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chapter9 A Real Intertemporal Model with Investment╲t教学课件 中宏Williamson-PPT
Chapter 9 Topics Construct a real intertemporal model that will serve as a basis for studying money and business cycles in Chapters 10-12. Understand the investment decision of the firm. Show how macroeconomic shocks affect the economy. Focus on the implications of future expectations for current macroeconomic performance, and the difference between temporary and permanent shocks. Real Intertemporal Model Current and future periods. Representative Consumer – consumption/savings decision Representative Firm – hires labor and invests in current period, hires labor in future Government – spends and taxes in present and future, and borrows on the credit market. Equation 9.1 Consumer’s current-period budget constraint: Equation 9.2 Consumer’s future-period budget constraint: Equation 9.3 Consumer’s lifetime budget constraint: Equation 9.4 Consumer’s current-period marginal condition: Equation 9.5 Consumer’s future-period marginal condition: Equation 9.6 Consumer’s intertemporal marginal condition: Consumer’s Current Labor Supply Behavior Current labor supplied increases with the real wage (substitution effects are assumed to dominate income effects). Labor supply increases with an increase in the real interest rate, through an intertemporal substitution effect. An increase in lifetime wealth (e.g. taxes fall) reduces labor supply. Figure 9.1 The Representative Consumer’s Current Labor Supply Curve Figure 9.2 An Increase in the Real Interest Rate Shifts the Current Labor Supply Curve to the Right Figure 9.3 Effects of an Increase in Lifetime Wealth Equation 9.7 Firm’s current-period production function: Equation 9.8 Firm’s future-period production function: Equation 9.9 Evolution of the firm’s capital stock: Equation 9.10 Firm’s current-period profits: Equation 9.11 Firm’s future-period profits: Equation 9.12 The firm maximizes the present value of profits, The Firm’s Labor Demand As in Chapter 4, the firm’s labor demand schedule is the marginal product of labor for t
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