Guia Macroeconomia (MacroInt_slides)

7/23/2019 Guia Macroeconomia (MacroInt_slides)

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World Population and Production

100

1000

10000

100000

1000 1100 1200 1300 1400 1500 1600 1700 1800 1900 2000

Population(M),Production(B

$1985)

Population

Production


8/184

GDP per capita, five regions

1750 1800 1850 1900 1950 20000

3000

6000

9000

12000

15000

18000

1985Dollars

1990 Population in millions

UK, USA, Canada, Australia, New Zealand 354

Japan 124

France, Germany, Netherlands, Scandinavia 184

Rest of Western Europe, Eastern Europe, Latin America 986

Asia (except Japan), Africa 3590


9/184

12


10/184

22


11/184

1880 1900 1920 1940 1960 1980 20000

5

10

15

20

25

30

US GDP PER PERSON

THOUSANDS

OF1990D

OLLARS


12/184

1880 1900 1920 1940 1960 1980 20000

0.5

1

1.5

2

2.5

3

3.5

US GDP PER PERSON VS. TREND


13/184

1860 1880 1900 1920 1940 1960 1980 2000 2020-0.5

-0.4

-0.3

-0.2

-0.1

0

0.1

0.2

0.3US GDP DEVIATIONS FROM TREND


14/184

1940 1950 1960 1970 1980 1990 2000 20102

3

4

5

6

7

8

9

10

11

US Unemployment Rate


15/184

1910 1920 1930 1940 1950 1960 1970 1980 1990 2000 20100

50

100

150

200

250

US Consumer Price Index


16/184

= +


17/184

COUNTRY

FPA/

GNP

FPF/

GDP

GDP/

GNP

Austria 8.9% 10.0% 101.3%

Denmark 10.6% 9.0% 98.2%

Finland 9.5% 8.6% 99.0%

France 8.0% 7.3% 99.3%Germany 8.4% 7.5% 99.1%

Greece 3.5% 5.2% 101.9%

Hungary 6.4% 12.6% 107.1%

Ireland 41.1% 49.3% 116.1%

Italy 5.0% 5.1% 100.2%

Norway 9.2% 9.4% 100.3%

Poland 1.7% 5.6% 104.1%

Portugal 7.8% 11.3% 103.9%

Spain 4.8% 6.4% 101.7%

Sweden 13.1% 11.6% 98.3%

Switzerland 24.9% 18.0% 91.6%

United Kingdom 18.3% 17.2% 98.7%

Euro Area 10.5% 10.6% 100.2%

Canada 3.5% 4.3% 100.7%

USA 5.2% 4.8% 99.4%

Argentina n/a n/a 102.5%

Brazil n/a n/a 102.6%

Mexico n/a n/a 101.4%

Venezuela n/a n/a 100.6%

Australia 3.3% 7.6% 104.7%

New Zealand 1.9% 8.9% 107.7%


18/184

= + + +

= + + + +

= + + +

(C GC) / C / G

C/


19/184

COUNTRY

(C+GC) /

(C+I+G)

C /

(C+I+G)

GC/

(C+I+G)

Austria 77.4% 57.9% 19.5%

Denmark 76.6% 50.1% 26.6%

Finland 77.4% 53.6% 23.8%

France 78.9% 55.5% 23.4%

Germany 80.9% 61.2% 19.7%Greece 76.9% 62.7% 14.2%

Hungary 76.4% 53.1% 23.3%

Ireland 68.6% 50.2% 18.4%

Italy 78.6% 58.4% 20.1%

Norway 72.9% 48.9% 24.0%

Poland 79.0% 60.8% 18.2%

Portugal79.0% 59.5% 19.5%

Spain 70.9% 53.7% 17.2%

Sweden 79.9% 50.7% 29.1%

Switzerland 75.5% 63.2% 12.3%

United Kingdom 82.2% 60.4% 21.8%

Euro Area 77.9% 57.2% 20.8%

Canada 76.5% 56.4% 20.1%

USA 81.5% 66.4% 15.1%

Argentina 75.6% 62.5% 13.1%

Brazil 82.6% 62.2% 20.4%

Mexico 78.2% 66.6% 11.6%

Venezuela 70.2% 56.5% 13.7%

Australia 73.0% 55.0% 18.0%

New Zealand 77.1% 58.5% 18.6%


20/184

= +

=

= ( + )

=

.

