斯蒂芬D威廉森宏观经济学第三版第五章Stephen D. Williamson's Macroeconomics, Third Edition chapter5
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Copyright © 2008 Pearson Addison-Wesley. All rights reserved.
5-5
Income-Expenditure Identity
In a competitive equilibrium, the incomeexpenditure identity is satisfied.
Copyright © 2008 Pearson Addison-Wesley. All rights reserved.
5-24
Figure 5.8 Increase in Total Factor Productivity
Copyright © 2008 Pearson Addison-Wesley. All rights reserved.
5-4
Competitive Equilibrium
• Representative consumer optimizes given market prices. • Representative firm optimizes given market prices. • The labor market clears. • The government budget constraint is satisfied, or G = T.
Copyright © 2008 Pearson Addison-Wesley. All rights reserved.
5-29
A Simplified Model with a Proportional Income Tax
• Use the model to study the incentive effects of the income tax, and to derive the “Laffer curve.”
5-25
Figure 5.9 Competitive Equilibrium Effects of an Increase in Total Factor Productivity
Copyright © 2008 Pearson Addison-Wesley. All rights reserved.
Copyright © 2008 Pearson Addison-Wesley. All rights reserved.
5-14
Equation 5.6: Key Properties of a Competitive Equilibrium
Copyright © 2008 Pearson Addison-Wesley. All rights reserved.
Copyright © 2008 Pearson Addison-Wesley. All rights reserved.
5-6
Equation 5.2
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5-7
Equation 5.3
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5-18
Figure 5.5 Using the Second Welfare Theorem to Determine a Competitive Equilibrium
Copyright © 2008 Pearson Addison-Wesley. All rights reserved.
Copyright © 2008 Pearson Addison-Wesley. All rights reserved.
5-3
Figure 5.1 A Model Takes Exogenous Variables and Determines Endogenous Variables
Copyright © 2008 Pearson Addison-Wesley. All rights reserved.
5-19
Effects of an Increase in G
• Essentially a pure income effect • C decreases, l decreases, Y increases, w falls
Copyright © 2008 Pearson Addison-Wesley. All rights reserved.
5-15
Figure 5.4 Pareto Optimality
Copyright © 2008 Pearson Addison-Wesley. All rights reserved.
5-16
Equation 5.6: Key Properties of a Pareto Optimum
• In this model, the competitive equilibrium and the Pareto optimum are identical, as
5-26
Figure 5.10 Income and Substitution Effects of an Increase in Total Factor Productivity
Copyright © 2008 Pearson Addison-Wesley. All rights reserved.
• Very large increase in G • Y increases, C decreases by a small amount
Copyright © 2008 Pearson Addison-Wesley. All rights reserved.
5-22
Figure 5.7 GDP, Consumption, and Government Expenditures
Copyright © 2008 Pearson Addison-Wesley. All rights reserved.
5-11
Figure 5.2B The Production Function and the Production Possibilities Frontier
Copyright © 2008 Pearson Addison-Wesley. All rights reserved.
Copyright © 2008 Pearson Addison-Wesley. All rights reserved.
5-17
First and Second Welfare Theorems
• These theorems apply to any macroeconomic model • First Welfare Theorem: Under certain conditions, a competitive equilibrium is Pareto optimal. • Second Welfare Theorem: Under certain conditions, a Pareto optimum is a competitive equilibrium.
Copyright © 2008 Pearson Addison-Wesley. All rights reserved.
5-23
Effects of an Increase in z (or an increase in K)
• PPF shifts out, and becomes steeper – income and substitution effects are involved. • C increases, l may increase or decrease, Y increases, w increases
Copyright © 2008 Pearson Addison-Wesley. All rights reserved.
5-30
Equation 5.7: Production function without capital
• Labor is the only input, but there is still constant returnsHale Waihona Puke Baiduto scale (linear production function).
5-9
Equation 5.5
• In equilibrium, N = h – l, so
Copyright © 2008 Pearson Addison-Wesley. All rights reserved.
5-10
Figure 5.2A The Production Function and the Production Possibilities Frontier
Copyright © 2008 Pearson Addison-Wesley. All rights reserved.
5-2
Closed-Economy One-Period Macroeconomic Model
• • • • Representative Consumer Representative Firm Competitive Equilibrium Experiments: What does the model tell us are the effects of changes in government spending and in total factor productivity?
5-27
Figure 5.11 Deviations from Trend in Real GDP and the Solow Residual
Copyright © 2008 Pearson Addison-Wesley. All rights reserved.
5-28
Figure 5.12 The Relative Price of Energy
Copyright © 2008 Pearson Addison-Wesley. All rights reserved.
5-8
Equation 5.4: The Production Function
Copyright © 2008 Pearson Addison-Wesley. All rights reserved.
5-20
Figure 5.6 Equilibrium Effects of an Increase in Government Spending
Copyright © 2008 Pearson Addison-Wesley. All rights reserved.
5-21
World War II Increase in G
Chapter 5
A ClosedEconomy One-Period Macroeconomic Model
Copyright © 2008 Pearson Addison-Wesley. All rights reserved.
Chapter 5 Topics
• Introduce the government. • Construct closed-economy one-period macroeconomic model, which has: (i) representative consumer; (ii) representative firm; (iii) government. • Economic efficiency and Pareto optimality. • Experiments: Increases in government spending and total factor productivity.
5-12
Figure 5.2C The Production Function and the Production Possibilities Frontier
Copyright © 2008 Pearson Addison-Wesley. All rights reserved.
