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Boundless Lecture Slides

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  1. Boundless Lecture Slides Available on the Boundless Teaching Platform Free to share, print, make copies and changes. Get yours at www.boundless.com

  2. Using Boundless Presentations Boundless Teaching Platform Boundless empowers educators to engage their students with affordable, customizable textbooks and intuitive teaching tools. The free Boundless Teaching Platform gives educators the ability to customize textbooks in more than 20 subjects that align to hundreds of popular titles. Get started by using high quality Boundless books, or make switching to our platform easier by building from Boundless content pre-organized to match the assigned textbook. This platform gives educators the tools they need to assign readings and assessments, monitor student activity, and lead their classes with pre-made teaching resources. Get started now at: • The Appendix The appendix is for you to use to add depth and breadth to your lectures. You can simply drag and drop slides from the appendix into the main presentation to make for a richer lecture experience. http://boundless.com/teaching-platform • Free to edit, share, and copy Feel free to edit, share, and make as many copies of the Boundless presentations as you like. We encourage you to take these presentations and make them your own. If you have any questions or problems please email: educators@boundless.com Free to share, print, make copies and changes. Get yours at www.boundless.com

  3. About Boundless • Boundless is an innovative technology company making education more affordable and accessible for students everywhere. The company creates the world’s best open educational content in 20+ subjects that align to more than 1,000 popular college textbooks. Boundless integrates learning technology into all its premium books to help students study more efficiently at a fraction of the cost of traditional textbooks. The company also empowers educators to engage their students more effectively through customizable books and intuitive teaching tools as part of the Boundless Teaching Platform. More than 2 million learners access Boundless free and premium content each month across the company’s wide distribution platforms, including its website, iOS apps, Kindle books, and iBooks. To get started learning or teaching with Boundless, visit boundless.com. Free to share, print, make copies and changes. Get yours at www.boundless.com

  4. Capital Flows Open Economy Macroeconomics Exchange Rates Equilibrium ] Open Economy Macroeconomics Free to share, print, make copies and changes. Get yours at www.boundless.com

  5. Open Economy Macroeconomics > Capital Flows Capital Flows • The Balance of Payments • The Current Account • The Financial Account • The Capital Account • Reason for a Zero Balance Free to share, print, make copies and changes. Get yours at www.boundless.com www.boundless.com/economics/textbooks/boundless-economics-textbook/open-economy-macroeconomics-32/capital-flows-129/

  6. Open Economy Macroeconomics > Exchange Rates Exchange Rates • Introducing Exchange Rates • Finding an Equilibrium Exchange Rate • Real Versus Nominal Rates • Exchange Rate Policy Choices • Exchange Rate Systems • Fixed Exchange Rates • Managed Float Free to share, print, make copies and changes. Get yours at www.boundless.com www.boundless.com/economics/textbooks/boundless-economics-textbook/open-economy-macroeconomics-32/exchange-rates-130/

  7. Open Economy Macroeconomics > Equilibrium Equilibrium • Open Economy Equilibrium • Impacts of Policies and Events on Equilibrium • Effect of a Government Budget Deficit on Investment and Equilibrium Free to share, print, make copies and changes. Get yours at www.boundless.com www.boundless.com/economics/textbooks/boundless-economics-textbook/open-economy-macroeconomics-32/equilibrium-131/

  8. Appendix Free to share, print, make copies and changes. Get yours at www.boundless.com

  9. Open Economy Macroeconomics Key terms • aggregate demandThe the total demand for final goods and services in the economy at a given time and price level. • balance of paymentsA record of all monetary transactions between a country and the rest of the world • balance of tradeThe difference between the monetary value of exports and imports in an economy over a certain period of time. • business cycleA fluctuation in economic activity between growth and recession. • central bankThe principal monetary authority of a country or monetary union; it normally regulates the supply of money, issues currency and controls interest rates. • creditAn addition to certain accounts. • cyclical deficitThe deficit experienced at the low point of the business cycle when there are lower levels of business activity and higher levels of unemployment. • debitA sum of money taken out of an account. • debt forgivenessThe partial or total writing down of debt owed by individuals, corporations, or nations. • depreciateTo reduce in value over time. • equilibriumThe condition of a system in which competing influences are balanced, resulting in no net change. • exchange rateThe amount of one currency that a person or institution defines as equivalent to another when either buying or selling it at any particular moment. Free to share, print, make copies and changes. Get yours at www.boundless.com

