电子科技大学：《高级宏观经济学 Advanced Macroeconomics》课程教学资源（课件讲稿）Lecture 08 Consumption

ADVANCED MACROECONOMICS Lecture 8 Consumption 电子科大经管学院马捷

ADVANCED MACROECONOMICS Lecture 8 Consumption 电子科大经管学院 马捷 1

Contents Review Consumption under Certainty -Consumption under Uncertainty Empirical Application ·Aggregate data Homework ·Household data Optimal Lifetime Portfolio 电子科大经管学院马捷 2

Contents  Review  Consumption under Certainty  Consumption under Uncertainty  Empirical Application • Aggregate data • Household data  Optimal Lifetime Portfolio 电子科大经管学院 马捷 Homework 2

Review A.Consumption: C=fY)） B.Marginal Propensity of Consumption, MPC=f(Y) 电子科大经管学院马捷 3 元元元元元

Review A. Consumption： C= f(Y) B. Marginal Propensity of Consumption, MPC=f’(Y) 电子科大经管学院 马捷 3

Example of Decreasing MPC Y() C(2) C/Y(3) MPC(4) A 9000 9110 1.01 B 10000 10000 1.00 0.89 C 11000 10850 0.99 0.85 D 12000 11600 0.97 0.75 E 13000 12240 0.94 0.64 F 14000 12830 0.92 0.59 G 15000 13360 0.89 0.53 电子科大经官学阮与捷 元元元元元

Example of Decreasing MPC Y(1) C(2) C/Y(3) MPC(4) A 9000 9110 1.01 B 10000 10000 1.00 0.89 C 11000 10850 0.99 0.85 D 12000 11600 0.97 0.75 E 13000 12240 0.94 0.64 F 14000 12830 0.92 0.59 G 15000 13360 0.89 0.53 电子科大经管学院 马捷 4

MPC and C Curve C Short term C curve 4 C=C+cY 3 2 1 0 1 2 3 4 电子科大经管学院马捷 5

MPC and C Curve Short term C curve C= Ｃ + ｃ Y 0 1 1 2 2 3 3 4 4 C Y 电子科大经管学院 马捷 5

Example of Constant MPC Y(1) C(2) CY(3) MPC(4) a 0 0.75 00 b 1 1.5 1.50 0.75 C 2 2.25 1.125 0.75 d 3 3.0 1.0 0.75 e 4 3.75 0.936 0.75 f 5 4.50 0.9 0.75 g 6 5.25 0.875 0.75 电子科大经管学院马捷 6 元 元元元元

Example of Constant MPC Y(1) C(2) C/Y(3) MPC(4) a 0 0.75 ∞ b 1 1.5 1.50 0.75 c 2 2.25 1.125 0.75 d 3 3.0 1.0 0.75 e 4 3.75 0.936 0.75 f 5 4.50 0.9 0.75 g 6 5.25 0.875 0.75 电子科大经管学院 马捷 6

MPC and C Curve 45°线 5 C MPC=0.75 消费函数 4 e 3 △C=0.75 2 b △YD=1 通子科大经备学院马建 5 7

消费函数 1 2 3 4 5 012345 a b c d e f 45o 线 C = 0.75 MPC= 0.75 MPC and C Curve YD = 1 C Y 电子科大经管学院 马捷 7

Change of Consumption A.Movement of consumption 4 point 3 Reason:Change 2 b of disposable income 0 电子科大经管学虎马捷2 3 4 8

Change of Consumption A. Movement of consumption point Reason: Change of disposable income a b c d e f 0 1 1 2 2 3 3 4 4 电子科大经管学院 马捷 8

Change of Consumption in AD-AS 4 3 AS 2 AD2 1 AD1 0 子科大经学院马捷 9

Change of Consumption in AD-AS 1 2 3 4 012345 AS AD1 P Y AD2 电子科大经管学院 马捷 9

Absolute Income Hypothesis The consumption level of a household depends not on its relative income but on its absolute level of income C=C+cY C>00<c<1 0<MPC<1, MPC<0,MPC<APC=C/Y 电子科大经管学院马捷 10

Absolute Income Hypothesis  The consumption level of a household depends not on its relative income but on its absolute level of income  0<MPC<1, , MPC<APC=C/Y 电子科大经管学院 马捷  0 dY dMPC C C0 cY, C0  0, 0  c  1 10