留学生政府债务作业范文参考 [9]
论文作者:英语论文论文属性:本科毕业论文 Thesis登出时间:2014-10-22编辑:yangcheng点击率:15406
论文字数:5703论文编号:org201409182323537527语种:英语 English地区:美国价格:免费论文
关键词:债务政府支出凯恩斯多重影响家用消费
摘要:本文是一篇留学生的政府债务论文,政府支出效应对于个人消费的冲击已经很长时间处于宏观经济政策的商榷的中心舞台。正如Tobin在1952年最初在一篇文章中发表的一样。
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The initial setup of the model deals with the calculus of a person's wealth in the context of an overlapping generations model (OLG). The composition and changes in wealth from the issuance of government bonds are then also incorporated. The OLG model is one of finite lives with physical capital, a version of the Sameulson(1958)-Diamond(1965) OLG mode, adopted by Barro(1976)
Each individual in this economy lives for two periods, young (superscript ‘1') and old(superscript ‘2'). The existing generation and each consecutive one are numbered beginning with the currently old generation denoted by subscript ‘t' followed by its descendant, currently assumed to be young, denoted y subscript ‘t+1'. The number of people in each generation is assumed to be the same ‘N'. There is homogeneity in terms of tastes and productivity amongst all individuals. The rate of technological change is considered to be nil. Asset holdings in the form of capital and subsequently the government bonds that are introduced are forms in which assets could be held by these individuals ( ‘K' and ‘A') respectively.
The rate or interest or rate of return on asset holdings is denoted by ‘r' and is paid out once per period. The individuals work only when young earning a wage ‘w'. Expectations of both ‘w' and ‘r' are assumed to be fixed at their current value.
A member of the t'th generation has asset holdings of amount K_(t+i)^1 when young and K_(t+i)^2 when old. It is this asset holding while old , augmented by the altruistic preferences of parents in this model that constitutes bequest provision. This is assumed to be given to the immediate descendant, a member of generation t+1.
Initially it is assumed that the amount of debt and taxes are zero and that the government doesn't demand any commodities or provides any public services. ‘c' de
notes consumption with an assumption that both consumption and receipt of interest payments happens at the start of the period.
Optimal growth model vs Barrovian framework:
I leave the barrovian framework at the point where we have deduced the calculus of individual's wealth right before the introduction of government debt and introduce an analysis that emphasizes the relation of the framework above to optimal growth models. This will serve two purposes firstly it will help us analyse how the equilibrium market clearing conditions are formulated and secondly, how the barrovian framework comes to its government debt related results. The main purpose of this approach is not to defend the Barro's model as an accurate description of the real world, but rather to examine the logical implications of assumptions that he made and many others after him have used an criticised. Here in the OLG optimal growth model as Burbidge(1983) points out we come across the ‘ Modified Golden Rule' . The rule states that in steady state equilibrium the after tax interest rate ‘r' must equal ‘?' the rate at which individuals discount utility of their future generations. For the solution of optimisation problem to carry come weight another necessary condition is that ? exceeds ‘n' the natural growth rate of the economy. The results of the optimal growth model are in harmony with the conditions assumed by barro i.e. r must exceed n. Below I develop the build up the growth model with references and linkages to the barrovian framework and slight enhancement
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