2006


21/184

2006

COUNTRY SN/ GNP S

P/GNP S

G/ GNP

Austria 23.6% 21.4% 2.2%

Denmark 24.2% 17.4% 6.7%

Finland 25.0% 18.8% 6.3%

France 19.0% 14.4% 4.6%

Germany 22.6% 21.9% 0.7%

Greece 15.0% 16.1% -1.1%

Hungary 17.5% 22.8% -5.3%

Ireland 26.7% 18.6% 8.1%

Italy 18.6% 17.3% 1.3%

Norway 39.1% 23.5% 15.6%

Poland 19.2% 19.9% -0.7%

Portugal 13.4% 15.0% -1.7%Spain 22.3% 16.6% 5.7%

Sweden 26.1% 23.1% 3.0%

Switzerland 34.2% 31.7% 2.5%

United Kingdom 13.9% 14.1% -0.2%

Euro area 21.4% 18.9% 2.6%

Canada 24.4% 20.4% 4.0%

USA 14.1% 13.6% 0.5%

Argentina 26.5% 20.8% 5.8%

Brazil 18.6% 20.8% -2.1%

Mexico 19.6% 16.3% 3.3%

Venezuela 40.8% 27.2% 13.5%

Australia 21.6% 15.9% 5.7%

New Zealand 15.3% 9.4% 5.9%


22/184

=

+

.

= +


23/184

2006 Statistical

COUNTRY SN/ GNP I/GNP CA/GNP Discrepancy

Austria 23.6% 21.1% 2.5% 0.0%

Denmark 24.2% 22.1% 2.6% -0.6%

Finland25.0% 20.5% 4.5% 0.0%

France 19.0% 21.0% -1.2% -0.8%

Germany 22.6% 17.6% 5.0% 0.0%

Greece 15.0% 26.2% -11.3% 0.0%

Hungary 17.5% 24.8% -7.0% -0.3%

Ireland 26.7% 31.6% -4.8% 0.0%

Italy 18.6% 21.6% -2.6% -0.4%

Norway 39.1% 21.8% 17.3% 0.0%

Poland 19.2% 22.0% -3.4% 0.6%Portugal 13.4% 23.1% -9.7% 0.0%

Spain 22.3% 31.1% -8.8% 0.0%

Sweden 26.1% 17.8% 8.3% 0.0%

Switzerland 34.2% 20.3% 13.9% 0.1%

United Kingdom 13.9% 17.8% -3.8% 0.0%

Euro area 21.4% 21.6% -0.2% 0.0%

Canada 24.4% 22.7% 1.6% 0.0%USA 14.1% 19.5% -6.1% 0.8%

Argentina 26.5% 23.6% 2.6% 0.3%

Brazil 18.6% 17.3% 1.3% 0.0%

Mexico 19.6% 19.7% -0.2% 0.1%

Venezuela 40.8% 25.4% 14.8% 0.5%


24/184

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=


25/184

=

.


26/184


27/184


28/184

=

P

P1

P0-(1/b)

a DAYDA

1 YDA

0


29/184


30/184

P

P0 OA

DA1DA0

Y0 Y1 Y


31/184

= +

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OA

P1

P0

(1/d)

c Y0 Y1 YOA


32/184

P

OAE1P1

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P0

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= = +

=

+ ,

=

+


33/184

P OALP

P1

P0

DA1DA0

Y*LP Y


34/184

P OAPE

DA OA

E* HP*

Brecha recesiva

Y* YPE Y


35/184

P OAPE

OACP

H E*P*

Brecha inflacionistaDA

YPE Y*


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C

Y0 Y1 Y

C Bisectriz

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C0

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cY

C45 (pendiente = 1)

