ADVANCED MACROECONOMICS Lecture 9 Investment 电子科大经管学院马捷
ADVANCED MACROECONOMICS Lecture 9 Investment 电子科大经管学院 马捷 1
Contents Baseline Model Model with Adjustment Cost ■Tobin'sq Implications ·Output movement Interest rate movement- ·Taxes Homework Empirical Application 电子科大经管学院马捷 2
Contents Baseline Model Model with Adjustment Cost Tobin’s q Implications • Output movement • Interest rate movement • Taxes Empirical Application 电子科大经管学院 马捷 Homework 2
Baseline Model A firm's profit function: P=a(K,X1X2,X32...,Xn)-Ikk πk>O,πK<o,rk is the capital rent. FOC: aP 6K =Ik(K,X1,X2,X33...,Xn)-Ik =0 元元元元元
Baseline Model A firm’s profit function: 0 , , is the capital rent. ( , , , , , ) 0 1 2 3 K KK K n K r P K X X X X r K FOC: ( , , , , , ) 0 1 2 3 K n K K X X X X r K P
→πk()=rg and K=f(rk,X's) →元x(K,X,X)k0XX)=1 Ork aK() → 1<0 OrK 兀KK →rk个→K↓ 一元 与元元元元元元元
r K r K r K r X X K X X r K f r X s K K KK K K n KK n K K K 0 ( ) 1 1 ( , , , ) ( , , , ) ( ) and ( , ) 1 1 '
The User Cost of Capital Most capital is not rented but is owned by firms that use it. rk(t)=r(t)pk(t)+pk(t)-Pk(t) =[r)+6-Ps]px() p<(t) =r+6-8号-回a.0 电子科大经管学院马捷 5
The User Cost of Capital Most capital is not rented but is owned by firms that use it. 电子科大经管学院 马捷 5 ]( 1 ) ( ) ( ) ( ) ( ) [ ( ) ] ( ) ( ) ( ) [ ( ) ( ) ( ) ( ) ( ) ( ) f p t p t p t r t r t p t p t p t r t r t r t p t p t p t K K K K K K K K K K K