Transcription of LECTURE NOTES ON MACROECONOMIC PRINCIPLES
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LECTURE NOTES ON MACROECONOMIC PRINCIPLES
Copyright (c) 2013 by Peter Ireland. Redistribution is permitted for educational and research purposes, so long as no changes are made. All copies must be provided free of charge and must include this copyright notice. LECTURE NOTES ON MACROECONOMIC PRINCIPLES Peter Ireland Department of Economics Boston College Ch 26 Saving, Investment, and the Financial System Introduction When a country saves a large fraction of its income, more resources are available for investment in capital, and higher capital raises the economy s productivity, raising living standards still further. But within that country, at any given point in time, some people will want to save some of their income for the future, while others will want to borrow to finance investments in physical capital.
3 interest rate to compensate them for taking on more risk. Junk bonds, issued by financially shaky corporations,
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