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1、消费、投资与储蓄消费、投资与储蓄Consumption ，Investment and Saving第第24章章Chapter 24(对应教材对应教材24，25，26）涉挺裔热蚁拆融罚惟岩罩煤丈植悬富丘氛怠众推譬伟表霓蹬岳抹固瞪躺润消费投资与储蓄Production and GrowthGDP的构成的构成The Composition of GDP u消费消费 Consumption (C) u投资投资 Investment (I) u政府支出政府支出 Government Spending (G) u净出口净出口 Net Exports (X Q) u库存投资库存投资 Inventory I
2、nvestment (Is) 宏鸿淋早捣嫌啄拈刊石扬竟将歼佑咏厢悬院眶团亨劈筹致闭瓮彩俐辆挤邑消费投资与储蓄Production and Growth消费消费Consumption u消费代表消费者购买的物品与服务。消费代表消费者购买的物品与服务。 Consumption (C) represent goods and services purchased by consumers. 食物，机票，度假，新车，食物，机票，度假，新车， Food, airline tickets, vacations, new cars, 较尉怯椰侮朗柒堂巴萄每沤赡砌学蒲泥渐搁呵明淆糙义骇火牧尝炙食柞汇消费投资与
3、储蓄Production and Growth投资投资Investment u投资有时被称作固定投资，以区别于库存投资投资有时被称作固定投资，以区别于库存投资 Investment (I) is sometimes called fixed investment to distinguish it from inventory investment. u投资是非居民投资和居民投资之和。前者指企业投资是非居民投资和居民投资之和。前者指企业对于新工厂与及其的购买（例如涡轮机、计算机对于新工厂与及其的购买（例如涡轮机、计算机），后者指人们对于新房屋或公寓的购买），后者指人们对于新房屋或公寓的购买 I
4、nvestment is the sum of nonresidential investment, the purchase by firm of new plants or new machines (from turbine to computers), and residential investment, the purchase by people of new houses or apartments. 隔怎距蹈附弊旁梗念申襄庄蔷抽肠涝嫂伪它矩预傻佳们篙睡枷瘴早讥悄动消费投资与储蓄Production and Growth投资投资Investment u企业购买机器或者厂房是为了
5、能够在将企业购买机器或者厂房是为了能够在将来生产更多的产出。来生产更多的产出。 Firms buy machines or plants to be able to product more output in the future. u人们购买房屋或者公寓是为了未来得到人们购买房屋或者公寓是为了未来得到住房服务。住房服务。 People buy houses or apartments to get housing services in the future. 游账围接楼益酬学燕扑竟巩都壶示霸油斤扦僧集斯沙楷愿滚锈羡闺晃掀盈消费投资与储蓄Production and Growth政府支出政
6、府支出Government Spending u政府支出代表联邦、州和地方政府购买的物品和服务政府支出代表联邦、州和地方政府购买的物品和服务 Government Spending, (G), represents the purchase of goods and services by the federal, state, and local governments. 物品包括飞机到办公设备。物品包括飞机到办公设备。 The goods range from airplanes to office equipment. 服务包括政府雇员提供的服务。服务包括政府雇员提供的服务。 The s
7、ervices include services provided by government employees. 实际上，国民收入帐户认为是政府购买了政府雇员提供的服务实际上，国民收入帐户认为是政府购买了政府雇员提供的服务 然后免费提供给公众。然后免费提供给公众。 In effect, the national income accounts treat the government as buying the services provided by government employee and then providing these services to the public,
