[互聯(lián)網(wǎng)]宏觀經(jīng)濟學4

1、the real the real economy in economy in the long runthe long run2021-10-152production and growthsaving, investment, and the financial systemunemployment and its natural rate2021-10-153production and growtha countrys standard of living depends on its ability to produce goods and services.2021-10-154e

2、conomic growth around the world2021-10-155living standards, as measured by real gdp per person, vary significantly among nations.within a country there are large changes in the standard of living over time.2021-10-156to understand the large differences in living standards across countries, the produ

3、ction of goods and services must be focused on.2021-10-157productivity: its role and determinantsproductivity plays a key role in determining living standards for all nations in the world. 2021-10-158productivity refers to the amount of goods and services produced from each unit of inputs.2021-10-15

4、9how productivity is determined?the factors of production directly determine productivity. the inputs used to produce goods and services2021-10-1510physical capitalhuman capitalnatural resourcestechnological knowledge2021-10-1511physical capitalis a produced factor of production.is the stock of equi

5、pment and structures that are used to produce goods and services.tools used to build or repair automobiles, build furniture, office buildings, schools, etc.it is an input into the production process that in the past was an output from the production process.2021-10-1512 is the economists term for th

6、e knowledge and skills that workers acquire through education, training, and experience. human capitalhuman resourceshuman investment2021-10-1513natural resourcesinputs used in production that are provided by nature, such as land, rivers, and mineral deposits.can be important but are not necessary f

7、or an economy to be highly productive in producing goods and services.renewable resources nonrenewable resources2021-10-1514 societys understanding of the best ways to produce goods and services. application of technological knowledge plays the key role in jumping out of neo-malthusian model of popu

8、lation trap .technological knowledge2021-10-1515economic growth and public policygovernments can do many things to raise productivity and living standards.2021-10-1516encourage saving and investment.encourage investment from abroad.encourage education and training.establish secure property rights an

9、d maintain political stability.promote free trade.promote research and development.government policies which raise productivity and living standards.2021-10-1517the importance of saving and investmentone way to raise future productivity is to invest more current resources in the production of capita

10、l.2021-10-1518 harrod-domar model （1） g = s/v （2） y/y = s （y/k） karl marx g = s vicious cycle of poverty paradox of thriftythe relationship between s and g2021-10-1519(a) growth rate 19601991(b) investment 19601991south koreasingaporejapanisraelcanadabrazilwest germanymexicounited kingdomnigeriaunit

11、ed statesindiabangladeshchilerwandasouth koreasingaporejapanisraelcanadabrazilwest germanymexicounited kingdomnigeriaunited statesindiabangladeshchilerwandainvestment (percent of gdp)growth rate (percent)01234567010203040the relationship between i and g2021-10-1520rostovian take-off model (the theor

12、y of stage of economic growth) rosensteinrodan :the theory of the big-pushdiminishing returns as the stock of capital rises, the extra output produced from an additional unit of capital falls.2021-10-1521high growth rate high level of growthin the long run, the higher saving rate leads to a of produ

13、ctivity and income, but not to in these areas. because of diminishing returns, an increase in the saving rate leads to higher growth only for a while.2021-10-1522the catch-up effect refers to the property whereby countries that start off poor tend to grow more rapidly than countries that start off r

14、ich. the most improved one the best onelate-development advantage2021-10-1523investment from abroadgovernments can increase capital accumulation and long-term economic growth by encouraging investment from foreign sources.foreign aidforeign investmentforeign debt2021-10-1524theoretical source two-ga

15、p model is = mx 2021-10-1525investment from abroad takes several forms:foreign portfolio investmentinvestments financed with foreign money but operated by domestic residents.foreign direct investmentcapital investment owned and operated by a foreign entity. transnational corporations/bot2021-10-1526

16、educationfor a countrys long-run growth, education is at least as important as investment in physical capital.analysis of education based upon cost benefit 2021-10-1527an educated person might generate new ideas about how best to produce goods and services, which in turn, might enter societys pool o

17、f knowledge and provide an external benefit to others.2021-10-1528problems facing some poor countries includeeducation deepening/knowledge unemploymentbrain drain (external) which means the emigration of many of the most highly educated workers to rich countries. internal brain drain 身在曹營心在漢身在曹營心在漢2

18、021-10-1529property rights and political stabilityproperty rights refer to the ability of people to exercise authority over the resources they own.an economy-wide respect for property rights is an important prerequisite for the price system to work.it is necessary for investors to feel that their in

19、vestments are secure.2021-10-1530trade policies, avoiding interaction with other countries. primary inward-looking secondary inward-looking (import substitution) trade policies, encouraging interaction with other countries.primary outward-lookingsecondary outward-looking (export promotion)free trade

20、2021-10-1531research and developmentr&d is the first stage of technological progress.the advance of technological knowledge has led to higher standards of living.most technological advance comes from private research by firms and individual inventors.government can encourage the development of new t