  10. Open Economy Macroeconomics • exchange rate regimeThe way in which an authority manages its currency in relation to other currencies and the foreign exchange market. • fixed exchange rateA system where a currency's value is tied to the value of another single currency, to a basket of other currencies, or to another measure of value, such as gold. • fixed exchange rateA system where a currency's value is tied to the value of another single currency, to a basket of other currencies, or to another measure of value, such as gold. • fixed exchange rateA system where a currency's value is tied to the value of another single currency, to a basket of other currencies, or to another measure of value, such as gold. • floating exchange rateA system where the value of currency in relation to others is allowed to freely fluctuate subject to market forces. • floating exchange rateA system where the value of currency in relation to others is allowed to freely fluctuate subject to market forces. • foreign exchangeThe changing of currency from one country for currency from another country. • interest rateThe percentage of an amount of money charged for its use per some period of time (often a year). • Managed Float RegimeA system where exchange rates are allowed fluctuate from day to day within a range before the central bank will intervene to adjust it. • net exportsThe difference between the monetary value of exports and imports. • nominalWithout adjustment to remove the effects of inflation (in contrast to real). • nominal exchange rateThe amount of currency you can receive in exchange for another currency. Free to share, print, make copies and changes. Get yours at www.boundless.com

  11. Open Economy Macroeconomics • outputProduction; quantity produced, created, or completed. • pegged float exchange rateA currency system that fixes an exchange rate around a certain value, but still allows fluctuations, usually within certain values, to occur. • protectionismA policy of protecting the domestic producers of a product by imposing tariffs, quotas or other barriers on imports. • purchasing power parityA theory of long-term equilibrium exchange rates based on relative price levels of two countries. • real exchange rateThe purchasing power of a currency relative to another at current exchange rates and prices. • stagflationInflation accompanied by stagnant growth, unemployment, or recession. • structural deficitThe portion of the public sector deficit which exists even when the economy is at potential; government spending beyond government revenues at times of normal, predictable economic activity. • tradeBuying and selling of goods and services on a market. Free to share, print, make copies and changes. Get yours at www.boundless.com

  12. Open Economy Macroeconomics Exchange Rates Exchange rates are constantly fluctuating to ensure that the quantity of currency supplied equals the quantity demanded. Because of this, the inflows and outflows of money are equal, creating a balance of payments equal to zero. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikimedia."Exchange rates."Public domainhttp://commons.wikimedia.org/wiki/File:Exchange_rates.JPGView on Boundless.com

  13. Open Economy Macroeconomics Global Current Accounts The map shows the per capita current accounts surpluses and deficits of countries around the world from 1980 to 2008. Deeper red implies a higher per capita deficit, while deeper green implies a higher per capita surplus. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikipedia."Cumulative Current Account Balance per capita."Public domainhttp://en.wikipedia.org/wiki/File:Cumulative_Current_Account_Balance_per_capita.pngView on Boundless.com

  14. Open Economy Macroeconomics U.S. Current Account The chart shows the current account deficit of the U.S., both in dollars and as a percent of GDP. Deficits in the current account must be offset by surpluses in the financial and capital accounts. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikipedia."U.S. Trade Deficit Dollars and percentage GDP."CC BY-SAhttp://en.wikipedia.org/wiki/File:U.S._Trade_Deficit_Dollars_and_percentage_GDP.pngView on Boundless.com

  15. Open Economy Macroeconomics FDI in Austria Austria has experienced a surplus of foreign direct investment: more foreign investors invest in Austria than Austrian investors do in the rest of the world. This contributes to a financial account surplus. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikimedia."Foreign Direct Investment in Austria."GNU FDLhttp://commons.wikimedia.org/wiki/File:Foreign_Direct_Investment_in_Austria.gifView on Boundless.com

  16. Open Economy Macroeconomics Natural Gas Rights If a U.S. company sold its rights to drill for natural gas off the southern coast of the U.S., it would be recorded as a credit in the capital account. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikipedia."US Gulf of Mexico offshore gas."Public domainhttp://en.wikipedia.org/wiki/File:US_Gulf_of_Mexico_offshore_gas.jpgView on Boundless.com

  17. Open Economy Macroeconomics Foreign Exchange Regimes The above map shows which countries have adopted which exchange rate regime. Dark green is for free float, neon green is for managed float, blue is for currency peg, and red is for countries that use another country's currency. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikipedia."Currency Exchange regimes."CC BY-SAhttp://en.wikipedia.org/wiki/File:Currency_Exchange_regimes.pngView on Boundless.com

