中級宏觀經(jīng)濟學(xué)上海財經(jīng)大學(xué)經(jīng)濟學(xué)院沈凌16government3(56)-展示頁
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【正文】 1995 1996 1997 1998 1999 2022 ? 2022年 6月末中央財政國債總余額為 ，控制在年末 (2022年上半年國債管理報告 ) ? 財政部部長助理張通 9日表示， 2022年財政政策較大幅度增加中央財政赤字，并相應(yīng)增加國債發(fā)行規(guī)模，中央財政 國債余額 限額為 。 (2022年 04月 09日 16:02 來源：中國新聞網(wǎng) ) Macroeconomics Chapter 14 7 Characteristics of Government Bonds ? We assume that government bonds pay interest and principal in the same way as private bonds. ? We assume that bondholders (households in our model) regard government bonds as equivalent to private bonds. Macroeconomics Chapter 14 8 Characteristics of Government Bonds ? total bond holdings= Bt + Bgt ? total bond holdings= private bonds+ government bonds ? Bt = 0 still holds in the aggregate. ? total bond holdings of all households= Bgt Macroeconomics Chapter 14 9 Budget Constraints and Budget Deficits ? The Government’s Budget Constraint ? Gt + Vt = Tt + ( Mt? Mt?1)/ Pt ? The real value of these interest payments, it?1(Bg t?1 / Pt ) = Tt + (Bgt ? Bg t?1)/Pt + (Mt?Mt?1)/Pt ? real purchases+ real transfers + real interest payments = real taxes + real debt issue + real revenue from money creation Macroeconomics Chapter 14 11 Budget Constraints and Budget Deficits ? Assuming Mt, Pt, do not change over time: ? Gt+ Vt+ rt?1Bgt?1/P】 ? real government saving = real taxes? real government expenditure Macroeconomics Chapter 14 14 Budget Constraints and Budget Deficits ? The Budget Deficit ? the government’s revenue exceeds its expenditure, and the government has a budget surplus. ? the government has a balanced budget, and the government’s real saving is zero. Macroeconomics Chapter 14 15 Budget Constraints and Budget Deficits Macroeconomics Chapter 14 16 Budget Constraints and Budget Deficits ? Public Saving, Private Saving, and National Saving ? real household saving (economywide) = Kt? Kt?1 + (Bgt ? Bgt?1)/ P ? real national saving= Kt? Kt?1 Macroeconomics Chapter 14 17 Budget Constraints and Budget Deficits Household’s multiyear budget constraint ? C1 + C2/(1+r1) + ( B0/P+K0) +(w/P)1 Ls2 /(1+r1)+ ( 1 + r2) ] + = (1+r0)Ls1 +(w/P)2 +( V1 ? T1) + ( V2 ? T2)/( 1 + r1) +( V3 ? T3)/[(1+ r1) Macroeconomics Chapter 14 19 Budget Constraints and Budget Deficits ? A Simple Case of Ricardian Equivalence ? r0 = r1 = r2 = Bgt?1/P = Tt+ (Bgt?Bgt?1)/P ? the government starts with Bg0/P = 0. ? In year 1： G1 = T1 + Bg1/P Macroeconomics Chapter 14 21 Budget Constraints and Budget Deficits ? A Simple Case of Ricardian Equivalence ? Suppose, to begin, that the government balances its budget each year. ? Then in year1 G1 = T1 ? Continuing on, if the government balances its budget every year, ? Bgt /P, =0 in every year t. Macroeconomics Chapter 14 22 Budget Constraints and Budget Deficits ? A Simple Case of Ricardian Equivalence ? now the government runs a real budget deficit of on
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