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Q1. Consider the following macro model:
where y, p and m, are the logs of real output, prices and the money supply respectively and ?t is a monetary shock .
a) Identify three methods for solving rational expectations models?
b) Using your chosen method, find the rational expectations solution for prices (p) and output (y).
c) Using a maximum of 150 words discuss the policy implications of your results for monetary policy.
What are the effects of an appreciating/depreciating exchange rate on the balance of payments? exchange rate on the balance of payments.
Estimate the own price-elasticity of demand.
It all begins two years ago when the officials in Plentiful decided to raise the tipping fees at their Raw End
Use a hypothetical example to illustrate whether you agree or disagree with the following statement, "Unemployment will go up more if the demand for labor is elastic, because the demand for labor will decrease more when you have elastic demand than i..
Trade off liberalization conflict with morally-conscious environmental policies. While it is true that economic growth is necessary for general welfare
(Craft Unions) Both industrial unions and craft unions attempt to raise their members' wages, but each goes about it differently. Explain the difference in approaches and describe the impact these differences have on excess quantity of labor suppli..
Define a Business Cycle and describe what happens to Economic growth and Consumption at each stage of the cycle.
Determine the difference among National Income, Gross National Product, and Gross Domestic Product? Why do most countries now use GDP as a measure of national output?
At a price of $40, what output level would the firm produce? What would its profits be
Suppose that the pound is pegged to gold at 6 pounds per ounce, whereas the franc is pegged to gold at 12 francs per ounce. This, of course, implies that the equilibrium exchange rate should be two francs per pound
Suppose that Congress passes legislation making it more difficult for firms to fire workers (an example is a law requiring severance pay for fired workers). If this legislation reduces the rate at which people are let go from their jobs
Jones on the other hand regards ham and cheese as perfect substitutes-she is always willing to trade 3 slices of ham for 4 slices of cheese, and her utility function is given by Uj+4h+3c. Total endowments are 100 slices of ham and 200 slices of ch..
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