8、free of charge. 苯眼痢秒鼻档驱柠援鼻唱筒算请童决阂咐借琐紊移浦焙豢禽客铲七真棱滨消费投资与储蓄Production and Growth政府支出政府支出Government Spending uG不包括政府转移支付，例如医疗保险或者不包括政府转移支付，例如医疗保险或者社会保险，也不包括政府支付的债务利息。社会保险，也不包括政府支付的债务利息。 G does not include government transfers, such as Medicare or Social Security, nor interest payments on the government d
9、ebt. u虽然这些属于政府的开支，但他们不是对于虽然这些属于政府的开支，但他们不是对于物品和服务的购买。物品和服务的购买。 Although these are clearly government expenditures, they are not purchases of goods and services. 卜芝伟犬卢赊估瑟士娜沏烹潞吾轩忙葵娇叁墨耸饭讶潭别波粉铰贪窍砾家消费投资与储蓄Production and Growth净出口净出口Net Exports u进口代表消费者、企业或者政府购买的外国的物品进口代表消费者、企业或者政府购买的外国的物品和服务。和服务。 Imports
10、 (Q) represents the purchases of foreign goods and services by U.S. consumers, U.S. firms, and the U.S. government. u出口代表外国购买的本国的物品和服务。出口代表外国购买的本国的物品和服务。 Exports (X) represents the purchases of U.S. goods and services by foreigners. u出口和进口之差被称作净出口，或贸易余额。出口和进口之差被称作净出口，或贸易余额。 The difference between ex
11、ports and imports, (X Q), is called net exports, or the trade balance. 勺汉敖绵衅态藕证埔庶仪诣牲忍馈惕摧筛渡逛酒弘缘焉刚阵涣实萄桑耍喉消费投资与储蓄Production and Growth净出口净出口Net Exports u如果出口大于进口，一国就有了贸易盈如果出口大于进口，一国就有了贸易盈余。余。 If exports exceed imports, a country is said to run a trade surplus. u如果出口小于进口，该国就有了贸易赤字。如果出口小于进口，该国就有了贸易赤字。 If
12、 exports are less than imports, the country is said to run a trade deficit. 他罪摄迎鉴韧定胰挡厚诧瞄灼泡洗笨凳殆跟舷熟屏统曹实有吻婉玫佣斗姜消费投资与储蓄Production and Growth库存投资库存投资Inventory Investment u一些物品是某年生产的，但不在该年出售，而是来一些物品是某年生产的，但不在该年出售，而是来年出售。一些物品是某年出售的，但却是往年生产年出售。一些物品是某年出售的，但却是往年生产的。的。 Some of the goods produced in a given yea
13、r are not sold in that year, but sold in later year. Some of the goods sold in a given year may have been produced in an earlier year. u某年的物品生产量与出售量之差被称作库存投资。某年的物品生产量与出售量之差被称作库存投资。 The difference between goods produced and goods sold in a given year equivalently, between production and sales is call
14、ed inventory investment and is denoted Is. 约姐主覆胯泛涵彪决子家棋斯漫舱忌峦率衣舒般础固锹藩夜洪夏唾般麓答消费投资与储蓄Production and Growth库存投资库存投资Inventory Investmentu如果生产大于销售，企业积累库存。库存投如果生产大于销售，企业积累库存。库存投资是正的。资是正的。 If produce exceeds sales, firm accumulate inventories. Inventory investment is positive. u如果生产小于销售，企业减少库存。库存投如果生产小于销售，企
15、业减少库存。库存投资为负。资为负。 If produce is less than sales, firms decrease inventories. Inventory investment is negative. 羚须速政垢期涝枚湿宣衰夺栓坦晋红枪莆熟素扼啊副直搓甭刊镀乾迟余始消费投资与储蓄Production and Growth消费的决定因素消费的决定因素The Determination of Consumption u消费的主要决定因素显然是收入，更准确的说，是消费的主要决定因素显然是收入，更准确的说，是可支配收入，即消费者在得到来自政府的转移支付可支配收入，即消费者在得到来自
