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Macroeconomics Topics & Concepts Covered

TOPICS	CONCEPTS
Gross Domestic Product (GDP)	Calculation and components of GDP
Inflation	Measuring inflation (CPI and PPI)
Unemployment	Phillips Curve and unemployment rates
Economic Growth	Solow Growth Model
Fiscal Policy	Keynesian vs. Classical views on fiscal policy
Monetary Policy	Role of central banks
Exchange Rates	Fixed vs. floating exchange rate systems
International Trade	Trade deficits and surpluses

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Recently Asked Macroeconomics Questions

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Q1:Instructions Need to submit Eview file and report Selected country - Japan, US and Germany GDP, inflation and unemployment rate must use EViews Software 1. Please collect three primary macroeconomic time series data for three different countries. Conduct unit root test, JJ, and two steps EG cointegration test, ECT, and short-run causality for the same variable for each country. 2. Develop an econometric model utilizing the ARDL technique for the three variables employed in your previous assignment (question No.1). Once the model is established, conduct both ARDL and NARDL estimations using the same framework. Pay particular attention to the econometric specification tests, and provide interpretations for the estimated parameters.See Answer
Q2:Assignment file Part I: Initial Conditions Suppose the following system of equations and parameters characterize the economy: Y^S=40 N 0.2 N^ 2 Production Function N^S = -3 +1.5 w/p Labor Supply Function I= 100-3-r Investment Function S = -25+0.1 Y+2.r Saving Function G=70 T 50 M=130 V = 5 1. Derive the labor demand function: N^d=f(W/P). 2. Calculate the endogenous real variables (W/P, N, Y, r, I, S, and C) and these endogenous nominal variables: P, W, and PY. Need to provide the typed solutions in step by step mannerSee Answer
Q3: ECONOMICS ANALYSIS ASSIGNMENT INSTRUCTIONS OVERVIEW For this assignment, you will write a 2-3-page paper (double-spaced, 1-inch margins) providing at least 1 example of how government has overstepped biblical principles in some form of economic policy. Be sure to adhere to the format specified in the Course Style Guidelines document. Options include the following topics: GOVT 200 A specific piece of legislation relating to business regulation or taxation. The "party platform" of either the Republican Party or the Democratic Party (or both). The role of the Federal Reserve. The budget process. In discussing one of these topics, incorporate clear references from the Learn material in the assigned Module: Week. INSTRUCTIONS Follow the below instructions to compose your assignment: Length of assignment – 2-3 pages. Make sure to include a bibliography page Format of assignment - Course Style Guidelines At least 2 sources Acceptable sources - Scholarly articles published within the last five years, the Bible, online articles given as assignments, and any other pertinent source that helps the student answer the assignment prompt. Note: You may submit your assignment to the Economics Analysis: Draft Submission Assignment to check your paper for plagiarism. Your assignment will be checked for originality via the Turnitin plagiarism tool. After reviewing your Turnitin results, make any edits necessary and submit your Economics Analysis: Final Submission Assignment.See Answer
Q4: IF 1203 Macroeconomics, Coursework 2024: Moodle in PDF format The basic question for the coursework is the same as in previous years, however, the arrival of search engines that incorporate Al has made it necessary to offer two different options this year for those who wish to avoid Al and for those who want to use it. This approach to handling Al is clearly experimental and feedback on this is welcome. The required task is: "Choose any one country, assess its current macroeconomic position, and discuss what policies have been adopted by the monetary and fiscal authorities in the recent past. What should the monetary and fiscal authorities be doing over the next year or so, in your opinion?” (“recent” here means that it was not known in March/April last year when similar reports were being written! In other words, do not try copying work from previous year's students. This can be done in groups of up to five people. (You can do it alone if your circumstances make it hard to work with a group, but it is better if you can work with others, as this kind of cooperation is good experience.) The skills associated with writing a report are among the most important things you should acquire at university. So learning to write a