Exchange Rates and Net Exports · 汇率与净出口
| English | 中文 | Pinyin · 拼音 |
|---|---|---|
| aggregate demand/ˈæɡrɪɡeɪt dɪˈmænd/ | 总需求 | zǒng xū qiú |
| net exports/net ˈekspɔːts/ | 净出口 | jìng chū kǒu |
| exports/ˈekspɔːts/ | 出口 | chū kǒu |
| imports/ɪmˈpɔːts/ | 进口 | jìn kǒu |
From the exchange rate back to the economy
- An exchange-rate move feeds straight back into a country's trade.
- And trade feeds into the whole economy through aggregate demand.
- The chain: exchange rate → net exports → aggregate demand → output.
- Let's follow a strong currency through that chain.
从汇率回到经济
- 汇率变动直接反馈到一国的贸易。
- 而贸易通过总需求反馈到整个经济。
- 链条:汇率 → 净出口 → 总需求 → 产出。
- 让我们跟随一个强势货币走完这个链条。
Net exports equal exports minus . · 净出口等于出口减去。
NX = exports − imports. · NX = 出口 − 进口。
When a currency appreciates, a country's exports become: · 当货币升值,一国的出口变得:
A stronger currency raises the foreign-currency price of exports. · 更强的货币抬高出口的外币价格。
A stronger currency lowers net exports
- When a currency appreciates, that country's goods become dearer for foreigners.
- At the same time, foreign goods become cheaper at home.
- So exports 出口 fall and imports 进口 rise.
- That lowers net exports 净出口, where $NX = \text{exports} - \text{imports}$.
更强的货币降低净出口
- 当货币升值,这个国家的商品对外国人变得更贵。
- 与此同时,外国商品在国内变得更便宜。
- 所以出口(exports)下降,进口(imports)上升。
- 这降低了净出口(net exports),其中 $NX = \text{exports} - \text{imports}$。
Stronger or weaker currency? · 更强还是更弱的货币?
A stronger currency lowers net exports and shifts AD left; a weaker currency raises net exports and shifts AD right. · 更强的货币降低净出口、使 AD 左移;更弱的货币抬高净出口、使 AD 右移。
A stronger currency lowers net exports, so aggregate demand shifts: · 更强的货币降低净出口,所以总需求:
Net exports are part of AD, so lower NX shifts AD left. · 净出口是 AD 的一部分,所以更低的 NX 使 AD 左移。
A weaker currency raises net exports and shifts aggregate demand right. · 更弱的货币抬高净出口,并使总需求右移。
Cheaper exports and dearer imports lift NX, pushing AD right. · 更便宜的出口和更贵的进口抬高 NX,把 AD 推向右。
Net exports move aggregate demand
- Net exports are one component of aggregate demand 总需求.
- A stronger currency lowers net exports, shifting aggregate demand left (weaker output).
- A weaker currency raises net exports, shifting aggregate demand right (stronger output).
- So the exchange rate is a lever on the whole economy, not just trade.
净出口移动总需求
- 净出口是总需求(aggregate demand)的一个组成部分。
- 更强的货币降低净出口,使总需求左移(产出更弱)。
- 更弱的货币抬高净出口,使总需求右移(产出更强)。
- 所以汇率是撬动整个经济的杠杆,不只是贸易。
A US machine rises from 900 to 1000 euros after the dollar appreciates. The likely result is: · 美元升值后,一台美国机器从 900 涨到 1000 欧元。可能的结果是:
A dearer machine loses foreign buyers — exports drop. · 更贵的机器失去外国买家——出口下降。
Order the chain from a stronger currency to weaker output. · 把从更强货币到更弱产出的链条排序。
Appreciation → trade worsens → NX falls → AD left. · 升值 → 贸易恶化 → NX 下降 → AD 左移。
Worked example
- Worked idea. The dollar appreciates sharply. A US machine that cost a European buyer 900 euros now costs 1000 euros — so Europe buys fewer. US exports fall.
- Meanwhile European goods look cheap to Americans, so US imports rise.
- Net exports drop, and US aggregate demand shifts left.
- This is why a very strong currency can slow an economy.
例题
- 例题。 美元急剧升值。一台美国机器原本让欧洲买家花 900 欧元,现在要 1000 欧元——所以欧洲买得更少。美国出口下降。
- 与此同时,欧洲商品对美国人看起来很便宜,所以美国进口上升。
- 净出口下降,美国总需求左移。
- 这就是为什么非常强的货币会拖慢经济。
An exchange-rate change moves trade, then the economy. A stronger currency makes exports dearer and imports cheaper, so net exports ($NX = X - M$) fall. Because net exports are part of aggregate demand, a stronger currency shifts AD left (weaker output); a weaker currency shifts AD right.
汇率变化先移动贸易,再移动经济。更强的货币让出口更贵、进口更便宜,所以净出口($NX = X - M$)下降。因为净出口是总需求的一部分,更强的货币使 AD 左移(产出更弱);更弱的货币使 AD 右移。