中級微觀經(jīng)濟(jì)學(xué)范里安課件ch(1)-資料下載頁
2024-10-17 03:59本頁面
【正文】 ?Sales of bonds lower their market prices. Taxation of Asset Returns ?rb is the beforetax rateofreturn of a taxable asset. ?re is the rateofreturn of a tax exempt asset. ?t is the tax rate. ?The noarbitrage rule is: (1 t)rb = re ?. aftertax ratesofreturn are equal. Depletable Resources ?How do prices change over time? ?Rate of return by keeping oil underground ?Noarbitrage condition: R=r ?If Rr, reduce extraction, price up ?If Rr, increase production, price down. 1tttPPRP? ??Depletable Resources ?What determines the price level today? ?Oil demand=D per year ?Oil supply=S ?Number of years left: T=S/D ?Price at T: ?Price of a substitute energy at T: C ?At T: 0 (1 ) TTP P r??00( 1 ) ,/( 1 )TTP r CP C r????Financial Intermediaries （ 金融中介） ?Banks, brokerages etc. –facilitate trades between people with different levels of impatience –patient people (savers) lend funds to impatient people (borrowers) in exchange for a rateofreturn on the loaned funds. –both groups are better off.
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