资源描述：
《economic growth 2》由会员上传分享，免费在线阅读，更多相关内容在教育资源-天天文库。
1、EconomicGrowthEconomicGrowth2.Solow-SwanModelInthissectionyouwilllearnInthissection,youwilllearn…•theclosedeconomySolow-Swanmodel.•howacountryhowacountrys’sstandardoflivingdependsstandardoflivingdependsonitssaving,physicalcapitalaccumulationandpopulationg
2、rowthratesaccumulationandpopulationgrowthrates.•howtousethe“GoldenRule”tofindtheoptimalsavingrateandcapitalstock.•simplemathematicalframeworkofSolowsimplemathematicalframeworkofSolow-SwanmodelTheSolowTheSolow-SwanmodelSwanmodel•dtRbtduetoRobertSlSolowandd
3、SSwan,forcontributionstothestudyofeconomicgrowth.•amajorparadigm:amajorparadigm:–widelyusedinpolicymaking–benchmarkagainstwhichmostrecentgrowththeoriesarecompared•looksatthedeterminantsofeconomicgrowthandthestandardoflivinginthegrowthandthestandardoflivin
4、ginthelongrun.Theaggregateproductionfunction•Inagggggregateterms:Y(()t)=F(K(()t),L(()t))•Y(t):tteoheflowooutputpoducedattofoutputproducedattimet,eget,e.g.coconut椰子.•K(t):physicalcapitalattimet,e.g.coconut.•L(t):laborattimet.Thepercapitaproductionfunction•
5、Define:y=Y/L=outputperworkeroutputperworkerk=K/L=capitalperworker•Assumeconstantreturnstoscale:zY=F(zK,zL)forany)foranyz>0>0•Pickz=1/L.ThenY/L=F(K/L,1)y=F(k,1)y=f(k)wheref(k)=F(k,1)ThepercapitaproductionfunctionOutputperworker,yf(k)MPK=f(k+1)–f(k)1Note:th
6、isproductionfunctionNote:thisproductionfunctionexhibitsdiminishingMPK.Capitalperworker,kThenationalincomeidentityThenationalincomeidentity•Weassumeoutputisahomogeneousgg,oodthatcanbeconsumed,C(t(),orinvested,I(t).•Y=C+I•In“perworker”terms:y=c+iwherec=C/La
7、ndi=I/LTheconsumptionfunctionTheconsumptionfunction•s=thesavingrate=thesavingrate,s=S/Ythefractionofincomethatissaved(sisaneogenosparameterinSoloisanexogenousparameterinSolow-Sanmodel)Swanmodel)Note:sistheonlylowercasevariablethatisnotequaltothatisnotequa
8、ltoitsuppercaseversiondividedbyL•Consumptionfunction:C=Y-S.C/L=Y/L-S/L.C/L=Y/L-(S/Y).(Y/L)•Consumptionfunction:c=(1–s)y(perworker)SavingandinvestmentSavingandinvestment•NationalincomeidentityisNationalincomeidentity
