高级宏观经济学学习笔记英文
60页1、Macroeconomics Lecture NotesTOPICS 2. The Solow Growth model 2-5 2. The Ramsey Growth model 6-11 3. Real BusinessCycle Theory 12-20 4. Traditional Keynesian Theories of Fluctuations 21-23 5. Microeconomic Foundations of Incomplete Nominal Adjustments 24- 39 6. Consumption 40-44 7. Investment 45-508. Inflation and Monetary policy 51-901Growth1.1The Solow Growth ModelAt any point in time, the economy has some amount of labor (L), capital (K) and knowledge (A) to produce output (Y). The production
2、function can be written asY (t) = F(K(t),A(t)L(t),(1)where t denotes time. The production function is assumed to have constantreturns to scale in capital and effective labor, (F(ck,cAL) = cF(K,AL) where c 0). Hence, we can write1 ALF(K,AL) = F?K AL,1? .(2)Defining k = K/AL, y = Y/AL and f(k) = F(K,1), we can rewrite equation (2) as:y = F(k)(3)Here, the output per effective labor depends on the capital per effective labor. The ”intensive” or ”per capita” form of the production function f(k)satisf
3、ies f(0) = 0,f0(k) 0,f00(k) 0 and k is rising. If k kthen (k) 0, n (1 )g 0(12)Note that determines the households willingness to shift consumption be-tween two periods (1/ can be defined as the elasticity of intertemporal sub- stitution between consumption at any two points in time.) As goes to 0, marginal utility falls more slowly as consumption rises so that the household is more willing to allow consumption to vary overtime. The last assumption, n (1 )g 0, ensures that lifetime utility does n
4、ot diverge.2.1.1The behavior households and firmsHouseholds budget constraint: The representative household take r and w as given. Since the household has L/H members, its labor income at t is W(t)L(t)/H and consumption expenditures are C(t)L(t)/H. Since interest rates over time can change, we write R(t) as (=Rt =0r()d). One unit of good invested at t = 0 yields eR(t)units of the good at time t (showing the effects of continuous compounding). The households consumption is C(t)L(t)/H and its init
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