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1、Lecture4NeoclassicalEconomics:ReviewandCritiqueMacroeconomicsI.NeoclassicalDemand-SupplyAnalysisThecoreofneoclassicaleconomicsisthedemand-supplyanalysis.Behindthedemand-supplyanalysis,itisthehouseholdandfirm’soptimizationdecision.NeoclassicalDemand-SupplyAnalysisTheHousehold
2、ProblemGiventheoutputpricepi(i=1,2,…,n)andtheincomey,choosethedemandxidtomaximizesubjecttoThesolution:I.NeoclassicalDemand-SupplyAnalysisTheHouseholdProblem(continued)Remark1:Inthisoptimizationproblem,theincomeyisassumedtobegiven.Ifonelooksattheneoclassicalgeneralequilibrium
3、framework,theincomeshouldbedefinedaswherewjandlj(j=1,2,…,m)arethefactorpricesandfactorsupply.Hereljcouldberegardedasendowments.I.NeoclassicalDemand-SupplyAnalysisTheHouseholdProblem(continued):Remark2:Whenthehouseholdmakesthedecision,thepricesofoutputandfactor,pjandwj,areall
4、assumedtobegivenregardlesswhethertheyareequilibriumpricesornot(problem?).I.NeoclassicalDemand-SupplyAnalysisTheFirm’sProblemGiventheprices,pjandwj,firmiwillchooseoutputsupplyxisandfactordemandljdtomaximizesubjecttotheproductionfunctionI.NeoclassicalDemand-SupplyAnalysisTheFi
5、rm’sProblem(continued)Thesolution:Remark:Again,whenthefirmmakesthedecision,thepricesofoutputandfactor,pjandwj,areallassumedtobegivenregardlesswhethertheyareequilibriumpricesornot.II.FullConfidenceExpectationHypothesisThehypothesisoffull-confidenceexpectationNeoclassicalanaly
6、sisimpliesanagentbehaviorregardingtheirobservationtotheeconomy.Thisbehaviormaynamedas“full-confidenceexpectation”.Thehypothesisoffull-confidenceexpectation:Atthegivenprices,whetherequilibriumornot,theagenthasfullconfidencethathecansaleandbuyasmuchashewants.II.FullConfidenceE
7、xpectationHypothesisThehypothesisoffull-confidenceexpectation(continued)Remark1:Here“asmuchashewants”canberegardedastheoptimumquantityderivedfromtheoptimization.Inthefollowedfigure,weusefirm’ssupplyasanexampletoexpress“asmuchashewant”.II.FullConfidenceExpectationHypothesisTh
8、ehypothesisoffull-confidenceexpectation(continued)II.FullConfidenceExpectat