0

Y0 Y

sy = 1-cY

C


38/184

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Demanda Agregada: DABisectriz

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DADA1 K

E*DA*DA0 H

cY J

C I

OY0 Y

* Y1 Produccin o Renta: Y

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>

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40/184

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bisectriz

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DA0I

I =DA

C I I

E0

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Y

Y*0 Y*1 Y


41/184

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42/184

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43/184

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DA1= Y1 E1* DA + G1

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cy

DA + G0Y

45o

Y0* Y1

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44/184

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45/184

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)


46/184

DA

bisectriz

DA0

DA1

cYdcYd(1-tY)

DA

45o

Y0*

Y1*

Y


47/184

P

E0* E1

*

P OA

DA ( G1)

DA ( G0)

Y0* Y1

* Y


48/184

Sp

iYSp T t Y T G TC

Y0 YPE- Sp1

0 iG TC T T tYo

1 iG TC T T


49/184

Sp

iYSp T t Y T G TC

Y0 YPE- Sp1

iG TC T T tYo tY1


50/184

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)

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=

(

)>

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51/184

Y tY

(YtY)*

(YtY1)

(Y0tYo)

0 tYo tY* tY1 tYo

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52/184

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=

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>

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53/184


54/184

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i1

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I1 I0 Valor de la Inversin


55/184

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(

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)


56/184

bisectriz

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E0 DA0

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DA1

20i

DA I i

E1

Y

2 1iDA I i

450

Y1* Y0

* Y

P

P0 E1 E0

Y

DA0(i0)

DA1 (i1)

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57/184

i

E1

i1

i

i0 E0

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IS

Y1* Y0

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58/184

=

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+

i

LM ( Mp, Po,.)

Y


59/184

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/

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60/184

/

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/


61/184

/

/

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62/184

( + )

+

+


63/184

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( +

) 0

BP BP > 0 BP < 0

BP < 0

Y

Y

Movilidad perfecta: v Movilidad Nula: v0


67/184

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68/184

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69/184

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e1

eo

io= ifo i , i

f

e

e1 E1

eo E0

i0 = 0f e

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i e

i , f ei e


70/184

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71/184

BP(e,Pf,Po,Y

f,...)

LM(Ms,Po)

Eoi*

IS(Go,ty,e,Po)

Y

Y*

( , )

<


72/184

LM1(P1) LMo(Po)i BP1(P1)

E1 BPo(Po)E0

ISo( Po)IS1(P1)

Y1 Yo Y


73/184

=

P

P1

Po

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74/184

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75/184

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EoPo

DA(GoMsoeo)Y

Y1 Yo


76/184


77/184

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,

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78/184

i

LM (Mso,P)

Eo

io=if- ee

BP

IS(eo, G)

Yo Y


79/184

=

=


82/184

iLM (Ms,P)

Eoi

Eo,1

E1 io BP

E0

IS(G1,e1)

IS(Go,eo)

e e1 e0 Yo,1 Yo

Y

= =


83/184

=

= < <


84/184

i LM(M

s

)

E1

BP(if1)

i1= if1

Eo

io= i

f

o BP(i

f

o)

IS (e1)

IS(eo)e Y

e0 e1 Yo Y1

=

i


85/184

i

if+(e/e

e)

LMif+(e/e

e) E

o

E1i1 BP1

Eo

io BPo

IS(G1,eo)

IS(G1,e1)

IS(Go,eo)

e e1 eo Yo Y1 Yo

Y

=


86/184


87/184

Banco Central

Activo Pasivo

Activos sobre el resto delmundoReservasInternacionales: RI Base Monetaria : BM

Activos sobre el SectorPblicoDeuda Pblica

Crditos al Sistema Bancario

>

<


88/184


91/184

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Eo LM(Mso)

i1Eo E1

io = if BP

IS(G1)

IS(Go)

e e Yo Yo Y1 Y

=

=


92/184

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(

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) =

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,

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103/184

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K

K1

Y2Ko

Y1

Yo

N

N1 No

= ,


104/184

K

Eo E1 E2

K

Y2

Y1

Yo

No N1 N2 N

Y

Y2 E2

E1 F(N, oK )

Y1Eo

Yo

No N1 N2 N

YY

F(N K )


105/184

Y1

Yo

No N1 N

FN

FNo

FN1 .

