Theoria Oikonomikis Politikis
Click here to load reader
description
Transcript of Theoria Oikonomikis Politikis
-
2
. . ( ) 2,3,5,6,7,9 10.
.
, .
.
.
.
2:
2.1
: (i) , (ii) , (iii) , (iv) , (v) , (vi) (vii) . , .
(short term) (long term). 1 2 . , . , .
(target variables). .
-
3
(price level), (consumer price index), (GDP deflator) ..
, .
2.2
(full employment) , , , . , . ; ; ; .
.
(Ut) (Et):
t ttU L E= (2.1) (ut)
:
t t tt
t t
UL Eu L L
= =
(2.2)
14 , , , .
() () . , ( ) , (Et) (Ut):
-
4
t tUE = (2.3) (2.1), (2.2) (2.3)
:
( ) ( ) nt t tt t t t tU U U U uE L L
= = = + =
+ (2.4)
: , (0,1) :
2 0( )n
tu
=
+ (2.5.1) &
2 0( )n
tu
=
+ (2.5.2)
(2.4) (natural rate of unemployment), , .
- . , .
(n
te ) :
1n nt te u
= =
+ (2.6)
: 2 0( )
n
te
=
+
, (NLF). -2.1 :
-
5
1
4
2
5
3
6
-2.1: .
1. .
2. .
3. .
4. .
5. .
6. .
(1) (2) (4) (5) . (t):
t= (1)+(2)-[(4)+(3)] (2.7)
(1)+(6) (3)+(4):
Ut= (1)+(6)-[(3)+(4)] (2.8)
t tU
(i) ,(ii) ,(iii) (iv) . .
E
U NFL
-
6
.
(i)
(frictional unemployment) .
, . .
(ii)
(seasonal unemployment) . , . , . , , .
(iii)
() (*). , (t) .
-2.2. t1
( 1max
tY ). t2
( 2min
tY ). (depression). , (recovery), t3
( 3max
tY 1max
tY>
), ,
(*
t tY Y< ).
( n
t tu u< )
(*
t tY Y> ).
n
t tu u & *
t tY Y , n
t tu u
*
t tY Y . Arthur Okun , ,
-
9
(n
t tu u )
(*
t tY Y ) : *
*( )nt t t t
t
Y Yu u
Y
=
(2.9)
,
1%. =0.4 n
t tu u =1% *
*0.4%t t
t
Y YY
= ,
1%, 0.4%. (2.9) -2.3.
*
*
t t
t
Y YY
&n
t tu u .
Okun :
*y tyg g u=
(2.10)
:
1
1
( )t ty
t
Y YgY
=
: .
*
* *
1*
1
( )t ty
t
Y YgY
=
: .
1t t tu u u = : .
-
10
*t
t
YY
1
0
*1 ( )nt t t
t
Yu u
Y=
n
t tu u
-2.3
yg
*yg
0
* 1( )y t tyg g u u =
tu
-2.4
(2.10)
( 1t tu u = 0tu = ),
(growth) (*y y
g g=).
1% ( 1%tu = )
( yg
)
(*y
g) %.
* 4%yg = , =0.5 1%tu = *4% 0.5% 3,5%y tyg g u= = = .
(2.10) -2.4 ,
-
11
yg
tu .
: Phillips
, n
tu *
tY ,
(n
t tu u )
(e
t t ).
(n
t tu u> , . .
[wages ( tW )] n
t tu u , :
( )nW t tg u u= (2.11) :
>0:
1
1 1
t t tW
t t
W W WgW W
= =
: .
(2.11) 1958 A.W. Phillips
( tu ) .
(LtS )
. :
L t tt
t t
W LSY P
= (2.12)
tW : , tL :
(Labor) , tY : tP : (prices).
(2.12)
(t) : ln ln ln lnLt t t tS W Y P=
(ln ) (ln ) (ln ) (ln )Lt t t td S d W d Y d Pdt dt dt dt
= 1 1 1 1Lt t t t
Lt t t t
dS dW dY dPS dt W dt Y dt P dt
=
-
12
1 1 1 1L Lt t t t t t t t
Lt t t t
S S W W Y Y P PS W Y P
+ + + + = 1 1 1 11 1 1 1
L Lt t t t t t t t
Lt t t t
S S W W Y Y P PS W Y P
=
1 1 1 1
Lt t t t
Lt t t t
S W Y PS W Y P
= (2.13)
( 10
Lt
Lt
SS
=), (2.13) 2:
W Y tg g= + (2.14)
:
1
tW
t
WgW
=
:
1
tY
t
YgY
=
:
1
tt
t
PP
=
: , .
( 0Yg = ), (2.11) (2.14) :
( )nt t tu u = (2.15) (2.15) Phillips
( tu ) (0t
tu
= ),
(n
t tu u< ) (2.16),
(e
t t > ). 2
(*
t tY Y< ),
(n
t tu u> ) (2.16),
(e
t t
-
14
(
St t
t t
M MP P
=) (
*kY ): *
t tM kY P= , 0k > (2.19)
(2.19) :
*
1 1t tM kY P = (2.20)
(2.19) (2.20) :
* *( )t t t tM kY P M kY P= = *t tM kY P = *
*
1 1
t t
t t
M kY PM kY P
=
1 1
t tt t
t t
M PM P
= =
(2.21)
:
1
1
t tt
t
M MM
=
:
1
1
t tt
t
P PP
=
: ().
% . , , . , 1=3%, (1=1=3%). t=2 1=3% 2=8%, t2 8% (2=2=8%).
