宏观经济学第4讲_储蓄、投资和金融体.pptVIP

美国政府债务史 政府用借款为赤字融资（出售政府债券） 长期赤字导致政府债务增加 债务—GDP比率是衡量相对于政府筹集税收收入的能力而言，政府负债程度的指标 在历史上，债务—GDP比率通常在战争期间上升，在和平时期下降（直到1980年代初期） 美国政府债务—GDP比率，1970-2010 独立战争 国内战争 第一次世界大战 第二次世界大战 结 论 向其他市场一样， 金融市场也是由供求关系所决定 经济学十大原理之一：  市场通常是组织经济活动的一种好方法 金融市场使经济中的稀缺资源得到最有效的配置 金融市场联系着现在与未来 ：他们将一些现期收入变为未来的购买力，让贷款者得到为了生产未来的物品与劳务的资本 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 * 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 * 内容提要 * 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 minus taxes (“take-home pay.”) The measure of expenditure is consumption. For public (government) saving, the measure of income is T, total taxes, which is the government’s source of “income.” The measure of expenditure is simply G, government purchases. In the case of national saving (covered on the next slide), the measure of income is GDP, and the measure of expenditure is C+G. * In defense of the closed economy assumption: It’s true that most economies are open. However, the closed economy case is easier to learn, and we can still learn a lot about how the world works by studying the closed economy case. A later chapter will add international trade and capital flows to this model. This exercise asks your students to apply the concepts from the preceding slides to the kind of problem they might see on an upcoming exam. All numbers are in trillions of dollars. This exercise is designed to teach an important lesson and prevent a common mistake among students. When students are asked (on an exam, for example) to determine the effects of a tax cut on national saving, investment, and th