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,单击此处编辑母版标题样式,单击此处编辑母版文本样式,第二级,第三级,第四级,第五级,*,Macroeconomics Chapter 12,*,Government Expenditure,C h a p t e r 1 2,1,Macroeconomics Chapter 12,Data on Government Expenditure,Government expenditure is the dollar amount spent at all levels of government for,purchases of goods and services,transfer payments(amounts given to households and businesses),interest payments,2,Macroeconomics Chapter 12,Data on Government Expenditure,3,Macroeconomics Chapter 12,Data on Government Expenditure,4,Macroeconomics Chapter 12,Data on Government Expenditure,5,Macroeconomics Chapter 12,6,Macroeconomics Chapter 12,7,Macroeconomics Chapter 12,Data on Chinese Government Expenditure,中国（,2007,）,美国（课本上的数据）,占,GDP,比重,占财政比重,占,GDP,比重,占财政比重,财政开支,19.80,32,国防,1.41,7.14,3.2,10,教育,2.83,14.31,5.1,15.94,社保,2.96,14.94,9.2,28.75,8,Macroeconomics Chapter 12,The Governments Budget Constraint,Government budget constraint:,total uses of funds=total sources of funds,G,t,+,V,t,=,T,t,+(,M,t,M,t,1,)/,P,t,real purchases,+,real transfers,=,real taxes,+,real revenue from money creation,9,Macroeconomics Chapter 12,The Governments Budget Constraint,G,t,represent government purchases in real terms for year,t.,C,t,+,I,t,+,G,t,is the aggregate real spending on goods and services in year,t,.,V,t,represent the governments real expenditure on transfers.,The real value of this revenue for year,t,is(,M,t,M,t,1,),/P,t,T,t,be the total real taxes collected by the government in year,t,.,10,Macroeconomics Chapter 12,The Governments Budget Constraint,Government budget constraint,G,t,+,V,t,=,T,t,real purchases,+,real transfers,=,real taxes,11,Macroeconomics Chapter 12,Public Production,The government subcontracts all of its production to the private sector.,Public investment,publicly owned capital,and government employment are zero.,Public services have zero effect on utility and production.,12,Macroeconomics Chapter 12,The Households Budget Constraint,Household budget constraint,C,t,+(1/,P,),B,t,+,K,t,=(W/,P,),t,L,s,t,+,r,t,1,(,B,t,1,/,P,+,K,t,1,),With Government,C,t,+(1/,P,),B,t,+,K,t,=(W/,P,),t,L,s,t,+,r,t,1,(,B,t,1,/,P,+,K,t,1,),+,V,t,T,t,13,Macroeconomics Chapter 12,The Households Budget Constraint,Multiyear household budget constraint with transfers and taxes:,C,1,+,C,2,/(1+,r,1,)+=,(1+,r,0,),(,B,0,/,P,+,K,0,),+(,w,/,P,),1,L,s,1,+(,w,/,P,),2,L,s,2,/(1+,r,1,)+,+(,V,1,T,1,)+(,V,2,T,2,)/(1+,r,1,),+(,V,3,T,3,)/(1+,r,1,),(1+,r,2,)+,14,Macroeconomics Chapter 12,Permanent Changes in Government Purchases,Theory,G,+,V,=,T,or V,T,=,G,G,rises by one unit each year,V,T,falls by one unit each year.,households disposable real income falls by one unit each year.,15,Macroeconomics Chapter 12,Permanent Changes in Government Purchases,Theory,Since the typical household has one less unit of real disposable income each year,we predict that the decrease in,C,each year will be roughly by one unit.,16,Macroeconomics Chapter 12,Permanent Changes in Government Purchases,An increase in,G,does not shift the curves for the demand or supply of capital services.,the market-clearing real rental price,(,R/P,),and quantity of capital services,(,K,),do not change.,17,Macroeconomics Chapter 12,Permanent Changes in Government Purchases,K,is unchanged,and,A,and,L,are fixed.,Therefore,Y,is unchanged.,Important conclusion that a permanent increase in government purchases does not affect real GDP.,18,Macroeconomics Chapter 12,Permanent Changes in Government Purchases,r,=(,R,/,P,),(,),a permanent increase in government purchases does not affect the real interest rate,.,19,Macroeconomics Chapter 12,Permanent Changes in Government Purchases,G,does not shift labor supply,L,s,which is fixed at,L,and does not shift the labor-demand curve,L,d,.,the market-clearing real wage rate,(,w/P,),does not change.,We conclude that,a permanent increase in government purchases does not affect the real wage rate,.,20,Macroeconomics Chapter 12,Permanent Changes in Government Purchases,Since,r,does not change =,no intertemporal-substitution effect.,Intratemporal substitution effect involves consumption and leisure,：,labor and,hence,leisure is fixed.,In any event,this substitution effect depends on the real wage rate,w/P,which does not change,21,Macroeconomics Chapter 12,Permanent Changes in Government Purchases,Theory,our prediction is that a permanent increase in government purchases by one unit causes consumption to decrease by about one unit.,22,Macroeconomics Chapter 12,Permanent Changes in Government Purchases,Theory,Y,=,C,+,I,+,G,the changes in,C,and,G,fully offset each other and,thereby,allow,I,to remain unchanged.,23,Macroeconomics Chapter 12,Permanent Changes in Government Purchases,We predict that a permanent increase in,G,Reduces consumption,C,roughly one to one.,The variables that do not change include real GDP,Y,;gross investment,I,;the quantity of capital services,K,;the real rental price,R/P,;the real interest rate,r,;and the real wage rate,w/P,.,24,Macroeconomics Chapter 12,Permanent Changes in Government Purchas
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