巴罗宏观经济学：现代观点第14章.ppt

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1、PublicDebtChapter141MacroeconomicsChapter14TheHistoryofU.S.andU.K.PublicDebtThenominalquantityofinterest-bearingdebtandtheratioofthisdebttonominalGDP2MacroeconomicsChapter143MacroeconomicsChapter14TheHistoryofU.S.andU.K.PublicDebt4MacroeconomicsChapter14TheHistoryofU.S.andU

2、.K.PublicDebt5MacroeconomicsChapter14TheDataofChinesePublicDebtFrom1981(中国市场统计年鉴2001年7-27)1990890.3419911059.9919921282.7219931540.7419942286.4019953300.3019964361.4319975508.9319987765.70199910542.00200013674.002008年6月末中央财政国债总余额为52385.86亿元，控制在年末55185.85亿元国债余额限额以内(2008年上半年国

3、债管理报告)财政部部长助理张通9日表示，2009年财政政策较大幅度增加中央财政赤字，并相应增加国债发行规模，中央财政国债余额限额为62708.35亿元。(2009年04月09日16:02来源：中国新闻网)6MacroeconomicsChapter14CharacteristicsofGovernmentBondsWeassumethatgovernmentbondspayinterestandprincipalinthesamewayasprivatebonds.Weassumethatbondholders(householdsinour

4、model)regardgovernmentbondsasequivalenttoprivatebonds.7MacroeconomicsChapter14CharacteristicsofGovernmentBondstotalbondholdings=Bt+Bgttotalbondholdings=privatebonds+governmentbondsBt=0stillholdsintheaggregate.totalbondholdingsofallhouseholds=Bgt8MacroeconomicsChapter14Budge

5、tConstraintsandBudgetDeficitsTheGovernment’sBudgetConstraintGt+Vt=Tt+(Mt−Mt−1)/PtTherealvalueoftheseinterestpayments,it−1·(Bgt−1/Pt)addstothegovernment’sexpenditureorusesoffundsontheleft-handsideofthegovernment’sbudgetconstraint.9MacroeconomicsChapter14BudgetConstraintsandB

6、udgetDeficitsTheGovernment’sBudgetConstraintGt+Vt+it−1·(Bgt−1/Pt)=Tt+(Bgt−Bgt−1)/Pt+(Mt−Mt−1)/Ptrealpurchases+realtransfers+realinterestpayments=realtaxes+realdebtissue+realrevenuefrommoneycreation10MacroeconomicsChapter14BudgetConstraintsandBudgetDeficitsWhennominalmoney,M

7、t,andthepricelevel,Pt,donotchangeovertime,thegovernment’sbudgetconstraintbecomes.Gt+Vt+rt−1·Bgt−1/P=Tt+(Bgt−Bgt−1)/P11MacroeconomicsChapter14BudgetConstraintsandBudgetDeficitsTheBudgetDeficitrealgovernmentsaving=−(Bgt−Bgt−1)/P12MacroeconomicsChapter14BudgetConstraintsandBud

8、getDeficitsTheBudgetDeficit−(Bgt−Bgt−1)/P=Tt−【Gt+Vt+rt−1·Bgt−1/P】realgovernmentsav