Macroeconomic theory and policy phần 10 pptx

... that F and G are regular neoclassical production functions. Notice that Y 1 is produced with capital and labor, while Y 2 is produced with land and labor. In this model, capital and land are ... class of individuals (landlords). Imagine that landlords are relatively f ew in number and that they form an exclusive club (so that most people are excluded from owning land). Landowners hi...

Ngày tải lên: 09/08/2014, 19:21

... Complementarities and Macroeconomics, New York: Cambridge University Press. 2. Keynes, John M. (1936). The General Theory of Employment, Interest and Money, MacMillan, Cambridge Univ ersity Press. 3. Kydland, ... treated as ‘God-given’ and are labelled exogenous variables.Inthetheory developed above, the key exogenous v ariables are z (technology) and u (pref- erences). Th u s, the...

Ngày tải lên: 09/08/2014, 19:21

... 209 10. 2ASimpleOLGModel 210 10.2.1 ParetoOptimalAllocation 211 10. 2.2 MonetaryEquilibrium 213 10. 3GovernmentSpendingandMonetaryFinance 217 10. 3.1 The InflationTaxandtheLimittoSeigniorage 219 10. 3.2 ... these Macroeconomic Theory and Policy P re limin a ry D raft Da vid Andolfatto Simon Fraser U niversit y dandolfa@sfu.ca c ° August 2005 iv CONTENTS 2.9 References 49 2.A AMod...

Ngày tải lên: 09/08/2014, 19:21

... eferences 1. Andolfatto, David (2002). “A Theory of Inalienable Property Rights,” Journal of Political Economy, 110( 2): 382-393. 2. Bluedorn, John (2002). “Hurricanes: Capital Shocks and Intertemporal Trade ... the demand for 92 CHAPTER 4. CONSUMPTION AND SAVING Equation (4.6) tells us that, in theory, the real rate of interest is determined in part by preferences (the patience parame...

Ngày tải lên: 09/08/2014, 19:21

... distortions) and kept at this higher level until the debt is paid off. 5.7 U.S . Fisc a l Policy There has been much talk recently of George W. Bush’s fiscal policy. In a nut- shell, this policy appears ... goods and services). Examples of such capital include the residential capital stock (which produces shelter services) and various forms of business capital (office towers, land, mac...

Ngày tải lên: 09/08/2014, 19:21

... David (2002). “A Theory of Inalienable Property Rights,” Journal of Political Economy, 110( 2): 382-393. 2. Andolfatto, David and Paul A . Gomme (1996). “Unemployment Insurance and Labor Market ... unemployme nt and vacancies; see Figure 7.8. This negative relationship is referred to as the ‘Beveridge Curve.’ Is the theory 174 CHAPTER 8. MONEY, INTEREST, AND PRICES its simplest ve...

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 1970 1975 1980 1985 1990 1995 2000 Real per capita GDP Potential GDP (HP Trend) Log Scale Negative Output Gap Positive Output Gap Actual and Potential ... 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. MO...

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... from a royal family? And why does the nominal exchange rate between Queens and Lauriers remain constant over time? Are there separate and stable supplies and demands for Queens and Lauriers? No, ... 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 fo...

Ngày tải lên: 09/08/2014, 19:21

... current living standards depend on past growth rates and that our future living standards (or those of our children) will depend on current and future growth rates, the question of growth and development ... the hands of the English, the balance of power shifted in the Baroque era (1600 A.D. - 1750 A.D.) toward England, France and Holland. This episode in European history is known mor...

Ngày tải lên: 09/08/2014, 19:21

... oleate and stearate, and rates of production and oxidation of propionate and butyrate in fed and starved sheep. Biochemical Journal 104 , 135–147. Annison, E.F., Linzell, J.L., Fazakerly, S. and ... W.M.F. and Ford, E.J.H. (1966) Utilisation of free fatty acids by starved and pregnant sheep. Biochemical Journal 101 , 317–322. Leury, B.J. and Dunshea, F.R. (2003) Level of n...

Ngày tải lên: 15/12/2013, 09:15