清华大学宏观经济学Chapter-16.pptxVIP

;IN THIS CHAPTER, YOU WILL LEARN:;Keynes’s conjectures;The Keynesian consumption function;The Keynesian consumption function;Early empirical successes: Results from early studies;Problems for the Keynesian consumption function;The Consumption Puzzle;Irving Fisher and Intertemporal Choice;The basic two-period model;Deriving the intertemporal budget constraint;The intertemporal budget constraint;The intertemporal budget constraint;The intertemporal budget constraint;Consumer preferences;Consumer preferences;Optimization;How C responds to changes in Y ;Keynes vs. Fisher;;How C responds to changes in r;Constraints on borrowing;;Constraints on borrowing;Consumer optimization when the borrowing constraint is not binding;Consumer optimization when the borrowing constraint is binding;The Life-Cycle Hypothesis;The Life-Cycle Hypothesis;The Life-Cycle Hypothesis;Implications of the Life-Cycle Hypothesis;Implications of the Life-Cycle Hypothesis;The Permanent Income Hypothesis;The Permanent Income Hypothesis;The PIH can solve the consumption puzzle: The PIH implies APC = C / Y = a Y P/ Y If high-income households have higher transitory income than low-income households, APC is lower in high-income households. Over the long run, income variation is due mainly (if not solely) to variation in permanent income, which implies a stable APC. ;PIH vs. LCH;The Random-Walk Hypothesis;The Random-Walk Hypothesis;Implication of the R-W Hypothesis;The Psychology of Instant Gratification;The Psychology of Instant Gratification;Two questions and time inconsistency;Two questions and time inconsistency;Summing up;CHAPTER SUMMARY;CHAPTER SUMMARY;CHAPTER SUMMARY;CHAPTER SUMMARY;CHAPTER SUMMARY;CHAPTER SUMMARY