, t=1
, 1=1= 1e =3%
u1=un=5%.
Phillips LPC 3 Phillips SPC1. . LPC , SPC1 4
-
15
1e =3% =5/2 ( -2.5).
t
8
3
0
3 5 6 8 ut
LPC
SPC1 SPC2
A B
A
, . (static or naive expectations) :
1e
t t = (2.22)
t=1 (5,3) Phillips SPC1, t=2 1=3% 2=8% . (2.22)
2 1 3%e = = . 2 2 8% 3% 5% 0
e = = >
( 2nu u )
. (2.16) :
2 2 2 25( ) 5 ( )2
e n
nu u u u = = 5%
2 22 0 3%nu
nu u u=
= < =
, , 5 SPC, (5,3) (3,8). , . , (3,8) (5,8). Phillips SPC2,
8%e = , LPC. ,
-
16
( ), .
(rational expectations). :
1( )et t t tE = = (2.23) ,
t=1 [1(2)=2=8%]. (5,3) (5,8).
: 1 Phillips, . 2 ( ), (money neutrality).
:
, : 1 1 1( )e e e
t t t t = , 0
-
17
:
i) , .
ii) , , .
iii) , . , ( ). , , .
iv) 7, , .
v) , . (St=It=t) .
vi) , .
. () (). (GDP deflator) .
, . 1 (t =Y
*), 2 , , , , , , 3
-
18
.
, , (Mt/Pt) (VtYt=kYt) . , t =Y
* . (Mt) (Pt). (t) (t).
, . :
1
1
t t
t
M MM
=
t 0 (1 )t
tM M = + (2.25)
0: t=0
:
1
1
t t
t
P PP
=
t 0 (1 )t
tP P = + (2.26)
P0: t=0.
(2.25) (2.26) :
(2.25)0 0
(2.26) 0 0
(1 ) 1(1 ) 1
ttt t
tt t
M M M MP P P P
+ + = + +
= (2.27)
M0/P0: t=0.
( 1,1) (2.28) :
0
1 1 (1 ) ( )1 1 ( )
j
j
+
=
+ += = + =
+ 0 1
2(1 )[( ) ( ) ( ) ]j
j
+
=
+ + + =
2(1 )[(1 ) ( ) ]j
j
+
=
= + + 2
1 1 (1 ) ( )1
j
j
+
=
+= + + +
+ (2.28)
&, . , (0,0.1) 8 0 ( ) 0 2j j , (2.27) (2.28) :
-
19
0
20
[1 (1 ) ( ) ]j ttjt
M MP P
+
=
= + + + 00
(1 )ttrm
t
M M gP P
+ (2.29)
grm=-: .
(2.29) , , , :
0 0rmg = = = (2.30)
. Fisher .
) Fisher
:
1
1
(1 )et ttet t
K Kr
P P
= + (2.31)
t-1: t-1 ( ),
Pt-1: ( ) ( ), e
tr : , t-1/Pt-1:
t-1 & /e
t tK P : t .
, t :
1(1 )t t tK i K = + (2.32)
ti : .
1t , , (t)
1t 9:
1(1 )e et t tP P = + (2.33)
-
20
e
t :
(2.32)(2.33) (2.31) :
(2.32)1 1
(2.33) 1 1
(1 ) 12.31 (1 ) 1(1 ) 1e et t t t
t te et t t t
i K K ir r
P P
+ += + + =
+ + (2.34)
e
tr , ( 1,1)e
t
(1 )e
t+ :
1 (1 )(1 ) 1 1e e e e e e e et t t t t t t t t t ti r i r r i r + = + + + = + + + = + (2.35) (2.35) Fisher (Fishers identity) , , (ex ante) .
( & )e e
t t t tr r = = Fisher :
t t ti r = + (2.36)
)
, , (seignorage) . .
, , . (t) , (2.25) :
(2.30)
11
tt t
t
= =
(2.37) (Pt) :
1t t
t tP P
=
(2.38.1)
-
21
1
1
t t
t tP P
(2.38.2)
(2.38.1) [(2.38.2)] (inflation tax) (t/Pt) , (), , . , .
: ) ) . (i) (ii) . .
(i)
(demand-pull inflation) , , (*).
-2.6 . ,
- (*, 1i ) , IS1 LM1, 1. (AS) (AD1), 1, - (*,P1).
-
22
Y* Y2 Yt
it
i3
i2
i1
Y* Y2 Yt Pt
P3
P1
LM2(M/P3)
LM1(M/P1)
IS1 IS2
E3
E1
E2
AD1
AD2
AS
A3
A1 A2
. , 12 IS1 IS2 AD1 AD2.
P1 , AD1 , ( ) 12(=
*2). , AD2 2
3. ( M ), P1 P3
-
23
( 1
MP 3
MP ) LM1
LM2, .
, . . () , , .
/ . , AD . , .
(ii)
(cost-push inflation) , , , .
(profit-push inflation), , , .
(wage-push inflation) , .
( ), . , , . ( ) ,
-
24
. , , .
. :
t t t t t t tPQ W L i K = (2.39) : , P: ,
W: (L) i: .
(2.39) (Q) :
t t t t tt t t t t
t t t t t
L K W iP W i A PQ Q Q APL APK
= = (2.40)
=/Q: ( ), PL=Q/L: (average product of labor) APK=Q/K: (average product of capital).
