Chapter 3 Consumption and Investment消费和投资概要1.pptVIP

Chapter 3 Consumption and Investment 1 Consumption and Saving 2 The National Consumption Behavior 2.1 Determinants of Consumption ※ Permanent Income Model of consumption ◎ Model ※ The Life-Cycle Model of Consumption 消费函数理论小结 ※ 影响消费的主要因素 ◎消费主要是收入（现期、相对、一生、永久）的函数； ◎年轻人和老年人的比例越大，消费倾向越高； ◎短期消费倾向递减，长期消费倾向稳定； ◎消费倾向与收入分配有关； ◎社会保障制度、遗产税、持久性的税收变动影响消费。 ◎不确定性减少了消费； ◎信贷约束降低了消费水平。 TO Summarize: Disposable income is an important determinant of consumption. APC falls as income rises at least in the short run. Distribution of income influences consumption. C is influenced by permanent income. A program like social security will reduces saving. Credit constraint decreases consumption. 1.2 The National Consumption Function 3 Investment 2.1 Determinant of Investment Brief Review of Investment ◎Investment is production of durable capital goods. Investment takes place when a physical capital goods is produced. ◎Gross Investment = net investment + depreciation =Fixed I + Inventory I+ Residential I ◎Determinants of I include revenues, costs, expectations, taxes. ◎Investment is negatively related to interest rate. ◎Investments is the most volatile components of AD. ※ Taxes ◎Corporate Income Tax; ◎Tax Break; ◎ Investment Tax credit ※ Expectation ※ Tobin’s q Tobin’s q=the market value of a firm / the replacement cost of capital If q1, Investment will increase; If q1, Investment will decrease. 2.2 The Investment Demand Curve Investment Depends upon Interest Rate 2.3 Shifts in Investment Demand Curve * * 2 The National Consumption Behavior 3 Investment What Are the Major Forces Affecting Consumption and Investment? 1 Consumption and Saving 1.1 Individual Consumption and Saving Income = Consumption ＋ Saving Disposable income is an important determinant of consumption and saving. ※ The Consumption Function C = f（Y） C=α+βY α :Autonomous Consumption β ：Slope of the Curve Y: DI βY: Induced Consumption ※ The