中央财经大学商学院于爱芝宏观经济学第3章2015.pptVIP

* After showing this slide, you might also note that the converse is true, as well: a fall in s (caused, for example, by tax cuts or government spending increases) leads ultimately to a lower standard of living. In the static model of Chapter 3, we learned that a fiscal expansion crowds out investment. The Solow model allows us to see the long-run dynamic effects: the fiscal expansion, by reducing the saving rate, reduces investment. If we were initially in a steady state (in which investment just covers depreciation), then the fall in investment will cause capital per worker, labor productivity, and income per capita to fall toward a new, lower steady state. (If we were initially below a steady state, then the fiscal expansion causes capital per worker and productivity to grow more slowly, and reduces their steady-state values.) This, of course, is relevant because actual U.S. public saving has fallen sharply since 2001. * Figure7-6 on p. 191. * * * If your students have had a semester of calculus, you can show them that deriving the condition MPK = ? is straight-forward: The problem is to find the value of k* that maximizes c* = f(k*) ? ?k*. Just take the first derivative of that expression and set equal to zero: f?(k*) ? ? = 0 where f?(k*) = MPK = slope of production function and ? = slope of steady-state investment line. * Remember: policymakers can affect the national saving rate: - changing G or T affects national saving - holding T constant overall, but changing the structure of the tax system to provide more incentives for private saving (i.e., shifting from income tax to consumption tax in such a way that leaves total revenue unchanged) * t0 is the time period in which the saving rate is reduced. It would be helpful if you explained the behavior of each variable before t0, at t0 , and in the transition period (after t0 ). Before t0: in a steady state, where k, y, c, and i are all constant. At t0: The chang