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macro

Pendapatan Nasional:
Darimana datangnya
dan kemana perginya

macroeconomics
fifth edition

N. Gregory Mankiw
PowerPoint Slides
by Ron Cronovich
2002 Worth Publishers, all rights reserved

Aliran sirkuler dalam perekonomian


Pasar Faktorfaktor
Produksi
Pasar Uang

Rumatangga

Pemerintah

Perusahaan

Pasar untuk
Barang dan
Jasa
CHAPTER 3

National Income

slide 2

Dalam bagian ini kita akan belajar:


Apa yg menentukan produksi barang
dan jasa total?

Bagaimana pendapatan nasional


didistribusikan?

Apa yang menentukan permintaan


terhadap barang dan jasa?

Apa yg menyeimbangkan permintaan


dan penawaran terhadap barang dan
jasa?
CHAPTER 3

National Income

slide 3

Faktor-faktor Produksi
K =

modal,
peralatan, mesin-mesin, dan
struktur-struktur yg
digunakan dalam produksi

L = buruh,
usaha fisik dan mental dari
buruh.

CHAPTER 3

National Income

slide 4

Fungsi Produksi
Ditunjukkan seperti: Y = F (K, L)
Menunjukkan bagaimana output (Y )
ekonomi dapat diproduksi dari
K unit modal dan L unit buruh.

Merefleksikan tingkat ekonomi dari


teknologi.

Memiliki sifat skala hasil konstan


(constant returns to scale).

CHAPTER 3

National Income

slide 5

Distribusi Pendapatan Nasional


Ditentukan oleh harga faktor (factor
prices),
harga per unit yg dibayar perusahaan
untuk faktor-faktor produksi.

Upah (wage) adalah harga dari L ,


tingkat sewa (rental rate) adalah
harga dari K.

CHAPTER 3

National Income

slide 6

Bagaimana harga faktor produksi


ditentukan
Harga faktor ditentukan oleh supply
dan demand dalam pasar faktor.
Disebut: Supply dari masing-masing
faktor adalah tetap.
What about demand?

CHAPTER 3

National Income

slide 7

Permintaan buruh
Asumsi pasar adalah kompetitif:
each firm takes W, R, and P as given

Basic idea:
A firm hires each unit of labor
if the cost does not exceed the benefit.
cost = real wage
benefit
labor

CHAPTER 3

= marginal product of

National Income

slide 8

Marginal product of labor (MPL)


def:
The extra output the firm can produce
using an additional unit of labor
(holding other inputs fixed):
MPL = F (K, L +1) F (K, L)

CHAPTER 3

National Income

slide 9

Exercise: compute & graph MPL


a. Determine MPL at

each
value of L
b. Graph the production

function
c. Graph the MPL curve

with MPL on the


vertical axis and
L on the horizontal
axis
CHAPTER 3

National Income

L
0
1
2
3
4
5
6
7
8
9
10

Y MPL
0 n.a.
10
?
19
?
27
8
34
?
40
?
45
?
49
?
52
?
54
?
55
?
slide 10

answers:
Marginal Product of Labor
MPL (units of output)

Output (Y)

Production function
60
50
40
30
20
10

12
10
8
6
4
2
0

0
0

9 10

Labor (L)

CHAPTER 3

National Income

9 10

Labor (L)

slide 11

The MPL and the production


function
Y
output
F (K , L)
MP
1 L

As more labor
is added, MPL

MP
1 L
MP
L
1

CHAPTER 3

Slope of the
production function
equals MPL

National Income

L
labo
r

slide 12

Diminishing marginal returns


As a factor input is increased, its
marginal product falls (other things
equal).

Intuition:
L while holding K fixed
fewer machines per worker
lower productivity

CHAPTER 3

National Income

slide 13

Determining the rental rate


We have just seen that MPL = W/P
The same logic shows that MPK = R/P :

diminishing returns to capital: MPK as K

The MPK curve is the firms demand curve


for renting capital.
Firms maximize profits by choosing K
such that MPK = R/P .

CHAPTER 3

National Income

slide 14

The
The Neoclassical
Neoclassical Theory
Theory
of
of Distribution
Distribution
states
states that
that each
each factor
factor input
input isis
paid
paid its
its marginal
marginal product
product

accepted
accepted by
by most
most economists
economists

CHAPTER 3

National Income

slide 15

Bagaimana pendapatan
didistribusikan:
total labor income =

W
L
P

R
K
total capital income
P

MPL L
MPK K

=
If production function has constant
returns to scale, then

Y MPL L MPK K
national
income
CHAPTER 3

labor
income
National Income

capital
income
slide 16

Demand for goods & services


Components of aggregate demand:
C = consumer demand for g & s
I = demand for investment goods
G = government demand for g & s
(closed economy: no NX )

CHAPTER 3

National Income

slide 17

Consumption, C
def: disposable income is total
income minus total taxes:

YT

Consumption function: C = C (Y T )
Shows that (Y T ) C

def: The marginal propensity to


consume is the increase in C caused
by a one-unit increase in disposable
income.

