《金融学简明教程》教学课件习题答案第五章资源的时间配置

1、4、如果您2007年的可支配收入为 80000元，消费支出为 60000元，2008年的可支配收入为100000元，消费支出为 65000元。 假定您的边际消费彳向不变，如果 2009年您的可支配收入为120000元，根据绝对收入假说，您的消费和储蓄各为多少？平均消费和储蓄倾向有何变化？解：C a CY边际消费倾向 MPC65000 60000 0.25100000 80000消费函数常数a C所以，消费函数是C40000 0.25YcY 60000 0.25 80000 40000 （元）2009年的消费C20092009年的储蓄S200940000 0.25 120000 70000 （元

2、）Y009 C2009 120000 70000 50000 （元）2007年-2009年平均消费倾向逐年下降:APC200760000800000.75 ,APC2008650001000000.65, APC2009700001200000.58相应地，2007年-2009年平均储蓄倾向逐年递增:APS2007 1 0.75 0.25, APS2008 1 0.65 0.35, APS200g 1 0.58 0.425、假设一个人22岁大学毕业开始工作，父母给他10万元资金的支持1,第一年劳动收入为5万元，每年按5%勺速度增长，60岁退休，预期寿命为 80岁。预测未来几十年的年平均通 货膨

3、胀率为2%名义投资U攵益率为 4%他希望实际消费水平也能够每年增长2%还给子女留下遗产100万元。不考虑所得税和养老金的影响。请你给他做一个生命周期的消费储蓄规划。 TOC o 1-5 h z n C.B.m Y.解：考虑有遗产的生命周期规划：C-W0tT(1 i) (1 i)tT(1 i)丫 (1 g)Y1Ct(1k)C-St Y CtW(1i)WGSt其中，T22,m60, n80,i 4% , Bt 1000000, W0 100000, g 5%,i4%,k2% ,2%利用excel可以生成生命周期内的消费支出情况如下表4-1和下图4-1 :表4-1 修正的生命周期消费储蓄规划单位：元

4、1这里，我们考虑父母的10万元支持源于22岁的期初212223242526272829303132333435363738394041424344454647484950515253545556575859606162100000.00114108.54129685.76146851.59165734.44186471.76209210.65234108.43261333.35291065.24323496.28358831.75397290.92439107.86484532.42533831.19587288.58645207.90707912.54775747.22849079.3392

5、8300.291013827.051106103.641205602.871312828.041428314.811552633.171686389.531830228.911984837.292150944.042329324.552520803.032726255.322946612.123182862.123436055.553707307.783997803.213973561.763940984.5150000.0052500.0055125.0057881.2560775.3163814.0867004.7870355.0273872.7777566.4181444.7385516

6、.9789792.8294282.4698996.58103946.41109143.73114600.92120330.96126347.51132664.89139298.13146263.04153576.19161255.00169317.75177783.63186672.82196006.46205806.78216097.12226901.97238247.07250159.43262667.40275800.77289590.81304070.35319273.860.000.0039891.4641487.1243146.6044872.4746667.3748534.065

7、0475.4252494.4454594.2256777.9959049.1161411.0763867.5166422.2169079.1071842.2774715.9677704.5980812.7884045.2987407.1090903.3994539.5298321.10102253.95106344.10110597.87115021.78119622.65124407.56129383.86134559.22139941.59145539.25151360.82157415.25163711.86170260.34177070.75184153.58191519.721010

8、8.5411012.8811978.4013008.7814107.9515280.0216529.3617860.5819278.5520788.4222395.6324105.9025925.3027860.2429917.4832104.1434427.7736896.3239518.1842302.2245257.7848394.7451723.5255255.0959001.0562973.6467185.7771651.0376383.8081399.2286713.2692342.7698305.49104620.18111306.58118385.52125878.951338

9、10.01142203.12-184153.58-191519.72630.00199180.51-199180.513899443.38640.00207147.73-207147.733848273.38650.00215433.64-215433.643786770.67660.00224050.99-224050.993714190.51670.00233013.03-233013.033629745.11680.00242333.55-242333.553532601.37690.00252026.89-252026.893421878.53700.00262107.96-262107.963296645.71710.00272592.28-272592.283155919.25720.00283495.97-283495.972998660.05730.00294835.81-294835.812823770.64740.00306629.25-306629.252630092.22750.00318894.42-318894.422416401.49760.00331650.19-331650.192181407.36770.00344