no obstacles to labor movement between the two countries. The marginal product of labor of Home takes the following form: MPL1=300-2QL;while The marginal product of labor of Foreign takes the following form: MPL2=900-3QL′. QL is the number of workers employed in Home. QL′is the number of workers employed in Foreign. Determine the effects of international labor mobility on the following: • (1) the real wages in each country before and after labor movement; (2) the quantity of labor movement;。 • 2、写下你感兴趣的国际经济问题 • • • • • • • 教材:Paul Krugman and Maurice Obstfeld International economics: Theory and Policy(第五 版)。网上有第九版。 教学课时:48,单周两节、双周四节 教学内容及考试内容:课堂讲授1-6章,13-16章, 自学7-9章,共十三章。平均四节课讲一章。 教学语言:中文教学、英文教材、英文PPT 学习方式:老师只是教练,督促和检查大家学习。 每周都有测试,测试题型提前告知。第二、三、四、 七、八、九章后面的计算题是必考题型,其他题目 提前告知。时刻准备着!! 分数占比方案:(1)平时25%、期中考试15%、期 末60% 十周课堂测试,每一次两分,共20分,另外五分是 到课及课堂表现。 Chapter 1 Introduction What is International Economics About? • The Gains from Trade • The Pattern of Trade (who sells what to whom?) • How Much Trade? • • • • The Balance of Payments Exchange Rate Determination International Policy Coordination The International Capital Market International Economics: Trade and Money • International trade issues – Part I: International Trade Theory – Part II: International Trade Policy • International monetary issues – Part III: Exchange Rates and Open-Economy Macroeconomics – Part IV: International Macroeconomic Policy CONTENTS • Introduction(4) • Labor Productivity and Comparative Advantage: The Ricardian Model (4) • Specific Factors and Income Distribution (5) • Resources and Trade: The Heckscher- Ohlin Model (6) • The Standard Trade Model (7) • Economies of Scale, Imperfect Competition, and International Trade (8) CONTENTS • International Factor Movements(自学) • The Instruments of Trade Policy(自学) • Exchange Rates and the Foreign Exchange Market: An Asset Approach(9) • Money, Interest Rates, and Exchange Rates(9) • Price Levels and the Exchange Rate in the Long Run(10) • Output and the Exchange Rate in the Short Run(11) 请自学第七章并做本题 Suppose there are 100 workers in Home. There are 200 workers in Foreign. There are no obstacles to labor movement between the two countries. The marginal product of labor of Home takes the following form: MPL1=300-2QL;while The marginal product of labor of Foreign takes the following form: MPL2=900-3QL′. QL is the number of workers employed in Home. QL′is the number of workers employed in Foreign. Determine and graph the effects of international labor mobility on the following: • (1) the real wages in each country before and after labor movement; (2) the quantity of labor movement; • (3) the quantity of the total output increased. Homework • In the Specific Factors Model, suppose there are 1000 workers. MPLM=250-0.2LM; MPLF=350-0.3LF. PM=PF=1. • Determine the Labor used in manufactures and the income of capital owners. • Determine the Labor used in food and the income of landowners. • What is the equilibrium relative price of manufactures? Homework • In the Specific Factors Model, suppose there are 1000 workers. MPLM=250- 0.2LM; MPLF=350-0.3LF. PM=2,PF=1. • Determine the Labor used in manufactures and the income of capital owners. • Determine the Labor used in food and the income of landowners. • What is the equilibrium relative price of manufactures? CHAPTER 3 The Specific-Factors Model 湖南大学经济与贸易学院 刘志忠 Chapter Organization • Introduction • The Specific Factors Model • International Trade in the Specific Factors Model • Income Distribution and the Gains from Trade • Summary 湖南大学经济与贸易学院 刘志忠 Introduction • Trade has substantial effects on income distribution within each trading nation for two main reasons . – Resources cannot move immediately or costlessly from one industry to another. – Industries differ in the factors of production they demand. • The specific factors model allows trade to affect income distribution. 湖南大学经济与贸易学院 刘志忠 The Specific Factors Model – Assumptions of the Specific Factors Model • One economy can produce two goods, manufactures and food • There are three factors of production; labor (L), capital (K) and land (T for terrain) • Manufactures produced using capital and labor (but not land) • Food produced using land and labor (but not capital) – Labor is a mobile factor that can be used in either sector – Land and capital are specific factors that can be used only in the production of one good • Perfect competition prevails in all markets 湖南大学经济与贸易学院 刘志忠 The Specific Factors Model – The production function for manufactures is given by QM = QM (K, LM) – The production function for food is given by QF = QF (T, LF) – The full employment of labor condition requires that the economy-wide supply of labor must equal the labor employed in food and manufactures: LM + LF = L – We can use these equations and derive the production possibilities frontier 刘 of 志 the忠economy 湖南大学经济与贸易学院 Figure3-3: The Production Possibility Frontier in the SF model QF QF = QF (T, LF) 1' 2' QF 2 LF 3' LF 2 L QM 2 1 LM 2 2 3 LM L QM = QM (K, LM) QM • In the Specific Factors Model, suppose there are 800 workers. MPLM=250-0.2LM; MPLF=350-0.3LF. PM=PF=1. • Determine the Labor used in manufactures and the income of capital owners. • Determine the Labor used in food and the income of landowners. • What is the equilibrium relative price of manufactures? 