《西方经济学》课程PPT教学课件（宏观经济学）Chapter 17 Investment

Chapter 17 Investment Glossary ●Business fixed investment(企业因定投资) Equipment and structures that businesses buy for use in future production. ●Residential investment(居民投资) New housing bought by people to live in and by landlords to rent out

Glossary ⚫ Business fixed investment (企业固定投资) Equipment and structures that businesses buy for use in future production. ⚫ Residential investment(居民投资) New housing bought by people to live in and by landlords to rent out. Chapter 17 Investment

●nventory investment(存货投资) The change in the quantity of goods that firms hold in storage,including materials and supplies,work in process (加工中的产品)，and finished goods. Neoclassical model of investment The theory according to which investment depends on the deviation of the marginal product of capital from the cost of capital

⚫ Inventory investment (存货投资) The change in the quantity of goods that firms hold in storage, including materials and supplies, work in process (加工中的产品), and finished goods. ⚫ Neoclassical model of investment The theory according to which investment depends on the deviation of the marginal product of capital from the cost of capital

●Depression A very severe recession ●Cost of capital The amount forgone by holding a unit of capital for one period, including interest,depreciation,and the gain or loss from the change in the price of capital. ●Net investment The amount of investment after the replacement()of depreciated capital(一个时期的投资总额扣除现有资产的折l旧). The change in the capital stock(存量)

⚫ Depression A very severe recession ⚫ Cost of capital The amount forgone by holding a unit of capital for one period, including interest, depreciation, and the gain or loss from the change in the price of capital. ⚫ Net investment The amount of investment after the replacement(扣除)of depreciated capital(一个时期的投资总额扣除现有资产的折旧). The change in the capital stock(存量).

●Corporate income tax The tax levied on the accounting profit of corporations. ●Investment tax credit(投资税减免) A provision()of the corporate income tax that reduces a firm's tax when it buy new capital goods

⚫ Corporate income tax The tax levied on the accounting profit of corporations. ⚫ Investment tax credit(投资税减免) A provision(规定)of the corporate income tax that reduces a firm’s tax when it buy new capital goods

●Stock √1.A variable measured as a quantity at a point in time(存量) √2.Shares(份a额)of ownership in a corporation. ●Stock market A market in which shares of ownership in corporations are bought and sold

⚫ Stock ✓ 1. A variable measured as a quantity at a point in time(存量) ✓ 2. Shares(份额)of ownership in a corporation. ⚫ Stock market A market in which shares of ownership in corporations are bought and sold

●Tobin'sq The ratio of the market value of installed capital to its replacement cost(重置成本). ●Financing constraint(筹资限制) A limit on the quantity of funds a firm can raise-such as through borrowing-in order to buy capital. 注：重置成本·-由于设备磨损而须重新购置的成本

⚫ Tobin’s q The ratio of the market value of installed capital to its replacement cost (重置成本). ⚫ Financing constraint(筹资限制) A limit on the quantity of funds a firm can raise-such as through borrowing-in order to buy capital. 注：重置成本－-由于设备磨损而须重新购置的成本

●Production smoothing(生产平稳化) The motive for holding inventories according to which a firm can reduce its costs by keeping the amount of output it produces steady and allowing its stock of inventories to respond to fluctuating sales

⚫ Production smoothing(生产平稳化) The motive for holding inventories according to which a firm can reduce its costs by keeping the amount of output it produces steady and allowing its stock of inventories to respond to fluctuating sales

●Stock-out avoidance(避免脱销) The motive for holding inventories according to which firms keep extra goods on hand to prevent(防止)running out(将尽) if sales are unexpectedly high. ●Work in process Goods in inventory that are in the process of being completed

⚫ Stock-out avoidance(避免脱销) The motive for holding inventories according to which firms keep extra goods on hand to prevent(防止) running out(将尽) if sales are unexpectedly high. ⚫ Work in process Goods in inventory that are in the process of being completed

●Accelerator model(加速模型) The model according to which investment depends on the change in output. N=BY I=△N=BAY N是经济的存货量，I是存货投资一是存货量的变动△N

⚫ Accelerator model(加速模型) The model according to which investment depends on the change in output. N = ßY I = N = ßY N是经济的存货量, I 是存货投资—是存货量的变动N

Real rental price,R/P Capital supply Capital demand (MPK) K Capital stock,K The Rental Price of Capital

The Rental Price of Capital