巴罗 宏观经济学 ppt 章节9
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Macroeconomics Chapter 9 16
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, thereby, the quantity of capital services, κK, to be correspondingly high or low.
Chapter9
Capital Utilization and Unemployment
Macroeconomics
Chapter 9
1
Capital Input
Байду номын сангаас
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.
= (R/P) ·κK − δ(κ) ·K = K· [(R/P)· − δ(κ)] κ
Rate of return from owning capital = (R/P)· − δ(κ) κ
Macroeconomics Chapter 9 9
Capital Input
Macroeconomics
Chapter 9
24
The Labor Force, Employment, and Unemployment
Macroeconomics
Chapter 9
25
The Labor Force, Employment, and Unemployment
The equilibrium business-cycle model is probably satisfactory for understanding fluctuations in the labor force and hours worked per worker. The real wage rate, w/P adjusts to equate the quantity of labor supplied,Ls, to the quantity demanded, Ld. However, this approach leaves unexplained the most important factor— the fluctuations in the employment rate or, equivalently, in the unemployment rate.
Macroeconomics
Chapter 9
6
Capital Input
Macroeconomics
Chapter 9
7
Capital Input
The Supply of Capital Services
For a given stock of capital, K, owners can supply more or less capital services per year by varying κ. One reason to set the utilization rate, κ, below its maximum is that increases in κ tend to raise the depreciation rate, δ.
Macroeconomics
Chapter 9
22
The Labor Force, Employment, and Unemployment
Macroeconomics
Chapter 9
23
The Labor Force, Employment, and Unemployment
Macroeconomics
Chapter 9
4
Capital Input
Macroeconomics
Chapter 9
5
Capital Input
The Demand for Capital Services
Assume that the technology level rises from A to A’. This change raises the MPK at a given quantity.
δ = δ(κ)
Other reasons include utility cost of capital.
Macroeconomics
Chapter 9
8
Capital Input
The Supply of Capital Services
Net real income from supplying capital services = real rental payments − depreciation
Y= A·F(κK, L)
Macroeconomics
Chapter 9
2
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 26
The Labor Force, Employment, and Unemployment
A Model of Job Finding
Macroeconomics
Chapter 9
27
The Labor Force, Employment, and Unemployment
Macroeconomics
Chapter 9
19
Capital Input
Macroeconomics
Chapter 9
20
The Labor Force, Employment, and Unemployment
Basic Concepts and Empirical Patterns
u = number unemployed/labor force = ( labor force− number employed) /labor force = 1 − (number employed/labor force) = 1 − employment rate
Macroeconomics
Chapter 9
3
Capital Input
The Demand for Capital Services
Firms maximize real profit
π/P = A· F[(κK)d, Ld)] − (w/P)· d − (R/P)· L (κK)d
Macroeconomics
The technology level, A, does not affect the choice of the capital utilization rate, κ
Macroeconomics
Chapter 9
14
Capital Input
Macroeconomics
Chapter 9
15
Macroeconomics
Chapter 9
13
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.
Macroeconomics
Chapter 9
28
The Labor Force, Employment, and Unemployment
Chapter 9
11
Capital Input
Macroeconomics
Chapter 9
12
Capital Input
Thus, an increase in the real rental price raises the capital utilization rate; the higher real rental price makes it worthwhile to raise κ despite the resulting increase in the depreciation rate, δ(κ).
Macroeconomics
Chapter 9
17
Capital Input
Market Clearing and Capital Utilization
i = (R/ P) ·κ − δ(κ) Rate of return on bonds = rate of return on ownership of capital Increase in the technology level, A, raises the rate of return from owning capital, the interest rate, i, increases. The interest rate is still procyclical in the model.
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)∗].
Chapter 9
10
Capital Input
Owners of capital (households) select the utilization rate, κ, that maximizes (R/P)· κ−δ(κ)
The solution is κ = κ∗
Macroeconomics
Macroeconomics
Chapter 9
18
Capital Input
The Cyclical Behavior of Capacity Utilization
The Federal Reserve computes capacity utilization by expressing a sector’s output of goods as a percentage of the estimated “normal capacity” of each sector to produce goods
employment rate= 1 − u
Macroeconomics
Chapter 9
21
The Labor Force, Employment, and Unemployment
Employment =（1 − u）·Labor force
Total working hours = （1 − u）·Labor force ·working hours per worker
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, thereby, the quantity of capital services, κK, to be correspondingly high or low.