(2.40) 13:
2( ) ( ) ( )
( )t t t t t t
t
d A dP APL d W W d APLdt dt APL dt
= ( ) ( ) ( )1 1t t t t t
t t t
d dP W d APL d Wdt dt APL APL dt APL dt
= +
( ) ( )1[ ]t t t tAPLt t
d A dP W d Wgdt dt APL W dt
= +
( ) ( )t t t APL Wt
d A dP W g gdt dt APL
= + (2.41)
,
( W APLg g ) ,
( 0tdP dt = ) 14.
( W APLg g ),
15 ( )t t W APL
t
W P g gAPL
.
-
25
. . -.
-. , , . , . , ...
(iii)
() , () , , , () () , , ( ) .
, , . .
2.4
[Balance of Payments (BP)] , . , , . , . .
- (double entry accounting).
-
26
(credit entry), (debit entry). . . , , 16 (countertrade).
, , . .
:
(i) : [Trade Balance (TB)] ( Xg) (Mg), 17:
TB Xg Mg= (2.42)
f.o.b (free on board), , c.i.f (cost insurance freight), .
(ii) , : , [Balance on goods, services & incomes (BIGS)] () , () , , , , ( ), , () , , , , .
:
( ) ( )S S i iBIGS TB X M X M= + + (2.43) s: Exports of services, Ms: Imports of services, Xi: Exports of incomes & Mi: Imports of incomes.
, [Net Exports (NX)] :
Y C I G NX= + + + (2.44)
-
27
: (real GDP), C: (consumption), I: (Investments), G: (Government Expenditures).
(2.44) :
( ) ( )NX Y C G I NX Y C T T G I= = + p GNX S S I= + NX S I BIGS= = (2.45)
pS Y C T=
: (private savings), GS T G= : (government savings) P GS S S= + : .
(2.45) () , S>I (S0) [ (BIGS=NXI (S0) [ (CA
-
28
Capital Accounts (KA)] (capital inflows) () (capital outflows) (), :
K KKA X M= (2.50)
, , . , .
, ( k>Mk >0) , (
-
29
, , . ($). (. ) (. ) , , (), () .
(i) (spot foreign exchange market) (ii) (forward exchange market)
[spot exchange rate (lt)]. . (. 1$ = 0,756) [. 1 =(1/0,756) = 1,323$]. . , . (et) (et) .
. . [forward exchange rate (ft) . (lt) [Purchasing Parity Power theory (PPP)]. ' (Pt) (Pt
f) :
(2.54)ft t te P P= , 100$ . 100. - 1 (lt=1/$) . 100
-
30
.. ; ' . lt=1/$ Pt
f=100$ ltPt
f=1/$x100$=100. . ( ) . (2.54) (lt) . (2.54)
_ _1 1 1
1 1 1
1 1 1 1
ln ln ln(ln ) (ln ) (ln ) 1 1 1
(2.5
t f ft t t t t
f ft t t t t t
ft t t
f f t t t t t t
ft t t
f fft t t t t t t
t tft t t t
e P P l P Pd l d P d P de dP dP
dt dt dt l dt P dt P dte e P P P P
e P P
e e P P P P le P P l
+ + +
= + =
+ = + =
+ =
+ = = 5)
(lt/lt-1) 1 (t) (t
f). (t
f=0) (2.55) :
1
(2.56)t tt
ll
=
, () 10% 10%. (2.54) :
1(2.57)f
tt
t
PlP
=
(2.57) [real exchange rate(t)] (terms of trade) (et) (Pt
f/Pt), :
-
31
(2.58)f
tt t
t
PlP
=
:
1 1
(ln ) (ln ) (ln ) (ln )ln ln ln
(2.59)
ff t t t t
t t t
ft tt t
t t
d d e d P d Pe P
dt dt dt dte
e
= + = +
= +
, / / . (t=0), (t
f>0) / (lt/lt-1>0) (t/t-1>0), 2 . (t>0 lt/lt-1=t
f=0) (t/t-1
-
32
() (Uncovered Interest Parity). (i) (ii) () () , .
1( ) (2.61)f t t tt tt
E e ei il+ = +
lt: (), lt
f: , Et (et+1): t+1 t et: . (2.61) () ( ). it-it
f-[Et (lt+1)-lt]/lt>0(
-
33
(2.63)et ti r= + (r) / (tl) (lt). , . , , (et) : (i) , (Pt/Ptf). (Pt) [ (Pt
f)] , (), () ( ) () . (ii) (barriers to entry) (import duties) (import quotas) . 4 . (iii) . , ( ). (iv) . () () . , () [World Trade Organisation (WTO)], , , , .
2.5
,
-
34
, , . "" . (i) (ii) (iii) ... .
, () () .
() : . , (), (L) [Terra(T)]. , i (Yi) :
( , , )(2.64)i i i iY f K L T= :
(.) (.) (.)
1 1 1 1 (2.65)i i i
i i i i
i i i
i i i ii k i L i T i
i i i i
dY dK dL dTf f fdt K dt L dt T dt
dY dK dL dTY MP K MP L MP TY dt K dt L dt T dt
= + +
= + +
:
( , , ) /iK i i i i
MP f K L T K= :
i .
( , , ) /iL i i i i
MP f K L T L= : i
-
35
( , , ) /iT i i i i
MP f K L T T= : i
.
1 , , 2 (r), (w) (l) (w=wi, r=ri & l=li i=1,...,N) 3 .
