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1、Markets,Prices,Supply,andDemandChapter61MacroeconomicsChapter6MarketsintheMacroeconomyAssumingthathouseholdsperformallofthefunctionsintheeconomy.Eachhouseholdrunsafamilybusinessanduseslabor,L,andcapital,K,toproducegoods,Y,throughtheproductionfunction.Y=A·
2、F(K,L)2MacroeconomicsChapter6MarketsintheMacroeconomyGoodsmarketLabormarketRentalmarketBondmarketHouseholdsHouseholds(Firms)3MacroeconomicsChapter6TheGoodsMarketHouseholdssellallthegoodstheyproduceonagoodsmarket.Thenhouseholdsbuybackfromthismarketthegoods
3、thattheywant.Householdbuysgoodsforconsumption.toincreasethestockofgoodsintheformofcapitalusedforproduction,calledinvestment.4MacroeconomicsChapter6TheGoodsMarketandPricesThepriceinthisgoodsmarket,denotedbyP,expressesthenumberofdollarsthatexchangeforoneuni
4、tofgoods.WecallPthepricelevel.5MacroeconomicsChapter6ThegoodsMarketandPricesY=A·F(K,L)Sinceallofthesegoodsaresoldonthegoodsmarket,thevariableYwillalsorepresenttheQuantityofgoodsperyearsoldandboughtonthegoodsmarket.ThequantityPYisthedollarvalueperyearofthe
5、goodsboughtandsoldonthegoodsmarket.6MacroeconomicsChapter6ThegoodsMarketandPricesTheexpression1/Pisthevalueof$1intermsofthegoodsthatitbuys.Mdollarsexchangefor(M)·(1/P)=M/PAnexpressionlikeM/Pisinrealterms,inunitsofgoods,whereasaquantitylikeMisindollarornom
6、inalterms.7MacroeconomicsChapter6LaborMarketintheMacroeconomyHouseholdssupplylaboronalabormarket.Assumethatthequantitysupplied,Ls,isaconstant,L.Householdsbuyandselllaborinthelabormarketatthedollarornominalwagerate,w.Therealwagerateisw/P.8MacroeconomicsCha
7、pter6RentalMarketsintheMacroeconomyEachhouseholdrentsoutallofthecapitalthatitownsonarentalmarket.Wethinkofthecapitalofferedontherentalmarketasthesupplyofcapitalservices,Ks.Sincewehaveassumedthateachhouseholdrentsoutallofitscapital,wehaveKs=K.9Macroeconomi
8、csChapter6RentalMarketsandPricesHouseholdsrentoutcapital,K,fordollarsatthedollarornominalrentalprice,RAhouseholdthatrentstheamountofcapitalKdpaysthenominalamountRKdperyearandthengetstousethecapitalasaninputtoproduct