21、echnologies through research grants, tax breaks, and the patent system.2021-10-1532technological progressr&dtechnicalinnovationtechnical diffusionacquisitiontransferappropriate technologyintermediate technology2021-10-1533population growtheconomists and other social scientists have long debated how

22、population growth affects a society.2021-10-1534population growth interacts with other factors of production:stretching natural resources malthusian population theory diluting the capital stock neo -classical economic growth model promoting technological progress2021-10-1535the financial system cons

23、ists of the group of institutions in the economy that help to match one persons saving with another persons investment, that is , coordinate the actions of savers and borrowers. it moves the economys scarce resources from savers to borrowers.2021-10-1536financial institutions in the economyfinancial

24、 institutions can be grouped into two different categories: financial markets and financial intermediaries.2021-10-1537financial markets are the institutions through which savers can directly provide funds to borrowers.bond marketstock marketfinancial intermediariesare financial institutions through

25、 which savers can indirectly provide funds to borrowers.banksmutual funds2021-10-1538 bond marketbond is a certificate of indebtedness that specifies obligations of the borrower to the holder of the bond.characteristics of a bondterm: the length of time until the bond matures.credit risk: the probab

26、ility that the borrower will fail to pay some of the interest or principal.tax treatment: the way in which the tax laws treat the interest on the bond.financial markets2021-10-1539stock marketstock represents a claim to partial ownership in a firm and is therefore, a claim to the profits that the fi

27、rm makes.the sale of stock to raise money is called equity financing.compared to bonds, stocks offer both higher risk and potentially higher returns.2021-10-1540bankstake deposits from people who want to save and use the deposits to make loans to people who want to borrow.pay depositors interest on

28、their deposits and charge borrowers slightly higher interest on their loans.financial intermediaries2021-10-1541banks help create a medium of exchange by allowing people to write checks against their deposits.a medium of exchanges is an item that people can easily use to engage in transactions. this

29、 facilitates the purchases of goods and services.2021-10-1542mutual funds is an institution that sells shares to the public and uses the proceeds to buy a portfolio, of various types of stocks, bonds, or both.they allow people with small amounts of money to easily diversify.2021-10-1543other financi

30、al institutions credit unionspension fundsinsurance companiesloan sharks2021-10-1544saving and investment in the national income accountsrecall that gdp is both total income in an economy and total expenditure on the economys output of goods and services:2021-10-1545some important identitiesassume a

31、 one that does not engage in international trade:2021-10-1546now, subtract c and g from both sides of the equation:y c g =ithe left side of the equation is the total income in the economy after paying for consumption and government purchases and is called national saving, or just saving (s).substitu

32、ting s for y - c - g, the equation can be written as: 2021-10-1547national saving, or saving, is equal to:tn tn 2021-10-1548the meaning of saving and investmentnational saving is the total income in the economy that remains after paying for consumption and government purchases.private saving is the

33、amount of income that households have left after paying their taxes and paying for their consumption. public saving= .is the amount of tax revenue that the government has left after paying for its spending.2021-10-1549if t g, the government runs a budget surplus because it receives more money than i

34、t spends.the surplus of t - g represents public saving.if g t, the government runs a budget deficit because it spends more money than it receives in tax revenue.surplus and deficit2021-10-1550for the economy saving must be equal to investment. 2021-10-1551the market for loanable fundsfinancial marke

35、ts coordinate the economys saving and investment in the market for loanable funds. is the market in which those who want to save supply funds and those who want to borrow to invest demand funds.2021-10-1552 refers to all income that people have chosen to save and lend out, rather than use for their

36、own consumption.2021-10-1553supply and demand for loanable fundsthe supply of loanable funds comes from people who have extra income they want to save and lend out.the demand for loanable funds comes from households and firms that wish to borrow to make investments.2021-10-1554the interest rate is t

37、he price of the loan.it represents the amount that borrowers pay for loans and the amount that lenders receive on their saving.the interest rate in the market for loanable funds is the real interest rate.2021-10-1555financial markets work much like other markets in the economy.the equilibrium of the

38、 supply and demand for loanable funds determines the 2021-10-1556loanable funds(in billions of dollars)0interestratesupplydemand5%$1,200the market for loanable funds2021-10-1557government policies that affect saving and investmenttaxes and savingtaxes and investmentgovernment budget deficits2021-10-

39、1558policy 1: saving incentivestaxes on interest income substantially reduce the future payoff from current saving and, as a result, reduce the incentive to save.2021-10-1559a tax decrease increases the incentive for households to save at any given interest rate. the supply of loanable funds curve s

40、hifts to the right.the equilibrium interest rate decreases.the quantity demanded for loanable funds increases2021-10-1560loanable funds(in billions of dollars)0interestrates1s22. . . . whichreduces theequilibriuminterest rate . . .3. . . . and raises the equilibriumquantity of loanable funds.demand1

41、. tax incentives forsaving increase thesupply of loanablefunds . . .5%$1,2004%$1,600an increase in the supply for loanable funds2021-10-1561if a change in tax law encourages greater saving, the result will be lower interest rates and greater investment.2021-10-1562policy 2: investment incentivesan i