  18. Open Economy Macroeconomics PRC Flag China is well-known for its fixed exchange rate. It was one of the few countries that could impose a fixed rate by making it illegal to trade its currency at any other rate. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikipedia."Flag of the People's Republic of China."Public domainhttp://en.wikipedia.org/wiki/File:Flag_of_the_People's_Republic_of_China.svgView on Boundless.com

  19. Open Economy Macroeconomics Groceries Purchasing Power Parity evaluates and compares the prices of goods in different countries, such as groceries. PPP is then used to help determine real exchange rates. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikimedia."Groceries at Boqueria market."CC BY-SAhttp://commons.wikimedia.org/wiki/File:Groceries_at_Boqueria_market.JPGView on Boundless.com

  20. Open Economy Macroeconomics Share of Stock The key difference between the balance of payments and asset market models is that the former includes financial assets, such as stock, in its calculation. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikipedia."B&O RR common stock."CC BY-SAhttp://en.wikipedia.org/wiki/File:B&O_RR_common_stock.jpgView on Boundless.com

  21. Open Economy Macroeconomics Developing Countries The developing countries, marked in light blue, may prefer a fixed or managed exchange rate to a floating exchange rate. This is because sudden depreciation in their currency value poses a significant threat to the stability of their economies. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikimedia."Industrialized countries 2007."GNU FDLhttp://commons.wikimedia.org/wiki/File:Industrialized_countries_2007.pngView on Boundless.com

  22. Open Economy Macroeconomics India India has a managed float exchange regime. The rupee is allowed to fluctuate with the market within a set range before the central bank will intervene. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikimedia."Flag of India."Public domainhttp://commons.wikimedia.org/wiki/File:Flag_of_India.svgView on Boundless.com

  23. Open Economy Macroeconomics Supply Shock and Equilibrium A supply shock shifts the aggregate supply curve. In this case, a negative supply shock raises prices and lowers output in equilibrium. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikipedia."Economics supply shock."GNU FDLhttp://en.wikipedia.org/wiki/File:Economics_supply_shock.pngView on Boundless.com

  24. Open Economy Macroeconomics Equilibrium The graph shows that the point of equilibrium is where the supply and demand are equal. In an open economy, equilibrium is achieved when the amount demanded by consumers is equal to the amount of a goods or service provided by producers. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikimedia."Simple supply and demand."CC BY-SAhttp://commons.wikimedia.org/wiki/File:Simple_supply_and_demand.svgView on Boundless.com

  25. Open Economy Macroeconomics Exchange Rates In the retail currency exchange market, a different buying rate and selling rate will be quoted by money dealers. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikimedia."South East Asia Exchange Rates (6031878489)."CC BYhttp://commons.wikimedia.org/wiki/File:South_East_Asia_Exchange_Rates_(6031878489).jpgView on Boundless.com

  26. Open Economy Macroeconomics U.S. Budget Deficits The graph shows the budget deficits and surpluses incurred by the U.S. government between 1901 and 2006. Although deficits may have an expansionary effect, this is not the primary purpose of running a deficit. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikipedia."US annual federal deficits over receipts 1901 to 2006."Public domainhttp://en.wikipedia.org/wiki/File:US_annual_federal_deficits_over_receipts_1901_to_2006.svgView on Boundless.com

  27. Open Economy Macroeconomics Attribution • Wikipedia."Balance of payments."CC BY-SA 3.0http://en.wikipedia.org/wiki/Balance_of_payments • Wikibooks."IB Economics/International Economics/Balance of payments."CC BY-SA 3.0http://en.wikibooks.org/wiki/IB_Economics/International_Economics/Balance_of_payments • Wikipedia."Balance of payments."CC BY-SA 3.0http://en.wikipedia.org/wiki/Balance_of_payments • Wiktionary."balance of trade."CC BY-SA 3.0http://en.wiktionary.org/wiki/balance_of_trade • Wikipedia."debit."CC BY-SA 3.0http://en.wikipedia.org/wiki/debit • Wikipedia."credit."CC BY-SA 3.0http://en.wikipedia.org/wiki/credit • Wikipedia."Current account."CC BY-SA 3.0http://en.wikipedia.org/wiki/Current_account • Wikipedia."Balance of payments."CC BY-SA 3.0http://en.wikipedia.org/wiki/Balance_of_payments • Wiktionary."central bank."CC BY-SA 3.0http://en.wiktionary.org/wiki/central_bank • Wiktionary."interest rate."CC BY-SA 3.0http://en.wiktionary.org/wiki/interest_rate • Wikipedia."Capital account."CC BY-SA 3.0http://en.wikipedia.org/wiki/Capital_account • Wikipedia."Balance of payments."CC BY-SA 3.0http://en.wikipedia.org/wiki/Balance_of_payments • Wikipedia."debt forgiveness."CC BY-SA 3.0http://en.wikipedia.org/wiki/debt%20forgiveness • Wikipedia."Capital account."CC BY-SA 3.0http://en.wikipedia.org/wiki/Capital_account • Wikipedia."Balance of payments."CC BY-SA 3.0http://en.wikipedia.org/wiki/Balance_of_payments • Wiktionary."foreign exchange."CC BY-SA 3.0http://en.wiktionary.org/wiki/foreign_exchange • Wikipedia."net exports."CC BY-SA 3.0http://en.wikipedia.org/wiki/net%20exports Free to share, print, make copies and changes. Get yours at www.boundless.com