FN

No N1 N

F(N, 1K )

Y1

F(N,o

K )

Yo

No N

FN

FN1

FNo

FN1

FNo

No N


106/184

,

( + )

=

PFNW

Eo

Wo

PoFN

No N


107/184

W

PFN

W1 A

Wo Eo B

P1FN

PoFN

Ndo N

d1 N

FNW/P

Eo

(W/P)o

FN

No N


108/184

, ( , ) = + =

/

/ =

Y

Eo U2Yo

U1 -(W/P)o

Uo

0 Lo T L


109/184

Y

E1

Y1 U1Yo Eo

Uo

0 L1 Lo T L


110/184

(W/P) g(N)g(N) Poblacin Activa

E1(W/P)1

Eo(W/P)o

Poblacin Inactiva

0 Nso N

s1 NMAXPPA


111/184

= ( ) = ( )

( )

WPg(N) P1g(N)

A Pog(N)W

1

Wo B Eo

0 Ns1 N

so N

sMAX N


112/184

=

=

= (

) =

(

)

= :

= ( )

= ( )

(W/P) g(N)FN,g(N)

Eo(W/P)o


113/184

(W/P)o

FN

0

No NMAX N

W Pog(N)PFNPg(N)

Wo

PoFN

0 No NMAX N

W P1g(N)

Pg(N) Pog(N)

PFN E1W1


114/184

Eo

Wo

P1FN

PoFN

0 Ns No N

d


115/184

=

(

,

)

=

=


116/184

Y Y

bisectriz

F(N,Ko)

Yo Yo

45o

0 No N 0 Yo Y

WP1g(N)

E1 Pog(N) OA

W1Eo P1 E1

Wo

P1FN Eo

PoPoFN

0 Ns No N

d NMAX 0 Yo Y


117/184

= +,

, +

+ +,

+ + +

,

+, +


118/184

+ + + + + +

=

+,

=

= ,

=

=

(

)

Y FUNCION DE PRODUCCIN i IS-LM-BPLM(M

s,P)

Yo Eo F(N,Ko)


119/184

Eoi = i

f+(e

e/e) BP

IS(e,G,P)

0 No N 0 YoDA

Y

W MERCADO DE TRABAJO P OFERTA Y DEMANDA AGREGADAPg(N)

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PFN

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120/184

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)

= (

) , ( +

)


121/184

+

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P

o

W

P

FN

(1 )

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cf

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122/184

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( ) +

=

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/

( )

(

)=

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-(W/P)(1-tcw')

Y1-(W/P)(1-tcw)

Yo

0 L1 Lo T L

(W/P)

( )

(1 )cw

g N

t

g(N)

W/P)o

0 No N1 NMAX N


123/184

=

+

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+

=

( ) =

( )

= :

+

=

( )

W

( )P N


124/184

( )(1 )

o

o

cw

P g Nt

EoWo

(1 )

(1 )

o N I

cf

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t

0 No NMAX N


125/184

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,

( +

)

=

,

=

,

> ,

Y i

LM(Po,Mso)

Y1 E1,2F(N,Ko) LM(P1,M

so)

Yo EoEo E2

i=if

+e

BP


126/184

i=i + BP

IS(P1,eo)

IS(Po,eo)

0 Yo Y1 YOA

0 Yo Y1 YDA

W( )

1

o

cw

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t P

W1 E1 OA(tcf)o OA(tcf)1

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(1 )

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cf

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t

1

1(1 )

1

N I

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(1 )

1o

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cf

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DA

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<


127/184

<

Y i LM(Ms1,Po)

LM(Mso,Po,1)

Yo Eo,2 F(N,Ko)

E1 Eo,2

i=if+e BP


128/184

i=if+e BP

IS(Go,Po,1)IS(G1,Po)