good report is going to be very important for all your careers. However, a new challenge is posed by the availability of Al which can make you look like a cheat if you do not handle it carefully. Accordingly, I am suggesting one of two possible approaches to this report. Option 1 (No AI). Use the October 2023 IMF WEO Database (https://www.imf.org/en/Publications/WEO/weo- database/2023/October) to select data for one country of your choice. Suggested series are: GDP at constant prices % change (the growth rate of real GDP) The Output Gap as % of potential GDP (GDP gap) (NB: the IMF does not calculate the Gap for all countries.....only the major ones). Inflation rate of consumer prices % change (Inflation) The unemployment rate as % of the labour force. General Government structural balance as % of GDP (structural budget deficit) General Government gross debt as % of GDP. (national debt) Current Account balance of payments as % of GDP. (balance of payments deficit) (Plus any other series you think are relevant.) The IMF WEO database for most countries has data from 1980 to 2022 and forecasts to 2028. You can choose what period to cover but I suggest maybe 2000 to 2028. Download the data into Excel and draw charts of each of these data series. Then put your charts into a document and explain what you think has been going on in that economy over the period covered. You can then add a section on what policy makers did in response to earlier crises as well as how they responded to the surge in inflation in 2022/3. Here the policy decisions of the past two years or so are most important (note there is UK Budget on 6th March 2024). Then suggest from your own perspective what you think they should be doing now to get their economy on a desirable course. Here you can refer to any very recent data that came out after October 2023 that might suggest a different course for the economy.......but be clear what it is and where it came from. Option 2 (AI OK) Answer the same question using whatever data you like and using whatever search engines you like. BUT you must take responsibility for the detail and structure of the submitted report to ensure that it is not copied from somewhere else, that it contains the latest available information and that all sources are either in quotation marks and/or are properly listed. Also, it must follow a logical structure that you would use if you were doing it for yourself and you had the right skills to do it. The purpose of the course is to suggest what that structure might look like, and I will provide a further note giving feedback on the submissions of previous years (which sets this out) All work under both Options will be checked for copied material and so it is your job to ensure that the Al has not copied work on your behalf even if you did not do it yourselves. All references must be of good quality and relevant the work in hand. This means that wherever you get your text from, you must read it for quality control and take responsibility for it as if it were your own work. For all: Be very careful not to copy chunks of material from internet sites or other publications as this will constitute plagiarism. Quotations from other material are fine as long as they are marked as such and the source is clearly stated, however, the best work will be in your own words but referring to official data in the form of charts or tables. Do not use sites on the internet that have no obvious quality control. This includes Wikipedia. Official sources (such as governments and central banks) and international agencies, as well as academic journals and working papers can be assumed to have good quality control. You also need to state clearly what search engines you have uses.....especially if they include Al (such as ChatGTP). The work should be typed and around 1500 words in length, and certainly not longer than 2000 words. Charts, references, and tables may be included in addition to this word limit. References should be given to data sources and any other material used. Any direct quotes from source material should be clearly indicated and the source attributed. The central focus should be on real GDP and its recent history. Is GDP below trend, is there a significant GDP gap? [For major countries, estimates of the GDP gap are available from the IMF, but for others you would have to compare actual GDP with its trend.] Is it positive or negative? If negative, why is demand weak.....is it C, I, G or net trade? Look for other indicators of slack or overheating, what is happening, for example, to inflation and unemployment? If inflation is high the economy may be overheating, but if unemployment