:
(2.66)i
iK
i i
r rMPP P
= =
(2.67)i
iL
i i
w wMPP P
= =
(2.68)i
iT
i i
l lMPP P
= =
, , :
1 1 1 1 (2.69)i i i ii i i i
dY dK dL dTY dt K dt L dt T dt
= = = =
(2.66)~(2.69) (2.65) :
1 1 1 1
( )
1 1(2.70)
i i i i i i i ii i i i
N N N N
i i i i i i i i i ii i i i
K L T
r w l aaY K L T aY rK wL lT
P P P P
Y P rK wL lT PY r K w L l T
rK wL lTY rK wL lT s s sY Y Y
= = = =
= + + = + +
= + + = + +
= + + + + = + + =
:
rKs
Y=
: (share of capital)
wLs
Y=
:
lTs
Y=
:
1
N
ii
K K=
=:
-
36
1
N
ii
L L=
=:
1
N
ii
T T=
=:
1
N
i ii
Y PY=
=: ()
(2.70) . , , . , .
() : , . . j (j=1,2...,J)5, . j (j) Yj. :
1 21
... (2.71)J
j Jj
N N N N N=
= + + + = &
1 21
... (2.72)J
j Jj
Y Y Y Y Y=
= + + + =
, Lorenz (Lorenz Curve) Gini (Gini coefficient).
. . (j)
Lorenz
1 1N 1Y 1n 1y 1 1 1 1 1( , )
-
37
2 2N 2Y 2n 2y 2 2 2 2 2( , )
3 3N 3Y 3n 3y 3 3 3 3 3( , )
M M M M M M M M
J jN jY jn jy j j ( , )J J J
Lorenz ' . 2.1 (). , . , () . :
100 (2.73)ijN
nN
= &
100 (2.74)ijYyY
=
, , :
1(2.75)
J
j ij
n=
= & 1
(2.75)J
j ij
y=
=
7 Aj(j,j), j=1,...,J, -2.7. (j), 0% 100%, (j), 0% 100%.
-
38
-27
Aj (0,0) (100,100), ( ) (j,j) . . j, j=1,...J, Lorenz ( ). Lorenz, -2.7 . Lorenz (EL) :
Lorenz 0 ( Lorenz ) 5.000 [(100x100)/2],
1
1 11
1 ( )(2.77)2
J
L j j j jj
+ +=
=
-
39
j).
Gini (G) Lorenz OBAj(=5000), :
(2.78)1 50002
L L
j j
E EG
= =
EL[0,5000], Gini 8 [0,1].
: .
(j)
(Nj)
(Yj)
0 ~ 30 214 5080
30 ~ 80 114 4810
80 ~ 100 76 6708
100 ~ 110 20 2500
110 8 1760
Lorenz Gini [ . (1993), , 519]
:
Lorenz . .
-
40
.
(j) Nj Yj nj yj j j
Lorenz
1 214 5080 49.54 24.35 49.54 24.35 1(49.54,2
4.35)
2 114 4810 26.39 23.06 75.93 47.41 2(75.93,4
7.41)
3 76 6708 17.59 32.16 93.52 79.57 3(93.52,7
9.57)
4 20 2500 4.63 11.99 98.15 91.56 4(98.15,9
1.56)
5 8 1760 1.85 8.44 100 100 5(100,100
)
432 20858 100 100
Aj(j,j), j=1,...,5,
-
41
OA1A2A3A4A5 Lorenz OA5.
(EL) 9 (2.77). J=5
4 4 4
1 1 1 11 1 1
1 2 2 3 3 4 5 5 2 1 3 2 4 3 5 4
1 1( ) ( )2 2
1 ( )21 [(49.54)(47.41) (75.93)(79.57) (93.52)(91.56) (98.15)(100)2
(75.93)(24.35) (47.41)(93.52) (79.57)(
L j j j j j j j jj j j
E
+ + + += = =
= = =
= + + + =
= + + +
98.15) (91.56)(100)]1 1(26768.1327 23248.4742) (3519.6585) 1759.532 2 L
=
= = =
(2.78) Gini :
1759.83 0.3525000 5000
LEG = = =
.
2.6
(growth). ,
-
42
.
, (economic growth) . . .
>
, :
i. (per capita GDP) .
ii. , (t) (Lt) [capital-labour ratio (kt)], .
iii. . iv. (St
l) (Stk) .
v. .
vi. , , , .
vii. () ( - ) () .
viii. . ix.
. x.
, , , . .
. , . (endogenous growth models)
-
43
> (Yt) , (Kt) (Lt), (At). , :
, ,( )(2.79)t t t tY F K L A=
. (efficient) , . (2.79) (efficiency units) :
1 2( , )(2.80)t t t t tY F A K A L=
1t tA K : ,
2t tA L : , .
1 2t t tA A A= = , Hicks (Hicks neutral), (2.80) , , :
( , ) ( , )(2.81)t t t t t t t t tY F A K A L Y A F K L= = F(.):
[2 2(.) / 0, (.) / 0t tF K F K > < &
2 2(.) / 0, (.) / 0t tF L F L > < ] . (2.81) :
-
44
{ {
(.) (.)( , ) (.)
1(.) (2.81)(.) (.)1 1 1
(.) / (.) /
K L
Kt
t t t tt t t t t
t t
MP MP
t t t tK Lt
t
t t tK L
t t t t t
S
dY dA dK dLF FY A F K L F Adt dt K dt L dt
dY dA dK dLMP MPA Fdt A dt F dt F dt
dY dA dKMP MPY dt A dt F K K dt F L
= = + +
= + +
= + +
uuuuuur
14243
1
(2.82)
Lt
t
t
S
K Lt t t tt t
t t t t
dLL dt
Y K LS SY A K L
= + +
14243
Yt/Yt: , At/At: , Kt/Kt: , Lt/Lt: , St
K & StL:
, , 10 :
(.) (2.83)(.)(.) (2.84)(.)
