中級宏觀經(jīng)濟(jì)學(xué)上海財經(jīng)大學(xué)經(jīng)濟(jì)學(xué)院沈凌04growth-wenkub.com
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【正文】 (?k/k) ? ?k/k was higher initially in economy 1 than in economy 2. ? Therefore, ?y/y is also higher initially in economy 1. Hence, economy 1’s real GDP per worker, y, converges over time toward economy 2’s real GDP per worker. Macroeconomics Chapter 4 27 Solow Growth Model Convergence ? The Solow model says that a poor economy— with low capital and real GDP per worker— grows faster than a rich one. The reason is the diminishing average product of capital, y/k. ? The Solow model predicts that poorer economies tend to converge over time toward richer ones in terms of the levels of capital and real GDP per worker. Macroeconomics Chapter 4 28 Solow Growth Model Convergence Macroeconomics Chapter 4 29 Solow Growth Model Convergence Macroeconomics Chapter 4 30 Solow Growth Model Convergence Macroeconomics Chapter 4 31 Solow Growth Model Convergence Macroeconomics Chapter 4 32 Solow Growth Model Convergence ? Economy 1 starts with lower capital per worker than economy 2 ? k(0)1 k(0)2. ? Assume that economy 1 also has a lower saving rate。f(k*)/k*=δ+n/s Macroeconomics Chapter 4 7 Solow Growth Model the effect of s on consumptions ? In the short run, consumption decreases and k arises. ? c*=y*δk*s(y*δk*) = y*δk*nk* ? max c*=y*(δ+n) k* k* ? FOC: dc*/dk*=dy*/dk*(δ+n)=0 MPK= δ+n Macroeconomics Chapter 4 8 Solow Growth Model the effect of s on consumptions ? ⊿ c*= ⊿ y*(δ+n)⊿ k*=(MPKδn)⊿ k* ? In the long run, whether the consumption in the steady state increases depends on MPK. ? Dynamic inefficient ? “Golden Rule” Macroeconomics Chapter 4 9 Solow Growth Model Change in technology level (A) Macroeconomics Chapter 4 10 Solow Growth Model Change in technology level (A) ? In the short run, an increase in the technology level, A, raises the growth rates of capital and real GD
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