is high and rising then the economy may need some stimulus. What is the state of the balance of payments? Does the economy need some stimulus or some slowing down? In most countries the dominant issue of the past two decades was the after-effects of the 2008/9 global financial crisis (or the Eurozone debt crisis of 2011/12). This cut demand and led to output falls and higher unemployment. Most economies recovered from this, but have recently been hit by the Covid crisis followed by the energy crisis. What else should now be done in the near future to help your economy recover from these crises? Inflation in 2022/3 was high in many countries, but has since fallen. Growth in the US has been strong, but it has been very slow in the UK and much of Europe. What should policy makers do about this? What have monetary and fiscal policy makers been doing recently? Have there been announcements of tax or spending changes from the government? If so, what reasons were given? Have official interest rates been rising or falling? What is quantitative easing (QE) aimed to achieve and how well has it done? Is it now being reversed? For information about UK monetary policy you can access the Monetary Policy Report via www.bankofengland.co.uk and you can search on "monetary policy" on the Bank's home page. UK fiscal policy links can be found via the Treasury web site: http://www.hm-treasury.gov.uk/ Look also at the latest OBR Economic and Fiscal Outlook (obr.uk) and the latest Budget from HM Treasury. Data for other countries can be found from the IMF on www.imf.org. Search for World Economic Outlook (WEO) and this will lead you both to IMF assessments and to annual data since 1980 plus latest IMF projections (via WEO database). Feel free to contact me if you have any other questions. KAC January 2024./nINSTRUCTIONS Need to Do Both Option 1 in 1500 Words • Chosen Country is GermanySee Answer
Q5: 8:15 Back Ill 5G Exam One - Spring 2024.docm O Switch To Light Mode III. On the startling statistics and economic predicaments of Black people in USA Black people continue to have the highest poverty rate, the highest unemployment rate and the lowest income and wealth than other racial groups since these statistics started to be published. What you need to do: 1. Using your course knowledge, chapters 5 and 6 in particular, provide thoughtful and proficient analysis explicating whether Black people are poor because they do not work (or work less) or they do not work because they are poor? (15 points) IV. On the implications of macroeconomics Why is structural unemployment a more difficult problem for the economy and individual workers than other types of unemployment? Your analysis must be to the point and complete. (10 points) 2. Use your knowledge of interaction between skills, hiring preferences, and the impact of macroeconomic conditions to explain why the poor work substantially less than the non-poor. Your analysis must be sound, insightful, and comprehensive. (10 points) v. Development of your own learning 1. Thoughtfully analyze and evaluate the process of development of your own learning in this course. (5 Points) 4 5 000 000 Dashboard Calendar To Do Notifications Inbox 8:15 Ill 5G Back Exam One - Spring 2024.docm ◆ Switch To Light Mode A Hat Ju metu to to 1. Provide a succinctly clear definition of income. (5 points) 2. Clearly explain what the chart illustrates (5 points) 3. Clearly and thoroughly explain the real median income disparities among the racial/ethnic groups as depicted by the chart from 1967 to 2017. (10 points) 4. Clearly and thoroughly explain if the trend of the income disparities among the racial/ethnic groups shows improvement, deterioration, or stagnation. (10 points) 5. Based on your knowledge of the real household income by racialized ethnic groups, are you optimistic or pessimistic about a possibility of diminishing income disparity gaps in the future? Why or why not. Your analysis must be succinctly clear, insightful, and thoughtful. (10 points) III. On the startling statistics and economic predicaments of Black people in USA Black people continue to have the highest poverty rate, the highest unemployment rate and the lowest income and wealth than other racial groups since these statistics started to be published. What you need to do: 1. Using your course knowledge, chapters 5 and 6 in particular, provide thoughtful and proficient analysis explicating whether Black people are poor because they do not work (or work less) or they do not work because they are poor? (15 points) LO 4 000 000 Dashboard Calendar To Do Notifications Inbox 8:15 Ill 5G Back Exam One - Spring 2024.docm Switch To Light