龚六堂高级宏观06

.1985Blanchard.Samuelson1958Diamond1965..§1.-Diamond1.1.1...ttt1+t.tt1−t.ttt.twtc11+t12+tct.tstrt1ttcswt+=(6.1.11+t211(1)ttcr++ts=+(6.1.2)(6.1.1)(6.1.2).121max()()1ttucucρ+++1(6.1.1)(6.1.2.10ρ.1121()(1)()01tttucrucρ++′′1−++=(6.1.3(6.1.1)(6.1.2).6.1.3t.t1t+1t+6.116.1.26.1.3...tc112+tcts1(,)ttttsswr+=(6.1.4)121111''()''()(1)''()tttttsucwucrucρ+++∂=∂++21t12112112111121('()(1)''())''()(1)''()ttttttttucrucssrucrucρρ++++++++1t++∂=−∂++10ws.....151.6.1.1CES11()1cucθθ−−=−(6.1.5)θ.(6.1.5(6.1.41/+=tttwsϕ.1/(1)/11[1(1)(1)]1ttrθθθϕρ−−++=+++11/ttswϕ+∂=∂1/11111/1ttttssrrθθρϕθ+++⎛⎞∂−+⎛⎞=⎜⎟⎜⎟∂+⎝⎠⎝⎠01tws0),(=rs1),(=θ.....1.1..1.2.)(ttkfy=()(),()tttttwfkfkkrfkt′′=−=1.31121ttttttttttKcLcLKwLrK+−++=++(6.1.6tKt.(6.1.6).1ttcLtt2ttcL−11t−t.1(,)tttttKCKFKL++=+121tttttcLcLC−+=t.(6.1.1(6.1.21(1)()ttttttt11KsLrKsL+−−=++−(6.1.7.21011(1)cLrK=+1tttKsL+=(6.1.8)(6.1.8...(6.1.8(6.1.4111(,)/(1)(()(),())/(1)tttttttkswrnsfkfkkfkn+++=+′′=−+(6.1.9)6.1.9{.0k}tk1521.4(6.1.9...kkktt==+1(()(),())/(1)ksfkfkkfkn′′=−+...1.1.2.2.3.3..(6.1.91()()(1()wttrskfkkkkknsfk+)′′−−=−′′+−()1(wr)skfknsfk′′−′′+−.k()11()wrskfknsfk′′−′′+−kk()11()wrskfknsfk′′−′′+−k.tk1tk+1tkk+=t11(()(),())1tttttsfkfkkfkkn++′′−=+.tk1+tk0kk0001(()(),())11sfkfkkfkkn′′−=+1k1+ttkk.(0)kk.1+tk321531tk6.1.2(6.1.5)Cobb-Douglas()tfkAkα=,01α.1111(1){1(1)[1]}(1)nAkθαθθραα−Akα−−++++=−(6.1.10).(6.1.101zAkα−=z1/(1)/(1){1(1)[1]}(1)nzθθθzραα−++++=−LHSRHS.1θLHSz1θLHS.RHSzα−1...1=θ1/(1)(1)[](1)(2)Aknααρ−−=++(1)()()()()csfkfksfkfkn=−=−=−k.()gfkn′=gk.Pareto..k§2.1.....1.1ttd1t−1td−.t1(1)ttrd−+.121max()()1ttucucρ+++1t1tttcsdw++=211(1)()tttcrs++td=++.111()((1)())1tttttttruwsdursdρ+++′′−−−++=+011(,)1ttttswrdkn+++=+154()'()ttttwfkfkk=−11'()ttrfk++=....1.2..(1)tnd+121max()()1ttucucρ+++1t1tttcsdw++=2111(1)(1)ttttcrsd+++n=+++..111()((1)(1))01ttttttuwsdursdnρ++′′−−−+++=+11(,)1tttswrkn++=+()'()ttttwfkfkk=−11'()ttrfk++=.n1ttdd+=111(1)(1)0(1)(1)tsunuduruρρ−−+′′′′∂+++=−′′′′∂+++.1/01ttrdksdddnsf+∂∂=′′+−.2......2.1H....t.ttPtdtM),(max121+ttccu1(1)dttPcM−=t6.2.1155121dtttPcM++=6.2.26.2.16.2.2.tP112121211(,)(,)0ttttttuccuccPP+++−+=6.2.3(6.1.13),t();1t+t1t+11212121(,)(,)ttttuccucc++1ttPP+..6.2.16.2.26.2.31(dttt)tMPLPP+=6.2.4.tg11tttPgP++=6.2.5(1)tdtnMH+=6.2.66.2.46.2.56.2.61(1)11(1tttLgngLg+++=++)6.2.7tgg=.6.2.7gn=...nr≤Pareto.6.2.1.6.2.1AG...Pareto.nr≥.2.2.121max(,)ttucc+1561(1)dttPcM−=t6.2.8121dttttPcMM++=∆+6.2.9.112121211(,)(,)0ttttttuccuccPP+++−+=11(,dttttt)tMPMLPPP++∆=....2(.)0Lσ1(1)ttttHHHHσ+=+∆=+tttHLM∆=∆.ttLdtttHLM=.111ngσ++=+(6.2.10).6.2.2JG6.2.2AEJAD.