42、nvestment tax credit increases the incentive to borrow.increases the demand for loanable funds.shifts the demand curve to the right.results in a higher interest rate and a greater quantity saved.2021-10-1563if a change in tax laws encourages greater investment, the result will be higher interest rat

43、es and greater saving.2021-10-1564loanable funds(in billions of dollars)0interestrate1. an investmenttax creditincreases thedemand for loanable funds . . .2. . . . whichraises theequilibriuminterest rate . . .3. . . . and raises the equilibriumquantity of loanable funds.supplyd1 d25%$1,2006%$1,400an

44、 increase in the demand for loanable funds2021-10-1565policy 3: government budget deficits and surpluseswhen the government spends more than it receives in tax revenues, the short fall is called the budget deficit.the accumulation of past budget deficits is called the government debt.2021-10-1566gov

45、ernment borrowing to finance its budget deficit reduces the supply of loanable funds available to finance investment by households and firms. this fall in investment is referred to as crowding out.the deficit borrowing crowds out private borrowers who are trying to finance investments.2021-10-1567a

46、budget deficit decreases the supply of loanable funds. shifts the supply curve to the left. increases the equilibrium interest rate.reduces the equilibrium quantity of loanable funds2021-10-1568loanable funds(in billions of dollars)0interestrates22. . . . whichraises theequilibriuminterest rate . .

47、.s1demand$1,2005%$8006%1. a budget deficitdecreases thesupply of loanablefunds . . .the effect of a government budget deficit3. . . . and reduces the equilibriumquantity of loanable funds.2021-10-1569when government reduces national saving by running a deficit, the interest rate rises and investment

48、 falls.a budget surplus increases the supply of loanable funds, reduces the interest rate, and stimulates investment.2021-10-1570identifying unemploymentcategories of unemploymentthe problem of unemployment is usually divided into two categories. natural unemployment cyclical unemployment2021-10-157

49、1 is unemployment that does not go away on its own even in the long run.it is the amount of unemployment that the economy normally experiences.natural unemployment2021-10-1572 refers to the year-to-year fluctuations in unemployment around its natural rate.it is associated with short-term ups and dow

50、ns of the business cycle.cyclical unemployment2021-10-1573how does government measure the economys rate of unemployment?what problems arise in interpreting the unemployment data?how long are the unemployed typically without work?describing unemployment2021-10-1574how is unemployment measured?based o

51、n the answers to the survey questions, each adult is placed into one of three categories:employedunemployednot in the labor force2021-10-1575a person is considered as an adult if he or she is over 16 years old.a person is employed if he or she has spent most of the previous week working at a paid jo

52、b.a person is unemployed if he or she is on temporary layoff, is looking for a job, or is waiting for the start date of a new job.a person who fits neither of these categories, such as a full-time student, homemaker, or retiree, is not in the labor force.2021-10-1576the labor force is the total numb

53、er of workers, including both the employed and the unemployed.2021-10-1577unemployment rate=number unemployedlabor force100the is calculated as the percentage of the labor force that is unemployed.2021-10-1578labor force participation ratelabor forceadult population100the is the percentage of the ad

54、ult population that is in the labor force.2021-10-1579104.2105.2employed 8.17.4unemployed 169.5168.2adult226.5223.6population20112010unit: millionsunemployment rate 112.6labor force20112010112.366.9%66.3%6.6%7.2%169.5112.32021-10-1580does the unemployment rate measure what we want it to?it is diffic

55、ult to distinguish between a person who is unemployed and a person who is not in the labor force., people who would like to work but have given up looking for jobs after an unsuccessful search, dont show up in unemployment statistics.other people may claim to be unemployed in order to receive financ

56、ial assistance, even though they arent looking for work.2021-10-1581how long are the unemployed without work?most spells of unemployment are short.most unemployment observed at any given time is long-term.most of the economys unemployment problem is attributable to relatively few workers who are job

57、less for long periods of time.2021-10-1582why are there always some people unemployed?in an ideal labor market, wages would adjust to balance the supply and demand for labor, ensuring that all workers would be fully employed.2021-10-1583 .refers to the unemployment that results from the time that it

58、 takes to match workers with jobs. in other words, it takes time for workers to search for the jobs that are best suit their tastes and skills.2021-10-1584job searchz is the process by which workers find appropriate jobs given their tastes and skills. z results from the fact that it takes time for q

59、ualified individuals to be matched with appropriate jobs.2021-10-1585this unemployment is different from the other types of unemployment. it is not caused by a wage rate higher than equilibrium. it is caused by the time spent searching for the “right” job.2021-10-1586why some frictional unemployment

60、 is inevitable?search unemployment is inevitable because the economy is always changing.changes in the composition of demand among industries or regions are called sectoral shifts. it takes time for workers to search for and find jobs in new sectors. 2021-10-1587public policy and job searchgovernmen