4 - Islamic Macroeconomics - Governement Sector Rev Lina
4 - Islamic Macroeconomics - Governement Sector Rev Lina
PENDAPATAN NASIONAL
PADA PEREKONOMIAN
TERTUTUP DENGAN
KEBIJAKAN PEMERINTAH
Government Sector
Islamic Macroeconomics 8
2) Sudut Penerimaan
Y = C+S+T
Dimana :
Y = Pendapatan Nasional
C = Consumption (Pengeluaran yang dilakukan rumah
tangga)
S = Saving (Tabungan)
T = Tax (Pajak)
Government Sector
Islamic Macroeconomics 9
Outline of model
A closed economy, market-clearing model
Supply side
factor markets (supply, demand, price)
determination of output/income
DONE
DONE
Demand side
determinants of C, I, and G
Next
Equilibrium
goods market
loanable funds market
CHAPTER 3 National
Income
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
Dampak pajak terhadap konsumsi dan
tabungan Huda dkk. (2008)
Pada perekonomian tertutup dengan dua sektor
pendapatan nasional (Y) = pendapatan disposable
(Yd)
Unsur Pajak persamaan berubah menjadi : Yd = Y
– T , maka :
1. Pendapatan disposable (Yd) lebih kecil dari
pendapatan nasional (Y)
2. Berkurangnya Pendapatan disposable akan
mengurangi tingkat konsumsi mengurangi tingkat
tabungan
CHAPTER 3 National
Income
The consumption function
C
C (Y –T )
Y–T
CHAPTER 3 National
Income
Marginal Prospencity to Consume (Huda,
dkk, 2008)
MPC = ∆ C / ∆ Y keinginan marginal dari
masyarakat untuk melakukan konsumsi (C =
Konsumsi, Y = Pendapatan)
Rasio perubahan pengeluaran konsumsi dengan
perubahan pendapatan (MPC) lebih (>) 0 (nol)
mencerminkan pengeluaran konsumsi rumah tangga
akan meningkat seiring dengan meningkatnya tingkat
pendapatan
MPC kurang (<) 1 (satu) mencerminkan
kenaikan pengeluaran konsumsi akan selalu lebih
kecil dari pendapatan
CHAPTER 3 National
Income
The investment function
r
Spending on investment
goods
depends negatively on
the real interest rate.
I (r )
I
CHAPTER 3 National
Income
Fungsi Investasi dengan Pendekatan
Ekonomi Konvensional (Huda dkk, 2008)
DefinisiInvestasi : pengeluaran
perusahaan untuk membeli barang –
barang modal dan perlengkapan –
perlengkapan produksi untuk menambah
kemampuan memproduksi barang –
barang dan jasa yang tersedia dalam
perekonomian
CHAPTER 3 National
Income
Pembelian Pemerintah (Mankiw, 2003) ..
(1)
Pembelian Pemerintah atau Belanja Pemerintah
komponen ketiga dari permintaan terhadap barang dan jasa.
1. Pemerintah pusat membeli senjata, peluru kendali dan
jasa pegawai pemerintah
2. Pemerintah lokal membeli buku – buku untuk
perpustakaan, membangun gedung – gedung, dan
memperkerjakan para guru.
3.Pemerintah di semua tingkat membuat jalan
dan pekerjaan publik lainnya
Seluruh transaksi ini membentuk pembelian
barang dan jasa pemerintah jika Amerika
Serikat jumlah nya 20% dari GDP
Islamic Macroeconomics Government Sector 24
Pembelian Pemerintah (Mankiw, 2003) ..
(2)
4.Pengeluaran pemerintah Pembayaran transfer
kepada rumah tangga tunjangan, kesejahteraan
orang – orang miskin dan pembayaran jaminan
sosial untuk kaum lansia tidak ada pertukaran
dengan sebagian output barang dan jasa
perekonomian Tidak termasuk pada variabel
‘”G”
Pembayaran transfer lawan dari pajak
pembayaran transfer meningkatkan disposable
income rumah tangga sedangkan pajak sebaliknya
Aggregate supply: Y F (K , L )
Equilibrium: Y = C (Y T ) I (r ) G
Y F (K , L )
CHAPTER 3 National
Income
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
(cost of borrowing).