(1)n−+(1)/(1)nσ−++G.JG.σ3OLGOLG.2≥I..),(ttLKFδ−=),(1tttLKFr,),(2tttLKFw=6.2.11δ.tCtL1571IittiCc==∑,1IiitiLtlε==∑6.2.12iitcitltiε),(ititlcu11(,)Iiiittiuclβ−=∑6.2.1301βktτltτtDttttttttltttkttDRDLwKrG−++=+1ττ6.2.1ttrtwtR1+tttttttKLKFKGC)1(),(1δ−+=+++6.2.1)1,0(∈δ∞=0}{ttgittktititltititarlwac))1(1()1(11τετ−++−=+++6.2.10,10,01≥≤≤=itittclassa0ssksslssarlwac000000110))1(1()1(τετ−++−=++1111+=++−=∑tIiittDaK∞==+011}},,{{tIiitititalc∞=0},{tttLK∞=+01}{ttD∞=0},,{ttttRwr∑∑∞==−−+=0111),(}),({tIiititiitititlculcWβωtωt158111(,)(1)IIiiitttttiicGKFKlKεδ+==++=+−∑∑t)0111111(iititiIiiititiclicUlUβ+−+−−+−+−=+=∑00()iiisisIisiisisisclciscUlUUaβ−−−−−=+=∑s111...ItIttctcIllUUUUεε==11211...ItIttcclUUUU−++==tcitcitUitαβ=)(itltitliwtUitεταβ)1()(−−=]1)1[(1111+−=++++tktititrτααitα6.2.2itcitl2)()()1(FtUtUiclltititετ−=−)1)((1)1(111−−=−++βδτititccktUtUF)1(1ktrRτ−+=)(),(),,(ititlitcitititititititUlUclcUlcV++=−−ηηRamsey011012max(,,)sIIiiiititttsctisVclUaωβηη∞−+−−===−∑∑∑10s111(,)(1)IIiiitttttiicGKFKlKεδ+==++=+−∑∑t011=−−−+tciititVµβω01=−+−tciititVµβω0211=+−−+itliitFVitεµβω0)1(11=−+−+ttFµδµ1590lim1=+∞→tttKµititcitcitVFV−+−+=+−+112)1(1ωδω2/iittilcVVFε=−11+−+−=ititcititcVVβωωsiskccscskcsklcslFaFUVaFUaFUVssisssiετηττη2001100120011))1(1(())1())1(1(([0000000−=−+−−+−+−−−sssksccscsksccscaFUVaFUVssissiωωβτητη1101,0110,011))1(1(())1(1((101010000+++−−=−+−−+−+++ititccVFV=+−++)1(111δβ)(11111!1++++−=++ititititcccctktUUVVrβτititititcllcltVVUU−=1τiiitttiittiiiittttcclcllclclcUlUlUcUUU++=it2≥tititicclcitccitAUUlUc=+ititiclclitllitAUUcUl=+(1)()iiitctiitititttccclcUcUlUηηµ−−+++=(1(1))ittitcAUηµ−++=111/1iittccUUFδ++=+−2(1)()iiitctiitititttlllclUlUcUFiηηµε−−+++=−2(1(1))itititlAUFηµε−++=−iititlcUU/1=t00111111!1101111(1)()1[()(1)()sssssssttttossssstttsssssittsccclccckssssittcccclcUcUlUUaUFUUcUlUηηητβδηη++++++−−+−++++−=−−+++0sc160)),((),(lcGWlcU=1()(,)1clUclγσσ−−1−=−1()1(,)()1cUclvlσσ−−=−−11((1))1(,)()1clUclvlγγσσ−−−−=−−.I.vthtltn()tttnvhl++=1HtHtH1()tttHAHHh+=+(tttYlHH=+)1]11()max[(())()tttttVHuctnVHδ++=+11(ttVH++)111()1(())1ctuctσσ−−=−..0c1111,()1()max()1tttttttnhctVHnVHσδσ−++⎧⎫−=+⎨⎬−⎩⎭11()()[1()]()()tttttHctlHHnvHHAHH+=+=−+++t111()()()0()ttttttctHHnnVHAHHσδ−++′−+++1≤1()()()()0ttttctHHvhVHσδ−++−+++11≤121111122[()(1)]1max()1ttttttttHHHnvnAVnσδσ−++++++++⎧⎫+−−−⎪⎪⎪⎪=+⎨⎬−⎪⎪⎪⎪⎩⎭VH)1111()(1)(1tttVHctnvσ−+++′=+−11111(1)()(1)(()tttct1)tAnvAlhnctσδδ++++≥−=++tthn,11111()()tttttttHhVHVHvh+++++′=+1611111()()tttttVHHVH+++++′1++VH11()tt1tH+σ−11tthvhσ−=+(1)tvhσσ−=(ttt)HH=+Yl1(1)(1)tttttAvAHvHAhHAhHHσσσσ+−−=+=+1(1)11Avgσ