中級(jí)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04growth-展示頁
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【正文】 ate capital per worker, k?, not to a change in the growth rate (which remains at zero). ? AMacroeconomics Chapter 4 1 Working with the Solow Growth Model C h a p t e r 4 Macroeconomics Chapter 4 2 Key Equations Solow Growth Model ??k/k= s (y/k) ? sδ ? n ? k is capital per worker ? y is real gross domestic product (real GDP) per worker ? y/k is the average product of capital ? s is the saving rate ? δ is the depreciation rate ? n is the population growth rate. Macroeconomics Chapter 4 3 Solow Growth Model Steady State sf(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 GDP per worker. ? These growth rates remain higher during the transition to the steady state. Macroeconomics Chapter 4 11 Solow Growth Model Change in technology level (A) ? In the long run, the growth rates of capital and real GDP per worker are the same—zero— for any technology level. ? In this longrun or steady state situation, a higher technology level leads to higher steadystate capital and real GDP per worker, k? and y?, not to changes in the growth rates (which remain at zero). A(y/k) curve and the sδ+n line is greater at
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