0 No N 0 Y1 Yo,2 YDA

W Pog(N) P

Eo P1g(N)

Wo Po E1 Eo

W1 E2E1 PoFN P1 DAo(Go)

P1FN DA1(G1)

0 No N 0 YDA

1 Yo Y


129/184

Y i LM(Mso,1,Po,1)

Yo Eo LM(Ms1,Po)

F(N,Ko)

Eo,2 E1i=if+e BP


130/184

i i + BP

IS(e1,Po)IS(eo,1,P1)

0 No N 0 YDA

o,2 YDA

1 YDA

W P

P1g(N) P1 E2E1

W1 Pog(N)

Po Eo E1Eo

Wo

P1FN DA( Ms1,e1)

PoFN DA(Mso,eo)

OA

0 Ns No N

d NMAX N 0 Yo Y


131/184


132/184

( )


133/184

= ( , )

= ( , , )

=

=

> ,

= .

=

>


134/184

= >

Y

Y1 F(N, MP1, K0)

Y0 F(N, MP0, K0)

MP0 MP1

N0 N

,

=

,

,


135/184

=

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,

,

,

,

=

=

W

W0

P0 FN [1- (1/R)]

N0 N

=

=


136/184

=

(

)

=

(

)

=

:

= (

)

=

(

)

W P1g(N)


137/184

g( )E1

W1 P0g(N)

E0W0

P1FN[1-

(1/R1)]

P0FN[1-(1/R0)]

N0 N1 N

W/P

g(N)

(W/P)1

(W/P)0

FN[1-(1/R1)]

FN[1-(1/R0)]

N0 N1 N


138/184

P

OA(,1/R)

P1 E1

P0 E0

Y0 Y1 Y


139/184

Y

F(N, MP0, K0)

Y0 E0

E0 F( N, MP1, K0)

Y1 E1

N1 N0 N


140/184

POA(e1)

OA(e0)

E2

2

E0

0 DA (e1)

DA (e0)

Y0 Y2 Y

P2g(N)W

P0g(N)

E2W2

E0W0 E1W1

P2FN[1-(1/R2)]

P0FN[1 (1/ R0)]

P0FN[1 (1/ R1)]

N1 N0N2 N


141/184


142/184


143/184


144/184

= (

)

=

<

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>

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F(N,Ko)


145/184

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146/184

= /

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(

)

Ye (W/P

e)

g(N)

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Eo -(W/Pe)

Yeo

Lo T L No N

=

= ( )


147/184

WPeg(N)

Peg(N)PFN

EoWo

No Nmax

=

( )


148/184

W

Peog(N)

W1 E1

Wo Eo

P1 FN

Po FN

No N1 Nd1 Nmax

Pe1g(N)

Peog(N)

E2

W2

W1 E1

Wo

P1 FN

Po FN

N0 N1 N

Y Y


149/184

E1 E1Y1 E0 Y1 E0Y0 Y0

45

N0 N1 N Y0 Y1

W P OA(Pe=Po)

Peog(N)

W1 E1 P1 E1

Eo Po Eo

W0

P1FNPoFN

N0 N1 N Y0 Y1 Y

Y Y


150/184

E1 E1Y1 Y1

Y0 E0 Y0 E0

N0 N1 N Y0 Y1 Y

OA1(Pe=P1)

W P

Pe1 g(N)

E2 OA0(Pe=P0)

W2 Pe0g(N) P1 E2 E1

E1W1 P0 E0

E0

P1FN

P0FN

NS N0 Nd

1 N Y0 Y1 Y

=

P OALP OA(Pe=P1)

E2 OA (Pe= P0 )


151/184

2 ( 0 )P1

OA(Pe=P2)

P0 E0

P2 E1

Y0 Y


152/184

Y

Y2 E2 i LM(MS

0,P0)

Y1 F(N, K0) LM(MS

1,P2)

E0 LM(MS1,P0)


153/184

i = if+ e

eE0

E2 E1

IS(e1,P0)