Mode Economics of the Black Community: AFRIC 106-125 EXAM ONE 1. On poverty 1. The United States is the richest country in the world in terms of economics, superior technology, excellent higher education, health care system, etc. However, between 11 percent and 15 percent of its population continues to endure the misfortune of absolute poverty. What you need to do: a. Using your knowledge of basic principles of the liberal perspective on the role of market and on the role of government, explain how to solve the problem of absolute poverty in the USA. (10 points) b. Using your knowledge of basic principles of the conservative perspective on the role of market and on the role of government, explain how to solve the problem of absolute poverty in the USA. (10 points). Make sure that your analyses are insightful and complete both in (a) & (b). II. On Racial gaps in real median household income Figure 1. Real Median Household Income by Race and Hispanic Origin: 1967 to 2017 2017 dollars 90,000 80,000 70,000 60,000 White, not Hispanic- 50,000 All races 40,000 Hispanic (any race) 30,000 Black 20,000 10,000 0 1959 Asian. 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 Recession 2017 $81,331 $68,145 $61,372 $50,486 $40,258 Note: The data for 2013 and beyond reflect the implementation of the redesigned income questions. The data points are placed at the midpoints of the respective years. Median household income data are not available prior to 1967. For information on recessions, see Appendix A. For information on confidentiality protection, sampling error, nonsampling error, and definitions, see <www2.census.gov/programs-surveys/cps/techdocs/cpsmar18.pdf>. Source: U.S. Census Bureau, Current Population Survey, 1968 to 2018 Annual Social and Economic Supplements. 4 LO 5 000 000 Dashboard Calendar To Do Notifications InboxSee Answer
Q6: 2. Effects of Temporary and Permanent Technology Shocks in a Deterministic RBC Model Version (a) Figure 1 illustrates the impulse responses to a purely temporary (i.e., with a first-order autoregressive parameter equal to 0) positive 12/12/2022 University of Reading EC302 2022/23 Exam Paper - Questions 2/10 technology shock (in quarter 1 -- see bottom-right panel in the figure), of 1% (above the steady state) in a deterministic version of the RBC model. What are the effects of this shock on the endogenous variables in the model, namely, (log-)consumption (c, top-left panel in the figure), the capital stock (K, top-right panel) and hours of work (N, bottom-left panel)? (9 marks, 3 marks per each of the 3 endogenous variables) 0.7948 0.7947 0.7946 0.7945 0.7944 0.7943 0.7942 0.7941 0.794 10.288 10.286 10.284 10.282 10.28 10.278 10.276 10.274 10.272 10.27 0.7939 10.268 0 50 100 150 200 250 50 100 150 200 250 0.3365 0.336 0.3355 0.335 0.3345 0.334 0.3335 0.333 0.3325 0.332 + 0.3315 50 100 150 200 0.01 0.009 0.008 0.007 0.006 0.005 0.004 0.003 0.002 0.001 0 50 100 150 200 250 Figure 1: Effects of a Purely Temporary (Impulse) Positive Technology Shock of 1% (in Quarter 1) in a Deterministic Version of the RBC Model (b) Figure 2 illustrates the impulse responses to an anticipated (in quarter 10 -- see bottom-right panel in the figure) permanent but not persistent (again, with a first-order autoregressive parameter equal to 0) positive technology shock of 1% (above the steady state) in a deterministic version of the real business cycle (RBC) model. What are the effects of this shock on the endogenous variables in the model, namely, (log-)consumption (c, top-left panel in the figure), the capital stock (K, top-right panel) and hours of work (N, bottom- left panel)? (9 marks, 3 marks per each of the 3 endogenous variables) answers lab class 8 end lesson 12/12/2022 University of Reading EC302 2022/23 Exam Paper - Questions 0.808 0.806 0.804 0.802 0.8- 0.798- 0.796 0.794 0.792 8F 50 0.3345 0.334 0.3335- 0.333 0.3325 0.332 0.3315 0.331 0.3305 0.33 100 8- N 150 √8 200 K 10.45 10.4 10.35 10.3 10.25 3/10 10.2 50 100 150 200 250 250 0.3295 50 100 150 200 250 0.01 0.009 0.008 0.007 0.006 0.005 0.004 0.003 0.002 0.001 50 100 150 200 250 Figure 2: Effects of an Anticipated Permanent Positive Technology Shock of 1% (in Quarter 10) in a Deterministic Version of the RBC Model (c) List and briefly explain the key similarities and differences in the panels of Figure 1 relative to the corresponding panels of Figure 2. (7 marks, 3 marks per each for the 2 key differences and 1 mark for the key similarity) 3. Effects of Monetary Expansion on Consumption and Investment in Christiano et al. (2011): DSGE versus VAR IRFS Figure 1 illustrates some of the key findings in Christiano, Trabandt and Walentin's (2011) chapter in the Handbook of Monetary Economics. Now we are not interested to check the "Hume- Friedman observation" we emphasized in class, but rather to compare what the impulse response functions (IRFS) simulated from their estimated medium-scale DSGE versus corresponding VAR models reproduced in the figure show with regard to the time path of real consumption and real investment. In particular, indicate in sufficient detail the similarities and differences between the DSGE and VAR mean trajectories (marked by squares versus solid line, respectively) and associated confidence intervals (marked by dashed limits versus grey shaded area, respectively). Provide an 12/12/2022 University of Reading EC302 2022/23 Exam Paper – Questions 4/10 interpretation for the effects of monetary expansion, reflected in the time path of the policy rate, the Federal funds rate (expressed in annual percentage rate, APR, terms) in this US case (compare also the relative magnitude of the effects in question). 352 Lawrence J. Christiano et al. (25 marks) Real GDP (%) Inflation (GDP deflator, APR) Federal funds rate (APR) 0.2 0.4 0.2 0 0.1 0.2 -0.2 ΟΙ -0.4 0 -0.1 -0.6 -0.2 0 5 10 0 5 10 0 5 10 Real consumption (%) Real investment (%) Capacity utilization (%) 1 1 0.2 0.5 0.5 0.1 O 0 0 -0.5 -0.1 0 5 10 0 5 10 0 5 10 Rel. price of investment (%) Hours worked per capita (%) Real wage (%) 0.3 0.2 0.05 0.2 0.15 0 0.1 0.1 -0.05 0.05 0 -0.1 0 -0.1 -0.15 0 5 10 0 5 10 0 5 10 VAR 95% VAR Mean Medium-sized DSGE model (mean, 95% probability interval) Figure 10 Dynamic responses of variables to a monetary policy shock. Figure 3: Impulse responses to an expansionary monetary policy shock in the Christiano-Trabandt-Walentin (2011) medium-scale NK model, % deviation from steady state Christiano-Trabandt-Walentin (2011), Handbook of Monetary Economics, Vol. 3A, Ch. 7, Fig. 10, p. 352. Section B Answer ONE question 4. Granger Causality Tests and Implied Ordering in a VAR Table 1 provides results from pairwise Granger causality tests based on the null hypothesis HO = noncausality performed on the (quarterly) natural log-difference of Euro Area (EA) real unit labour cost (diqEARULC), real GDP (dlqEAYER), price level (diqEAYED) and narrow real money balances (diqEAM1R). The respective test statistic probability value is reported. 12/12/2022 University of Reading EC302 2022/23 Exam Paper - Questions 5/10 For each of the four variables (i.e., for each of the four columns containing probability values), state whether the test suggests which variable Granger-causes another variable. Indicate these causality findings by arrows, going from the variable which Granger-causes the other variable. What possible ordering(s) would these Granger causality test results suggest for estimating a VAR with these four variables? Briefly justify your answer. (20 marks for each of the four variables plus 20 marks for a well-justified final answer based on the causality arrow diagrams) any colums cause rows Pairwise Granger Causality Test, p-values for HO=noncausality reported below Dependent Variable in Regression (in 4 columns below) DLQEARULC | DLQEAYER DLQEAYED DLQEAM1R Regressor (column below) DLQEARULC 0.8540 0.0622 0.5909 DLQEAYER 0.0164 0.0003 0.2562 DLQEAYED 0.9437 0.1070 0.0010 DLQEAM1R 0.4593 0.0036 0.8204 Table 1: Granger Causality Test Results for 4 Variables for the Euro Area, Quarterly Data, 1970:1-2010:4 Source: Our EA-US quarterly dataset used in the lab sessions. 12/12/2022See Answer
Q7:5. (9 Points) Consider a Solow economy that begins in steady state. Then a strong earthquake destroys half of the capital stock. Use a Solow diagram to explain how the economy evolves over time. Draw one graph showing the time path of the log level of output per worker (y) and another showing the time path of output per worker's growth rate ().See Answer
Q8:Question 5 (length guide: about 2 pages including graphs) Consider a small open economy with a flexible exchange rate. (a) Write down the IS relation, the LM relation and the interest parity relation and explain what they represent. Show them on a clearly labelled diagram(s). (5 marks) Use the Mundell-Fleming model to predict the effects on output, the nominal exchange rate, and the trade balance in each of the following cases: (b) A monetary expansion where the central bank raises the interest rate temporarily. (5 marks) (c) A temporary increase in consumer confidence where the central bank chooses to respond to any possible inflationary pressure (hint: see how the central bank would adjust its policy instrument). (5 marks)See Answer
