宏观经济学Investment.ppt

1、介绍了Chapter 17 investment、investment、chapter 17 investment、in this chapter、you will learn以及每种投资类型的主要理论。why investment is negatively related to the interest rate为什么投资和利率为负的相关things that shift the investment function投资函数移动因素why investment rises during Booms as、chapter 17 investment、three types of inves

2、tment、Business fixed investment固定资产投资： businesses spending on equipment and structures库存管理系统存货投资： the value of the change in inventories of finished good Materials and supplies，and work in progress，chapter假设有两种茄子类型：production firms rent the capital they use to production 2。rental firms own capital，r

3、ent it to production firms。拥有资本，将资本租赁给生产企业，投资是租赁企业对新资本品的支出。“investment”is the rental firms spending on new capital goods，chapter 17 investment，the capital rental market，生产企业必须决定租赁多少资本Recall from Chap。33:竞争企业从MPK=R/P这一点租赁资本.equilibrium rental rate、chapter 17 investment、facter For the co B- Douglas pr

4、oduction function、the mpk(and hence equequeue)the benefit(perunit capital)；the income that rental firms earn from renting the unit of capital to production firms租赁企业将一个资本品单位租赁给生产企业而获得的收益。chapter 17 investment，the cost of capital，components of the cost of capital资本成本的内容3360 interest cost 3360i PK，Whe

5、re PK=nominal the cost of capital，example 3360 car rental company(car 000，I=0.10，=0.20，and PK/PK=0.06，nominal company 总通货膨胀率then，The nominal cost of capital equals PK(I)=PK(r)and The real cost of capital equals，the real cost of capital equalsIf profit rate 0，then the firm increases profits by reduci

6、ng its capital stock。减少k是有利可图的，Chapter 17 investment、net investment gross investment、hence、Where In is a function显示了净投资对投资激励的反应。total spending on business fixed investment equals net investment plus replacement of depreciated k 3360 Chapter 17 investment，the investment降低了利润率，减少了投资：I2、R2、chapter 17 i

7、nvestment、the investment function、an increase in mpk or decrease in PK，what happens to the Investment curve given an increase in the depreciation rate，Chapter 17 Investment Taxes and Investment，two of the impact on investment depends on definition of profit 位于我们的定义中，折旧成本是资本的当前价钱即使企业的实际经济为零，企业也必须纳税。T

8、hus，corporate income tax discourages investment，chapter 17 investment，the investment tax credit (ITC)，The ITC reduction，chapter 17 investment，tobins q，numerator :经济中资本库存的股市价值。denominator:现有资本产品的重置成本If q 1，企业购买更多资本产品以提高企业的市场价值。If q 1，企业不更换损失的资本品。Chapter 17 Investment，Relation Between Q Theory and Neo

9、 Classical Theory Described Above，资本产品股票市场价值取决于资本产品在当前和未来期间获得的收益。If MPK cost of capital，高利润牙齿企业的股票市场价值上升，a high value of q . if MPK cost of capital，企业亏损，资本产品市场价值下降，so q is low。表示chapter 10 The stock market and GDP，reasons for a relationship between The stock market and GDP 3360，1。对资本品未来盈利能力的悲观情绪将股市价

10、钱下降。Cause Tobins q to fall投资将函数向下移动。负总需求冲击，chapter 17 investment，the stock market and GDP，reasons for a relationship between the stock market and GDP 3360，2。a fall in stock prices would reduce house hold wealth减少家庭开支shift the consumption function down消费者函数向下移动cause a negative aggregate demand shock负面，chapa fall in stock prices might reflect bad news about technological progress and long-