K t Kt
t K
L t Lt
t L
K MPFSK F AP
L MPFSL F AP
= =
= =
:
(.) /K tMP F K= & (.) /L LMP F K= : (marginal products)
(.) /K tAP F K= & (.) /L tAP F L= : (average product) . (2.82) (At/At), (St
K,Kt/Kt) (StLLt/Lt). 11 . (2.82) 1 (At/At), 2 (St
KKt/Kt) 3 (StLLt/Lt).
. St
K+StL=1
(). (2.82) Ak/Ak:
-
45
(2.85)K Lt t t tt tt t t t
A Y K LS SA Y K L
=
Ak/Ak . (Yt/Yt), (Kt/Kt) (Lt/Lt), . , At/At Cobb-Douglas:
(2.86)at t t tY K L u=
,: 12 ut: (residuals) (2.86) :
(ln ) (ln ) (ln ) (ln )ln ln ln1 1 1 1
(2.87)
t t t tt t t
t t t t
t t t t
t t tt
t t t
d Y d K d L d uY K udt dt dt dt
dY dK dL duY dt K dt L dt u dt
Y K Le
Y K L
= + = + +
= + +
= + +
(2.87) (OLS). , lt 13 . At/At Robert Solow 1957 Ak/Ak Solow. > , . , , , . : ) .
-
46
) . (Yt) (Wt) :
(2.88)t Kr MP= , (2.89)t LW MP= ) [ Harrod (Harrod neutral)]:
( , , )(2.90)t t t tY F K A L= ) (2.90) (Kt) (AtLt). , (2.90) =1/AtLt :
{ {
( , , ),1 ( )(2.91)
t t
t t t t t tt t
t t t t t t
y K
Y F K A L y KF y g kA L A L A A
= = = %%
%%
/ , / , /t t t t L t t t t ty y A y AP Y L k k A= = = =%%
/t t tk K L= (2.90) Kt AtLt:
0tKt
YMPK
= > &
2
2 0(2.92)tt
YK
<
( )0tAL
t t
YMPA L
= >
& ( )
2
2 0(2.93)tt t
YA L
&
2
2 0(2.95)tt
YL
0 : (t) (Kt) (2.109) , , , . , :
(2.96) 0(ln ) (ln ) (ln )ln ln ln
1 1 (2.110)
t t tt t t t
t
t t
t t
K d k d K d L ntk k K LL dt dt dt
dk dKn
K dt K dt
+= = =
=
dKt/dt=sYt-Kt, :
1 1 ( )(2.111)t t t tt t t t
dk sY dk sJd n nK dt K K dt k
= = +
Harrod Cobb-Douglas :
( )1 (2.109)1 1 (1 ) (1 ) (2.112)t t t t t t t t t t t t tY K A L A L k k L k Y L k += = =
-
54
(1 ) (2.113)t ty k +=
(0,1) =1->0 (2.111) (2.113) :
(1 ) 1 (1 )( 1)1 1( ) ( )(2.114)t tt tt t
dk dkask n sk n
k dt k dt + = + = +
(2.114) , , . , (2.114) =1, :
1 ( )(2.115)tt
dks n
k dt = +
, (s) (n) (). n>0, (2.115) (t) sa-. =1 . =1 (2.109), (2.112) (2.113) :
(2.116)t tA k= (2.117)t tY K= (2.118)t ty k= (2.116) (2.118), (At) (Yt) , s-(+n). ct st (;). (2.117) , . , s-, (APk=Y/K= MP=Yk/=), ( 2Yk/K
2t=k/Kt=0).
, . Kt
-
55
(2.117), () ( ), . 3 : 3.1 . (quantitative means) (qualitative means). (i) (fiscal) , (ii) (monetary) (credit) , (iii) (foreign exchange) (iv) (direct controls). . . 3.2 (i) [Government Spendings (GS)] (ii) [Taxes(TA)] [Public Borrowing(D)]. .
-
56
3.1 :
1 2 . ) (public consuption), , , (. , ), () (public investments),
&
/
/
..
-
57
(infrastructure projects), , , . (stocks) , () ( ). [Tranfer Payments (TP)] , . () , , . () . (i) (ii) . (, ) (direct) (indirect). () (income tax), (personal & corporate income tax), () (real estate tax), , [. (inheritance tax), ] () (employers contribution). ( ) ( ). 1% , (turnover tax) .. [Value Added Tax (V.A.T)], 2 , , , (consuption taxes). (import taxes) C.I.F , . , ,
-
58
. [Aggregate Taxes (TA)], () () .
(3.1)tTA T T = + , (GS) (G) (TR):
(3.2)t t tGS G TR= + (GS) (TA) ( ) (D):
(3.2) ( ) (3.3)t t t t t t t t tD GS TA G TA TR D G T= = Tt=TAt-TRt : . (3.3) . 1 DtTt, (deficit) Gt-Tt (public or fiscal budget deficit). . , . 1 : ( ) . . , , .
-
59
2 : . , . 3 : . , . LM. (wealth effect) , , , IS . , IS-LM LM. 1 : . , . , M0 ( ), , LM . IS, . , LM . . , , , . .
-
60
(Yt
s=Yt) (Yt
0), [Consumption (Ct)], [Investments(It)], [Government Expenditures(Gt)] [balance of trade(IXt)] :
(3.4)t t t t tY C I G IX= + + +
( )d
t tC C Y=
( ) 0(3.5)d
td
t
c YY
>
, (3.6)d
t t t t tY Y T Y TR TA= = +
( )et tI I r= , * 0(3.7)
e
te
t
I rr
TYe , 1=TYe 1TYe ), 1% ( 1= %) 1% ( 1>TYe 1>> %).