Q9:B.1 Shapiro-Stiglitz model with unemployment benefits Consider an economy with a representative firm that faces perfect competition in the goods market and sets the level of employment L, and the real wage w, to maximize real profits II₁ = (erLr) - wrL₁ 0 < a < 1 where e, is the employee's effort level. The representative worker maximizes the expected value of lifetime utility 1 U = Σ; Vt (1+p) t=0 where p is the intertemporal discount rate (p>0) and instantaneous utility is given by Vt = we if employed = {" b if unemployed where b is the unemployment benefit (b>0). The employee's effort level equals { ² > Jē> 0 if not shirking if shirking 0 et = Assume that in each period, s is the probability that an employee loses the job for exogenous reasons, q is the probability that an employee is fired at the end of the period due to shirking, and f = f (u) is the probability that an unemployed worker finds a job, where u is the unemployment rate, which satisfies u = s/ (s+ f) in equilibrium. (a) Write down the expected value of lifetime utility for the worker if (i) employed and not shirking, (ii) employed but shirking, and (iii) unemployed. Explain briefly. (b) Derive the no-shirking condition. Provide an intuitive explanation for the relation- ship it yields between the unemployment rate u and the real wage w. (c) Show graphically and explain intuitively the effect on the equilibrium real wage w and employment Lif i. the government reduces unemployment benefits. ii. workers become more impatient. iii. immigration leads to an increase in the labor force. Explain how the unemployment rate is affected in each case.See Answer
Q10:1. Permanent income hypothesis with equilibrium interest rates Consider an economy in which each agent maximises her lifetime utility: U = Σ B¹ In (C₂), t=0 where c corresponds to her consumption at period t and 3 € (0, 1) is her subjective discount rate. Assume that the agent can borrow or lend at a given sequence of real interest rates {r} and that the agent receives a deterministic sequence of perishable endowment {y}io. Let be be the asset position of the agent at the start of period t and assume that bo = 0. The one-period budget constraint of the agent is c₂ + b₁+1 = y + (1+r)b₁. There is no possibility of a Ponzi-scheme. (a) Set up the maximisation problem of the agent and derive the Euler equation. Give an economic interpretation of your result. (b) Solve for consumption at period t = 0. Comment on your result. Now assume that this economy has a total of N agents and that there are two types of agents, A and B, which are indicated by a superscript. Half of agents are of type A and have the following endowment profile: y = {1,0,1,0,1,0,...). The other agents are of type B and have the endowment profile y = {0, 1, 0, 1,0, 1,...}. Therefore, type-A agents have one unit of the endowment goods in even periods, while type-B agents have one unit of the endowment goods in odd periods./n(c) Write down the market clearing condition for the goods market in each period and use it to get an equilibrium condition between cand cf for even periods and for odd periods. (d) Use the equilibrium condition for the goods market and the Euler equation to derive the equilibrium real interest rate in each period. Solve for the levels of consumption and c in equilibrium. Interpret your results.See Answer
Q11:Each assignment must be no more than four (4) pages long, with 1-inch margins, 12- point font and line space of 1.5. Any supporting references, figures or tables must be included in the four pages. Assignments should begin with a short (about 200-word) executive summary stating the main points and conclusion(s). As the name suggests, an executive summary is not an introduction - rather, it is a summary of the main points. • Put the source of any quotes or statistical/data references you use in footnotes. Assignment details You have been asked by your CEO to prepare a macroeconomic report for the next executives' meeting in your company. In particular, to help formulate the firm's production and investment plans, the firm's executives need to know how the US and the global economy are expected to perform in 2024. So, these are the questions they have for you: What is the expected real GDP growth rate for 2024 for the US, major foreign economies, and the world overall? What are the key global macroeconomic trends? • What are the threats to US and/or global economic growth? Executives need a precise explanation of your reasoning. Furthermore, your analysis should be data-driven, ie, based on data series, projections, and/or articles from reliable sources (either reputable news sources or reports of government agencies and/or interna- tional organizations). Examples of reputable news sources include the Financial Times, the Economist and the Wall Street Journal (this is an non-exhaustive list). Relevant US gov- ernment agencies include the Board of Governors of the Federal Reserve System and the regional Federal Reserve Banks, the Bureau of Labor Statistics (BLS), the Bureau of Eco- nomic Analysis (BEA) and the Congressional Budget Office (CBQ). Relevant international organizations include the International Monetary Fund (IMF), the Organization for Eco- nomic Cooperation and Development (OECD) and the World Bank. The following links may be useful:See Answer
