巴罗宏观经济学：现代观点第5章课件.pptxVIP

Conditional Convergence and Long- Run Economic Growth C h a p t e r 5 Macroeconomics Chapter 5 1 ¡ Growth rate of real GDP per worker is a function of initial and steady-state real GDP per worker l ∆ y/y= ϕ[ y(0) , y*] (−) (+) ¡ Growth rate of capital per worker, ∆k/k: l ∆k/k= ϕ[ k(0) , k*] (−) (+) ¡ y= A · f(k) Conditional Convergence in Practice Macroeconomics Chapter 5 2 Conditional Convergence in Practice Macroeconomics Chapter 5 3 ¡ Variables that influence y* that are held constant. l A measure of the saving rate l The fertility rate l Subjective measures of maintenance of the rule of law and democracy l The size of government l The extent of international openness, measured by the volume of exports and imports l Changes in the terms of trade l Measures of investment in education and health l The average rate of inflation Conditional Convergence in Practice Macroeconomics Chapter 5 4 ¡ Japan and Germany after 2nd world war. ¡ East Asia countries Conditional Convergence in Practice ¡ African Countries Macroeconomics Chapter 5 5 ¡ A case in which capital broadly defined to include human and infrastructure capital is the only factor input to production. l AK model Long-Run Economic Growth Macroeconomics Chapter 5 7 ¡ y= Ak ¡ k – capital per worker ¡ y/k= A ¡ ∆k/k= sA − sδ − n Long-Run Economic Growth Macroeconomics Chapter 5 8 l Growth rates of capital and real GDP per worker, ∆k/k and ∆y/y, do not change as capital and real GDP per worker, k and y, rise. ¡ poor economies with low k and y do not tend to grow faster than ri