巴罗宏观经济学：现代观点第5章.ppt

MacroeconomicsChapter5,1,ConditionalConvergenceandLong-RunEconomicGrowth,Chapter5,MacroeconomicsChapter5,2,ConditionalConvergenceinPractice,Growthrateofcapitalperworker,k/k:k/k=k(0),k*()(+)y=Af(k)GrowthrateofrealGDPperworkerisafunctionofinitialandsteady-staterealGDPperworkery/y=y(0),y*()(+),MacroeconomicsChapter5,3,ConditionalConvergenceinPractice,MacroeconomicsChapter5,4,ConditionalConvergenceinPractice,Variablesthatinfluencey*thatareheldconstant.AmeasureofthesavingrateThefertilityrateSubjectivemeasuresofmaintenanceoftheruleoflawanddemocracyThesizeofgovernmentTheextentofinternationalopenness,measuredbythevolumeofexportsandimportsChangesinthetermsoftradeMeasuresofinvestmentineducationandhealthTheaveragerateofinflation,MacroeconomicsChapter5,5,ConditionalConvergenceinPractice,JapanandGermanyafter2ndworldwar.EastAsiacountriesAfricanCountries,MacroeconomicsChapter5,6,Long-RunEconomicGrowth,Solowmodel,thegrowthrateofcapitalperworker,k,isgivenbyk/k=s(y/k)sn,MacroeconomicsChapter5,7,Long-RunEconomicGrowth,Acaseinwhichcapitalbroadlydefinedtoincludehumanandinfrastructurecapitalistheonlyfactorinputtoproduction.AKmodely=Ak,MacroeconomicsChapter5,8,Long-RunEconomicGrowth,kcapitalperworkery/k=Ak/k=sAsn,MacroeconomicsChapter5,9,Long-RunEconomicGrowth,MacroeconomicsChapter5,10,Long-RunEconomicGrowth,ConclusionsThelong-rungrowthrateofcapitalperworker,k/k,isgreaterthanzeroandequaltosAsnGrowthratesofcapitalandrealGDPperworker,k/kandy/y,donotchangeascapitalandrealGDPperworker,kandy,rise.pooreconomieswithlowkandydonottendtogrowfasterthanricheconomies,MacroeconomicsChapter5,11,Long-RunEconomicGrowth,Theregularprocessofimprovementintechnologyiscalledtechnologicalprogress.exogenoustechnologicalprogress-theimprovementsintechnologywerenotexplainedwithinthemodel.A/A=g,MacroeconomicsChapter5,12,Long-RunEconomicGrowth,ExogenousTechnologicalProgressY/Y=A/A+(K/K)+(1)(L/L)UsingA/A=gandandL/L=nY/Y=g+(K/K)+(1)ny/y=Y/YL/L=Y/Yn,MacroeconomicsChapter5,13,Long-RunEconomicGrowth,ExogenousTechnologicalProgressy/y=g+(K/K)+(1)nn=g+(K/Kn)k/k=K/KL/L=K/Kny/y=g+(k/k),MacroeconomicsChapter5,14,Long-RunEconomicGrowth,ExogenousTechnologicalProgressk/k-intheSolowmodelk/k=sAf(k)/ksnGrowthrateofrealGDPperworkerwithtechnicalprogressy/y=g+sAf(k)/ksn,MacroeconomicsChapter5,15,Long-RunEconomicGrowth,Steadystate:allvariablesgrowatconstantrates.k/kisconstantk/k=s(y/k)sny/kisconstant,MacroeconomicsChapter5,16,Long-RunEconomicGrowth,ExogenousTechnologicalProgress(y/y)*=(k/k)*(y/y)*=g+(k/k)*(y/y)*=g+(y/y)*(y/y)*(y/y)*=g(1)(y/y)*=g,MacroeconomicsChapter5,17,Long-RunEconomicGrowth,ExogenousTechnologicalProgressSteady-stategrowthratewithtechnologicalprogress(y/y)*=g/(1)Since01thesteady-stategrowthrateofrealGDPperworker,(y/y),isgreaterthantherateoftechnologicalprogress,g.,MacroeconomicsChapter5,18,Long-RunEconomicGrowth,ExogenousTechnologicalProgress(k/k)*=(y/y)*(k/k)*=g/(1)ExogenoustechnologicalprogressattherateA/A=gleadstolong-termgrowthinrealGDPandcapitalperworker,kandy,attherateg/(1),MacroeconomicsChapter5,19,Long-RunEconomicGrowth,ExogenousTechnologicalProgressk/k=s(y/k)sn(k/k)*=g/(1)g/(1)=s(y/k)*sns(y/k)*=n+g/(1)(y/k)*=+(1/s)n+g/(1)ForCobb-Douglasfunction,MacroeconomicsChapter5,20,Long-RunEconomicGrowth,MacroeconomicsChapter5,21,Long-RunEconomicGrowth,MacroeconomicsChapter5,22,Long-RunEconomicGrowth,MacroeconomicsChapter5,23,EndogenousGrowthTheory,Extendthemodeltoexplainwhytechnologicalprogressoccurs.Mostendogenousgrowthmodelsfocusoninvestmentsinresearchanddevelopment(R&D),MacroeconomicsChapter5,24,EndogenousGrowthTheory,Theessentialfeatureofknowledgeortechnology:non-rivalgoodMCiszeroProductionfunctionofA:A=f(A,K,L)IsthemarginalproductofAdecreasing,increasing,orconstant?Humancapital,MacroeconomicsChapter5,25,EndogenousGrowthTheory,ThedeterminantsoftheallocationofresourcestoR&DSupportforbasicscientificresearchPrivateincentivesforR&DandinnovationAlternativeopportunitiesfortalentedindividuals:rent-seekingLearning-by-doing:,MacroeconomicsChapter5,26,EndogenousGrowthTheory,OptimalintellectualpropertyrightsTheDiffusionofTechnologyTheimitationandadaptationofonecountrystechnologybyanothercountry.Therateoftechnologicaldiffusiontoadevelopingcountryishighwhenthecountrytradesalotwithrichcountries,hashigheducationlevels,andhaswellfunctioninglegalandpoliticalsystems.,MacroeconomicsChapter5,27,EndogenousGrowthTheory,MacroeconomicsChapter5,28,ThebasicR&Dmodel,AssumptionsThelaborforceisthesingleproductionfactorGeneralizedCobb-Douglasfunctionwithoutcapital,3.Thefractionofthelaborforceisexogenous,MacroeconomicsChapter5,29,ThebasicR&Dmodel,Theevolutionfunctionoflabor,where,Theevolutionfunctionofknowledge,MacroeconomicsChapter5,30,ThebasicR&Dmodel,Thedynamicofknowledgeaccumulation,MacroeconomicsChapter5,31,ThebasicR&Dmodel,Case1:,MacroeconomicsChapter5,32,ThebasicR&Dmodel,Case1:,hasaleveleffectbutnotagrowtheffect