Q12:2. Consider an economy consisting of a constant population of infinitely lived individu- als. The representative individual maximises: {(1+p)* u(04+3)]. - with p≥ 0 and u(c₁) = ₁0c², 0 > 0. Assume that is in the range where u'(c) is positive. The representative individual owns the capital stock k and rents it to firms for the production of the consumption good. Ut = a. State the problem of this representative individual and find the first-order con- dition (Euler Equation) associated to this problem. Interpret your result. Suppose that the technology of the representative firm is linear in capital and is given by Y₁ = AKt + et with A >0 and there is no depreciation of the capital stock, such that 8 = 0. b. State the problem of this representative firm and find the first-order condition associated with this problem. Interpret your result. c. State the market clearing conditions and the system of equations describing the equilibrium dynamics of this economy. d. Assume that A = p. Guess that consumption takes the form of ct = a+nkt+yet. Given this guess find the equilibrium function of K++1 as a function of K and et. e. What values must the parameters a, 7 and y be for the first-order condition of the individual be satisfied for all values of K, and e? f. Suppose that et = pet-1+€, with o € (0, 1). What are the effects of a one-time shock to € on the paths of Y, K and c?See Answer
Q13:1. Consider the following two-period economy. There is a continuum of measure one of identical individuals. A representative individual maximises the following utility function: U = 3¹[In(ct) + In(1-4)], ß € (0,1), t=0,1 where ct denotes consumption at period t, l, labour supply and 3 € (0,1) is the subjective discount factor. The time endowment is equal to one in each period. Assume that individuals start with no initial assets (bo = 0) and cannot die with a debt. Individuals supply labour to the firms at a real wage w per unit of labour. The consumption good is the numeraire. There is also a continuum of measure one of identical, profit maximising firms. The production technology of the representative firm is represented by the following func- tion: Y = At Lt, where Y is output, L is labour used in production and A > 0 is an exogenous productivity factor. There is perfect competition in the product and labour mar- kets. Assume that the economy is closed and there is no investment. There is no government and the real interest rate is r (a) Formulate the optimization problem of the representative firm and take the first-order condition. Give an economic interpretation of the result. (b) Formulate the optimisation problem of the representative individual and take the first order conditions associated with the problem. Give an economic inter- pretation of the conditions which characterise the trade offs for this problem. (c) Derive the optimal levels of consumption co and c₁, labour supply lo and ₁ and assets b₁, for given wo, w₁ and r./n(d) Assume that this is a small open economy so that the real interest rate r is given. Explain the effect of a decrease in current productivity A, on equilibrium consumption cand c₁, labour lo and ₁ and assets b₁. (e) Assume now that the economy is closed. Derive the equilibrium real interest rate r. Explain the effect of a decrease in current productivity Ag on the real interest rate r, consumption co and c₁, labour lo and ₁ and asset b₁.See Answer
Q14:After reading the notes in the module -Health Care Economics and the Supply and Demand of Physicians included in the chapter 3 material-(a word document above in this module)-share your thought on the article and how it ties into supply and demand of health care and economics.See Answer
