巴罗宏观经济学：现代观点第6章

Rental Markets and Prices
Households rent out capital, K, for dollarBiblioteka Baidu at the dollar or nominal rental price, R
A household that rents the amount of capital Kd pays the nominal amount RKd per year and then gets to use the capital as an input to production.
Household buys goods for
consumption. to increase the stock of goods in the form
of capital used for production, called investment.
The Goods Market and Prices
The quantity PY is the dollar value per year of the goods bought and sold on the goods market.
The goods Market and Prices
The expression 1/P is the value of $1 in terms of the goods that it buys.
M dollars exchange for
(M) ·(1/ P) = M/P An expression like M/P is in real terms,
in units of goods, whereas a quantity like M is in dollar or nominal terms.
A household that makes a loan receives a piece of paper called a bond, and we call the market on which households borrow or lend the bond market. The holder of a bond, the lender, has a claim to the amount owed by the borrower.
Chapter 6
Markets, Prices, Supply, and Demand
Markets in the Macroeconomy
Assuming that households perform all of the functions in the economy.
Each household runs a family business and uses labor, L, and capital, K, to produce goods, Y, through the production function.
Y= A·F( K, L)
Markets in the Macroeconomy
Households
Goods market
Labor market
Households (Firms)
Bond market
Rental market
The Goods Market
Households sell all the goods they produce on a goods market. Then households buy back from this market the goods that they want.
The price in this goods market, denoted by P, expresses the number of dollars that exchange for one unit of goods.
We call P the price level.
The goods Market and Prices
Y= A·F( K, L)
Since all of these goods are sold on the goods market, the variable Y will also represent the
Quantity of goods per year sold and bought on the goods market.
The real rental price is R/P.
The Bond Market in the Macroeconomy
A borrowing household receives a loan from another household, whereas a lending household provides a loan to another household.
The real wage rate is w/P.
Rental Markets in the Macroeconomy
Each household rents out all of the capital that it owns on a rental market.
We think of the capital offered on the rental market as the supply of capital services, Ks. Since we have assumed that each household rents out all of its capital, we have Ks = K.
Labor Market in the Macroeconomy
Households supply labor on a labor market.
Assume that the quantity supplied, Ls, is a constant, L.
Households buy and sell labor in the labor market at the dollar or nominal wage rate, w.