Intermediate Microeconomics · 免费预览
利率变化、借款方与贷款方
利率上升使跨期预算约束以禀赋点为支点转动，替代效应推动所有人增加未来消费，收入效应则使贷款方变富、借款方变穷，因此这两类群体的反应方向不同。
1. The pivot around the endowment
The pivot around the endowment
2. Lenders get richer, borrowers poorer
Lenders get richer, borrowers poorer
3. A Cobb-Douglas borrower worked out
A Cobb-Douglas borrower worked out
4. Reading real-world positions
Reading real-world positions
5. The pivot point
When the interest rate changes, which point on the intertemporal budget stays fixed?
6. Income effect signs
The interest rate rises. What are the income effects for a lender and a borrower?
7. The borrower's shrinking debt
In the worked example, r rises from 10 to 21 percent and c1 falls from 75 to 70. What happened to borrowing?
8. Policy reading
A central bank raises rates to discourage current spending. Which group responds most reliably?
9. Lender PV after the rise
With endowment (40, 121), compute present value at r equals 21 percent, and write the number.
10. New current consumption
Same consumer with Cobb-Douglas patience, compute c1 at r equals 21 percent, and write the number.
11. The original borrower position
With endowment (40, 121) and Cobb-Douglas patience at r of 10 percent, where does the consumer start?
12. The new position after the rise
At r of 21 percent, the same consumer's present value is 140 and c1 falls to 70. What is c2?
13. The old bundle slips out of reach
After r rises to 21 percent, what does the old bundle (75, 82.5) cost in present value, and what follows?
14. Reading positions in the wild
A pension fund receives contributions now and owes payments decades out. Which side of the loanable funds market is it on?
15. Present value at the old rate
With endowment (40, 121), compute the present value at r of 10 percent, and write the number.
16. A gentler rate
With endowment (40, 121), compute the present value at a rate of 5 percent, and write the number.