宏觀經(jīng)濟學(xué)consumption-文庫吧
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【正文】 = ine in both periods 221111CYCYrr? ? ???slide 13 CHAPTER 16 Consumption The intertemporal budget constraint The slope of the budget line equals (1+r ) C1 C2 Y1 Y2 1 (1+r ) 221111CYCYrr? ? ???slide 14 CHAPTER 16 Consumption Consumer preferences An indifference curve 表明 C1 and C2 所有組合都使得消費者同等快樂。 C1 C2 IC1 IC2 更高位置的無差異曲線代表生活更幸福。 slide 15 CHAPTER 16 Consumption Consumer preferences Marginal rate of substitution (MRS ): 消費者愿意用多少單位的 C2 來替換一個單位的 C1. C1 C2 IC1 The slope of an indifference curve at any point equals the MRS at that point. 1 MRS slide 16 CHAPTER 16 Consumption Optimization 最優(yōu)的 (C1,C2) 組合是 the budget line just touches the highest indifference curve. C1 C2 O At the optimal point, MRS = 1+r slide 17 CHAPTER 16 Consumption How C responds to changes in Y Y1 or Y2 的增加shifts the budget line outward. C1 C2 結(jié)果 : 假設(shè) C1 and C2 都是正常品， C1 and C2 both increase, … 無論收入增加時發(fā)生在 in period 1 or period 2. 消費取決于現(xiàn)期和未來收入的現(xiàn)值 slide 18 CHAPTER 16 Consumption Keynes vs. Fisher ? Keynes: 當(dāng)期消費僅僅取決于當(dāng)期的收入。 ? Fisher: 當(dāng)期的消費僅取決于終生收入的現(xiàn)值，由于消費者可以跨期借貸，獲得收入的時間是無關(guān)緊要的。 slide 19 CHAPTER 16 Consumption A How C responds to changes in r r 上升將預(yù)算線圍繞 點 (Y1,Y2 )轉(zhuǎn)動 . C1 C2 Y1 Y2 B 如同圖表 , C1 下降 and C2 上升 . 然而， it could turn out differently… slide 20 CHAPTER 16 Consumption How C responds to changes in r ? ine effect: 如果消費者是儲蓄者， r 的上升 makes him better off，會使得兩期的消費都增加。 ? substitution effect: r 的上升會增加當(dāng)期消費的機會成本，導(dǎo)致 C1 的減少和 C2增加。 ? Both effects ? ?C2. Whether C1 rises or falls depends on the relative size of the ine amp。 substitution effects. 也許，利息率對當(dāng)期的消費根本沒有影響。 slide 21 CHAPTER 16 Consumption ? 如果消費者是借款者，利息率上升對當(dāng)期消費和未來時期消費的影響？ slide 22 CHAPTER 16 Consumption Constraints on borrowing ? In Fisher’s theory,無論收入發(fā)生在第一期還是第二期，消費者可以通過借貸的方式增加兩個時期的消費。 the timing of ine is irrelevant: Consumer can borrow and lend across periods. ? Example: 如果消費者知道她的未來收入會增加，她將會在當(dāng)前時期通過借款來增加消費，這樣兩個時期的消費都會增加。 ? However, 如果消費者面臨借款約束 (aka “l(fā)iquidity constraints”)，那么她將無法增加當(dāng)前時期的消費。 …and her consumption may behave as in the Keynesian theory even though she is rational amp。 forwardlooking. slide 23 CHAPTER 16 Consumption Constraints on borrowing The budget line with no borrowing constraints C1 C2 Y1 Y2 slide 24 CHAPTER 16 Consumption Constraints on borrowing The borrowing constraint takes the form: C1 ? Y1 C1 C2 Y1 Y2 The budget line with a borrowing constraint slide 25 CHAPTER 16 Consumption Consumer optimization when the borrowing constraint is not binding The borrowing constraint is not binding if the consumer
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