Model(宏观经济学加州大学詹姆斯·布拉德某汽车·德.pptx

Model(宏观经济学加州大学詹姆斯·布拉德某汽车·德.pptx

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,CHAPTER6,BuildingBlocksoftheFlexible-PriceModel,1,Copyright2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.,Questions,Whatisafull-employmentanalysis?

Whatkeepstheeconomyatfullemploymentwhenwagesandpricesareflexible?

Whatdeterminesthelevelofconsumptionspending?

Whatdeterminesthelevelofinvestmentspending?

2,Copyright2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.,Questions,Whatdeterminesthelevelofnetexports?

Whatdeterminestheleveloftheexchangerate?

3,Copyright2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.,Full-EmploymentAnalysis,Wewillnowlookattheeconomyovertheshort-runaperiodinwhichitsproductiveresourcesarefixedWewillassumethatwagesandpricesareflexiblesothatallmarketsclearsupplyequalsdemandinthelabormarketfull-employmentanalysis,4,Copyright2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.,Flexible-PriceModel,Twosetsoffactorsdeterminethelevelsofpotentialoutputandrealwagestheproductionfunctionthebalanceofsupplyanddemandinthelabormarket,5,Copyright2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.,TheProductionFunction,Potentialoutput（Y*）isdeterminedbythesizeofthelaborforce（L）theeconomyscapitalstock（K）theefficiencyoflabor（E）aparameterindicatinghowquicklyreturnstoinvestmentdiminish（）,6,Copyright2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.,Figure6.1-TheProductionFunction,7,Copyright2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.,Flexible-PriceModel,Theassumptionthatwagesandpricesareflexiblewascommonlymadeby“classical”economistsThus,thisassumptionisoftencalledtheclassicalassumptionguaranteesthatmarketsworkguaranteesfullemploymentguaranteesthatactualoutputisequaltopotentialoutput,8,Copyright2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.,Flexible-PriceModel,Theflexible-priceassumptionisnotalwaysagoodoneamarketeconomydoesnotalwaysproducefullemploymentThe“Keynesian”modelassumesthatwagesandpricesarestickythiswillbecoveredinSectionIIIoftextTheClassicalassumptionsimplifiestheanalysisoftheeconomy,9,Copyright2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.,Table6.1-ClassicalFlexible-PriceversusKeynesianSticky-PriceAnalyses,10,Copyright2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.,TheLaborMarket,AssumethereareKidenticalfirmseachfirmownsoneunitoftheeconomyscapitalstockeachfirmhiresLworkersandpaysthemthesamewageWeachfirmsellsYunitsofoutputataper-unitpriceofPnofirmhascontroloverthepriceitreceivesorthewageitpaysthesearedeterminedbythemarket,11,Copyright2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.,TheLaborMarket,Todeterminehowmanyworkerstohire,thefirmfollowstworuleshireworkerstoboostoutputstophiringwhentheextrarevenuefromtheoutputhiredbythelastworkerjustequalshisorherwage,12,Copyright2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.,TheLaborMarket,Thevalueoftheoutputproducedbythelastworkerhiredistheproductprice（P）multipliedbythemarginalproductoflabor（MPL）Thecostofhiringthelastworkerishisorherwage（W）Thefirmwillkeephiringuntil,13,Copyright2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.,TheLaborMarket,Themarginalproductoflaboristhedifferencebetweenwhatthefirmcanproducewithitscurrentlaborforce（Lfirm）andwhatitcouldproduceifithiredonemoreworkerAtitscurrentlaborforce,theoutputofthefirmwillbe,14,Copyright2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.,TheLaborMarket,Therefore,themarginalproductoflabor（MPL）mustbeequalto,15,Copyright2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.,Figure6.2-TheFirmsOutputasaFunctionoftheFirmsEmployment,16,Copyright2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.,TheLaborMarket,UsingtheCobb-Douglasformoftheproductionfunction,SinceKfirm=1,17,Copyright2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.,TheLaborMarket,Theterminthebracketsisagrowthrateofavariableraisedtoapower,18,Copyright2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.,TheLaborMarket,Thefirmhiresworkersuptothepointwheretheproductpricemultipliedbythemarginalproductoflaborequalsthewage,SubstitutingforMPL,19,Copyright2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.,Figure6.3-TheTypicalFirmsHiringPolicy,20,Copyright2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.,TheLaborMarket,Thetypicalfirmsdemandforlaboris,BecausethereareKfirmsintheeconomy,totaleconomy-wideemploymentwillbe,21,Copyright2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.,TheLaborMarket,Iftherearemoreworkersthanfirmswanttohireatthecurrentwagesomeoftheunemployedwillunderbidtheirfellowemployedworkersthosewhoareemployedwillrespondbyacceptingalowerwagetokeeptheirjobsrealwageswillfallandfirmswillhiremoreworkers,22,Copyright2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.,TheLaborMarket,IftherearefewerworkersthanfirmswanttohireatthecurrentwagesomefirmswilltrytobidworkersawaybyofferinghigherwagestherealwagewillriseandfirmswillreducethequantityoflabordemandedEquilibriumoccursinthelabormarketwhenlabordemandisequaltothelaborforce,23,Copyright2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.,Figure6.4-EquilibriumintheLaborMarket,24,Copyright2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.,TheLaborMarket,Equilibriuminthelabormarketmeansthat,Thismeansthattheequilibriumrealwageisequalto,25,Copyright2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.,TheLaborMarket,Whenthelabormarketisinequilibrium,thetypicalfirmproducesanoutputlevelequalto,TotaloutputwillbeKmultipliedbythetypicalfirmsoutput,26,Copyright2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.,TheLaborMarket,Simplifying,wegettheCobb-Douglasproductionfunction,Ifmarketsworkwell,theactuallevelofoutputintheeconomy（Y）willbeequaltotheeconomyspotentialoutput（Y*）,27,Copyright2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.,Figure6.5-InaFull-EmploymentEconomy,RealGDPEqualsPotentialOutput,28,Copyright2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.,DomesticSpending,Nationalincomecanbedividedintofourcomponentsconsumptionspending（C）investmentspending（I）governmentpurchases（G）netexports（NX）,29,Copyright2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.,Figure6.6-TheFourComponentsofSpendingAddUptoRealGDP,30,Copyright2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.,ConsumptionSpending,Householdsuseincome（Y）inthreewayspaynettaxes（T）assumethatT=tY,wheretisanaveragetaxratedisposableincomeisequaltoincomeminustaxesYD=Y-T=（1-t）Ysave（SH）consume（C）,31,Copyright2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.,Figure6.7-FromNationalIncometoConsumptionSpending,32,Copyright2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.,ConsumptionSpending,Consumptionspendingcanbebrokendownintotwocomponentsabaselinelevelofconsumption（C0）theamountthathouseholdswouldspendonconsumptiongoodsiftheyhadnoincomeafractionofdisposableincome（CyYD）Cyisthemarginalpropensitytoconsume,amountbywhichconsumptionspendingrisesinresponsetoa$1increaseindisposableincome,33,Copyright2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.,ConsumptionSpending,ConsumptionisassumedtobealinearfunctionofrealGDP（Y）Thereareotherfactorsthataffectconsumptionbesidesdisposableincomeassumedtoaffectbaselineconsumption（C0）only,34,Copyright2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.,Figure6.8-OtherDeterminantsofConsumptionSpending,35,Copyright2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.,ConsumptionSpending,Cyisthemarginalpropensitytoconsume0Cy1ifincomesrise,householdswillusesomeoftheirextraincometoincreasetheirconsumptionspendingasincomesrise,householdswillalsoincreasetheirsaving,36,Copyright2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.,Figure6.9-TheConsumptionFunction,37,Copyright2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.,ConsumptionSpending,Examplethetaxrate（t）=25%,nationalincome（Y）=$10trillion,thebaselinelevelofconsumption（C0）=$2trillion,andthemarginalpropensitytoconsume（Cy）=0.6,38,Copyright2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.,InvestmentSpending,Fluctuationsininvestmentspendinghavetwosourcestheinterestrateahigherrealinterestratemakesinvestmentprojectsmoreexpensiveandlowersinvestmentbusinessmanagersandinvestorsconfidencethehighertheirconfidence,thehigherisinvestmentspending,39,Copyright2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.,InvestmentSpending,Firmsinvestbecausetheirmanagersbelievethattheinvestmentprojectswillbeprofitablethismeansthatthediscountedreturnsontheinvestmentsmustbegreaterthantheinvestmentscoststhemostrelevantinterestratefordeterminingtheprofitabilityofaninvestmentisthelong-term,real,riskyinterestrate,40,Copyright2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.,InvestmentSpending,Investmentspendinghastwocomponentsthebaselinelevelofinvestment（I0）theresponsivenessofinvestmenttochangesintheinterestrate（Ir）,41,Copyright2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.,Figure6.10-TheInvestmentFunction,42,Copyright2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.,InvestmentSpending,Examplethebaselinelevelofinves