中级宏观经济管理学及财务知识分析规划.ppt

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1、Chapter6EconomicGrowth:MalthusandSolowTheMalthusianModelofEconomicGrowthMalthusargued:advancesinthetechnologyforproducingfoodincreasedpopulationgrowthnoincreaseinthestandardoflivingunlessthereweresomelimitsonpopulationgrowthAdynamicmodelwithmanyperiodsConfineattentiontowhathappensinthecurrentperio

2、dandthefutureperiodAggregateproductionfunctionwithconstantreturnstoscale:(1)whereiscurrentaggregateoutputiscurrentfixedsupplyoflandiscurrentlaborThereisnoinvestmentandnogovernmentspendingAssumeeachpersoniswillingtoworkatanywageandhasoneunitoflabortosupply(anormalization),sothatinEquation(1),isboth

3、thepopulationandthelaborinputSupposepopulationgrowthdependsonthequantityofconsumptionperworker(2)whereisthepopulationinthefuture(next)periodisanincreasingfunctionisaggregateconsumptionsothatiscurrentconsumptionperworker,mainlyduetothefactthathigherfoodconsumptionperworkerreducesdeathratesthroughbe

4、tternutritionAllgoodsproducedareconsumed,soC=Y.Hence,(3)ThenuseEquation(3)tosubstituteforCinEquation(2):(4)Theconstant-returns-to-scalepropertyoftheproductionfunctionimpliesthatAftermultiplyingeachsidebyN,Equation(4)canberewrittenas(5)PopulationgrowthdependsonconsumptionperworkerintheMalthusianmod

5、elisthesteadystateforthepopulationIfthenpopulationincreasesIfthenpopulationdecreasesSteadyStateAnalysisoftheMalthusianModelRecallLetting,andThenfromEquation(2):Inthesteadystate,sothencanbedeterminedInpanel(b),isdeterminedInpanel(a),isdeterminedfromtheper-workerproductionfunctionSteadystatepopulati

6、onisgivenbyTheSteadyStateEffectsofanIncreaseinzSupposetheeconomyisinitiallyinasteadystate,with,whichthenincreasesonceandforalltimetounchangedfallsSteadystatepopulationincreasesPopulationincreasesovertimetoitssteadystatevalueincreasesattimeTconsumptionperworkerincreasesthendeclinetoitssteadystateva

7、lueAnotherexample:populationcontrolbothc*andl*increase.HowUsefulistheMalthusianModelofEconomicGrowth?BeforetheIndustrialRevolutioninabout1800:economicgrowthconsistentwiththeMalthusianModelFromtheperspectiveofthee