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1、WorkingwiththeSolowGrowthModelChapter41MacroeconomicsChapter4KeyEquations SolowGrowthModel∆k/k=s·(y/k)−sδ−nkiscapitalperworkeryisrealgrossdomesticproduct(realGDP)perworkery/kistheaverageproductofcapitalsisthesavingrateδisthedepreciationratenisthepopulationgrowthrate.2MacroeconomicsChapter4
2、SolowGrowthModel SteadyStates·(y*/k*)=sδ+nWeassumedthateverythingontheright-handsidewasconstantexceptfory/k.Inthetransitiontothesteadystate,theriseinkledtoafalliny/kand,hence,toafallin∆k/k.Inthesteadystate,kwasconstantand,therefore,y/kwasconstant.Hence,∆k/kwasconstantandequaltozero.3Macroe
3、conomicsChapter4SolowGrowthModel Changeinsavingsrate(s)4MacroeconomicsChapter4SolowGrowthModel Changeinsavingsrate(s)Intheshortrun,anincreaseinthesavingrateraisesthegrowthrateofcapitalperworker.Thisgrowthrateremainshigherduringthetransitiontothesteadystate.5MacroeconomicsChapter4SolowGrowt
4、hModel Changeinsavingsrate(s)Inthelongrun,thegrowthrateofcapitalperworkeristhesame—zero—foranysavingrate.Inthislong-runorsteady-statesituation,ahighersavingrateleadstohighersteadystatecapitalperworker,k∗,nottoachangeinthegrowthrate(whichremainsatzero).A·f(k*)/k*=δ+n/s6MacroeconomicsChapter
5、4SolowGrowthModel theeffectofsonconsumptionsIntheshortrun,consumptiondecreasesandkarises.c*=y*-δk*-s(y*-δk*)=y*-δk*-nk*∆c*=∆y*-(δ+n)∆k*=(MPK-δ-n)∆k*Inthelongrun,whethertheconsumptioninthesteadystateincreasesdependsonMPK.“GoldenRule”7MacroeconomicsChapter4SolowGrowthModel Changeintechnology
6、level(A)8MacroeconomicsChapter4SolowGrowthModel Changeintechnologylevel(A)Intheshortrun,anincreaseinthetechnologylevel,A,raisesthegrowthratesofcapitalandrealGDPperworker.Thesegrowthratesremainhigherduringthetransitiontothesteadystate.9MacroeconomicsChapter4SolowGrowthModel Changeintechnolo
7、gylevel(A)Inthelongrun,thegrowthratesofcapitalandrealGDPperworkerarethesame—zero—foranytechnologylevel.Inthislong-runorsteadystatesituation,ahighertechnologylevelleadstohighersteady-statecapitalandrealGDPperworker,k∗andy∗,nottochangesinthegrowthrates(whichrema
