Matthias Doepke - Marcroeconomics - Chapter 9 doc
Matthias Doepke - Marcroeconomics - Chapter 9 doc
... entire post-war history of the United States and the Western European
countries there is not a single depression that caused an output loss similar to the one suf-
fered between 192 9 and 193 3. The ... Section 9. 2 we will concen-
trate on the real business cycle model, which is a straightforward extension of the market-
clearing models that we developed in earlier chapters. Section 9. 3 p...
Matthias Doepke - Marcroeconomics - Chapter 1 docx
... to compute the growth rates in the CPI in
the four quarters starting in March 199 6 (i.e, Mar-Jun 199 6, Jun-Sep 199 6, etc.). (Use a
continuous growth rate but do not annualize your answer.) Show ... after years under continuous compound-
ing
0
Initial value of the investment
Table 1.1: Notation for Chapter 1
Year Mar Jun Sep Dec
199 6 155.7 156.7 157.8 158.6
199 7 160.0 160.3 161.2 161....
Matthias Doepke - Marcroeconomics - Chapter 2 docx
... .
0
0.2
0.4
0.6
0.8
1
0
0.2
0.4
0.6
0.8
1
0
0.2
0.4
0.6
0.8
1
product (y)
labor (l)
capital (k)
Figure 2.1: Cobb-Douglas Production
We will not be dealing with capital
until Chapter 9, so for now we assume that capital is
fixed,say,at
= 1. This ... problems of constrain-
ed maximization when it is either difficult or impossible to solve the constraints for indi-
vidual variables. At first we...
Matthias Doepke - Marcroeconomics - Chapter 13 docx
... of poll taxes. The most recent
use of poll taxes was in England, where they were used from 199 0-1 99 3 to finance local
governments. Each council (roughly equivalent to a county) divided its expenditure ... 0.7 0.8 0 .9 1
0
0.05
0.1
0.15
0.2
0.25
Tax revenue when γ=0.5
τ
T(τ)
Figure 13.1: A government revenue func-
tion that exhibits a Laffer curve.
A Lump-sum Tax
Now let us introduce a...
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 ... (3.4 )-( 3.6);
Given these choices of , the goods market clears in each period, as given in equa-
tion (3.10); and
Given these choices of
1
, the bond market clears, as given in equation (3 .9...
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 ... un-
expected inflation. You can think of the cash-in-advance model as describing the long-run
consequences of expected inflation, while Chapter 19 considers the short-run consequenc...
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 ... the
basis of many more-advanced models in macroeconomics. For example, our real business
cycle model of Chapter 9 is a Solow model enriched by optimizing consumers and pro-
ductivity shoc...
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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