巴罗宏观经济学：现代观点第7章

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1、Consumption,SavingandInvestmentChapter71MacroeconomicsChapter7ConsumptionandSavingHouseholdbudgetconstraintC+(1/P)·∆B+∆K=π/P+(w/P)·L+i·(B/P+K)π/P=0C+(1/P)·∆B+∆K=(w/P)·L+i·(B/P+K)consumption+realsaving=realincome2MacroeconomicsChapter7ConsumptionandSaving3MacroeconomicsC

2、hapter7ConsumptionandSavingConsumptionOverTwoYearsYear1C1+(B1/P+K1)−(B0/P+K0)=(w/P)1·L+i0·(B0/P+K0)consumptioninyear1+realsavinginyear1=realincomeinyear1Year2C2+(B2/P+K2)−(B1/P+K1)=(w/P)2·L+i1·(B1/P+K1)consumptioninyear2+realsavinginyear2=realincomeinyear24Macroeconomic

3、sChapter7ConsumptionandSavingConsumptionOverTwoYearsCombinethebudgetconstraintstodescribeahousehold’schoicebetweenconsumingthisyear,C1,andnextyear,C2.B1/P+K1=B0/P+K0+i0·(B0/P+K0)+(w/P)1·L−C1Realassetsendyear1=realassetsendyear0+realincomeyear1−consumptionyear15Macroecon

4、omicsChapter7ConsumptionandSaving6MacroeconomicsChapter7ConsumptionandSaving7MacroeconomicsChapter7ConsumptionandSavingConsumptionOverTwoYearsB1/P+K1=(1+i0)·(B0/P+K0)+(w/P)1·L−C1B2/P+K2=(1+i1)·(B1/P+K1)+(w/P)2·L−C2B2/P+K2=(1+i1)·[(1+i0)·(B0/P+K0)+(w/P)1·L−C1]+(w/P)2·L−C

5、28MacroeconomicsChapter7ConsumptionandSavingConsumptionOverTwoYearsC2+(1+i1)·C1=(1+i1)·(1+i0)·(B0/P+K0)+(1+i1)·(w/P)1·L+(w/P)2·L-(B2/P+K2)Two-yearhouseholdbudgetconstraint:C1+C2/(1+i1)=(1+i0)·(B0/P+K0)+(w/P)1·L+(w/P)2·L/(1+i1)−(B2/P+K2)/(1+i1)9MacroeconomicsChapter7Cons

6、umptionandSavingPresentvalueIftheinterestrate,i1,isgreaterthanzero,$1receivedorspentinyear1isequivalenttomorethan$1inyear2.Dollarsreceivedorspentinyear2mustbediscountedtomakethemcomparabletodollarsinyear1.Theterm1+i1iscalledadiscountfactor.10MacroeconomicsChapter7Consum

7、ptionandSavingHouseholdchoosesthetimepathofconsumption—inthiscase,C1andC2—tomaximizeutility,subjecttothebudgetconstraint.11MacroeconomicsChapter7ConsumptionandSavingChoosingconsumption:incomeeffectsC1+C2/(1+i1)=(1+i0)·(B0/P+K0)+(w/P)1·L+(w/P)2·L/(1+i1)−(B2/P+K2)/(1+i1)p

8、.v.ofconsumption=valueofinitialassets+p.v.ofwageincomes−p.v.ofassetsendyear2V=(1+i0)·(B0/P+K0)+(w/P)1·L+(w/P)2