-
65
. . .
iii) , , . ( ) , , , , , .
iv) () , . (..., )
, . , . , , .
, , . , .
() .
,
-
66
, .
t , . , :
PG+iB=PT+++R+ (3.9)
: P: , G: ( ) , i: , : , : ( ), : , R: : .
(3.9) (PG) (iB). (3.9) (PT), (), () ()
R==0, (3.9) :
P(GT)+iB=++} }00
+R )3.3( =PD+iB
= PD
+i -
iy
iyy
Dy+
=
+
=
1
(3.10)
0
-
67
( ) ( ) ( ) ( )
=
+
= yyy
yy
yy
dtdy
dtdydt
dy
dtd
2222
={ {
)10.3(
)11.3(
=
yyy
yyy
( ) ( )
+
=++
= ry
iy
1
(3.12)
=: , y
y=
:
= ir : .
, , (3.12) =0 :
( ) += r (3.13)
( ) ( )r .
(. 000 ===
yD
),
(3.13) >r
-
68
, .
, 3:
yrr == (3.14)
( )1,0r : , : , y: .
(3.14) :
( ) ( )
+=
+=
+=+=+==
rdr
ydy
rdr
d
ydy
r
drd
ydyyr
r
dryrdrdyydrdrdyydrdrydd
1
yrr+= 1 (3.15)
=
r
drd
t :
yr
drdy
yr = :
(3.15) 1%,
yr
. r , , , r, . :
3 t. .
-
69
IS: ( ) ( ) GrgyCy d ++= , (3.16)
&
LM: )()( rlyk +=
(3.17)
( )yryy d =
= 1)14.3(
: ,
( )dyC : , 4
>
= 0(.) dy yCC d
,
),( ry : ,
= 0(.)&0(.)
ry ry ,
G: , ,
: , ,
k(y): ,
>
= 0(.) ykk y
)(rl : ,
5
-
70
LM, (y,r) .
(3.17) LM :
( ) 00
>=+=
r
yry l
kdydrdrldykd
321 (3.18)
(3.16) :
{++=
+==
+++=drdyCrydrCdy
dyrdrydyyry
dGdrdydyCdryyy
dd
ryd
yy
dd
d
)1()1()1()0()1(
0
[ ] +=+=dydr
dydryCCrdrdryCdyCr ryyyryyy dddd )1(1)1(1
+
==+
r
yryy
yy
r
yryy
lk
Cr
Cydr
dydydryC
lk
Crd
d
dd
)1(11)1(1
)18.3(
r
yryy
yyr
lk
Cr
rC
d
d
+
=
)1(1 (3.19)
(3.15) (3.19) :
r
yryy
r
yryy
r
lk
Cr
lk
C
d
d
+
+
=)1(1
1
(3.20)
r
yryy
yr
lk
C
rC
d
d
+
+
=
11
1
(3.21)
(3.20) (3.21) . () LM (
LM), 0=ry lk ,
-
71
(3.20) 0
-
72
[0,1], %100%0 r . ,
r=0% ( ) r=100% ( ), (=r) . (0,0) (100,0) Laffer. . , (.. 0% 20%) , Laffer. (r*) . (r*, 100), , , .
1981 , Laffer, , Ronald Reagan, . , Reaganomics. 1981~1983, , 7.
7
,
.
-
73
, , , , , . , , .
:
1 t=0 : 0000 == GD
2 t=1 (lump sum), :
01 GG = 01 = .
3 t=1,
111 = GD , r 1 .
4 t=2
: 0== ttt GD 2t .
, . t=2, t=1 . :
( ) 122 1 DrGT ++= (3.22)
, (3.22), t=1, . (Ricardian Equivalence theorem),
, ( ) .
-
74
111 = GD , (3.22) :
++= ))(1( 1122 GrG rGG
r ++=
+
+
112
12
1 (3.23)
, t=1 , .
3.3
, . . (i) , (ii) (iii) . (i) (ii) .
i)
(open market operations) . , , ( ) 8. , .
,
8 x ( ) i , ( ) ( )ix += 1 . ( ) ( )i .
-
75
. , . () , () , () () . , . () , () () , () () .
ii)
(discount rate) 9. , , (), () , () () . () . , .
, , . , , .
iii)
, [Monetary Base (MB)] [Currency (C)] [Total Reserves
9 1 . ( 610=x ), .
900.000 ( )6109.0 = : ( ) ( ) 1111.0
9.0109.0110110109.0 6
666
=+= ii 11.11%
-
76
(TR)], :
MB=TR+C (3.24)
, , [Required Reserves (RR)] [Excess Reserves (ER)]:
TR=RR+ER (3.25)
(r) (D) , :
RR=rD , 0
-
77
1 (c) (D):
1 =c+D (3.30)
(3.28), (3.29) (3.30) :
1 =c+D 1)28.3( =(1+c)D
)30.3(
++
+=
cer
c11
(3.31)
, (r). , , . , , . , , . , , , . .
, . , . , . r , , , , , .
-
78
, (e) . (3.31), e , , c , .
i)
, 1 2 . , .
ii)
. ) , ) , ) ... .
3.4
, .
(fixed exchange rates)
-
79
(managed or dirty float). 10 . .
, , , , (MB) . , , :
i)
, 11.
, :
ei
S
:...
