中山大学《宏观经济学》课件-第13章ConsumptionSaving.pptxVIP

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中山大学《宏观经济学》课件-第13章ConsumptionSaving.pptx

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2023/7/271Chapter 13Consumption and Saving中山大学《宏观经济学》 2023/7/272 Keynesian theory assumes that current consumption is determined by current disposable income: Is it reasonable? 2023/7/273 2023/7/274 2023/7/275 2023/7/276 2023/7/277 Keynesian theory assumes that current consumption is determined by current disposable income: Is it reasonable? 2023/7/278Franco Modigliani, Albert Ando and Richard Brumbergs: Life cycle theoryIndividuals plan their consumption and savings in the best possible way over their entire lifetimes.Key assumption: most people prefer stable lifestyles 2023/7/279In math, 2023/7/2710 2023/7/2711Simplest form of life cycle theory:individuals consume the same amount every year. 2023/7/2712 2023/7/2713ExampleSuppose an individual: Starts life at the beginning of age 21, works until the end of age 65, and dies at the end of age 80.years of life NL = 60, working life WL = 45.Has no initial wealth and annual labor income of YL = $30,000. 2023/7/2714Lifetime income: YL x WL= $30,000 x 45 = $1,350,000Consumption each year: C = $1,350,000/60 = $22,500 General consumption formula: 2023/7/2715Marginal propensity to consumeSuppose annual labor income increases permanently by $3,000: increase in consumption each year 2023/7/2716Suppose annual labor income increases by $3,000 for only one year: increase in consumption each year Marginal propensity to consume 2023/7/2717Suppose annual labor income increases by $3,000 for n year: increase in consumption each year Marginal propensity to consume 2023/7/2718MPC out of permanent income is large.MPC out of temporary income is small and fairly close to zero. 2023/7/2719What is the MPC out of wealth?How the changes in assets influence current consumption? 2023/7/2720Saving = income – consumptionAssets = initial wealth + accumulating saving 2023/7/2721Life Cycle Theory 2023/7/2722Homework (1)An individual starts life at the beginning of age 21, plans to work until the end of age 6