SLIDE 7 - #$*$-$/0&12"03.4#6/170 08.9.<=99 The Graphics of...

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1 ! "#$%&'()"#* $ +,)#-$ / 0+&12"03 4! "#()#%15 6 / 170%+08 9:; <=99 February 14, 2011 2 ! "#$%&10 " '()&)>+()"# The Graphics of the Consumption-Savings Model ± [email protected] [email protected] JE?KLDCM CNOICIPD LIQDRICD BRILIRS ABKTDHR R? LIQDRICD KBGUDR [email protected]@R V [email protected] R?UDRWDE K?RW H?AR AIGD [email protected] [email protected] AIGD ± !W??AD ! 9 [email protected] ! < ABKTDHR R? ± 'L?R KBGUDR [email protected] ± $BJDEICJ?AD [email protected]@HD CNJ ± +R RWD ?JRICNL HW?IHD 22 2 11 1 P cY Pc Y ii ± ± ± ± H 9 H < AL?JD X *49Y " 6Z49Y Ⱥ < 6 ?JRICNL HW?IHD ** 11 2 21 2 2 (,) 1 ucc i S ± ± !"#$%&'()"#*$+,)#-$ "'()&+[)(8 !"#5)()"# *+\[email protected]?H\?Q [email protected] CNHE? C?GDLA &0$ 4KDR][email protected] [email protected][email protected] [email protected] [email protected]^D RICD JDEI?GA6 JEIHD ENRI? 4NHE?AA [email protected]^D RICD JDEI?GA6
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2 February 14, 2011 3 ! "#$"%#& " %"!()*)+ ! *,&-*.& " //$0"12 Consumption-Savings Model: Lifetime Formulation ± "3345 !678697: ;<<4= ;< ><[email protected];A<9B=6CA97= <3;[email protected];A<9 ± 0EF:>;AC: G?9>;A<9+ ! H " I J " K L ± 1<9=;86A9; [email protected] # M N ML+ ± );:3 I+ 1<9=;8?>; !678697: G?9>;A<9 ± );:3 K+ 1<@3?;: GA8=;B<8O:8 ><9OA;A<9= PA;Q 8:=3:>; ;< " I J " K J NJ ± );:3 R+ )<4C: HPA;Q G<>?= <9 :[email protected];A97 @?4;A34A:8L 22 2 12 1 1 1 (, ) 0 11 YP c gc c Y Pc ii ±²² ± ± 2 1 1 1 (, ,) c Lc c uc c Y OO ª º ± ± ² ² « » ± ± ¬ ¼ ** 11 2 21 2 2 (,) 1 1 ucc i r S ± ± ± 10%)S./-*0%B)"T*%#) 0/-*."!*-( 10%U*-*0% .$) HE:;P::9 ><[email protected];A<9 A9 ><9=:>?;AC: ;[email protected]: 3:8A<O=L 38A>: 86;A< H6>8<== ><9=:>?;AC: ;[email protected]: 3:8A<O=L ?=A97 ,A=Q:8 :V?6;A<9 February 14, 2011 4 - W0B / &$*0U , $".&W0$X *% $ &"! - &$.) From Nominal to Real ± U:3:9OA97 <9 6334A>6;A<9J @65 E: ?=:G?4 ;< P<8Y PA;Q [email protected]:P<8Y HA9O:3:9O:9; <G 4AG:;[email protected]: C=Z =:V?:9;A64 6338<6>QL A9 9<@A964 ;:[email protected]= <8 A9 8:64 ;:[email protected]= 2 1 P cY Y ± ± ± ± ![1 A9 9<@A964 ;:[email protected]= [email protected] # M N ML 21 2 1 (1 ) ) PY Y cc P iP P i §· ± ¨¸ ± ± ©¹ UACAO: E5 $ I .?4;A345 %&' OACAO: 46=; ;:[email protected] <9 8A7Q;BQ69OB=AO: E5 $ K 2 2 1 2 ) ) P Y P P i P ± ±± S=: O:GA9A;A<9=+ ( I N ) I \ $ I J ( K N ) K *$ K + 69O I] Ⱥ K N $ K \ $ I 1 2 yy SS ± S=: ,A=Q:8 :V?6;A<9+ HI] Ⱥ K L\HI ,- L . I\HI] / L cy rr ± ± ± ![1 A9 8:64 ;:[email protected]= [email protected] # M N ML .6^[email protected]: ! H " I J " K L =?EF:>; ;< ;Q: 8:64 ![1 Æ AO:9;A>64 ><[email protected];A<9B=6CA97= <3;[email protected];5 ><9OA;A<9 HO:;6A4= A9 8:>A;6;A<9=L
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3 February 14, 2011 5 ! "#$"%#& " %"!()*)+ ) &,-&%.*"! " //$0"12 Consumption-Savings Model: Sequential Formulation ± )34536789: ;<=>5:978<6 [email protected]?:[email protected]?7A 7?3 =<:3 <; 637 B39:7? C ! D E F37B336 G3=8<H D 96H G3=8<H I ± "JJ<=HA F3773= B87? 7?3 3KG:8J87 78>[email protected] <; 3J<6<>8J 3L367A 7?96 7?3 :8;378>3 9GG=<9J?M ± MF57 N83:HA 7?3 A9>3 =3A5:7 ± "[email protected]+ 9::<BA 5A 7< 7?86O 9F<57 8673=9J78<6 F37B336 9AA37 G=8J3A 96H >9J=<3J<6<>8J 3L367A C8673=A3J78<6 <; ;8696J3 7?3<=N 96H >9J=< 7?3<=N 86 1?9G73= PE ± "GG:N [email protected][email protected] 7<<:A 7< J<6A5>G78<6 [email protected] <G78>8Q978<6 ± 0FR3J78L3 ;56J78<6+ " C # D S # I E ± 1<6A7=9867 A + ± /3=8<H D [email protected] J<6A7=9867+
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SLIDE 7 - #$*$-$/0&12"03.4#6/170 08.9.<=99 The Graphics of...

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