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Now we will solve for the steady state in a calibration of the US economy in 2000. In this problem, you will assume that the rate of growth of the work force is n = 0.017 and there is no exogenous technological progress. The aggregate production function for the US economy in 2000 is Y = (11.5)K 1/3 L 2/3 . The units are billions of 1996 dollars. A plausible value for the depreciation of the capital stock is δ= 0.036, and a good value for the national savings rate is σ= 0.16.
6. Use the formula r =f'(k) to calculate the steady-state rentals rate. Explain why the real interest rate is r-n-δ. (Hint: if you give up a unit of consumption, you can buy a unit of capital. That capital will yield f'(k) units of output next year, but a fraction δ is used up in production and another fraction n is needed for new workers.)
7. Is the US economy saving at the golden rule? What is the golden rule savings rate for our economy?
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You are the manager of a small U.S. firm that sells nails in a competitive U.S. market (the nails you sell are a standardized commodity; stores view your mails as identical to those available from hundreds of other firms).
In the particular assignment due this week, students explore the reasons behind regulating banks also how that regulation relates.
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You are a member of the City Council of Mid ville , California, a town of 10,000 residents, comprised primarily of 'middle-class' blue-collar laborers.
"If every employer hired its best qualified applicants for a job at every opportunity, the phenomenon of black poverty (as distinct from poverty) could be wiped out in ten years." Do you agree/disagree? Comment.
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