IS(e1,P2)IS(e0,P0)

N0 N2 Y0 Y2 Y1 Y

W P

Pe0g(N) OA(P

e=P0)

E2E2 P2

W2P0 E0 Y

DA1

W0 E0 Nd

1P2FN

DA(MS1,e1)

P0FN

DA(MS

0,e0)

N0 N2 ND N Y0 Y2 Y

DA

W P OALPP

e2g(N) OA(P

e=P2)

Pe0g(N)

E3 OA(Pe=P0)

W3 P3 E3

E2 E2W2 P2

E0


154/184

P0 E0 DA(Ms1,e1)

P2FNP0FN DA(M

s0,e0)

NS

N0 N2 N YLP Y2 Y

=

P

OALP OA(Pe=P3)

ELP OA(Pe=P2)

P3 E2 OA(Pe=P2)

P2 E2P2 OA(P

e=P0)

E2

P2

E0

P0DA(M

s,e1)

DA (Ms,e0)

YLP Y2 Y2 Y2 Y

(

)


155/184

=

Y i LM(Mso,Po)

Y1 E1 F(N,K0)

Y2 E2 LM(Mso,P2)

E0 E2

Y0 E0 i=if+e

e

IS(P2,R2)


156/184

IS(Po,Ro)

N0 N2 N1 N YDA

0 YDA

2 Y

W Peog(N) P OA

LP(tIo)

OA(Pe=Po,tIo)

OA(Pe=P0,tI1)

W1 E1 P0 E0 E1

W2 E2 P2 E2

W0 E0

P2(1-tI1)FN

N0 N2 N1 N YLP Y2 Y1 Y

Pe0g(N)W E1 P OA(tIo) OA(tI1)

Pe2g(N)E2 OA(tI1,P

e=Po)W2

P0 E0 E1E3 E2 OA(tI1 P

e=P2)


157/184

E3 E2 OA(tI1,P P2)

W3 P2 E3

FNP2(1-tI1) OA (tIo,Pe=Po)

DA

N2 N1 N Y0 Y2 Y1 Y

=

OA(Pe=Po,tIo)

POALP(tIo) OALP(tI1)

OA(Pe=Po,tI1)

OA(Pe=P2,tI1)

OA(Pe

=P4,tI1)

P0 Eo E1 OA(Pe=PLP,tI1)

P2 E2 E3

P4 E4

PLP ELPDA(Ms,e)

Y0 Y2 Y4Y1* Y

<

<


158/184

Pe1g(N)

P OA(Pe=P)

Peog(N) E* OA(Pe=P1)

E*

E1 OA(Pe

=P0)1 E1 P2

Eo EoP1

0 Eo P0 E0

DA(MS

1)

FNP2FNP0

DA(MS

0)

N0 N1 N Y0 Y1 Y

<

<

OA(Pe

=P*)OA(P

e=P2)

P OALP OA(Pe=P1)


159/184

LP ( 1)

E* OA(P

e=P0)

P* E3

P2 E1

P1 Eo

P0 E0

DA(MS

1)

DA(MS

o)

Y0 Y3 Y1 Yo Y

=


160/184

W Pe1g(N) P OALPOA(Pe=P1)

E1W1 Pe0g(N)

OA(Pe=P0)P1 E1

E0 Po E0Wo

FN P1 DA(MS

1)

FN P0 DA(MS

0)

N0 N Y0 Y

>


161/184

OALP OA (Pe=P3)

W Pe3g(N) P

E3 Pe0g(N) P3 E3 OA(P

e=P0)

W3 P2 E2W2 E2WB B PB B

E0

W0 Nd

0

P0 E0

DA1

P2FN

P0FN DA0

N2 N0 N Y2 Y0 Y

>

OA (Pe = P3)

OA (Pe= P2)

P OALPOA(P

e=P

*)


162/184

P3

E2

P2E3

OA(Pe=P0)

P* E*

P0 E0

DA(MS

1)

DA(MS

0)