CHAPTER 3

National Income

slide 18

The consumption function


C

C (Y
T)

MPC
1

The slope of the


consumption
function is the
MPC.
YT

CHAPTER 3

National Income

slide 19

Investment, I
The investment function is I = I (r ),
where r denotes the real interest
rate, the nominal interest rate
corrected for inflation.
The real interest rate is
the cost of borrowing
the opportunity cost of using
ones
own funds
to finance investment spending.
So, r I
CHAPTER 3

National Income

slide 20

The investment function


r

Spending on
investment goods
is a downwardsloping function of
the real interest
rate
I
(r )
I

CHAPTER 3

National Income

slide 21

Government spending, G
G includes government spending on
goods and services.

G excludes transfer payments


Assume government spending and
total taxes are exogenous:

G G

CHAPTER 3

and

National Income

T T

slide 22

The market for goods & services


Agg. demand:
Agg. supply:
Equilibrium:

C (Y T ) I (r ) G
Y F (K , L)
Y = C (Y T ) I (r ) G

The
The real
real interest
interest rate
rate adjusts
adjusts
to
to equate
equate demand
demand with
with supply.
supply.

CHAPTER 3

National Income

slide 23

The loanable funds market


A simple supply-demand model of
the financial system.
One asset: loanable funds
demand for funds:
investment
supply of funds: saving
price of funds:
real interest
rate

CHAPTER 3

National Income

slide 24

Demand for funds: Investment


The demand for loanable funds:
comes from investment:

Firms borrow to finance spending on


plant & equipment, new office
buildings, etc. Consumers borrow to
buy new houses.
depends negatively on r , the price

of loanable funds (the cost of


borrowing).
CHAPTER 3

National Income

slide 25

Loanable funds demand curve


r

The investment
curve is also the
demand curve
for loanable
funds.
I
(r )
I
CHAPTER 3

National Income

slide 26

Supply of funds: Saving


The supply of loanable funds comes from
saving:
Households use their saving to make

bank deposits, purchase bonds and


other assets. These funds become
available to firms to borrow to finance
investment spending.
The government may also contribute to

saving if it does not spend all of the tax


revenue it receives.
CHAPTER 3

National Income

slide 27

Types of saving
private saving = (Y T ) C
public saving

T G

national saving, S
= private saving + public saving
= (Y T ) C +
=

CHAPTER 3

TG

C G

National Income

slide 28

Notation: = change in a variable


For any variable X, X = the change in X
is the Greek (uppercase) letter Delta

Examples:

If L = 1 and K = 0, then Y = MPL.


Y
MPL
.
More generally, if K = 0, then
L

(YT ) = Y T , so
C

MPC (Y T )

= MPC Y MPC T
CHAPTER 3

National Income

slide 29

EXERCISE:

Calculate the change in saving


Suppose MPC = 0.8 and MPL = 20.
For each of the following, compute
S :
a. G = 100
b. T = 100
c. Y = 100
d. L =

CHAPTER 3

10

National Income

slide 30

Answers
S Y C G Y 0.8(Y T ) G
0.2 Y 0.8 T G

a. S 100

b. S 0.8 100 80
c. S 0.2 100 20

d. Y MPL L 20 10 200,
S 0.2 Y 0.2 200 40.
CHAPTER 3

National Income

slide 31

digression:

Budget surpluses and deficits


When T > G ,
budget surplus = (T G ) = public
saving

When T < G ,
budget deficit = (G T )
and public saving is negative.

When T = G ,
budget is balanced and public saving = 0.

CHAPTER 3

National Income

slide 32

The U.S. Federal Government Budget


44

GDP
%%ofofGDP

00

-4-4

(T
(T-G
-G))as
asaa%
% of
ofGDP
GDP

-8-8

-12
-12
1940
1940

1950
1950

CHAPTER 3

1960
1960

1970
1970

National Income

1980
1980

1990
1990

2000
2000
slide 33

The U.S. Federal Government Debt


Fun
Funfact:
fact: In
Inthe
theearly
early1990s,
1990s,
nearly
nearly18
18cents
centsof
ofevery
everytax
tax
dollar
dollarwent
wentto
topay
payinterest
intereston
on
the
thedebt.
debt.
(Today
(Todayits
itsabout
about99cents.)
cents.)