5-13
Figure 5.3 Competitive Equilibrium
5-5
Income-Expenditure Identity
In a competitive equilibrium, the incomeexpenditure identity is satisfied.
Copyright © 2008 Pearson Addison-Wesley. All rights reserved.
5-24
Figure 5.8 Increase in Total Factor Productivity
Copyright © 2008 Pearson Addison-Wesley. All rights reserved.
5-4
Competitive Equilibrium
• Representative consumer optimizes given market prices. • Representative firm optimizes given market prices. • The labor market clears. • The government budget constraint is satisfied, or G = T.
Copyright © 2008 Pearson Addison-Wesley. All rights reserved.
5-29
A Simplified Model with a Proportional Income Tax
• Use the model to study the incentive effects of the income tax, and to derive the “Laffer curve.”
5-25
Figure 5.9 Competitive Equilibrium Effects of an Increase in Total Factor Productivity
Copyright © 2008 Pearson Addison-Wesley. All rights reserved.
Copyright © 2008 Pearson Addison-Wesley. All rights reserved.
5-14
Equation 5.6: Key Properties of a Competitive Equilibrium
Copyright © 2008 Pearson Addison-Wesley. All rights reserved.
Copyright © 2008 Pearson Addison-Wesley. All rights reserved.
5-6
Equation 5.2
Copyright © 2008 Pearson Addison-Wesley. All rights reserved.
5-7
Equation 5.3
Copyright © 2008 Pearson Addison-Wesley. All rights reserved.
5-18
Figure 5.5 Using the Second Welfare Theorem to Determine a Competitive Equilibrium
Copyright © 2008 Pearson Addison-Wesley. All rights reserved.
Copyright © 2008 Pearson Addison-Wesley. All rights reserved.
5-3
Figure 5.1 A Model Takes Exogenous Variables and Determines Endogenous Variables
Copyright © 2008 Pearson Addison-Wesley. All rights reserved.
5-19
Effects of an Increase in G
• Essentially a pure income effect • C decreases, l decreases, Y increases, w falls
Copyright © 2008 Pearson Addison-Wesley. All rights reserved.
5-15
Figure 5.4 Pareto Optimality
Copyright © 2008 Pearson Addison-Wesley. All rights reserved.
5-16
Equation 5.6: Key Properties of a Pareto Optimum
• In this model, the competitive equilibrium and the Pareto optimum are identical, as
5-26
Figure 5.10 Income and Substitution Effects of an Increase in Total Factor Productivity
Copyright © 2008 Pearson Addison-Wesley. All rights reserved.
• Very large increase in G • Y increases, C decreases by a small amount
Copyright © 2008 Pearson Addison-Wesley. All rights reserved.
5-22
Figure 5.7 GDP, Consumption, and Government Expenditures
Copyright © 2008 Pearson Addison-Wesley. All rights reserved.
5-11
Figure 5.2B The Production Function and the Production Possibilities Frontier
Copyright © 2008 Pearson Addison-Wesley. All rights reserved.
Copyright © 2008 Pearson Addison-Wesley. All rights reserved.
5-17
First and Second Welfare Theorems
• These theorems apply to any macroeconomic model • First Welfare Theorem: Under certain conditions, a competitive equilibrium is Pareto optimal. • Second Welfare Theorem: Under certain conditions, a Pareto optimum is a competitive equilibrium.
Copyright © 2008 Pearson Addison-Wesley. All rights reserved.
5-23
Effects of an Increase in z (or an increase in K)
• PPF shifts out, and becomes steeper – income and substitution effects are involved. • C increases, l may increase or decrease, Y increases, w increases
Copyright © 2008 Pearson Addison-Wesley. All rights reserved.
5-30
Equation 5.7: Production function without capital
• Labor is the only input, but there is still constant returnsHale Waihona Puke Baiduto scale (linear production function).
5-9
Equation 5.5
• In equilibrium, N = h – l, so
Copyright © 2008 Pearson Addison-Wesley. All rights reserved.
5-10
Figure 5.2A The Production Function and the Production Possibilities Frontier
Copyright © 2008 Pearson Addison-Wesley. All rights reserved.
5-2
Closed-Economy One-Period Macroeconomic Model
• • • • Representative Consumer Representative Firm Competitive Equilibrium Experiments: What does the model tell us are the effects of changes in government spending and in total factor productivity?
5-27
Figure 5.11 Deviations from Trend in Real GDP and the Solow Residual
Copyright © 2008 Pearson Addison-Wesley. All rights reserved.
5-28
Figure 5.12 The Relative Price of Energy
Copyright © 2008 Pearson Addison-Wesley. All rights reserved.
5-8
Equation 5.4: The Production Function
Copyright © 2008 Pearson Addison-Wesley. All rights reserved.
5-20
Figure 5.6 Equilibrium Effects of an Increase in Government Spending
Copyright © 2008 Pearson Addison-Wesley. All rights reserved.
5-21
World War II Increase in G
Chapter 5
A ClosedEconomy One-Period Macroeconomic Model
Copyright © 2008 Pearson Addison-Wesley. All rights reserved.
Chapter 5 Topics
• Introduce the government. • Construct closed-economy one-period macroeconomic model, which has: (i) representative consumer; (ii) representative firm; (iii) government. • Economic efficiency and Pareto optimality. • Experiments: Increases in government spending and total factor productivity.
5-12
Figure 5.2C The Production Function and the Production Possibilities Frontier
Copyright © 2008 Pearson Addison-Wesley. All rights reserved.
5-13
Figure 5.3 Competitive Equilibrium