宏观经济学多恩布什第十版ppt课件
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Figure 14-1 illustrates the volatility of investment by comparing investment and GDP
[Insert Figure 14-1 here]
Introducwenku.baidu.comion
The theory of investment is the theory of the demand for capital
› Capital wears out over time must include depreciation, d
› The complete formula for the rental cost of capital is:
The complete formula for trhe rcer nt ald co stio f cae pi tald is
When deciding the optimal level of capital, The mafrirgminasl pmroduucsttofbcaapiltaalniscthee intchreeasecinoonuttpruibt purotdioucnedtbhy austing
more ca1pmiotrae ul nmit oaf ckaepistaltion ptrhodeucirtiorne. venues against the cost of acquiring additional The rental c(usaerp) ciotsat olf capital is the cost of using 1 more unit of capital in production.
› Investment is the flow of spending that adds to the stock of capital
Both GDP and investment are flow variables
› Capital is the dollar value of all the buildings, machines, and inventories at a given point in time stock value
› At the time the firm makes an investment, the nominal interest rate is known, but the inflation rate for the coming year is not
Real cost of borrowing is the expected real interrestiratee :
› An increase in the rental cost of capital can only be justified by an increase in the marginal product of capital, and a lower level of K
Investment is the amount spent by businesses Flow otof inavdesdtmteont tishqeuietexsimstainllgcocmapapreitdatlostthoecstkocokvoef craapital.
given period
› In the presence of inflation, the nominal dollar value of capital rises over time
Real cost of capital = nominal interest rate - nominal capital gain
The Desired Capital Stock
Firms use capital, along with labor and other resources, to produce output The goal of a given firm is to maximize profits
Chapter 14
Investment Spending
• Item • Item • Item • Etc.
McGraw-Hill/Irwin Macroeconomics, 10e
© 2008 The McGraw-Hill Companies, Inc., All Rights Reserved.
The Desired Stock of Capital
Firms add capital until the marginal return of the last unit added drops to the rental cost of capital
› Diminishing marginal product of capital means that each successive unit of capital yields less than the previous unit Figure 14-2
The Desired Capital Stock
To derive the rental cost of capital:
› firms finance the purchase of capital by borrowing over time, at an interest rate of i
Introduction
Investment:
➢ Links the present to the future
➢ Links the goods and money markets
➢ Drives much of the business cycle
In this chapter we study how investment depends on interest rates and income
[Insert Figure 14-1 here]
Introducwenku.baidu.comion
The theory of investment is the theory of the demand for capital
› Capital wears out over time must include depreciation, d
› The complete formula for the rental cost of capital is:
The complete formula for trhe rcer nt ald co stio f cae pi tald is
When deciding the optimal level of capital, The mafrirgminasl pmroduucsttofbcaapiltaalniscthee intchreeasecinoonuttpruibt purotdioucnedtbhy austing
more ca1pmiotrae ul nmit oaf ckaepistaltion ptrhodeucirtiorne. venues against the cost of acquiring additional The rental c(usaerp) ciotsat olf capital is the cost of using 1 more unit of capital in production.
› Investment is the flow of spending that adds to the stock of capital
Both GDP and investment are flow variables
› Capital is the dollar value of all the buildings, machines, and inventories at a given point in time stock value
› At the time the firm makes an investment, the nominal interest rate is known, but the inflation rate for the coming year is not
Real cost of borrowing is the expected real interrestiratee :
› An increase in the rental cost of capital can only be justified by an increase in the marginal product of capital, and a lower level of K
Investment is the amount spent by businesses Flow otof inavdesdtmteont tishqeuietexsimstainllgcocmapapreitdatlostthoecstkocokvoef craapital.
given period
› In the presence of inflation, the nominal dollar value of capital rises over time
Real cost of capital = nominal interest rate - nominal capital gain
The Desired Capital Stock
Firms use capital, along with labor and other resources, to produce output The goal of a given firm is to maximize profits
Chapter 14
Investment Spending
• Item • Item • Item • Etc.
McGraw-Hill/Irwin Macroeconomics, 10e
© 2008 The McGraw-Hill Companies, Inc., All Rights Reserved.
The Desired Stock of Capital
Firms add capital until the marginal return of the last unit added drops to the rental cost of capital
› Diminishing marginal product of capital means that each successive unit of capital yields less than the previous unit Figure 14-2
The Desired Capital Stock
To derive the rental cost of capital:
› firms finance the purchase of capital by borrowing over time, at an interest rate of i
Introduction
Investment:
➢ Links the present to the future
➢ Links the goods and money markets
➢ Drives much of the business cycle
In this chapter we study how investment depends on interest rates and income