... . ... ( ), [ (3.31)]. , , , ... [ (2.62), 53]
10
, Maastricht , , 15% . 11
,
[ (2.47), . 43]
-
80
, ... :
( ) eeiSS :...)()()(
, , 12, , ... [ (2.62), 53]
, . , , (overshooting) .
ii)
, . ..., , .
... 13, . , (sterilized intervention).
12 ...
111
==
t
tt
t
te
e
.
,
. 13
f
tt ii (2.62) , ( )[ ] tttt eee +1 .
-
81
3.5
, . , . , . :
,
, : (i) () , . (ii) , . (iii) . (iv) , , . (v) , , ...
, . , , . , , , .
,
-
82
. , ( ) . ( ).
( ) , , , . , (). .
.
. , .
.1
. 5
1 2 . .
- . , .
-
83
. , , (O.L.S.). ()
( )[ ]2
,0~ uNu .
. .
, . ( ) . () , () , .
(i) , (ii) , .
, :
( ) Ctttt uC ++= 10 (.1) ,00 10 1
-
84
.
, (6)
( )ttttttC &,,,, (.1)~(.5)
. .
, () , , () , . , () .
, , : 1 ,
(G), ( 0 ) ()
( 1 ), 2
, (f ),
.
(.2)~(.7) () , (.1), (.2), (.4) (.5), , () , , (.3) (.7) () , (.6), .
: 1 2 , , .. MPC (0,1) .
-
85
:
Cttt uC ++= 10 (.8) ( ) ( ) 0== CttCtt uuC , ( )2
,0~ uCt Nu
ttt GC += (.9)
,
( tC t ) , [ ]. .
:
+
+=
+=
++=
t
Ct
t
Ct
t
t
ttt
Cttt
Gu
GuC
GCuC 01
1
0110
111
11
111
+
+
=
+
+
=
111
0
11
1
1
0
111
1
111
Cttt
Cttt
uG
uGC
++=
++=
)11.()10.(
2210
1110
ttt
ttt
GGC
1122
1
111
1
010 1
&1
1,
1,
1
=
=
=
= Ct
u
0)(
11)(
1
=
= Ctttt uCC
0)(
11)(
1
=
= Ctttt u
(.10) (.11) , BLUE
-
86
0
1
,0
1
1
111
1
010 >
=
=
1
11
122 >=
:
=
=
=
=
=
=
22
111
22
100
22111
22010
1
111
1
010
1
1
(.8) ,
0 1 (ILS).
11 22
:
1111
0
10 )()(
=
+
+=
t
t
t
t
t
t
GG
GGC
43421
(.12)
&
2222
0
10 )()(
=
+
+=
t
t
t
t
t
t
GG
GG43421
(.13)
(.12)[(.13)] )( 2211 () .
-
87
Cta
t ueC t= 10 (.14)
. :
tttCttt eCunnC ++=++= 1010 )( ll (.15)
,, 00 == nnCC tt ll )( Ctt une l= .
(.15) t :
=
=
++=
111100
tt
t
tt
t
t
t
CddC
CddC
ddC
(.16)
=
=1
1t
t
(.15) ,
( ),C .
4.
. . [welfare (W)] , y z, :
W=W(y,z) (4.17)
-
88
. . , , y z.
W, [Loss Function (LF)] y z
y z .
, , :
LF= ( ) ( )22 += zzyyW (A.18)
**
, zy : y z .
:
Min LF= ( ) ( )2*2* zzyy +
s.t. zy 1110 (A.19)
maxmin yyy (A.20)
maxmin zzz (A.21)
(.18)
( )** , yz LF . .
-
89
, (z,y) (.19)~(.21), .
( )00 , yz ,
. 1 , .
5.
: (i) (decomposable), (ii) (causal) (iii) (indecomposable).
:
1 :
( iy )
( iz ), )( iii zfy = .
, ),( jijj zyfy = .
-
90
, ),,( lll zyyfy ji= ...
2 : . nn .
i ji X, 0.
(i) , . :
)( 111 zfy = (.22) ),( 2322 zyfy = (.23) ),( 3233 zyfy = (.24) ),( 4544 zyfy = (.25) ),( 5455 zyfy = (.26)
.1
( 1 ) 11 ,
-
91
. 1
51 2 3
4 51 2
3
4
1
2
3
0
5
(.22)
(.23)
(.24)
1 2
3
0
0
0 0
4
0
0
0
(.26)
0 0 0
0
0 0
0 0
(.25)
22 . ( ), ( ). , .
. 1z
1y , .
(ii) . :
)( 111 zfy = (.27) ),,( 23122 zyyfy = (.28) ),,( 32133 zyyfy = (.29)
),,,( 432144 zyyyfy = (.30)
.2.
-
92
, 3
( 321 ,, ) 1 3
2 22 . [ (.27)] , [
(.28) (.29)] , 1y , [ (.30)]
321 ,, yyy .
. , 1z
1y , .
. .2
(A.27) X 0 0 0(A.28) X X X 0(A.29) X X X 0(A.30) X X X X
Y1 Y2 Y3 Y4
(iii) , . :
),( 1311 zyfy = (.31) ),,,( 243122 zyyyfy = (.32)
),( 2133 yyfy = (.33) ),,( 33244 zyyfy = (.34)
.3. , , .
iz
iy .
-
93
. .3
(A.31) X 0 0(A.32) X X X (A.33) X X X 0(A.34) 0 X X X
y1 y2 y3 y4
),(1 ryfC tt = (.35) )(2 rfi =l (.36)
ttt iCy += (.37)
),(3 ttDt Rf = (.38) = mSt (.39)
St
Dtt == (.40)
+= rRt (.41)
ttt y= (.42)
tC : , ty : , r :
, ti : , Dt : , t :
, tR : , St :
, m : , : , :
-
94
t : . .