  28. Open Economy Macroeconomics • Wikipedia."Balance of payments."CC BY-SA 3.0http://en.wikipedia.org/wiki/Balance_of_payments • Wiktionary."exchange rate."CC BY-SA 3.0http://en.wiktionary.org/wiki/exchange_rate • Wikipedia."Purchasing power parity."CC BY-SA 3.0http://en.wikipedia.org/wiki/Purchasing_power_parity • Wikipedia."Exchange rate."CC BY-SA 3.0http://en.wikipedia.org/wiki/Exchange_rate • Wiktionary."purchasing power parity."CC BY-SA 3.0http://en.wiktionary.org/wiki/purchasing_power_parity • Wiktionary."depreciate."CC BY-SA 3.0http://en.wiktionary.org/wiki/depreciate • Wikipedia."Law of one price."CC BY-SA 3.0http://en.wikipedia.org/wiki/Law_of_one_price • Wikipedia."Purchasing power parity."CC BY-SA 3.0http://en.wikipedia.org/wiki/Purchasing_power_parity • Wikipedia."Purchasing power parity."CC BY-SA 3.0http://en.wikipedia.org/wiki/Purchasing_power_parity • Wikipedia."Exchange rate."CC BY-SA 3.0http://en.wikipedia.org/wiki/Exchange_rate • Wikibooks."Principles of Finance/Section 1/Chapter/Financial Markets and Institutions/FX."CC BY-SA 3.0http://en.wikibooks.org/wiki/Principles_of_Finance/Section_1/Chapter/Financial_Markets_and_Institutions/FX • Wikipedia."Exchange rate."CC BY-SA 3.0http://en.wikipedia.org/wiki/Exchange_rate%23cite_note-10 • Wikipedia."nominal exchange rate."CC BY-SA 3.0http://en.wikipedia.org/wiki/nominal%20exchange%20rate • Wikipedia."real exchange rate."CC BY-SA 3.0http://en.wikipedia.org/wiki/real%20exchange%20rate • Wikipedia."Nominal (economics)."CC BY-SA 3.0http://en.wikipedia.org/wiki/Nominal_(economics) • Wikipedia."Purchasing power parity."CC BY-SA 3.0http://en.wikipedia.org/wiki/Purchasing_power_parity • Wikipedia."Exchange rates."CC BY-SA 3.0http://en.wikipedia.org/wiki/Exchange_rates • Wikipedia."Exchange rates."CC BY-SA 3.0http://en.wikipedia.org/wiki/Exchange_rates • Wikipedia."floating exchange rate."CC BY-SA 3.0http://en.wikipedia.org/wiki/floating%20exchange%20rate Free to share, print, make copies and changes. Get yours at www.boundless.com

