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Discuss the properties of the macro model

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Reference no: EM131566630

Question: Consider the macro model

(i) Y = C + I¯ + G.

(ii) C = b(Y - T),

(iii) T = tY

Where the parameters b and t lie in the interval (0, 1), Y is the gross domestic product (GDP), C is consumption, is total investment, T denotes taxes, and G is government expenditure.

(a) Express Y and C in terms of , G, and the parameters.

(b) What happens to Y and C as t increases?

Reference no: EM131566630

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