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1、Chapter 4 Economic Growth 1 The Solow growth model The accumulation of capital The golden rule level of capital Population growth Conclusion Slide 1 Mankiw:Macroeconomics, 4/e by Worth Publishers, Inc. 4-1The accumulation of capital The supply and demand for goods Growth in the capital stock and the
2、 steady state Approaching the steady state: a numerical example How saving affects growth The supply and demand for goods The supply of goods and the production function Y = F(K,L) z Y=F (z K, z L) ， If：z = 1/L, Y/L = F(K/L,1) y=f (k) MPK = f(k+1) f (k) Slide 2 Mankiw:Macroeconomics, 4/e by Worth Pu
3、blishers, Inc. The demand function for goods and the consumption function y = c i c= (1-s)y y = (1-s)y + i i = s y k*/f (k*) = s / Growth in the capital stock and the steady state i=s f (k) Change in capital stock = investment depreciation k =i k = s f (k) k If k = 0 , s f (k) = k Slide 3 Mankiw:Mac
4、roeconomics, 4/e by Worth Publishers, Inc. Slide 4 Mankiw:Macroeconomics, 4/e by Worth Publishers, Inc. Slide 5 Mankiw:Macroeconomics, 4/e by Worth Publishers, Inc. Approaching the steady state: a numerical example Slide 6 Mankiw:Macroeconomics, 4/e by Worth Publishers, Inc. How saving affects growt
5、h If the saving rate is high, the economy will have a large capital stock and high level of output. If the savings rate is low, the economy will have a small capital stock and a low level of output. Slide 7 Mankiw:Macroeconomics, 4/e by Worth Publishers, Inc. Slide 8 Mankiw:Macroeconomics, 4/e by Wo
6、rth Publishers, Inc. 4-2 The Golden Rule level of capital Comparing steady state Finding the Golden Rule steady state: a numerical example The transition to the Golden Rule steady state Comparing steady state The steady-state value of k that maximize consumption is call the Golden Rule level of capi
7、tal. c* = f (k*) k* MPK = 0，MPK = At the Golden Rule level of capital, the marginal product of capital equals the depreciation rate. Slide 9 Mankiw:Macroeconomics, 4/e by Worth Publishers, Inc. Slide 10 Mankiw:Macroeconomics, 4/e by Worth Publishers, Inc. Slide 11 Mankiw:Macroeconomics, 4/e by Worth
8、 Publishers, Inc. The transition to the Golden Rule steady state When the economy begins above the Golden Rule, reach the Golden Rule produces higher consumption at all points in time. When the economy begins below the Golden Rule, reaching the Golden Rule requires initially reducing consumption to
9、increase consumption in the future. “Do unto others as you would have them do unto you.” Slide 12 Mankiw:Macroeconomics, 4/e by Worth Publishers, Inc. Slide 13 Mankiw:Macroeconomics, 4/e by Worth Publishers, Inc. 4-3 Population Growth The steady state with population growth k = s f (k) ( + n )k The effects of population growth MPK =n Slide 14 Mankiw:Macroeconomics, 4/e by Worth Publishers, Inc. Slide 15 Mankiw:Macroeconomics, 4/e by Worth Publishers, Inc. Slide 16 Mankiw:Macroeconomics, 4/e by Worth Publishers, Inc.