16、政府的转移支付并支付税收后剩下的收入。并支付税收后剩下的收入。 The main determinant of consumption (C) is surely income, or more precisely disposable income (YD), the income that remains once consumers have received transfers from the government and paid their taxes. C = C(YD) (+) u函数函数C(YD) 被称作消费函数。被称作消费函数。 The function C(YD) is
17、 called the consumption function. 足隘注球炼享卑醚从墩增郎窗砸抬滔稿碧鹅珐副毡玖厩勺昧莫咖截憋处堵消费投资与储蓄Production and Growth消费的决定因素消费的决定因素The Determination of Consumptionu经济学家把这样的方程叫做行为方程，经济学家把这样的方程叫做行为方程，因为这一方程反映了某些方面的行为因为这一方程反映了某些方面的行为这里是消费者的行为。这里是消费者的行为。 Economists call such an equation a behavioral equation, to indicate that
18、 the equation reflect some aspect of behavior in this case, the behavior of consumers. 募墙耽揪涧炬锥茶舷椰锹撰禁抵温之白失桅卉赴咨洼唱幕臂筏伟纪直与掐消费投资与储蓄Production and Growth消费的决定因素消费的决定因素The Determination of Consumptionu假定消费函数是线性的。假定消费函数是线性的。 Assume that the consumption function is a linear relation. C = c0 + c1YD u参数参数c1被称作
19、（边际）消费倾向。被称作（边际）消费倾向。0c11。 The parameter c1 is called the (marginal ) propensity to consume. 0c10. 如果收入为零，人们通过动用储蓄如果收入为零，人们通过动用储蓄卖掉现有资产来保持正的消费。卖掉现有资产来保持正的消费。 People have positive consumption if their income is zero by dissaving by selling some of their assets, or by borrowing. 炒推恰版阜由疽踞遥蓖悸蛀邢位唱紊恰居葬难唤岿
20、道详椿获桐舒硅签哄色消费投资与储蓄Production and Growth消费的决定因素消费的决定因素The Determination of Consumption猛崖讹尾挠发症形他俄絮诵桔话慈涸驶锣氖群墨酱愚味摘炕骑甲峡霸炮畅消费投资与储蓄Production and Growth消费的决定因素消费的决定因素The Determination of Consumptionu可支配收入等于：可支配收入等于： Disposable income is given by YD Y T 这里这里Y是收入，是收入，T是税收减去消费者得到的政是税收减去消费者得到的政府转移支付。府转移支付。 wher
21、e Y is income and T is taxes paid minus government transfers received by consumers. u这是一个恒等式。这是一个恒等式。 This equation is an identity. C = c0 + c1(Y T) 惠距漂锥觉尖仆揉学浮秉钻煮颖力王备崭吉赎疮辙炮翱塘掏咖步梢锑红屑消费投资与储蓄Production and Growth为什么价格不再是决定消费的主要因素？为什么价格不再是决定消费的主要因素？u在微观经济学中，消费者对某一物品的在微观经济学中，消费者对某一物品的需求取决于它的相对价格，即它相对于需求取
22、决于它的相对价格，即它相对于其他物品的价格。其他物品的价格。u在宏观经济学中，所有物品（看成一种在宏观经济学中，所有物品（看成一种物品）的消费需求与整体物价水平的关物品）的消费需求与整体物价水平的关系，最终体现在物价水平对消费者的购系，最终体现在物价水平对消费者的购买力买力实际收入实际收入的影响当中。的影响当中。 非式怕剧朗芋绷悸艺篓靖柠奋乳傀目杰毛咒下助锄凡航沽秀芥狰葬歹唾厩消费投资与储蓄Production and Growth投资的决定因素投资的决定因素The Determination of Investment u我们将投资视为给定，写成：我们将投资视为给定，写成： We shall
23、 take investment as given, and write 罩徘也拉潍辞墩稀拷钮鹅渍淘负弱让沁摆绅沥蔗盏裳瘟元氖簿宫曲炭篆朋消费投资与储蓄Production and Growth投资的决定因素投资的决定因素The Determination of Investment u模型有两类变量：模型有两类变量： Models have two types of variables. 一些变量依赖于模型中的其他变量，因而在模一些变量依赖于模型中的其他变量，因而在模型内得到解释型内得到解释内生变量。例如，消费。内生变量。例如，消费。 Some variables depend on oth
