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巴罗 宏观经济学现代观点 第14章.pptx


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1
The History of . and . Public Debt
The nominal quantity of interest-bearing debt and the ratio of this debt to nominal GDP
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2
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3
The History of . and . Public Debt
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4
The History of . and . Public Debt
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5
The Data of Chinese Public Debt
From 1981 (中国市场统计年鉴2001年7-27)
1990 1991
1992 1993
1994 1995
1996 1997
1998 1999
2000
,(2008年上半年国债管理报告)
财政部部长助理张通9日表示,2009年财政政策较大幅度增加中央财政赤字,并相应增加国债发行规模,。(2009年04月09日 16:02 来源:中国新闻网)
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6
Characteristics of Government Bonds
We assume that government bonds pay interest and principal in the same way as private bonds.
We assume that bondholders (households in our model) regard government bonds as equivalent to private bonds.
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7
Characteristics of Government Bonds
total bond holdings= Bt + Bgt
total bond holdings=
private bonds+ government bonds
Bt = 0 still holds in the aggregate.
total bond holdings of all households= Bgt
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8
Budget Constraints and Budget Deficits
The Government’s Budget Constraint
Gt + Vt = Tt + ( Mt− Mt−1)/ Pt
The real value of these interest payments, it−1·(Bgt−1/Pt) adds to the government’s expenditure or uses of funds on the left-hand side of the government’s budget constraint.
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9
Budget Constraints and Budget Deficits
The Government’s Budget Constraint
Gt + Vt + it−1·(Bgt−1/ Pt )
= Tt + (Bgt − Bg t−1)/Pt + (Mt−Mt−1)/Pt
real purchases+ real transfers
+ real interest payments
=
real taxes + real debt issue
+ real revenue from money creation
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10
Budget Constraints and Budget Deficits
When nominal money, Mt, and the price level, Pt, do not change over time, the government’s budget constraint es.
Gt+ Vt+ rt−1·Bgt−1/P =
Tt+ (Bgt− Bg t−1)/P

巴罗 宏观经济学现代观点 第14章 来自淘豆网www.taodocs.com转载请标明出处.

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  • 时间2018-10-21