曼昆经济学原理26课件幻灯片.pptVIP

* * 2 * * * * * * * * * * * * * * * * * * * * * * * Summary The U.S. financial system is made up of financial institutions such as the bond market, the stock market, banks, and mutual funds. All these institutions act to direct the resources of households who want to save some of their income into the hands of households and firms who want to borrow. 小结 美国金融体系由各种金融机构所组成，例如，债券市场、股票市场、银行和共同基金。 所有这些机构的作用都是使那些想把一部分收入储蓄起来的家庭的资源流入那些想借款的家庭和企业的手中。 Summary National income accounting identities reveal some important relationships among macroeconomic variables. In particular, in a closed economy, national saving must equal investment. Financial institutions attempt to match one person’s saving with another person’s investment. 小结 国民收入帐号恒等式说明了宏观经济变量之间的一些重要关系。 特别是，对一个封闭经济来说，国民储蓄一定等于投资。 金融机构是经济使一个人的储蓄与另一个人的投资相匹配的机制。 Summary The interest rate is determined by the supply and demand for loanable funds. The supply of loanable funds comes from households who want to save some of their income. The demand for loanable funds comes from households and firms who want to borrow for investment. 小结 利率由可贷资金的供求决定。 可贷资金的供给来自想把自己一部分收入储蓄起来并借出去的家庭。 可贷资金的需求来自想借款投资的家庭和企业。 Summary National saving equals private saving plus public saving. A government budget deficit represents negative public saving and, therefore, reduces national saving and the supply of loanable funds. When a government budget deficit crowds out investment, it reduces the growth of productivity and GDP. 小结 国民储蓄等于私人储蓄加公共储蓄。 政府预算赤字代表负的公共储蓄，从而减少了国民储蓄和可用于为投资筹资的可贷资金的供给。 当政府预算赤字挤出了投资时，它就降低了生产率和GDP的增长。 * * * * * * * * * * * * * * * * * * * * * * * * 储蓄与投资的含义 预算盈余与预算赤字 如果TG，政府由于得到的资金大于支出，政府有预算赢余。 这种 T-G 的盈余代表 公共储蓄。 如果 GT， 政府支出大于其税收收入，政府有预算赤字。 The Meaning of Saving and Investment  储蓄与投资的含义 For the economy as a whole, saving must be equal to investment. 对整个经济而言，储蓄必定等于投资。 S = I The Market for Loanable Funds可贷资金市场 Financial markets coordinate the economy’s saving and investment in the market for loanable funds. 金融市场在 可贷资金市场上协调经济中的储蓄与投资。 T