湖南大学经济与贸易学院 刘志忠 • In the Specific Factors Model, suppose there are 800 workers. MPLM=250- 0.2LM; MPLF=350-0.3LF. PM=2,PF=1. • Determine the Labor used in manufactures and the income of capital owners. • Determine the Labor used in food and the income of landowners. • What is the equilibrium relative price of manufactures? 湖南大学经济与贸易学院 刘志忠 The Specific Factors Model Figure3-4: The Allocation of Labor Wage rate, W Wage rate, W 1 PF X MPLF (Demand curve for labor in food) W1 PM X MPLM (Demand curve for labor in manufacturing) Labor used in manufactures, LM L1M Labor used in food, LF L1F Total labor supply, L The Specific Factors Model Figure 4: Production in the Specific Factors Model Output of food, QF Slope = -(PM /PF)1 1 Q1 F PP Q1 M Output of manufactures, QM The Specific Factors Model Figure 6: A Rise in the Price of Manufactures Wage rate, W 7% upward shift in labor demand Wage W2 rate rises by W 1 less than 7% 1 PF X MPLF Wage rate, W 2 1 PM 2 X MPLM PM 1 X MPLM Labor used in manufactures, LM Amount of labor shifted from food to manufactures Labor used in food, LF The Specific Factors Model Figure 7: The Response of Output to a Change in the Output of food, QF Relative Price of Manufactures Slope = - (PM /PF)1 Q1F 1 Q2F 2 Slope = - (PM /PF) 2 PP Q1 M Q2 M Output of manufactures, QM The Specific Factors Model of Relative Prices Figure 8: Determination Relative price of manufactures, PM /PF RS 1 (PM /PF )1 RD (QM /QF )1 Relative quantity of manufactures, QM/QF The Specific Factors Model • Relative Prices and the Distribution of Income – Suppose that PM increases by 10%. Then, we would expect the wage to rise by less than 10%, say by 5% – What is the economic effect of this price increase on the incomes of the following three groups? • Workers • Owners of capital International Trade in the SF Model • Assume that two countries (Japan and US) have the same relative demand curve. • Therefore, the only source of international trade is the differences in relative supply. The relative supply might differ because the countries could differ in: – Technology – Factors of production (capital, land, labor) 湖南大学经济与贸易学院 刘志忠 International Trade in the SF Model • Trade and Relative Prices – Suppose that Japan has more capital per worker than US, while US has more land per worker than Japan – As a result, the pretrade relative price of manufactures in Japan is lower than the pretrade relative price in US – International trade leads to a convergence of relative prices 湖南大学经济与贸易学院 刘 志 忠 International Trade in the SF Model Figure 9: Changing the Capital Stock Wage rate, W Increase in capital stock, K PF 1 X MPLF Wage rate, W 2 W2 1 W1 PM X MPLM2 PM X MPLM1 Labor used in manufactures, LM Amount of labor shifted from food to manufactures Labor used in food, LF International Trade in the SF Model Figure 3-11: Trade and Relative Prices Relative price of cloth, PC/PF RSA RS world RSJ RD Relative quality of cloth, QC + Q*C Q F + Q *F Income Distribution and the Gains from Trade • To assess the effects of trade on particular groups, the key point is that international trade shifts the relative price of manufactures and food. • Trade benefits the factor that is specific to the export sector of each country, but hurts the factor that is specific to the importcompeting sectors. 湖南大学经济与贸易学院 刘志忠 • Trade has ambiguous effects on mobile Income Distribution and the Gains from Trade Figure 11: Trade Expands the Economy’s Consumption Possibilities Consumption of food, DF Output of food, QF 2 Q1 1 F Budget constraint (slope = - PM/PF) PP Q1 M Consumption of manufactures, DM Output of manufactures, QM Summary • International trade can have income distribution effects within countries, so that it produces losers as well as winners. • Income distribution effects arise for two reasons: – Factors of production cannot move instantaneously and costlessly from one industry to another – Changes in an economy’s output mix have differential effects on the demand for different factors of production 湖南大学经济与贸易学院 刘志忠 • The specific-factors model is a useful Summary • Differences in resources can cause countries to have different relative supply curves, and thus cause international trade • Factors specific to export sectors in each country gain from trade, while factors specific to import-competing sectors lose • Mobile factors may either gain or lose • However, trade produces overall gains in the sense that those who gain could in principle compensate those who lose while still remaining better off than before 湖南大学经济与贸易学院 刘志忠