高级宏观经济学课件(厦门大学,龚敏)Chapter4

《高级宏观经济学课件(厦门大学,龚敏)Chapter4》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、Chapter4REAL-BUSINESS-CYCLETHEORYlIntroduction:SomeFactsandTheoriesofFluctuationslABaselineReal-Business-CycleModellEmpiricalApplicationslExtensionandLimitationsIntroduction:SomeFactsandTheoriesofFluctuationsa.SomeFactsaboutEconomicFluctuationsb.TheoriesofFluctuationsABaselineReal

2、-Business-CycleModelThemodelisadiscrete-timevariationoftheRamseymodelofChapter2.Theeconomyconsistsofalargenumberofidentical,price-takingfirmsandalargenumberofidentical,price-takinghouseholds.Householdsareinfinitelylived.§theproductionfunctionLaborandcapitalarepaidtheirmarginalprod

3、ucts.Therealwage:Therealinterestrate:§theutilityfunction,,§thebehaviorofthetwodrivingvariables,technologyandgovernmentpurchasestheeffectsoftheshocks:therandomcomponentoffollowsAR(1).,wherethe’sarewhite-noisedisturbances.Ifispositive,thismeansthattheeffectsofashocktotechnologydisap

4、peargraduallyovertime.,wherethe’sarewhite-noisedisturbancesthatareuncorrelatedwiththe.HouseholdBehaviorThetwomostimportantdifferencesbetweenthismodelandtheRamseymodelaretheinclusionofleisureintheutilityfunctionandtheintroductionofrandomnessintechnologyandgovernmentpurchases.¨Inter

5、temporalSubstitutioninLaborSupply(Considerthecasewherethehouseholdlivesforoneperiodandhasnoinitialwealth,onlyonemember.TheLagrangianis(4.15)Laborsupplyisindependentofthewage.Theincomeandsubstitutioneffectsofachangeinthewageoffseteachother.Considerthecasewherethehousehold’shorizoni

6、smorethanoneperiod,e.g.fortwoperiods.Inaddition,assumethatthereisnouncertaintyabouttheinterestrateorthesecond-periodwage.Thehousehold’slifetimebudgetconstraintisTheLagrangianisThefirst-orderconditionsforl1andl2areneededtoshowtheeffectoftherelativewageinthetwoperiodsonrelativelabor

7、supply.(4.21)Theseresponsesoflaborsupplytotherelativewageandtheinterestrateareknownasintertemporalsubstitutioninlaborsupply.Ifw1risesrelativetow2,thehouseholdincreasesfirst-periodlaborsupplyrelativetosecond-periodsupply.Ariseinrraisesfirst-periodlaborsupplyrelativetosecond-periods

8、upply.Ariseinrincreasestheattract