ktvm kinh te vi mo pham the anh chapter17 cuuduongthancong com

macro CH " kinh t v mô " # $ N Gregory Mankiw " 23 Bài gi ng c a Ph m Th Anh pham.theanh@yahoo.com (d ch s a theo gi ng c a Ron Cronovich) © 2002 Worth Publishers, all rights reserved ôla theo giá n m 1996 2% & = T > % 6@ A ? &B $ & CHAPTER 17 F G 750 500 250 1975 6: L DM N L ( ) L B E O, & + A QC J + RC J + Investment % P $6 1995 2000 slide " + 7) $6 $6 & +% & 9+: &:C 7) $6 + 7) slide T T CHAPTER 17 55 ++ II &' &' 22 Investment A C $6 SS CHAPTER 17 1980 1985 1990 Total Business fixed investment Residential investment Change in inventories Hai lo i doanh nghi p nh kinh doanh I % P 1250 slide @ &H M , 1970-2002 PT PT P T 1000 , J K slide 1500 -250 1970 6@ C Investment ut c Investment PT 1750 ) / 01 / 01 u t thành ph n c a 2000 $6 7) ' ,8 < &' ( , " - 4& CHAPTER 17 ut + 9+: % * +% b n th n m DE + ! " 78 < ng ut Các lo i ; M c tiêu c a ch NG 17 AA $6 $6 ''CC slide CuuDuongThanCong.com https://fb.com/tailieudientucntt Th tr J + 7) $6 % U ' " V J + Các nhân t ng cho thuê t b n giá thuê t b n th c t , Y C W $6 " Z \ cung t b n c ut b n (MPK) Y C giá thuê t b n cân b ng CHAPTER 17 ) J 22[ L ng t b n Investment slide Y * ^ ↓ ;& ^ ↑! ;& ^ ↑" ;& E = $6 a a ba Y A ; B6 a V& $ 7) & 6C ' &% + + E &% c + = J ^ C ;ed > F \ &B A d 7I CHAPTER 17 FF; ∆ O, FF= X iQgCgggA X gAQgA δ X gARgA & ∆ Y X gAgj ( ) ) Investment X X X X × A X + c 2 A∆ f gA 2E B Investment slide Chi phí t b n +δ − ) = CHAPTER 17 J h +: slide ( P $6 = Q−α ) δ× A PδX # $0 ) ^ d 7I −∆ slide −∆ ) ^ Investment +δ = α " (! =$ Investment Chi phí t b n J !Q−α Chi phí t b n CHAPTER 17 α 2] +: + E ) < = +: + - +* I < B6 = +: 2E F $ < +_ 2` CHAPTER 17 = $6 n giá thuê t b n # =" A Quy t nh u t c a doanh nghi p cho thuê t b n J + ' ng DMN ;& + &B Y * 2] = ' DMN X nh h & J iQggg iRggg − ijgg %&'(( slide 10 9∆ A Y X πC + c ; k δ − π= X ;) kδ = d d ^ I ^ ( ) d ^ # $0 ) CHAPTER 17 2 2] 2] 6: Investment &' () &' E + +δ) & slide 11 CuuDuongThanCong.com https://fb.com/tailieudientucntt L i nhu n c a doanh nghi p cho thuê O B l + X − b a $66 : () +δ) X $ B f gA $6 P + m gA + a a $6 C ;\ l= $6 2] CHAPTER 17 Investment * =* ed - - a a () − B ut −( )() ) B )R & l B 2] Z Z QC QC RC RC CHAPTER 17 aa +: +: Investment I % d *Q * * + 2n &' l a CHAPTER 17 )() +δ) +δ slide 13 ut −( )() +δ) +δ ) B " ) , C −( Hàm o ( +% l C Investment DMN - +δ) +δ $ $ - / )Q *Q * *R Investment slide 15 Thu Thu nh p Công ty: Thu ánh vào l i nhu n ut oo BB = ∆ * =* slide 14 U U &' 2E B CHAPTER 17 ed < Y $ E =* +δ) +δ Investment "" 88 E F *R Thu =* P * ;= I &' )Q CHAPTER 17 )() X∆ + +δ) a −( \ &B A slide 12 ) ut + Hàm $ E & u t ròng & t ng ^ I &' 6: E & B 9+: % c =A G F ^ p % c A $ C ^ A % c B 6 C ^ p / A G% U )6 d d B A + &B + $6 P ,2% d d 2] F C ^ \ &B A B6 F F )) F F slide 16 E CHAPTER 17 Investment % c &HS a ; C ) a 9+: c & p U B 6 U a B B T V 0 a B C slide 17 CuuDuongThanCong.com https://fb.com/tailieudientucntt Tín d ng thu qJ $6 E ) a Tobin q u t (ITC) + % ! F \ &B A qJ P C - E a + = > J 9I % % / r I d 46 ( + f QA + ,- % % / + m QA + CHAPTER 17 Investment slide 18 M i quan h gi a lý thuy t q lý thuy t tân c i n mô t > J + = > a % B / $ DMN f Ga B $6 E % % A / +C " U E & A + % / P % CHAPTER 17 CHAPTER 17 " U , $& OH 01&o slide 22 $6 + a $6 slide 19 ,+d &H E I / 46 & >\M U &H0 46 + , 7I I * &H a + ' Investment slide 21 ng c phi u GDP % ,+d &H E I / 46 & >\M F E G +3 I I * &H Investment % P $ , a ng c phi u GDP P WC ed a $60 F P Th tr ,+d &H E I / 46 & >\M Investment $ $6 46 slide 20 46 lC B ^ ^ ^ +% ^ * RC > ^ ^ +% + ' ^ * Th tr QC DE ng c phi u GDP $ P CHAPTER 17 A % + ,A H Investment Th tr " U 6+ 6+ 46 6: " & a B 01&o a C DMN m !A + &B % o A& + )6C CHAPTER 17 2 p 6+ 6+ $ U B & 2 p CHAPTER 17 46 P ,6 ) &H 2E F + " C & a +: B &' o /C Investment slide 23 CuuDuongThanCong.com https://fb.com/tailieudientucntt ng c phi u GDP b 30 20 10 GDP th c t , i so v i quý tr -10 10 -30 &' a ; < P e -50 -4 1965 1970 1975 1980 1985 1990 1995 2000 Stock prices Real GDP u t nhà I /Y % a / % $ 28 "C ] + 2) $66 I " B % a ; = E & % / J / B < &' / I = $ Investment u t nhà ' A */ A : 8A % E I+ ,H P ,& , E CHAPTER 17 slide 24 b ? /Y C , < " a "C a B a 01&o A + $6 P , P a 6: C + $66 I < &' E GP o F , P a ? &I + a B $ " )6C -2 -40 * ,& P ) -20 $6 P &$ % thay c Giá c phi u, i so v i quý tr 40 % thay 60 50 Nh ng ràng bu c tài c Th tr slide 25 c xác nh nh th J % & &H * 2] 8C &H & > * 2] a % J b a CHAPTER 17 Investment u t nhà ; = / % / c xác ;2= J J CHAPTER 17 slide 26 8 Investment slide 27 u t nhà ph n ng th v i s gi m sút c a lãi su t nh nh th ; = ' / / / % / ;2= J J ' / J J J b a CHAPTER 17 J / Investment b ? *H b a slide 28 CHAPTER 17 / Investment b ? *H slide 29 CuuDuongThanCong.com https://fb.com/tailieudientucntt Thu nhà b B 2] d s6 o h$ ) V + c A + &B a )6 )6+ DE I a )6 ( ) 6+: ( " c )6C ) O ] H U ? K& Qt >\M )6 & ( A , GA ) C &H u t hàng t n kho E E + d a )60 &' " E d d ? C 80 V( ) ) " % & $ +_ 2` & $ ) P0 - C )6 Investment CHAPTER 17 slide 30 CHAPTER 17 ng c tích tr hàng t n kho \ + N N $6 ) % + + m f 01 QC + E A ] &$ 7) I 0s C 7) A ? 7) A ? H E " - RC Z E ^ C C ^ CHAPTER 17 Investment slide 32 WC )5 O, - 07 ) + 01 WC )5 2) / vC ,5 C Investment P slide 33 slide 34 - 01 :; Z ? CHAPTER 17 : Investment RC $6 " 01 QC - 01 ng c tích tr hàng t n kho 01 RC - ? s6 + E $ U C r a 9+: u 2E B +d a +3 ` CHAPTER 17 ng c tích tr hàng t n kho QC slide 31 ng c tích tr hàng t n kho 01 QC Investment CHAPTER 17 a & C Investment slide 35 CuuDuongThanCong.com https://fb.com/tailieudientucntt Mơ hình Gia t c Mơ hình Gia t c N DE & F +d : , ? 2) 01 E CHAPTER 17 Investment slide 36 ? C a a ^N ? 1974 h +: b( H+ ) &V 0%6&H / ? C CHAPTER 17 C RC J E & C ) Investment $6 d A ] 1993 1975 1980 -100 100 Qwxg0 o &$ slide 40 200 300 400 500 Thay i c a GDP th c t (t ơla theo giá 1996) Investment slide 39 Tóm t t ch ) ) d 2000 1999 1983 1982 CHAPTER 17 QC 1984 1997 1971 1991 -20 V+ 6: + 1977 ? p 1998 Hàng t n kho lãi su t th c t \ &B A ( ) d U 20 slide 38 a I a C slide 37 40 $6 Investment E &$ ) P ,0 " * = gCR ∆# -40 -200 J b( I ? &' $6 # o 60 $6 A + C ? Investment CHAPTER 17 D # $ &' d - A + ? C a CHAPTER 17 E u t hàng t n kho 100 (t ôla theo giá n m 1996) 80 ∆< X β ∆ # ^N - $6 a B ng ch ng v Mơ hình Gia t c U O ? ? > % J + $ B &' < X β #A Pβ # $ a + Mơ hình Gia t c N $ < X a ∆< X " C ng H 6: E * & ( I +% , 2E F $ - DMN & I % + C ed - +* I & 8A & 8C J ; B6 F A +: = E C CHAPTER 17 Investment slide 41 CuuDuongThanCong.com https://fb.com/tailieudientucntt Tóm t t ch WC O ng E 2E B " ) ;+y ) = >\M 010 + C + E &$ DMN & E I % + C + E B6 A 8& E 8C + E a +d z0 F +d &H ? C CHAPTER 17 Investment slide 42 CuuDuongThanCong.com https://fb.com/tailieudientucntt ... = d d ^ I ^ ( ) d ^ # $0 ) CHAPTER 17 2 2] 2] 6: Investment &'' () &'' E + +δ) & slide 11 CuuDuongThanCong. com https://fb .com/ tailieudientucntt L i nhu n c a doanh nghi p cho thuê O B l + X −... 01 QC Investment CHAPTER 17 a & C Investment slide 35 CuuDuongThanCong. com https://fb .com/ tailieudientucntt Mơ hình Gia t c Mơ hình Gia t c N DE & F +d : , ? 2) 01 E CHAPTER 17 Investment slide... / J J J b a CHAPTER 17 J / Investment b ? *H b a slide 28 CHAPTER 17 / Investment b ? *H slide 29 CuuDuongThanCong. com https://fb .com/ tailieudientucntt Thu nhà b B 2] d s6 o h$ ) V + c A + &B