macro12micro-foundationandthebehavioranalysis宏观经济学(南开大学,龚刚)

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1、MacroeconomicsLecture12Micro-foundationandtheBehaviorAnalysisonConsumptionI.IntroductionTheCritiquetoKeynesianEconomicsThelackinginmicro-foundation;Unabletoexplaingrowth;Unabletoexplainanddealwithstagflation.I.IntroductionTheobjectiveofthislectureistodealingwiththefirstcritique—th

2、elackingofmicro-foundationbyintroducingsomemodelsofbehavioranalysisontheconsumptionderivedfromoptimization.Theboundedrationality,whichmayregardedtobeamodelofoutputdeterminationinNewKeynesiananalysis.II.IrvingFisher’sInter-temporalChoiceofConsumptionTheInter-temporalBudgetConstrain

3、tSupposeaconsumer’slifecanbedividedinto2periods,andthereforewedenoteY1:incomeinperiod1;Y2:incomeinperiod2;C1:consumptioninperiod1;C2:consumptioninperiod2.II.IrvingFisher’sInter-temporalChoiceofConsumptionTheInter-temporalBudgetConstraint(continued)Sincetheconsumershouldbediedinper

4、iod2,savingshouldcomeonlyfromperiod1:S=Y1-C1(A)II.IrvingFisher’sInter-temporalChoiceofConsumptionTheInter-temporalBudgetConstraint(continued)ThisindicatesthatC2=(1+r)S+Y2(B)whereristheinterestrate.NotethathereScanalsoberegardedasborrowing(dis-saving).II.IrvingFisher’sInter-tempora

5、lChoiceofConsumptionTheInter-temporalBudgetConstraint(continued)ExpressSin(B)intermsof(A),weobtainC2=(1+r)(Y1-C1)+Y2orC1+C2/(1+r)=Y1+Y2/(1+r)Thisbudgetconstraintcanbegraphedasinthefigureofthenextpage.II.IrvingFisher’sInter-temporalChoiceofConsumptionTheInter-temporalBudgetConstrai

6、nt(continued)II.IrvingFisher’sInter-temporalChoiceofConsumptionTheInter-temporalBudgetConstraint(continued)Importantremark:HereitisassumedthatthefutureincomeY2isknowninadvancewhentheconsumermakehisconsumptiondecisionat,say,thebeginningofperiod1.II.IrvingFisher’sInter-temporalChoic

7、eofConsumptionConsumerPreferenceTheconsumer’spreferencecanberepresentedbyautilityfunctionU=U(C1,C2)Thepropertyofsuchutilityfunctioncouldberepresentedbyamapofindifferencecurves(seethefigureinthenextpage).II.IrvingFisher’sInter-temporalChoiceofConsumptionConsumerPreference(continued

8、)II.IrvingFisher’sInter-temporalC