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1、PartIIAOne-PeriodModeloftheMacroeconomy1StaticvsDynamicdecisionmakingStaticdecisionmakinginvolvesplanningoverasingleperiod.(Chapter4&5)Dynamicdecisionmakinginvolvesplanningovermorethanoneperiod.(Chapter6,7,8&9)Chapter4firstdescribesthemicrobehaviorofarepresentativeconsumerandarepresentativefirm.C
2、hapter5thenassemblestheseinamacromodelinordertoaddresssomeimportantmacroissues.2Assumptionsontheenvironment:Thereareonlytwogoodsthatconsumersdesire.Consumptiongood,whichisanaggregationofallconsumergoodsintheeconomy.Leisure,whichisanytimespentotherthanworkinginthemarket.Allconsumersarealikeinterms
3、ofpreferences,ability,timeconstraintandbudgetconstraint.Ifallconsumersareidentical,thentheeconomywillbehaveasiftherewereonlyoneconsumer,onethatwerefertoastherepresentativeconsumer.3Assumptionsontheenvironment:therepresentativeconsumerisaprice-taker,meaningthathe/shetreatsmarketpricesasgiven,andac
4、tsasifhis/heractionshavenoeffectonthoseprices.Theeconomyweconsiderisabartereconomy,meaningthatalltradeinvolvesexchangesofgoodsforgoodsintheabsenceofmoney.Whyimposesuchunrealisticassumptions?RecallthediscussionsinChapter1.4TheRepresentativeConsumer’s OptimizationProblemObjective:tomakehimself/hers
5、elfaswelloffaspossiblegiventheconstraintshe/shefaces.TwoIngredientsinthisproblem:Consumer’spreferencesConsumer’sbudgetconstraint5PreferencesThepreferencesoftherepresentativeconsumeriscapturedbytheutilityfunction,whereCisthequantityofconsumption,listhequantityofleisureAnyparticularpairofconsumptio
6、nandleisure(C,l)iscalledaconsumptionbundle.Foreachconsumptionbundle,theutilityfunctionUassignsarealnumbersothatdifferentbundlescanberanked.6Considertwodistinctbundles(C1,l1)and(C2,l2)(C1,l1)isstrictlypreferredto(C2,l2)ifU(C1,l1)>U(C2,,l2)consumerisindifferentbetweenthetwobundlesifU(C1,l1)=U(C2,l2
7、)AssumptionsonPreferences:1)MoreisalwayspreferredtolessAconsumeralwaysprefersaconsumptionbundlethatcontainsmoreconsumption,moreleisure,orboth.U1(C,l)>0andU2(C,l)>0.72)Consumerprefersamorediversifiedconsumptionbundle.If