24、er variables in the model, and are therefore explained within the model Endogenous variables. E.g., consumption (C) 另外一些变量不在模型内进行解释而是给定的另外一些变量不在模型内进行解释而是给定的 外生变量。例如，投资。外生变量。例如，投资。 Other variables are not explained within the model but are instead taken as given Exogenous variables. E.g., investment
25、(I) 逆研疟居已次议植向拘堪己留扁但察锭挑朔绣妄怯哥红紫墨微昧猎齿颠跨消费投资与储蓄Production and Growth投资等于储蓄：考虑物品市场均衡的另一方法投资等于储蓄：考虑物品市场均衡的另一方法Investment Equals Saving: An Alternative Way of Thinking About Goods-Market Equilibrium u到目前为止我们考虑均衡都是关注的供给到目前为止我们考虑均衡都是关注的供给与需求之间的相互作用。与需求之间的相互作用。 Thus far we have thought about equilibrium in te
26、rms of interaction between the supply and the demand for goods. u另一考虑均衡的等价方法是关注投资与储另一考虑均衡的等价方法是关注投资与储蓄。蓄。 An alternative but equivalent way of thinking about equilibrium focuses on investment and saving instead. 录疥钵谜草纹顷侧榷疼蛆杯锹庐动迁穷出牢枉胞箔邯屋闷宾珠堆撼搞嚷况消费投资与储蓄Production and Growth投资等于储蓄：考虑物品市场均衡的另一方法投资等于储蓄：考
27、虑物品市场均衡的另一方法Investment Equals Saving: An Alternative Way of Thinking About Goods-Market Equilibriumu私人储蓄，也就是消费者的储蓄，等于可支配收入私人储蓄，也就是消费者的储蓄，等于可支配收入减去消费。减去消费。 Private saving (S), saving by consumers, is equal to their disposable income minus their consumption 我们将我们将(1-c1) 称为储蓄倾向。称为储蓄倾向。 We call (1-c1) t
28、he propensity to save. 册需睡涵藐芹吁游琼疏颠错手傻唬监飘持弧掷掉啦酚让间挫塑吓渠超磨烟消费投资与储蓄Production and Growth投资等于储蓄：考虑物品市场均衡的另一方法投资等于储蓄：考虑物品市场均衡的另一方法Investment Equals Saving: An Alternative Way of Thinking About Goods-Market Equilibriumu公共储蓄等于税收减去政府支出。公共储蓄等于税收减去政府支出。 Public saving (T G), is equal to taxes minus government sp
29、ending. 螟叉芯坟铱确锅涩只诱孕佐踞谆燥歇柄谈皿拧乓彰坝缔军抖祷泣斋经剪耍消费投资与储蓄Production and Growth投资等于储蓄：考虑物品市场均衡的另一方法投资等于储蓄：考虑物品市场均衡的另一方法Investment Equals Saving: An Alternative Way of Thinking About Goods-Market Equilibrium难芳古扫汪迸期诊爬狰寿骤厘寄那溯痒蚁今利僵酶喊览吩驱甄决粕酉彻瓶消费投资与储蓄Production and Growth投资等于储蓄：考虑物品市场均衡的另一方法投资等于储蓄：考虑物品市场均衡的另一方法Inves
30、tment Equals Saving: An Alternative Way of Thinking About Goods-Market Equilibriumu物品市场的均衡要求投资等于储蓄物品市场的均衡要求投资等于储蓄私人储蓄加私人储蓄加上公共储蓄之和。上公共储蓄之和。 Equilibrium in the goods market requires that investment equals saving the sum of private and public saving. u这一考虑均衡的方法解释了为什么物品市场的均衡这一考虑均衡的方法解释了为什么物品市场的均衡条件被称作条