, . :
=
+=
=
)36.()()3()41.()2()39.()1(
2 rfirR
m
t
t
St
1
+=
=
)37.()5()39.(),()4( 3
ttt
ttDt
iCyRf
2
=
=
)42.()7()35.(),()6( 1
ttt
tt
yryfC
3
.4. , 6 , 6 . , .
(.39) 0 0 0 0 0 0 0(.41) 0 0 0 0 0 0 0(.36) 0 0 0 0 0 0 0(.38) 0 0 0 0 1(.37) 0 0 0 0(.42) 0 0 0 0 0(.35) 0 0 0 0 2
Pt
1
Mt Rt it Yt Ct yt
-
95
6: 6.1
. , , , .
(fixed) (absolute) . , .
, . , , . 6.2
: 1 . . 2 , , .
, (*) , (^) .
: , (.1)
(.2)
: , : , : : .
( ) .
-
96
, .
1 , , 2 , 3 4 .
, (.1) (.2) :
(.3)
, . , ,
. (.3) , .
: :
(.4) (.5)
(.6)
( ), . ( ) ( ), .
, . ,
( ) ( ).
(.4) ~
(.6) :
(.7)
-
97
(.5) (.8)
, , . ,
( ) .
: B , .
( ) (.4) (.6) :
(.9)
( ), . , (1) (2)
. 1 ( , ,
) 2 ( ), (.5) :
, .
: , :
-
98
: () : ().
( ), .
: Leontief:
u(v): () .
(.14) :
(Y*)
. =* :
, ,
. ,
: . (5) (2) [degrees of freedom (3)].
-
99
k=2 e=5 :
,
.1 . , . . , , . 1
( )
( ), 2 .
, , . r 0 1 Cg Igr 0 0 0 0 00 0 0 0 01 0 0 0Cg 0 0Ig 0
. Y* (.17) :
(.21)
, , (.16), (.18), (.19) (.20) :
-
100
, (.21)
(.22) , ( ) 1 2 .
(.21) (.22)
(.21) (.22).
:
.
: 1 () ( ), () ( ) () ( ). 2 . 3 . 4 , . . 5 .
-
101
, , .
6.3
, , . , .
, .
:
(-6.1)
:
(-6.2) (-6.1)
, (-6.2)
, .
. ,
(.23)
(.24)
-
102
(.23),
. (.24),
.
.
: . .
: , :
:
-
103
(.8) (.7) :
(.27) (.8)
:
, ( ) ( ) (.23), (.24)
7: 7.1
[Loss Function (LF)] , . . LF , , .
, . (flexible) (variable) (relative) .
-
104
, . .
7.2
() Lagrange () . (LF). , .
:
(7.1) (7.2)
:
: :
-
105
1 G C. (G) (Y) (C).
, , :
(7.8) LF,
. , (C) :
:
(7.9) (7.9)
:
:
(7.10) (7.3)
( :
-
106
,
,
, (LF=0). 7.3
, .
>
, .. , , (7.8) :
:
:
(7.14) :
:
-
107
.
(7.3) (7.15)
( ):
:
. >
:
:
:
-
108
(7.20) G. :
(7.21) (7.22),
. :
:
,
, , , . , . 7.4
, ,
-
109
. .
:
, (), (C) ( ), , , (G) (r), . , , .
:
, . (7.25)~(7.27) Y, C :
-
110
,
, (7.29) (7.31):
:
, . :
:
() ,
-
111
. (7.34) (7.29) (7.31):
,
, (7.28) :
,
,
.
.
, , .
, [
(7.29) (7.31)] .
. , .
-
112
9:
(..)
.
.. , r , (). . , .
(
):
..
.
: (6) IS
(r,Y), . IS (6). () ().
IS :
IS:
i) :
ii) :
iii) :
-
113
iv) :
, IS ( ( .
: (8) LM
(r,Y) . LM (). () LM ().
LM :
LM:
i)
ii)
iii)
IS LM (r,Y)
. , .. .. , .
IS-LM , (>0) , .
LM . (r,Y) IS. 9.1 , ,
IS.
-
114
1 IS . , 1:
2:
9.1
3:
-
115
LM1 LM2. , , , . (Y,r)
().
, , . .
2 9.1 IS LM IS LM1. LM LM2, , . , , .
, .
. 9.1
IS LM , IS .
. , . (Y,r) .
, . .
(Y,r) . , IS, . , (Y,r) . IS LM.
LM IS. :
-
116
IS-LM , r . , . : (i) r . (ii) Y r . () IS () IS .
> IS
IS :
)
, . :
,
:
:
LF
:
-
117
,
(11), :
..,
... . :
IS-LM
-9.2. LM
() , . ( IS LM.
) Y r
,
. :
,
:
,
, :
-
118
LF :
(17) :
(20) . :
(18) (20)
, :
(
-9.3 IS LM. LM , , .
-
119
.
> IS.
IS , r , (10). : 1 , LM IS,
( . , . 2 , , (Y,r) .
IS , , LM .
>
, . :
, :
-
120
, , , . IS (24)~(26) :
LM (27)
(28) :
u v :
,
. :
, . r ( ) (29):
(= ), (29) (30):
-
121
[ (11) (17)] [ (36) (37)], . (36) (37) ,
u v. (36) (37) :
(38)
..
( ) :
(39)
..
(= )
:
M(r)
.
.. (41) (40):
-
122