宏觀經(jīng)濟學(xué)consumption(存儲版)
【正文】 od 1, 2 S = Y1 C1 = saving in period 1 (S 0 if the consumer borrows in period 1) slide 10 CHAPTER 16 Consumption Deriving the intertemporal budget constraint ? Period 2 budget constraint: 22 ( 1 )C Y r S? ? ?2 1 1( 1 ) ( )Y r Y C? ? ? ? Rearrange terms: 1 2 2 1( 1 ) ( 1 )r C C Y r Y? ? ? ? ?? Divide through by (1+r ) to get… slide 11 CHAPTER 16 Consumption The intertemporal budget constraint 221111CYCYrr? ? ???終生消費的現(xiàn)值 終生收入的現(xiàn)值 slide 12 CHAPTER 16 Consumption The intertemporal budget constraint The budget constraint shows all binations of C1 and C2 that just exhaust the consumer’s resources. C1 C2 12 (1 )Y Y r??12(1 )r Y Y??Y1 Y2 Borrowing Saving Consump = 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。 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。 ?有借貸約束的無法增加現(xiàn)期消費 ?財政政策在有沒有借貸約束時更有力。 borrowing to smooth consumption in response to transitory changes in ine. ? The PIH consumption function: C = a Y P where a is the fraction of permanent ine that people consume per year. slide 36 CHAPTER 16 Consumption The PIH can solve the consumption puzzle: ? The PIH implies APC = C / Y = a Y P/ Y ? 高收入家庭比低收入家庭有更高的 transitory ine, APC is lower in highine households. ? 在長期，收入變化主要是因為持久收入的變化，這意味 APC穩(wěn)定。 ? Recent studies by David Laibson and others consider the psychology of consumers. slide 43 CHAPTER 16 Consumption The Psychology of Instant Gratification ? Consumers consider themselves to be imperfect 決策者。 wealth. CHAPTER 16 Consumption slide 48 Chapter Summary 4. Friedman’s permanentine hypothesis ? Consumption depends mainly on permanent ine. ? Consumers use saving amp。 short time series: confirmation of Keynes’ conjectures ? in longtime series data: APC does not fall as ine rises CHAPTER 16 Consumption slide 46 Chapter Summary 2. Fisher’s theory of intertemporal choice ? Consumer chooses current amp。 ? Both can explain the consumption puzzle. slide 39 CHAPTER 16 Consumption The RandomWalk Hypothesis ? due to Robert Hall (1978) ? 建立在 Fisher’s model amp。Over time, aggregate wealth and ine grow together, causing APC to remain stable. slide 32 CHAPTER 16 Consumption Implications of the LifeCycle Hypothesis The LCH implies that saving varies systematically over a per
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