macro5productmarketanalysishowisoutputdetermined宏观经济学(南开大学,龚刚)

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1、Lecture5ProductMarketAnalysis:HowIsOutputDetermined?MacroeconomicsI.IntroductionTheobjectiveofthischapteristostudyhowoutputisdeterminedinKeynesianframework.Theanalysisofoutputdeterminationinthischapterisoftennamedasmultiplieranalysis.Thetradingprocess:atradingdayinJevitsCenter(

2、seetextbook).II.TheBasicHypothesisHypothesis1:Theagentdoesnothavefullconfidenceexpectation(indicating……).Hypothesis2:Thereisnorestrictioninthecapacitytosupplyoutputasdemandedintheeconomy.Hypothesis3:Thepriceisgiven(orhasbeendeterminedseparately).III.ConsumptionDeterminationThea

3、utonomousdemandandnon-autonomousdemandThenon-autonomousdemandisthedemandthatisrelatedtoarecentsalefromwhichtheexpenditureissupposedtoberecovered.Theautonomousdemandisdemandthatisnotrelatedtoarecentsale.III.ConsumptionDeterminationConsumptioncanbedividedintotwoparts:Theincome-re

4、lated(non-autonomous)consumptionNon-income-relatedconsumption(oftennamedautonomousconsumption)Remark:Examples?III.ConsumptionDeterminationTheConsumptionFunctionAccordingly,theconsumptionfunctioncanbewrittenasC=A+cY(1)whereAcanberegardedasautonomousconsumptionandcYastheincome-re

5、lated(non-autonomous)consumption.Notethatalso1>c>0.III.ConsumptionDeterminationConsumptionFunction(continued):III.ConsumptionDeterminationSavingSaving(S)istheincomethatisnotusedforconsumption.Savingfunction:S=Y-C=Y-(A+cY)=-A+(1-c)YIII.ConsumptionDeterminationSaving(continued)II

6、I.ConsumptionDeterminationSomeConceptsAveragepropensitytoconsume(APC)APC=C/YAveragepropensitytosave(APS)APS=S/YMarginalpropensitytoconsume(MPC)MPC=C/YMarginalpropensitytosave(MPS)MPS=S/YIII.ConsumptionDeterminationNonlinearConsumptionFunctionPerhaps,amorereasonableconsumpti

7、onfunctionisanonlinearfunction.Inthiscase,MPCisdeclining.ThisisindeedsuggestedbyKeynesinhisGeneralTheory.Remark:Whymorereasonable?III.ConsumptionDeterminationNonlinearConsumptionFunction(continued)IV.TheOutputDeterminationinaSimpleEconomyTheso-calledsimpleeconomyistheeconomyinw

8、hichthereisnogovernmentsector;thereisnoimportandexport