经济学原理_26储蓄、投资和金融体系要点.pptVIP

内容提要 美国金融体系由各种金融机构组成，例如，债券市场、股票市场、银行和共同基金 国民储蓄等于私人储蓄加上公共储蓄 在封闭经济中，国民储蓄等于投资。金融体系使这个等式成为现实 * 内容提要 可贷资金的供给来自于储蓄，可贷资金的需求来自于投资。利率调整使可贷资金市场的供求平衡 政府预算赤字代表负的公共储蓄，所以它减少国民储蓄和可用于为投资筹资的可贷资金供给 当预算赤字挤出投资时，它降低了生产率和GDP的增长 * 储蓄、投资和金融体系 * 政策 3: 政府预算赤字 利率 可贷资金 (十亿美元) D1 预算赤字减少国民储蓄和可贷资金的供给 S1 5% 60 S2 导致均衡利率上升 并使可贷资金的均衡数量下降 6% 50 This chapter is an excellent follow-up to the previous one (“Production and Growth”). In that chapter, we learn that investment – the accumulation of capital – is important because it leads to a higher standard of living in the long run. But what determines how much investment a country undertakes? That is the central question of the present chapter. After some introductory information about the various types of financial institutions, the chapter focuses on saving and investment. Students will learn the difference between private and public saving, and the definitions of government budget surpluses and deficits. The brief review of the difference between saving and investment is very useful, as intro-level students often use the term “investment” when they mean to say “saving.” The most analytical part of the chapter is the coverage of the closed-economy loanable funds model. This model uses the tools of supply and demand (introduced in Chapter 4) and should be very familiar if your students have already taken introductory microeconomics. The loanable funds model shows how the interest rate adjusts to equate saving and investment in a closed economy. Students will learn how government budget deficits can crowd out investment, which is probably one of the biggest ideas in macroeconomics. * In case anyone asks, “T” here (and in general) is net of transfer payments. After presenting this slide and the next, it might be useful to point out the following: In general, “saving” is just some measure of income minus some measure of expenditure. For private (household) saving, the measure of income is “disposable income,” or gross income minu