CHAPTER 3 National
Income
Loanable funds demand curve
r
The investment
curve is also the
demand curve for
loanable funds.
I (r )
I
CHAPTER 3 National
Income
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
CHAPTER 3 National
Income
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
digression:
Budget surpluses and deficits
If T > G, budget surplus = (T – G )
= public
saving.
If T < G, budget deficit = (G – T )
and public saving is negative.
If T = G , “balanced budget,” public
saving = 0.
The U.S. government finances its deficit
National
by issuing Treasury bonds – i.e., Income
CHAPTER 3
U.S. Federal Government Surplus/Deficit, 1940-
2004
5%
0%
-5%
(% of GDP)
-10%
-15%
-20%
-25%
-30%
1940 1950 1960 1970 1980 1990 National
CHAPTER 3
2000
Income
U.S. Federal Government Debt,
1940-2004
Fact: In the early 1990s, about
120%
18 cents of every tax dollar
went to pay interest on the debt.
100%
(Today it’s about 9 cents.)
80%
(% of GDP)
60%
40%
20%
0%
1940 1950 1960 1970 1980 1990
CHAPTER 3 National
2000
Income
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
Loanable funds market equilibrium
r S Y C (Y T ) G
Equilibrium real
interest rate
I (r )
Equilibrium level S, I
of investment
CHAPTER 3 National
Income
The special role of r
r adjusts to equilibrate the goods market and
the loanable funds market simultaneously:
If L.F. market in equilibrium, then
Y–C–G =I
Add (C +G ) to both sides to get
Y = C + I + G (goods market eq’m)
Thus,
Eq’m in L.F.
market Eq’m in goods
market
CHAPTER 3 National
Income
Digression: Mastering models
To master a model, 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. National
CHAPTER 3
Income
Mastering the loanable funds model
Things that shift the saving curve
◦ public saving
fiscal policy: changes in G or T
◦ private saving
preferences
tax laws that affect saving
401(k)
IRA
replace income tax with consumption tax
CHAPTER 3 National
Income
CASE STUDY:
The Reagan deficits
Reagan policies during early 1980s:
◦ increases in defense spending: G > 0
◦ big tax cuts: T < 0
Both policies reduce national saving:
S Y C (Y T ) G
G S T C S
CHAPTER 3 National
Income
CASE STUDY:
The Reagan deficits
1. The increase in the r S1
S2
deficit reduces
saving…
r2
2. …which causes the
real interest rate to
r1
rise…
3. …which reduces I (r )
the level of I2 I1 S, I
investment.
CHAPTER 3 National
Income
Are the data consistent with these results?
Income
Mastering the loanable funds model ,
continued
Things that shift the investment curve
◦ some technological innovations
to take advantage of the innovation,
firms must buy new investment goods
◦ tax laws that affect investment
investment tax credit
CHAPTER 3 National
Income
An increase in investment demand
r S
CHAPTER 3 National
Income
An increase in investment demand when
saving depends on r
r Sr
()
An increase in
investment demand
raises r,
which induces an r2
increase in the
r1
quantity of saving,
which allows I
to increase. I(r)2
I(r)
I1 I2 S, I
CHAPTER 3 National
Income
Chapter Summary
Total output is determined by
◦ the economy’s quantities of capital and labor
◦ the level of technology
Competitive firms hire each factor until
its marginal product equals its price.
If the production function has constant
returns to scale, then labor income plus
capital income equals total income
(output).
CHAPTER 3 National Income slide 59
Chapter Summary
A closed economy’s output is used for
◦ consumption
◦ investment
◦ government spending
The real interest rate adjusts to equate
the demand for and supply of
◦ goods and services
◦ loanable funds