巴罗宏观经济学：现代观点第6章.ppt

MacroeconomicsChapter6,1,Markets,Prices,Supply,andDemand,Chapter6,MacroeconomicsChapter6,2,MarketsintheMacroeconomy,Assumingthathouseholdsperformallofthefunctionsintheeconomy.Eachhouseholdrunsafamilybusinessanduseslabor,L,andcapital,K,toproducegoods,Y,throughtheproductionfunction.Y=AF(K,L),MacroeconomicsChapter6,3,MarketsintheMacroeconomy,Goodsmarket,Labormarket,Rentalmarket,Bondmarket,Households,Households(Firms),MacroeconomicsChapter6,4,TheGoodsMarket,Householdssellallthegoodstheyproduceonagoodsmarket.Thenhouseholdsbuybackfromthismarketthegoodsthattheywant.Householdbuysgoodsforconsumption.toincreasethestockofgoodsintheformofcapitalusedforproduction,calledinvestment.,MacroeconomicsChapter6,5,TheGoodsMarketandPrices,Thepriceinthisgoodsmarket,denotedbyP,expressesthenumberofdollarsthatexchangeforoneunitofgoods.WecallPthepricelevel.,MacroeconomicsChapter6,6,ThegoodsMarketandPrices,Y=AF(K,L)Sinceallofthesegoodsaresoldonthegoodsmarket,thevariableYwillalsorepresenttheQuantityofgoodsperyearsoldandboughtonthegoodsmarket.ThequantityPYisthedollarvalueperyearofthegoodsboughtandsoldonthegoodsmarket.,MacroeconomicsChapter6,7,ThegoodsMarketandPrices,Theexpression1/Pisthevalueof$1intermsofthegoodsthatitbuys.Mdollarsexchangefor(M)(1/P)=M/PAnexpressionlikeM/Pisinrealterms,inunitsofgoods,whereasaquantitylikeMisindollarornominalterms.,MacroeconomicsChapter6,8,LaborMarketintheMacroeconomy,Householdssupplylaboronalabormarket.Assumethatthequantitysupplied,Ls,isaconstant,L.Householdsbuyandselllaborinthelabormarketatthedollarornominalwagerate,w.Therealwagerateisw/P.,MacroeconomicsChapter6,9,RentalMarketsintheMacroeconomy,Eachhouseholdrentsoutallofthecapitalthatitownsonarentalmarket.Wethinkofthecapitalofferedontherentalmarketasthesupplyofcapitalservices,Ks.Sincewehaveassumedthateachhouseholdrentsoutallofitscapital,wehaveKs=K.,MacroeconomicsChapter6,10,RentalMarketsandPrices,Householdsrentoutcapital,K,fordollarsatthedollarornominalrentalprice,RAhouseholdthatrentstheamountofcapitalKdpaysthenominalamountRKdperyearandthengetstousethecapitalasaninputtoproduction.TherealrentalpriceisR/P.,MacroeconomicsChapter6,11,TheBondMarketintheMacroeconomy,Aborrowinghouseholdreceivesaloanfromanotherhousehold,whereasalendinghouseholdprovidesaloantoanotherhousehold.Ahouseholdthatmakesaloanreceivesapieceofpapercalledabond,andwecallthemarketonwhichhouseholdsborroworlendthebondmarket.Theholderofabond,thelender,hasaclaimtotheamountowedbytheborrower.,MacroeconomicsChapter6,12,ThebondMarketandPrices,Eachunitofbondscommitstheborrowertorepay$1totheholderofthebond.This$1istheprincipalofeachbond.Theprincipalistheinitialamountadvancedonaloan.,MacroeconomicsChapter6,13,TheBondMarketsandPrices,Eachunitofbondscommitstheborrowertopaytheholderaflowofinterestpaymentsof$iperyear.Thevariableiistheinterestrate,whichistheratiooftheinterestpayment,$i,totheprincipal$1.Theinterestrate,i,canvaryovertime.,MacroeconomicsChapter6,14,MoneyasaMediumofExchange,Weassumethattheexchangesoneachofthesemarketsuseasingleformofmediumofexchange.Amediumofexchangeisanobjectheld,notforitsownsake,butrathertotradefairlysoonforsomethingelse,suchasgoodsandservices.Wecallthemediumofexchangeinourmodelmoney.,MacroeconomicsChapter6,15,MoneyasaMediumofExchange,Assumethatmoneyisjustapieceofpaper,analogoustoapapercurrencyissuedbyagovernment.Moneyisdenominatedinanarbitraryunit,suchasa“dollar.”Dollaramountsareinnominalterms.Papermoneyearnsnointerest.,MacroeconomicsChapter6,16,MoneyasaMediumofExchange,Thesumoftheindividualholdingsofmoneyequalstheaggregatequantityofmoneyintheeconomy.Assume,fornow,thatthisaggregatequantityofmoneyisagivenconstant.Thetotalmoneyheldbyallhouseholdsmustendupequalingthisconstant.,MacroeconomicsChapter6,17,ConstructingtheBudgetConstraint,Thequantitiesandpricesdeterminedonthefourmarketswilldeterminehouseholdincome.FlowsofincomearesourcesoffundsPurchasesofgoodsandassetsareusesoffundsThetotalsourcesoffundsmustequalthetotalusesoffunds.Thisequalityiscalledthehouseholdbudgetconstraint.,MacroeconomicsChapter6,18,ConstructingtheBudgetConstraint,IncomeProfitsHouseholdsmayearnprofitanexcessofrevenueovercostsfromtheirbusinessactivities.Y=AF(Kd,Ld)=PY(wLd+RKd)=PAF(Kd,Ld)(wLd+RKd),MacroeconomicsChapter6,19,ConstructingtheBudgetConstraint,IncomeWageincomeIfhouseholdssupplythequantityoflaborLstothelabormarket,theyreceivethenominalwageincomeofwLsperyear.QuantityoflaborsuppliedisthefixedamountL,sonominalwageincomeiswL.,MacroeconomicsChapter6,20,ConstructingtheBudgetConstraint,IncomeRentalincomeIfhouseholdssupplythequantityofcapitalKstotherentalmarkettheyreceivethenominalrentalincomeofRKsperyear.Sincehouseholdssupplyalloftheiravailablecapital,K,totherentalmarket,sothatKs=K,thenominalrentalincomeisRK.,MacroeconomicsChapter6,21,ConstructingtheBudgetConstraint,RentalincomeThequantityKofcapitaldisappearseachyear.ThedollarvalueofthislostcapitalisPK.netnominalrentalincome=nominalrentalincomevalueofdepreciationnetnominalrentalincome=RKPKnetnominalrentalincome=(R/P)PKPKnetnominalrentalincome=(R/P)PKRateofreturnonowningcapital=R/P,MacroeconomicsChapter6,22,ConstructingtheBudgetConstraint,InterestIncomeIfahouseholdsnominalbondholdingsareB,theflowofnominalinterestincomereceivedisiBperyear.SinceBequalszeroforthewholeeconomy,wehavethatthetotalofinterestincomeequalszero.,MacroeconomicsChapter6,23,ConstructingtheBudgetConstraint,TotalincomeHouseholdnominalincome=nominalprofit+nominalwageincome+nominalnetrentalincome+nominalinterestincomeHouseholdnominalincome=+wL+(R/P)PK+iB,MacroeconomicsChapter6,24,ConstructingtheBudgetConstraint,ConsumptionHouseholdsconsumegoodsinthequantityCperyearatpricePHouseholdnominalconsumption=PC,MacroeconomicsChapter6,25,ConstructingtheBudgetConstraint,AssetsHouseholdsholdassetsinthreeforms:money,M;bonds,B;ownershipofcapital,K.,MacroeconomicsChapter6,26,ConstructingtheBudgetConstraint,AssetsWeassumethathouseholdsholdafixedamountofmoneyindollarterms;thatis,weassumethatthechangeovertimeofahouseholdsnominalmoneyholdingsiszeroM=0,MacroeconomicsChapter6,27,ConstructingtheBudgetConstraint,AssetsInconsideringwhethertoholdassetsasbondsorcapital,householdswouldcomparetherateofreturnonbonds,theinterestrate,i,withtherateofreturnonownershipofcapital,R/P.Rateofreturnonbonds=rateofreturnonownershipi=R/P,MacroeconomicsChapter6,28,ConstructingtheBudgetConstraint,Householdnominalincome=+wL+i(B+PK),MacroeconomicsChapter6,29,ConstructingtheBudgetConstraint,HouseholdBudgetConstraintnominalvalueofassets=M+B+PKnominalsavingtobethechangeovertimeinthenominalvalueofassets.nominalsaving=(nominalassets)=M+B+PK,MacroeconomicsChapter6,30,ConstructingtheBudgetConstraint,HouseholdBudgetConstraintnominalsaving=nominalincomenominalconsumptionnominalsaving=+wL+i(B+PK)PCB+PK=+wL+i(B+PK)PC,MacroeconomicsChapter6,31,ConstructingtheBudgetConstraint,HouseholdBudgetConstraintinNominalTermsPC+B+PK=+wL+i(B+PK)nominalconsumption+nominalsaving=nominalincome,MacroeconomicsChapter6,32,ConstructingtheBudgetConstraint,HouseholdBudgetConstraintrealtermsC+(1/P)B+K=/P+(w/P)L+i(B/P+K)consumption+realsaving=realincome,MacroeconomicsChapter6,33,ConstructingtheBudgetConstraint,MacroeconomicsChapter6,34,ProfitMaximizationRealProfit/P=AF(Kd,Ld)(w/P)Ld(R/P)Kdrealprofit=outputrealwagepaymentsrealrentalpayments,ClearingoftheMarketsforLaborandCapitalServices,MacroeconomicsChapter6,35,ClearingoftheMarketsforLaborandCapitalServices,MacroeconomicsChapter6,36,ClearingoftheMarketsforLaborandCapitalServices,TheLaborMarketDemandforlabor(/P)=AF(Kd,Ld)w/P=MPLw/Pchangeinrealprofit=marginalproductoflaborrealwagerate,MacroeconomicsChapter6,37,ClearingoftheMarketsforLaborandCapitalServices,MacroeconomicsChapter6,38,ClearingoftheMarketsforLaborandCapitalServices,SupplyoflaborWeareassumingthateachhouseholdsuppliesafixedquantityoflabortothelabormarket.Therefore,theaggregateormarketsupplyoflabor,Ls,isthegivenamountL.,MacroeconomicsChapter6,39,ClearingoftheMarketsforLaborandCapitalServices,Clearingofthelabormarketw/Pisdeterminedtoequatetheaggregatequantityoflabordemanded,Ld,totheaggregatequantitysupplied,L.(w/P)*=MPL(evaluatedatL),MacroeconomicsChapter6,40,ClearingoftheMarketsforLaborandCapitalServices,MacroeconomicsChapter6,41,ClearingoftheMarketsforLaborandCapitalServices,TheMarketforCapitalServicesDemandforcapitalservices(/P)=AF(Kd,Ld)R/P=MPKR/Pchangeinrealprofit=marginalproductofcapitalrealrentalprice,MacroeconomicsChapter6,42,ClearingoftheMarketsforLaborandCapitalServices,MacroeconomicsChapter6,43,ClearingoftheMarketsforLaborandCapitalServices,TheMarketforCapitalServicesSupplyofcapitalservicesFortheeconomyasawhole,theaggregatequantityofcapital,K,isgivenfrompastflowsofinvestment.Intheshortrun,theaggregat