宏观经济学原理教辅 (17).pdf

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1、17(29)HouseholdandFirmBehaviorintheMacroeconomy:AFurtherLookOUTLINEOFTEXTMATERIALI.IntroductionA.Inthischapterwerelaxsomeofthesimplifyingassumptionsmadeearlierandpresentamorerealisticpictureoftheinfluencesonhouseholds’consumptionandlaborsupplydecisionsandonfirms’investmentandemploymentdeci

2、sions.B.Thechaptercoversthetwomaintheoriesofconsumptionnamelythelife-cycleandpermanentincomemodels.C.Thechapternextexpandsthetheoryofinvestmenttoincludecapitalstockadjustmentmodelsandmodelsofinventoryinvestment.D.Thechapterconcludeswithdiscussionsofthebehaviorofproductivityoverthebusinessc

3、ycle,therelationshipbetweenoutputandunemploymentandthesizeofthemultiplier.II.Households:ConsumptionandLaborSupplyDecisionsA.TheKeynesianTheoryofConsumption:AReview1.Consumptiondependsonincome.2.Therelationshipispositive,andhigher-incomegroupshaveasmalleraveragepropensitytoconsume.Theaverag

4、epropensitytoconsume(APC)isthefractionoftotalincomehouseholdsspendonconsumption.B.TheLife-CycleTheoryofConsumption1.Thelife-cyclemodelassumespeoplemakelifetimeconsumptionplans.2.Fluctuationsinwealtharealsoanimportantcomponentofthetheory.3.ThekeydifferencefromKeynes’theoryisthatconsumptiona

5、ndsavingdecisionsarebasednotjustoncurrentincomebutonexpectationsoffutureincomeaswell.157158PrinciplesofMacroeconomicsa.Thelife-cyclemodelexplicitlyincorporatestherelationshipbetweentheflowsofincomeandsavingandthestockofwealth.b.Themodelalsorationalizessavingasfutureconsumption.4.Thetermper

6、manentincomeissometimesusedtorefertotheaveragelevelofaperson’sexpectedfutureincomestream.TEACHINGTIP:Thelife-cyclemodeldoesagoodjobofdescribingconsumptionbehavioroveranindividual’slifetime.Initssimpleform,however,itsaysnothingabouttheaggregateconsumptionandsavingbehaviorinthecurrentperi

7、od.Thiscanberemediedbypostulatingasocietyofconsumersatdifferentstagesinthelifecycle.Theeasiestwaytodothisistoassumethreeoverlappinggenerations—young,middle,andold.Atanypointintime,allthreegenerationsexist.Thefollowingdiagramshouldhelpyourstudentsvisualizethisi