Y2 Y0* Y


163/184


164/184

+

=


165/184

=

=

=

=

W

NS

N* UV

E0

W0

ND

N0 NPPA N

=

,

=

( , )

( ,

)


166/184

=

(

)

(

) /

/

=

(

)

WPog(N)

P1g(N)


167/184

g( )

UINV

E0W0 C B A

UVOL

P1FN PoFN

ND

N0 NS=NPA

NPPA N

Y Y

Y0 E0 Y0F(N,K0)

E1Y1 Y1


168/184

45o

N1 N0 N Y1 Y0 YW P

Pog(N) OAC

P1g(N)

W0 E1 E0 NS P0 E0

P1 E1

ND N0 N

S Y1 Y0 Y


169/184

<

Y E0 i LM

Yo F(N,Ko) ISo LM1IS1

E1 LMo

Y1 IS

E E1 Eo

io= if


170/184

N1 No Y Y1 Yo

W P

DA(Yf

o) OACPog(N) DA(Yf1M

s1)

P1g(N) E Eo

Wo C Eo B

E1

P1FN PoFN

Nd No N

SY Y1 Yo


171/184

>

Y i IS(G1P1) IS(G1) LM(Mso)

Y2 EC LM(Ms1)

F(N,Ko)

Y1 E1Yo Eo Eo E1

i = if

IS(Go)


172/184

LM(MS1 P1)

Nd

o Nd

1 NC Yo Y1 Yo

W

P OAC

DA(G1MS

1)

P1FNP1g(N)

Eo E1 Pog(N) E1Wo P1

EC Eo

Po Eo

PoF

N

DA(Go)

Nd

o Nd

1 NC NS

1 NS

o NPPA Yo Y1 Yo YC

=

=


173/184

DA(G2)

W P DA(G1) OAC

DA(Go)

P2 E*

E1

Eo E1 E* P1

Wo

Po Eo

P2FNP1FN

PoFN

Ndo N

d1 NC N

S1 N

So Yo Y1 YC

>


174/184

>

OAC1(tcf1)

OACo(tcfo)

W P OAC1(tcf1)P1FN/(1+tcf1)

P (N)


175/184

P1g(N)Wo Eo E1 Eo EC1

Po Eo Eo

A

P1E1

PoFN/(1+tcf1)

Pog(N)

PoFN/(1+tcfo) DA

Ndo N

d1 NCo NC1 N

So NPPA Yo Y1 YCo YC1

=

,

=

( , )

( ,

)

( ) ( ) /


176/184

=

(

)

(

) /

/

=

(

)


177/184

<

DA(YfoM

So)

W Pog(N) P OA

DA(Yf1M

S1)

P1g(N)Po Eo Eo

Eo E1 A

Wo P1

WMIN E1 A

W*

PoFNP F


178/184

P1FN

Nd No N

S N Y

DA Y1 Yo Y

Y i

IS(Yfo)

F(N,Ko) IS(P1)Yo EoY1

E1 IS(Yf1)

i=if

Eo E1BP

LM(MS

1)LM(MSo)

LM(MS

1/P1)

N1 No N YDA

Y1 Yo

W

Po g(N)

WMIN 1 E1 A

EoWo


179/184

o

WMIN o

Po FN

Nd No NS NPPA

<

Pog(N)W P1g(N) P OA

DA

WMIN,1 E1 E2 H ES

2 ES

0 HPH

E0 P2 E2Wo

WMIN,o P0 E1 E0


180/184

P1FNPoFN

Nd

1 Nd2 N0 N

S2 N

S0 N Y1 Y2 Y0

Y iIS(P0)

IS(P2)Y0 F( N, K0 )

E0

Y2 E2E2 E0

Y1 E1 i = if

LM(P2)LM(P0)

Nd

1 Nd

2 Nd0 N Y

DA2 Y

DA0


181/184


182/184

=

+ , , + + + , +

+

+,

+ , +


183/184

=

+ ,

=

=

(

) +

+

=

=

, + , >

>


184/184

=

(

) +

+

< .

Date post:	13-Apr-2018
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