Q15:● ● Should the firefighters have saved the house in Front Page Economics "Firefighters watch as house burns to the ground"? What was the justification for their belated intervention. Why might Fourth of July fireworks be considered a public good? Who should pay for them? Should airport security be considered a public good? What is the specific market failure justification for government spending on a. public universities or community colleges, b. health care, c. trash pickup, d. highways, e. police and fire protection. Would a purely private economy produce any of these services? Which taxes hit the poor the hardest -those of local, state or federal government? Name a tax you see as regressive and give the reason why. Assume there is a shortage of parking spaces at a college. How could the college help resolve the parking shortage. Consider the Supply Curve as well as the Demand Curve in your analysis. The shortage in the organ market (figure 3.8) requires a nonmarket rationing scheme. Who should get the available organs? Is this fairer than the market drive-distribution. How can our government convince or gently sway more people to become organ donors? Discuss two products you have more demand for (today and going forward as compared to the past) and two products you have less demand for. For example one may have less demand for gasoline if they purchased an electric car. One may have more demand for "work out" clothing if they are starting a daily exercise routine.See Answer
Q16:1. In the first four weeks of this course, you have learned about economic concepts such as supply and demand, scarcity, tradeoff decisions, international trade, opportunity cost, and compound growth. Think about the economic concepts you encountered in the readings for the first three weeks, or those you know about from previously learning or research. These could include concepts such as supply and demand, scarcity, tradeoff decisions, inflation, and opportunity costs. Choose at least one economic concept and describe how it is relevant to the scenario and your two budgets. Write your response to question 1 here.]See Answer
Q17:2. Solow model with Human capital. Consider the following Solow growth model with human capital a la Mankiw, Romer and Weil (1992). "A Contribution to the Empirics of Economic Growth," Quar- terly Journal of Economics 107, 407-437. They treated physical and human capital symmetrically Production function: Y(t) = (A(t)L(t))¹-a-³H(t)³K(t)ª, a, 3 € (0, 1), a + ß < 1. Capital accumulation: K(t) = 8kY(t) — 5K(t), 6, 8k € (0,1). Technical progress: A(t) = est A(0). Population growth: L(t) = entL(0). Human capital accumulation: Ĥ(t) = 8HY(t) - 5H(t), 6, 8H € (0,1). Society invests SH and SK percent of its total income Y in human capital and physical capital, respectively. a. What is the long run (Balanced Growth Path) growth rate of output per capita. Does it depend on sh? 1 b. Write down the stationary system and find out the steady-state level of output, physical and human capital per unit of efficiency labor. Show the dynamics of this system. c. This model augmented with human capital can be tested empirically with cross- country data if we assume that all countries are in the steady-state. Derive a log-linear regression equation for output per worker in the long run. d. Discuss the empirical findings of Mankiw, Romer and Weil (1992). Also, what are the main concerns with their empirical strategy?See Answer
Q18:1. Solow model. Consider the standard Solow growth model with technological progress (g) and pop- ulation growth (n), where g and n are positive and exogenous. Assume that the economy is initially on the balance growth path. Suddenly there is a one-time unex- pected and permanent downward jump in the number of workers due to a government repatriation program of illegal immigrants. Explain both the immediate and transitional effect of this jump on capital per ef- fective worker and output per effective worker. Draw the time path of output per capita and compare it to the case without the repatriation program.See Answer
Q19:TASK: Identify the effects of fiscal policy and monetary policy in recession period. QUESTIONS TO ADDRESS: Why does macroeconomics systematically fail to predict crises? What are some examples of macroeconomic drivers? What is macroeconomic disruption? What are the causes of macroeconomic disruption? What is economic growth in macroeconomics? What is gross national income? Is it related to purchasing power parity? What factors can affect the full employment, in classical macroeconomic models? What is an example of a successful macroeconomic policy implemented by a government? What are the three goals of Macro Economics and how are they measured? INSTRUCTION: Please write 3 paragraphs response to each question listed below.See Answer
Q20:2. Do you think government regulators should investigate if companies have raised prices to unsustainable rates? Why or why not?See Answer

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