tailieunhanh - Macroeconomic theory policy phần 6

Tính sẵn có của một công nghệ đầu tư cho phép một nền kinh tế để lựa chọn các mô hình intertemporal sản xuất. Tính sẵn có của một công nghệ đầu tư cũng cho phép một nền kinh tế mịn mô hình tiêu thụ của nó ngay cả trong trường hợp không có một thị trường tài chính. | . SUMMARY 145 stock grows when the level of net investment is positive. The availability of an investment technology allows an economy to choose the intertemporal pattern of production. The availability of an investment technology also allows an economy to smooth its consumption patterns even in the absence of a financial market. In a small open economy the level of investment is determined primarily by the expected productivity of capital investment together with the prevailing real interest rate. The current account position and hence net domestic saving in a small open economy adjusts primarily to accommodate desired consumption patterns. As in the endowment economy a deterioration of a country s current account position may be associated with either an increase or decrease in the general level of welfare. Whether welfare improves or not depends on the nature of the shock hitting the economy. For example a recession that leads to a transitory decline in GDP will lead to a decline in the current account position as would an investment boom caused by a sudden improvement in the expected productivity of domestic capital spending. To the extent that modern economies are integrated the real rate of interest depends on both the world supply of credit and the world demand for investment. Shocks that affect large countries or large regions of the world may lead to a change in the structure of world interest rates. The model developed in this chapter should be viewed as presenting a rough guide as to the economic forces that are likely to influence the structure of real interest rates prevailing in world financial markets. One should keep in mind however that in reality there are many different types of interest rates. There are short and long rates real and nominal rates and risky and risk-free rates. Some of these interest rates may be influenced primarily by local conditions. 146 CHAPTER 6. CAPITAL AND INVESTMENT Problems 1. Imagine that a small open economy is