Matthias Doepke - Marcroeconomics - Chapter 12 pdf

... onyoung.Government’s per-capita payments to the old,,inperiod +1.Table 12. 1: Notation for Chapter 12 12.3 Social Security 127 Substituting back into equations (12. 13) and (12. 14) gives us optimal ... themarket-clearing interest rate,0? 12. 2 Temporary Changes in Government Spending 123 All of the ﬁgures that follow make the following assumptions: That in periods 1-5 theeconomy is at its pre-war ... war steady-state, but the relatively shortduration 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....

Matthias Doepke - Marcroeconomics - Chapter 8 pdf

... monetary pol-icy. While the prime emphasis of the cash-in-advance model is the inefﬁciency of holdingcash instead of interest-bearing assets, Chapter 19 turns to the issue of expected versus un-expected ... inﬂation that wewill pick up later in this book. Chapter 18 is concerned with the coordination of monetary8.3 A Cash-in-Advance Economy618.3 A Cash-in-Advance EconomyIn this section we derive the ... un-expected inﬂation. You can think of the cash-in-advance model as describing the long-runconsequences of expected inﬂation, while Chapter 19 considers the short-run consequencesof a monetary policy...

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 thesimple-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 seriesand then take the average of ... some common terms and calculations from the realm of ﬁxed-income in-vestments. The amount of the investment is called the principal.The“ﬁxed-income”fromthe investments is called interest. The interest...

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. Abovewe derived:=1+There is no on the right-hand side, so when we take the partial derivative with respectto, the right-hand side is just a constant. Accordingly, = 0, i.e., Crusoe’s ... Consumption=1,forsome between zero and one. This particular Cobb-Douglas functionexhibits constant returns to scale, since (1)+( ) = 1. Figure 2.1 is a three-dimensionalrendering of this function for particular...

Matthias Doepke - Marcroeconomics - Chapter 3 ppsx

... second-period income increases, then does too. Conversely, if second-period in-come decreases, thendoes too. This makes intuitive sense. If2goes down, householdswill 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 Model233.2 A Two-Period ModelWe begin this section with ... termson the right-hand side:( )(+1)=(1 + )(3.16)If you compare equation (3.16) to equation (3.7), you will ﬁnd the Euler equations are thesame in the two-period and inﬁnite-period models....

Matthias Doepke - Marcroeconomics - Chapter 5 pptx

... one market-clearing constraint is redundant. This meansthat 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 theconsumers and the market-clearing constraints for the ﬁrst1 goods are satisﬁed. We want to show that the last market-clearing ... results in this chapter restsolely on the general structure of the market-clearing model. We are now ready to deﬁnean equilibrium for this economy along the lines developed in Chapter 3.An allocation...

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 increasein order to maintain the equality. There are two ways that the left-hand side can ... equation (6.3) gives us:=11=1+111=1+ Chapter 6The Labor MarketThis chapter works out the details of two separate models. Section 6.1 contains a one-period model in which households are both ... endowmentin the model from Chapter 3.The household’s maximization problem is:max12121(1 1)+ (2 2) subject to:(1)=1+1and:(2)+1(1 + )=2Refer to Chapter 3 for a discussion...

Matthias Doepke - Marcroeconomics - Chapter 9 doc

... single shock has long-run effects, and investment goes through a full cycle inresponse to this shock.Response to a Single Shock -0 .01 -0 .00500.0050.010.0150.020.025 123 45678PeriodsDeviation ... 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-tential source of ﬂuctuations ... CyclesTechnology 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...

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 ... with1See Chapter 1 for a discussion of growth rates and how to compute them. Chapter 11Economic GrowthThis chapter examines the determinants of economic growth. A startling fact about eco-nomic ... investment equals depreciation is the steady-state level of capital. In thelong run, the economy approaches the steady-state level of capital per unit of effective la-bor, regardless of what the initial...

Matthias Doepke - Marcroeconomics - Chapter 13 docx

... 13.1: A government revenue func-tion that exhibits a Laffer curve.A Lump-sum TaxNow let us introduce a lump-sum tax of amount .2No 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)whereSSis the steady-state investment level (which is tax-exempt). We can ﬁndSSbysolving ... signi - cantly in their characteristics. Consider the jobs available to Ph.D. economists: they rangefrom Wall Street ﬁnancial wizard, big-time university research professor, to small-time col-lege...

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