Chapter9
Capital Utilization and Unemployment
Macroeconomics
Chapter 9
1
Capital Input
Байду номын сангаас
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.
= (R/P) ·κK − δ(κ) ·K = K· [(R/P)· − δ(κ)] κ
Rate of return from owning capital = (R/P)· − δ(κ) κ
Macroeconomics Chapter 9 9
Capital Input
Macroeconomics
Chapter 9
24
The Labor Force, Employment, and Unemployment
Macroeconomics
Chapter 9
25
The Labor Force, Employment, and Unemployment
The equilibrium business-cycle model is probably satisfactory for understanding fluctuations in the labor force and hours worked per worker. The real wage rate, w/P adjusts to equate the quantity of labor supplied,Ls, to the quantity demanded, Ld. However, this approach leaves unexplained the most important factor— the fluctuations in the employment rate or, equivalently, in the unemployment rate.
Macroeconomics
Chapter 9
6
Capital Input
Macroeconomics
Chapter 9
7
Capital Input
The Supply of Capital Services
For a given stock of capital, K, owners can supply more or less capital services per year by varying κ. One reason to set the utilization rate, κ, below its maximum is that increases in κ tend to raise the depreciation rate, δ.
Macroeconomics
Chapter 9
22
The Labor Force, Employment, and Unemployment
Macroeconomics
Chapter 9
23
The Labor Force, Employment, and Unemployment
Macroeconomics
Chapter 9
4
Capital Input
Macroeconomics
Chapter 9
5
Capital Input
The Demand for Capital Services
Assume that the technology level rises from A to A’. This change raises the MPK at a given quantity.
δ = δ(κ)
Other reasons include utility cost of capital.
Macroeconomics
Chapter 9
8
Capital Input
The Supply of Capital Services
Net real income from supplying capital services = real rental payments − depreciation
Y= A·F(κK, L)
Macroeconomics
Chapter 9
2
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 26
The Labor Force, Employment, and Unemployment
A Model of Job Finding
Macroeconomics
Chapter 9
27
The Labor Force, Employment, and Unemployment
Macroeconomics
Chapter 9
19
Capital Input
Macroeconomics
Chapter 9
20
The Labor Force, Employment, and Unemployment
Basic Concepts and Empirical Patterns
u = number unemployed/labor force = ( labor force− number employed) /labor force = 1 − (number employed/labor force) = 1 − employment rate
Macroeconomics
Chapter 9
3
Capital Input
The Demand for Capital Services
Firms maximize real profit
π/P = A· F[(κK)d, Ld)] − (w/P)· d − (R/P)· L (κK)d
Macroeconomics
The technology level, A, does not affect the choice of the capital utilization rate, κ
Macroeconomics
Chapter 9
14
Capital Input
Macroeconomics
Chapter 9
15
Macroeconomics
Chapter 9
13
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.
Macroeconomics
Chapter 9
28
The Labor Force, Employment, and Unemployment
Chapter 9
11
Capital Input
Macroeconomics
Chapter 9
12
Capital Input
Thus, an increase in the real rental price raises the capital utilization rate; the higher real rental price makes it worthwhile to raise κ despite the resulting increase in the depreciation rate, δ(κ).
Macroeconomics
Chapter 9
17
Capital Input
Market Clearing and Capital Utilization
i = (R/ P) ·κ − δ(κ) Rate of return on bonds = rate of return on ownership of capital Increase in the technology level, A, raises the rate of return from owning capital, the interest rate, i, increases. The interest rate is still procyclical in the model.
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)∗].
Chapter 9
10
Capital Input
Owners of capital (households) select the utilization rate, κ, that maximizes (R/P)· κ−δ(κ)
The solution is κ = κ∗
Macroeconomics
Macroeconomics
Chapter 9
18
Capital Input
The Cyclical Behavior of Capacity Utilization
The Federal Reserve computes capacity utilization by expressing a sector’s output of goods as a percentage of the estimated “normal capacity” of each sector to produce goods
employment rate= 1 − u
Macroeconomics
Chapter 9
21
The Labor Force, Employment, and Unemployment
Employment =（1 − u）·Labor force
Total working hours = （1 − u）·Labor force ·working hours per worker