120
120

PercentofofGDP
GDP
Percent

100
100
80
80
60
60
40
40
20
20
00
1940
1940
CHAPTER 3

1950
1950

1960
1960

1970
1970

National Income

1980
1980

1990
1990

2000
2000
slide 34

Loanable funds supply curve


r

S Y C (Y T ) G

National
saving does
not depend
on r,
so the supply
curve is
vertical.
S, I

CHAPTER 3

National Income

slide 35

Loanable funds market equilibrium


r

S Y C (Y T ) G

Equilibrium real
interest rate

I (r )
Equilibrium level
of investment
CHAPTER 3

National Income

S, I

slide 36

The special role of r


rr adjusts
adjusts to
to equilibrate
equilibrate the
the goods
goods market
market
and
and the
the loanable
loanable funds
funds market
market
simultaneously:
simultaneously:
IfIf L.F.
L.F. market
market in
in equilibrium,
equilibrium, then
then
Y
Y C
C G
G =
= II
Add
Add (C
(C +G
+G )) to
to both
both sides
sides to
to get
get
Y
Y=
=C
C+
+ II +
+G
G (goods
(goods market
market eqm)
eqm)
Eqm in
Eqm in
Thus,
Thus, L.F.
goods
market
market

CHAPTER 3

National Income

slide 37

Digression: mastering models


To learn a model well, be sure to know:
1. Which of its variables are endogenous
and which are exogenous.
2. For each curve in the diagram, know
a. definition
b. intuition for slope
c. all the things that can shift the

curve
3. Use the model to analyze the effects of

each item in 2c .
CHAPTER 3

National Income

slide 38

Mastering the loanable funds model


1. Things that shift the saving curve
a. public saving
i. fiscal policy: changes in G or T
b. private saving
i. preferences
ii. tax laws that affect saving

401(k)
IRA
replace income tax with
consumption tax

CHAPTER 3

National Income

slide 39

CASE STUDY

The Reagan Deficits


Reagan policies during early 1980s:
increases in defense

spending: G > 0
big tax cuts: T < 0

According to our model, both policies


reduce national saving:
S Y C (Y T ) G

G S
CHAPTER 3

National Income

T C S
slide 40

1. The Reagan deficits, cont.


1. The increase in
the deficit
reduces saving
2. which causes
the real interest
rate to rise

S1

r2
r1

3. which reduces
the level of
investment.
CHAPTER 3

S2

National Income

I (r )
I2

I1

S, I
slide 41

Are the data consistent with these results?


variable
variable
TT G
G

1970s
1970s
2.2
2.2

1980s
1980s
3.9
3.9

SS
rr

19.6
19.6
1.1
1.1

17.4
17.4
6.3
6.3

II

19.9
19.9

19.4
19.4

TG, S, and I are expressed as a percent of GDP


All figures are averages over the decade shown.
CHAPTER 3

National Income

slide 42

Now you try


Draw the diagram for the loanable
funds model.

Suppose the tax laws are altered to


provide more incentives for private
saving.

What happens to the interest rate and


investment?

(Assume that T doesnt change)

CHAPTER 3

National Income

slide 43

Mastering the loanable funds model


2. Things that shift the investment curve
a. certain technological innovations
to take advantage of the innovation,

firms must buy new investment


goods
b. tax laws that affect investment
investment tax credit

CHAPTER 3

National Income

slide 44

An increase in investment demand


r
raises the
interest rate.

r2

An increase
in desired
investment

r1
But the equilibrium
level of investment
cannot increase
because the
supply of loanable
funds is fixed.
CHAPTER 3

National Income

I1

I2

S, I

slide 45

Chapter summary
1. Total output is determined by
how much capital and labor the economy

has
the level of technology
2. Competitive firms hire each factor until its

marginal product equals its price.


3. If the production function has constant

returns to scale, then labor income plus


capital income equals total income (output).

CHAPTER 3

National Income

slide 48

Chapter summary
4. The economys output is used for
consumption

(which depends on disposable income)


investment
(depends on the real interest rate)
government spending
(exogenous)
5. The real interest rate adjusts to equate

the demand for and supply of


goods and services
loanable funds
CHAPTER 3

National Income

slide 49

Chapter summary
6. A decrease in national saving causes the

interest rate to rise and investment to fall.


An increase in investment demand causes
the interest rate to rise, but does not
affect the equilibrium level of investment
if the supply of loanable funds is fixed.

CHAPTER 3

National Income

slide 50

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