  29. Open Economy Macroeconomics • Wikipedia."fixed exchange rate."CC BY-SA 3.0http://en.wikipedia.org/wiki/fixed%20exchange%20rate • Wikipedia."Floating exchange rate."CC BY-SA 3.0http://en.wikipedia.org/wiki/Floating_exchange_rate%23Fear_of_floating • Wikipedia."Fixed exchange rate."CC BY-SA 3.0http://en.wikipedia.org/wiki/Fixed_exchange_rate • Boundless Learning."Boundless."CC BY-SA 3.0http://www.boundless.com//economics/definition/pegged-float-exchange-rate • Wikipedia."fixed exchange rate."CC BY-SA 3.0http://en.wikipedia.org/wiki/fixed%20exchange%20rate • Wikipedia."floating exchange rate."CC BY-SA 3.0http://en.wikipedia.org/wiki/floating%20exchange%20rate • Boundless Learning."Boundless."CC BY-SA 3.0http://www.boundless.com//economics/definition/exchange-rate-regime • Wikipedia."Fixed exchange-rate system."CC BY-SA 3.0http://en.wikipedia.org/wiki/Fixed_exchange-rate_system • Wikipedia."Crawling peg."CC BY-SA 3.0http://en.wikipedia.org/wiki/Crawling_peg • Wikipedia."Floating exchange rate."CC BY-SA 3.0http://en.wikipedia.org/wiki/Floating_exchange_rate • Wikipedia."Exchange-rate regime."CC BY-SA 3.0http://en.wikipedia.org/wiki/Exchange-rate_regime • Wikipedia."fixed exchange rate."CC BY-SA 3.0http://en.wikipedia.org/wiki/fixed%20exchange%20rate • Wikipedia."Capital control."CC BY-SA 3.0http://en.wikipedia.org/wiki/Capital_control • Wikipedia."Fixed exchange rate."CC BY-SA 3.0http://en.wikipedia.org/wiki/Fixed_exchange_rate • Boundless Learning."Boundless."CC BY-SA 3.0http://www.boundless.com//economics/definition/managed-float-regime • Wikipedia."Managed float regime."CC BY-SA 3.0http://en.wikipedia.org/wiki/Managed_float_regime • Wikipedia."Floating exchange rate."CC BY-SA 3.0http://en.wikipedia.org/wiki/Floating_exchange_rate%23Economic_rationale • Wikipedia."Managed float."CC BY-SA 3.0http://en.wikipedia.org/wiki/Managed_float • Wiktionary."output."CC BY-SA 3.0http://en.wiktionary.org/wiki/output Free to share, print, make copies and changes. Get yours at www.boundless.com

  30. Open Economy Macroeconomics • Wiktionary."trade."CC BY-SA 3.0http://en.wiktionary.org/wiki/trade • Wiktionary."equilibrium."CC BY-SA 3.0http://en.wiktionary.org/wiki/equilibrium • Wikipedia."Open economy."CC BY-SA 3.0http://en.wikipedia.org/wiki/Open_economy%23International_Capital_Flows_and_Trade_Balance • Wikipedia."Economic equilibrium."CC BY-SA 3.0http://en.wikipedia.org/wiki/Economic_equilibrium • Wikipedia."Open economy."CC BY-SA 3.0http://en.wikipedia.org/wiki/Open_economy • Wiktionary."protectionism."CC BY-SA 3.0http://en.wiktionary.org/wiki/protectionism • Wiktionary."nominal."CC BY-SA 3.0http://en.wiktionary.org/wiki/nominal • Wiktionary."stagflation."CC BY-SA 3.0http://en.wiktionary.org/wiki/stagflation • Wikipedia."Protectionism."CC BY-SA 3.0http://en.wikipedia.org/wiki/Protectionism • Wikipedia."Capital flight."CC BY-SA 3.0http://en.wikipedia.org/wiki/Capital_flight • Wikispaces."AS Macroeconomics - Exchange Rates."CC BY-SAhttp://asmacroeconomics.wikispaces.com/Exchange+Rates • Wikipedia."Interest rate."CC BY-SA 3.0http://en.wikipedia.org/wiki/Interest_rate • Wikipedia."Wealth effect."CC BY-SA 3.0http://en.wikipedia.org/wiki/Wealth_effect • Wikipedia."1973 oil crisis."CC BY-SA 3.0http://en.wikipedia.org/wiki/1973_oil_crisis • Wikipedia."Capital flight."CC BY-SA 3.0http://en.wikipedia.org/wiki/Capital_flight • Wikipedia."Supply shock."CC BY-SA 3.0http://en.wikipedia.org/wiki/Supply_shock • Wikipedia."Foreign exchange market."CC BY-SA 3.0http://en.wikipedia.org/wiki/Foreign_exchange_market • Wiktionary."structural deficit."CC BY-SA 3.0http://en.wiktionary.org/wiki/structural_deficit • Wiktionary."business cycle."CC BY-SA 3.0http://en.wiktionary.org/wiki/business_cycle Free to share, print, make copies and changes. Get yours at www.boundless.com

  31. Open Economy Macroeconomics • Wikipedia."cyclical deficit."CC BY-SA 3.0http://en.wikipedia.org/wiki/cyclical%20deficit • Wikipedia."aggregate demand."CC BY-SA 3.0http://en.wikipedia.org/wiki/aggregate%20demand • Wikipedia."Government budget balance."CC BY-SA 3.0http://en.wikipedia.org/wiki/Government_budget_balance • Wikipedia."Government budget balance."CC BY-SA 3.0http://en.wikipedia.org/wiki/Government_budget_balance Free to share, print, make copies and changes. Get yours at www.boundless.com

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