中级宏观济学11次作业.pdfVIP

I.(Stickypricemodel)Inaneconomy,40%offirmssetstickyprices.Theoptimal

price-settingruleisgivenby

pP0.1(YY)

wherepistheoptimalpriceforasinglefirm,Pistheoverallpricelevel,andYis

thepotentiallevelofoutput.AssumeexpectedpricelevelisPe=110,andthe

potentiallevelofoutputisY=80.

1)Withtheusualassumptionthatfirmswithstickypricespre-setpriceassumingY=

Y,derivetheshortrunAScurve.

2)IftheADcurveisY=360–2P,willthepricelevelofthiseconomytendtoraiseor

fallovertime?

II.(Acomprehensivemodel)Aneconomycanbedescribedbythefollowingequations:

Productionfunction:Y=K1/2(EL)1/2

Resources:K=100,L=100

Consumptionfunction:C=0.8(Y–T)–10r

Investmentfunction:I=120–40r

ernmentvariables:G=T=0

demand:LrYYr

Money(,)=1.8–50

Moneysupply:M=300

Aggregatesupply:Y=Y+0.5(P–100)

1)(Growthmodel)Letthesavingratetobeconstantats=30%,capitaldepreciationto

beδ=8%,letEgrowatconstantrateg=2%,andpopulationisconstant.Whatisthe

steadystatecapitalpereffectiveworkerinthiseconomy?Whatisthesteadystate

consumptionpereffectiveworker?

2)(Growthmodel)WhatistheGoldenRulesteadystatecapitalpereffectiveworker?

WhatistheGoldenRulesteadystateconsumptionpereffectiveworker?Whatisthe

optimalsavingratenecessarytoachievetheGoldenRulesteadystateinthelong

run?

Fromnowon,letresourcesbefixedatthelevelgiven,andletE=1.

3)(Classicalmodel)Whatistheequilibriumrealinterestrateinthelongrun?Whatis

t