Matthias Doepke - Marcroeconomics - Chapter 6,7 doc
Matthias Doepke - Marcroeconomics - Chapter 1 docx
... works only an integral numbers of years. For non-integral num-
bers, you round down to the nearest integral year
,compute ( ), and use that in the
simple-interest formula (1.1) for the fraction of ... economists prefer continuous growth rates is that they have the follow-
ing desirable property: if you compute the year-by-year continuous growth rates of a series
and then take the average of ....
Matthias Doepke - Marcroeconomics - Chapter 2 docx
... problems of constrain-
ed maximization when it is either difficult or impossible to solve the constraints for indi-
vidual variables. At first we treat the method as a cook-book recipe. After we ... even easier. Above
we derived:
=
1+
There is no on the right-hand side, so when we take the partial derivative with respect
to
, the right-hand side is just a constant. Accordingly, = 0, i.e., Cruso...
Matthias Doepke - Marcroeconomics - Chapter 9 doc
... Cycles
Technology shocks: Real-world production functions change over time. New tech-
nologies like computers or robots alter the production process and raise overall pro-
ductivity. Sometimes, production ... computers.
Monetary shocks: We saw in Chapter 8 on inflation that there are real effects of mon-
etary policy. Therefore random changes to money supply or interest rates are a po-
tenti...
Matthias Doepke - Marcroeconomics - Chapter 13 docx
... 13.1: A government revenue func-
tion that exhibits a Laffer curve.
A Lump-sum Tax
Now let us introduce a lump-sum tax of amount .
2
No matter what income the house-
hold accumulates, it will be ... function of .
The government’s period-by-period revenue function
( ) is now simply:
( )= (
SS SS
)
where
SS
is the steady-state investment level (which is tax-exempt). We can find
SS
by
solving ......
Matthias Doepke - Marcroeconomics - Chapter 6,7 doc
... interest rate in-
creases. That means that the right-hand side increases, so the left-hand side must increase
in order to maintain the equality. There are two ways that the left-hand side can ... equation (6.3) gives us:
=
1
1
=
1+
1
1
1
=
1+
Chapter 6
The Labor Market
This chapter works out the details of two separate models. Section 6.1 contains a one-
period model in which households a...
Matthias Doepke - Marcroeconomics - Chapter 3 ppsx
... second-period income increases, then does too. Conversely, if second-period in-
come decreases, then
does too. This makes intuitive sense. If
2
goes down, households
will try to invest first-period ... )=
1
[
2
+
1
(1 + )]
(1 + )(1 + )
so we set the left-hand side to zero and solve for :
1
=
[
2
+
1
(1 + )]
(1 + )(1 + )
(3.11)
3.2 A Two-Period Model
23
3.2 A Two-Period Model
We begin this sect...
Matthias Doepke - Marcroeconomics - Chapter 5 pptx
... one market-clearing constraint is redundant. This means
that if each consumer’s budget constraint is satisfied and all but one market-clearing con-
ditions hold, then the last market-clearing ... pure-exchange economy, assume that the bud-
get constraints for each of the
consumers and the market-clearing constraints for the first
1 goods are satisfied. We want to show that the last market-cleari...
Matthias Doepke - Marcroeconomics - Chapter 8 pdf
... monetary pol-
icy. While the prime emphasis of the cash-in-advance model is the inefficiency of holding
cash instead of interest-bearing assets, Chapter 19 turns to the issue of expected versus un-
expected ... inflation that we
will pick up later in this book. Chapter 18 is concerned with the coordination of monetary
8.3 A Cash-in-Advance Economy
61
8.3 A Cash-in-Advance Economy
In this se...
Matthias Doepke - Marcroeconomics - Chapter 11 pot
... production function equa-
tion (11.1) exhibits constant returns to scale, which means that if we double both inputs,
output also doubles. Our choice of a constant-returns-to-scale production function ... with
1
See Chapter 1 for a discussion of growth rates and how to compute them.
Chapter 11
Economic Growth
This chapter examines the determinants of economic growth. A startling fact abo...
Matthias Doepke - Marcroeconomics - Chapter 12 pdf
... war steady-state, but the relatively short
duration of the war prevents it from ever reaching that steady-state. After the war the econ-
omy transitions slowly back to its pre-war steady-state. ... fully discuss tax policy, for this chapter we will assume that the gov-
ernment levies a very special kind of tax: a lump-sum tax. That is, the government an-
nounces a spending plan and then ......
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