Macroeconomic theory and policy phần 1 ppt

... 10 8 5 Government Spending and Finance 11 1 5 .1 Introduction 11 1 5.2 TheGovernmentBudgetConstraint 11 1 5.3 TheHouseholdSector 11 3 5.4 TheRicardianEquivalenceTheorem 11 4 5.5 GovernmentSpending 11 7 ... 245 11 .BInternationalCurrencyTraders 247 11 .CTheAsianFinancialCrisis 248 12 Money, Capital and Banking 2 51 12.1Introduction 2 51 12.2AModelwithMoneyandCapital 2 51 12....

Ngày tải lên: 09/08/2014, 19:21

... Interest and Money, MacMillan, Cambridge Univ ersity Press. 3. Kydland, Finn and Edward C. Prescott (19 82). “Time to Build and Ag- gregate Fluctuations,” Econometrica, 50(6): 11 45 11 70. 4. Liu, ... this government stabilization policy reduces economic welfare. 0 A B C 1. 0 n* L y 0 y* L n 0 y* H FIGURE 2 .11 Government Stabilization Policy To understand the intuition behind th...

Ngày tải lên: 09/08/2014, 19:21

... Income (19 90 US$) Year West East West/East 18 20 1, 140 540 2 .1 1870 1, 880 560 3.3 19 00 2,870 580 4.2 19 13 3,590 740 4.8 19 50 5,450 727 7.5 19 73 10 ,930 1, 670 6.5 19 89 13 ,980 2,970 4.7 19 92 13 ,790 ... cost and benefitoflearningeffort is just equated. In other words, c t +1 (2)v 0 (l) β = z t . (14 .12 ) Conditions (14 .12 ) and (14 .11 ) are depicted in Figure 14...

Ngày tải lên: 09/08/2014, 19:21

... get: c 2 c 1 = z 2 (1 − n 2 ) z 1 (1 − n 1 ) . From equation (4.8), we see that (c 2 /c 1 )=Rβ. This allows us to rewrite the equation above as: Rβ = z 2 (1 − n 2 ) z 1 (1 − n 1 ) . (4 .10 ) Equation (4 .10 ) ... remains to be seen. -15 -10 -5 0 5 10 15 19 70 19 75 19 80 19 85 19 90 19 95 2000 GDP Real Interest Rate Percent per Annum Figure 4 .13 Growth Rate in...

Ngày tải lên: 09/08/2014, 19:21

... con- straint is given by: c 1 + c 2 R = (1 τ 1 )z 1 (1 − l 1 )+ (1 − τ 2 )z 2 (1 − l 2 ) R , and the government budget constraint is given by: g 1 + g 2 R = τ 1 z 1 (1 − l 1 )+ τ 2 z 2 (1 − l 2 ) R . When ... Since k 1 and z 1 are exogenous, and since we are assuming that n ∗ 1 =1is exogenous, it follows that the current period GDP is exogenous as well; i.e...

Ngày tải lên: 09/08/2014, 19:21

... the sample period 19 76 19 91 (again, from Jones, 19 93). Employment 11 ,10 0,000 245,000 19 0,000 FIGURE 7.4 Average Labor Market Stocks and Monthly Flows Canada 19 76 - 19 91 (Jones, 19 93) Unemployment Nonparticipation 1, 084,000 6,624,000 18 3,000 275,000 235,000 216 ,000 Figure ... per month FIGURE 7 .1 Average Labor Market Stocks and Flows Canada 19 76 - 19 91 (Jones...

Ngày tải lên: 09/08/2014, 19:21

... NEW-KEYNESIAN VIEW 10 .2 10 .3 10 .4 10 .5 10 .6 10 .7 10 .8 19 70 19 75 19 80 19 85 19 90 19 95 2000 Real per capita GDP Potential GDP (HP Trend) Log Scale Negative Output Gap Positive Output Gap Actual and Potential ... INTEREST, AND PRICES 0 2 4 6 8 10 12 19 70 19 75 19 80 19 85 19 90 19 95 2000 Inflation Expected Inflation Percent per Annum FIGURE 8.2 Inflation a...

Ngày tải lên: 09/08/2014, 19:21

... rate system. • Exercise 11 .2. RedoExercise 11. 1assumingafixed exchange rate regime and free trade in goods and money (i.e., using equation (11 .4) instead of equation (11 .3). What is going on here? ... point A in Figure 10 .2. 0 c 1 D c 2 D y c 1 c 2 Budget Constraint c= y- c 21 PP -1 -1 P -1 y A FIGURE 10 .2 Money Demand in an OLG Model q D • Exercise 10 .2. Show that th...

Ngày tải lên: 09/08/2014, 19:21

... implies: E t £ R a t +1 − R b t +1 ¤ =0. Let e t = p a t /p b t denote the nominal exchange rate. Then R a t +1 = p a t /p a t +1 and R b t +1 = p b t /p b t +1 . Hence, (e t +1 /e t )=R b t +1 /R a t +1 or R b t +1 =(e t +1 /e t )R a t +1 . Substitute ... for the domestic residents of countries a and b. 11 .A. NOMINAL EXCHANGE RATE I NDETERMINACY AND SUNSPOTS245 11 .A N o...

Ngày tải lên: 09/08/2014, 19:21

Ngày tải lên: 14/12/2013, 15:15