中級宏觀經(jīng)濟(jì)學(xué)上海財(cái)經(jīng)大學(xué)經(jīng)濟(jì)學(xué)院沈凌09rbc4(49)-文庫吧資料
2024-08-05 03:43本頁面
【正文】 rom supplying capital services = real rental payments ? depreciation = (R/P) F[(κK)d, Ld)] ? (w/P)Macroeconomics Chapter 9 1 Capital Utilization and Unemployment C h a p t e r 9 Macroeconomics Chapter 9 2 Capital Input ? Capital utilization rate ? The fraction of the capital stock used in production. ? κ (the Greek letter kappa) represent the utilization rate for the capital stock, K. ? Y= A F(κK, L) Macroeconomics Chapter 9 3 Capital Input ? κK, rises with the utilization rate, κ. ? Therefore, an increase in κ raises real GDP, Y, for a given technology level, A, capital stock, K, and labor input, L. Macroeconomics Chapter 9 4 Capital Input ? The Demand for Capital Services ? Firms maximize real profit π/P = ALd ? (R/P) κK ? δ(κ) [(R/P)κ ? δ(κ) Macroeconomics Chapter 9 10 Capital Input Macroeconomics Chapter 9 11 Capital Input ? Owners of capital (households) select the utilization rate, κ, that maximizes (R/P) the higher real rental price makes it worthwhile to raise κ despite the resulting increase in the depreciation rate, δ(κ). Macroeconomics Chapter 9 14 Capital Input ? Market Clearing and Capital Utilization ? The supply curve slopes up because an increase in the real rental price, R/P, motivates a higher capital utilization rate, κ. ? The technology level, A, does not affect the choice of the capital utilization rate, κ Macroeconomics Chapter 9 15 Capital Input Macroeconomics Chapter 9 16 Capital Input ? Market Clearing and Capital Utilization ? When the technology level rises to A, the demand curve for capital services shifts to the right, and the supply curve does not shift. ? Therefore the market clears at the higher real rental price, [(R/P)?], and the larger quantity of capital services, [(κK)?]. Macroeconomics Chapter 9 17 Capital Input ? We now have three reasons why real GDP rises in a boom and falls in a recession. ? First a high or low technology level, A, causes real GDP to be correspondingly high or low. ? A high or low A causes L to be correspondingly high or low ? A high or low A causes the capital utilization rate, κ, and, th
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