Macroeconomic theory and policy phần 2 pptx

... averages) From Figure 2. 8, we see that hours worked do tend to move in the same di- 2. 2. THE BASIC MODEL 27 0 c D l D 1.0 w n S A B C -w Budget Line c=w-wl FIGURE 2. 2 Household Choice Figure 2. 2 c ontains ... individuals are endowed 21 46 CHAPTER 2. BASIC NEOCLASSICAL THEORY n ∗ (z H ). These two possible outcomes are displayed in Figure 2. 12 as points A and B. 0 1.0 n* L...

Ngày tải lên: 09/08/2014, 19:21

... West East West/East 1 820 1,140 540 2. 1 1870 1,880 560 3.3 1900 2, 870 580 4 .2 1913 3,590 740 4.8 1950 5,450 727 7.5 1973 10,930 1,670 6.5 1989 13,980 2, 970 4.7 19 92 13,790 3 ,24 0 4.3 The data in ... z t and c t+1 (2) = z t+1 , we can combine equations ( 14.10) and (14.9) to form a relationship that d escribes the trade off between current leisure and future consumption: c t+1...

Ngày tải lên: 09/08/2014, 19:21

... 24 4 11.ANominalExchangeRateIndeterminacyandSunspots 24 5 11.BInternationalCurrencyTraders 24 7 11.CTheAsianFinancialCrisis 24 8 12 Money, Capital and Banking 25 1 12. 1Introduction 25 1 12. 2AModelwithMoneyandCapital 25 1 12. 2.1 The ... InflationTaxandtheLimittoSeigniorage 21 9 10.3 .2 The Inefficiency of InflationaryFinance 22 2 10.4Summary 22 5 10.5References 22 5 CONTENTS...

Ngày tải lên: 09/08/2014, 19:21

... eferences 1. Andolfatto, David (20 02) . “A Theory of Inalienable Property Rights,” Journal of Political Economy, 110 (2) : 3 82- 393. 2. Bluedorn, John (20 02) . “Hurricanes: Capital Shocks and Intertemporal Trade ... REFERENCES 101 theory? (see Figure 4.17). -3 -2 -1 0 1 2 3 4 78 80 82 84 86 88 90 92 94 96 GDP Consumption-Output Ratio Percent Deviation from Trend Figure 4.17 Dom...

Ngày tải lên: 09/08/2014, 19:21

... capital stock k 2 and hence, the future level of GDP, y 2 = z 2 f(k 2 ). The future ‘cash flow’ (the supply of future consumption) is therefore given by c 2 = k 2 + z 2 f(k 2 ), since k 2 will at this ... c 2 = y 2 + k 2 (again, note that the income-expenditure C + I = Y identity holds, with I = −k 2 ). Since c 2 = y 2 + k 2 = z 2 f(k 1 + x)+(k 1 + x 1 ), we...

Ngày tải lên: 09/08/2014, 19:21

... Andolfatto, David (20 02) . “A Theory of Inalienable Property Rights,” Journal of Political Economy, 110 (2) : 3 82- 393. 2. Andolfatto, David and Paul A . Gomme (1996). “Unemployment Insurance and Labor Market ... 1993). Employment 11,100,000 24 5,000 190,000 FIGURE 7.4 Average Labor Market Stocks and Monthly Flows Canada 1976 - 1991 (Jones, 1993) Unemployment Nonparticipation 1,08...

Ngày tải lên: 09/08/2014, 19:21

... Restrictions Theory of the Demand for ‘Money’ and the Role of Monetary Policy, ” Federal Reserve Bank of Min- neapolis Quarterly Review, 7(1): 1—7. 180 CHAPTER 8. MONEY, INTEREST, AND PRICES 0 2 4 6 8 10 12 1970 ... the aggregate demand for goods and services (not to be confused with the AD c urve). • Exercise 9 .2. Explain why the aggregate demand for goods and services (outpu...

Ngày tải lên: 09/08/2014, 19:21

... 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 the demand for real money ... SPENDING AND MONETARY FINANCE 22 3 This allocation must satisfy: MRS(c b 1 ,c b 2 )= n μ ∗ ; c b 1 + μ ∗ n c b 2 = y. The first thing we can establish is that (c a 1 ,c a 2 ) and...

Ngày tải lên: 09/08/2014, 19:21

... (primarily U.S.) assets. 12. 2. A MODEL WITH MONEY AND CAPITAL 25 3 0 zf’(k) n/m k Rates of Return k* FIGURE 12. 1 Coexistence of Money and Capital y zf’(y) A B P oint A in Figure 12. 1 displa ys the equilibrium ... Freeman (20 01). Modeling Monetary Economies, 2nd Edition, Cambridge University Press, Cambridge, U.K. 2. King, Robert, Neil Wallace, and Warren E. Weber (19 92) . “Nonfu...

Ngày tải lên: 09/08/2014, 19:21

... contributions Vote for NAFTA 22 9 22 9 29 1 195 25 6 Vote for GATT 28 3 29 0 346 25 7 ' ::; 323 bill to vote against; business contributions moved business, both NAFTA and the GATT would have 34 ... is 5 = 20 + 20 P. Derive and graph Home's import demand schedule. What would the price of wheat be in the absence of trade? 2. Now add Foreign, which has a...

Ngày tải lên: 26/01/2014, 08:20