31、件被称作IS关系（投资和储蓄的首字母）。关系（投资和储蓄的首字母）。 This way of looking at equilibrium explains why the equilibrium condition for the goods market is called the IS relation, for “Investment equals Saving.” u储蓄是通过产出的调整来满足既定的投资需求的。储蓄是通过产出的调整来满足既定的投资需求的。 Saving (S) adjusts to meet given investment demand (I) through th
32、e adjustment of production (Y). 概泡紊冕渣亲粹姆见符锈拴弃憎著缨寞彬辱晴馋颤堕向暂冬糙男怂畴闹听消费投资与储蓄Production and Growth储蓄悖论储蓄悖论The Paradox of Saving u人们增加储蓄的企图导致产出下降而储人们增加储蓄的企图导致产出下降而储蓄不变。蓄不变。 Attempts by people to save more lead both to a decline in output and to unchanged saving. u这一令人吃惊的结果组合被称为储蓄悖这一令人吃惊的结果组合被称为储蓄悖论。论。 This
33、 surprising pair of results is known as the paradox of saving 骋产瘦日渴增射针鼎拙舞遵捎栋穗瓜法臆田富壁蛙腾引幕伤颇沽暖极滤迂消费投资与储蓄Production and Growth增加储蓄的结果增加储蓄的结果The Effect of Increasing Saving 非淘呀晨雁籍懊筏什善峨灶岩凑墨兄童两钥档方锐畅蒋只粱形疗敏叹敢绣消费投资与储蓄Production and Growth增加储蓄的结果增加储蓄的结果The Effect of Increasing Saving u这一简单模型的结果在短期更适用。这一简单模型的结果
34、在短期更适用。 The results of this simple model are of much relevance in the short run. u但在中期或者长期，其他机制慢慢开始起作用，储但在中期或者长期，其他机制慢慢开始起作用，储蓄率的提高有可能导致高储蓄和高产出。蓄率的提高有可能导致高储蓄和高产出。 But at the medium and the long run, other mechanisms come into play over time and an increase in the saving rate is likely lead to higher
35、 saving and higher income. u在中期和长期鼓励储蓄的政策，在短期内却可能导在中期和长期鼓励储蓄的政策，在短期内却可能导致衰退。致衰退。 Policies that encourage saving may be good in the medium and the long run, but may lead to a recession in the short run. 渝礼蒸德采葛锭顽根歉室胃亭孝软斑孽至送抚旦鼓蛔谷碟垂照材织吊铂头消费投资与储蓄Production and Growth总结总结SummaryuGDP是消费、投资、政府支出、出口减是消费、投资、政
36、府支出、出口减进口、库存投资之和。进口、库存投资之和。 GDP is the sum of consumption, plus investment, plus government spending, plus exports, minus imports, plus inventory investment. 烙交雌插桃簇慌桩星疫绥旺沿坑娇阿浸宙国兼优徘撂匙饵尺酣培吓裂耙科消费投资与储蓄Production and Growth总结总结Summaryu消费函数表示消费如何取决于可支配收入。消费函数表示消费如何取决于可支配收入。 The consumption function shows
37、how consumption depends on disposable income. u消费倾向描述消费随着可支配收入的既定增消费倾向描述消费随着可支配收入的既定增加而增加的大小。加而增加的大小。 The propensity to consume describes how much consumption increases for a given increase in disposable income. 末菇炼择超尉缚哪撵久噶魏梁震碾搪篆用归爹哺片级峦应暗叮栋见野花郊消费投资与储蓄Production and Growth总结总结Summaryu表达物品市场均衡条件的另一方法是储表达物品市场均衡条件的另一方法是储蓄等于投资。蓄等于投资。 An alternative way of stating the goods-market equilibrium condition is that investment must be equal to saving. 狼鸡廉靛嗜键屋值型炙闲伏皱焙渣数曰挑郧辩曰奇坛苦宗卷呆孽咐斥丑嗅消费投资与储蓄Production and Growth精品精品课课件件资资料分享料分享 SL出品出品尉蚕冤慌链判仗宏侥缓蕊遥雾守剂胜买制吊王近亏健昼尘句怯厨楼酮楞波消费投资与储蓄Production and Growth
