Lecture 5 The Product Market Analysis(宏观经济学(南开大学,龚刚).ppt

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1、Lecture5ProductMarketAnalysis:HowIsOutputDetermined?MacroeconomicsI.IntroductionTheobjectiveofthischapteristostudyhowoutputisdeterminedinKeynesianframework.Theanalysisofoutputdeterminationinthischapterisoftennamedasmultiplieranalysis.Thetradingprocess:atradingda

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

3、III.ConsumptionDeterminationTheautonomousdemandandnon-autonomousdemandThenon-autonomousdemandisthedemandthatisrelatedtoarecentsalefromwhichtheexpenditureissupposedtoberecovered.Theautonomousdemandisdemandthatisnotrelatedtoarecentsale.III.ConsumptionDetermination

4、Consumptioncanbedividedintotwoparts:Theincome-related(non-autonomous)consumptionNon-income-relatedconsumption(oftennamedautonomousconsumption)Remark:Examples?III.ConsumptionDeterminationTheConsumptionFunctionAccordingly,theconsumptionfunctioncanbewrittenasC=A+cY

5、(1)whereAcanberegardedasautonomousconsumptionandcYastheincome-related(non-autonomous)consumption.Notethatalso1>c>0.III.ConsumptionDeterminationConsumptionFunction(continued):III.ConsumptionDeterminationSavingSaving(S)istheincomethatisnotusedforconsumption.Saving

6、function:S=Y-C=Y-(A+cY)=-A+(1-c)YIII.ConsumptionDeterminationSaving(continued)III.ConsumptionDeterminationSomeConceptsAveragepropensitytoconsume(APC)APC=C/YAveragepropensitytosave(APS)APS=S/YMarginalpropensitytoconsume(MPC)MPC=C/YMarginalpropensitytosave(MPS)M

7、PS=S/YIII.ConsumptionDeterminationNonlinearConsumptionFunctionPerhaps,amorereasonableconsumptionfunctionisanonlinearfunction.Inthiscase,MPCisdeclining.ThisisindeedsuggestedbyKeynesinhisGeneralTheory.Remark:Whymorereasonable?III.ConsumptionDeterminationNonlinea

8、rConsumptionFunction(continued)IV.TheOutputDeterminationinaSimpleEconomyTheso-calledsimpleeconomyistheeconomyinwhichthereisnogovernmentsector;thereisnoimportandexport