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Matthias Doepke - Marcroeconomics - Chapter 11 pot

Matthias Doepke - Marcroeconomics - Chapter 11 pot

Matthias Doepke - Marcroeconomics - Chapter 11 pot

... (11. 11) by the number of workers, which yields:=()11=111=11 (11. 20)Equation (11. 20) relates output per workerto capital per worker1.Ifweuselower case letters to denote per-worker ... labor:=1 (11. 14)We can combine equation (11. 14) with the decision rule for the number of children in equa-tion (11. 13) to derive the law of motion for population:+1=12or:+1=2 (11. 15)Notice ... production function equa-tion (11. 1) exhibits constant returns to scale, which means that if we double both inputs,output also doubles. Our choice of a constant-returns-to-scale production function...
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Matthias Doepke - Marcroeconomics - Chapter 15,16 pot

Matthias Doepke - Marcroeconomics - Chapter 15,16 pot

... workerTable 15.4: Notation for Chapter 1515.1 Two Workers under Autarky175Substituting all the constraints into the objective yields:max1Taking the first-order condition with respect to ... a thought ex-periment. First we suppose that the relative price of wineis very low. Then we askwhat happens as the relative price rises. Whenis very low, both will make beer be-cause the ... rise enough so that both will make wine.The numbers on the right-hand sides of equations (15.1) and (15.2) are the relative efficien-cies of Pat and Chris at wine production, respectively. Whoever...
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Matthias Doepke - Marcroeconomics - Chapter 1 docx

Matthias Doepke - Marcroeconomics - Chapter 1 docx

... works only an integral numbers of years. For non-integral num-bers, you round down to the nearest integral year,compute ( ), and use that in thesimple-interest formula (1.1) for the fraction of ... economists prefer continuous growth rates is that they have the follow-ing desirable property: if you compute the year-by-year continuous growth rates of a seriesand then take the average of ... some common terms and calculations from the realm of fixed-income in-vestments. The amount of the investment is called the principal.The“fixed-income”fromthe investments is called interest. The interest...
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Matthias Doepke - Marcroeconomics - Chapter 2 docx

Matthias Doepke - Marcroeconomics - Chapter 2 docx

... problems of constrain-ed maximization when it is either difficult or impossible to solve the constraints for indi-vidual variables. At first we treat the method as a cook-book recipe. After we ... even easier. Abovewe derived:=1+There is no on the right-hand side, so when we take the partial derivative with respectto, the right-hand side is just a constant. Accordingly, = 0, i.e., Crusoe’s ... Consumption=1,forsome between zero and one. This particular Cobb-Douglas functionexhibits constant returns to scale, since (1)+( ) = 1. Figure 2.1 is a three-dimensionalrendering of this function for particular...
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Matthias Doepke - Marcroeconomics - Chapter 3 ppsx

Matthias Doepke - Marcroeconomics - Chapter 3 ppsx

... second-period income increases, then does too. Conversely, if second-period in-come decreases, thendoes too. This makes intuitive sense. If2goes down, householdswill try to invest first-period ... )=1[2+1(1 + )](1 + )(1 + )so we set the left-hand side to zero and solve for :1=[2+1(1 + )](1 + )(1 + )(3 .11) 3.2 A Two-Period Model233.2 A Two-Period ModelWe begin this section with ... termson the right-hand side:( )(+1)=(1 + )(3.16)If you compare equation (3.16) to equation (3.7), you will find the Euler equations are thesame in the two-period and infinite-period models....
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Matthias Doepke - Marcroeconomics - Chapter 5 pptx

Matthias Doepke - Marcroeconomics - Chapter 5 pptx

... one market-clearing constraint is redundant. This meansthat if each consumer’s budget constraint is satisfied and all but one market-clearing con-ditions hold, then the last market-clearing ... pure-exchange economy, assume that the bud-get constraints for each of theconsumers and the market-clearing constraints for the first1 goods are satisfied. We want to show that the last market-clearing ... results in this chapter restsolely on the general structure of the market-clearing model. We are now ready to definean equilibrium for this economy along the lines developed in Chapter 3.An allocation...
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Matthias Doepke - Marcroeconomics - Chapter 6,7 doc

Matthias Doepke - Marcroeconomics - Chapter 6,7 doc

... interest rate in-creases. That means that the right-hand side increases, so the left-hand side must increasein order to maintain the equality. There are two ways that the left-hand side can ... equation (6.3) gives us:=11=1+111=1+ Chapter 6The Labor MarketThis chapter works out the details of two separate models. Section 6.1 contains a one-period model in which households are both ... endowmentin the model from Chapter 3.The household’s maximization problem is:max12121(1 1)+ (2 2) subject to:(1)=1+1and:(2)+1(1 + )=2Refer to Chapter 3 for a discussion...
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Matthias Doepke - Marcroeconomics - Chapter 8 pdf

Matthias Doepke - Marcroeconomics - Chapter 8 pdf

... monetary pol-icy. While the prime emphasis of the cash-in-advance model is the inefficiency of holdingcash instead of interest-bearing assets, Chapter 19 turns to the issue of expected versus un-expected ... inflation that wewill pick up later in this book. Chapter 18 is concerned with the coordination of monetary8.3 A Cash-in-Advance Economy618.3 A Cash-in-Advance EconomyIn this section we derive the ... un-expected inflation. You can think of the cash-in-advance model as describing the long-runconsequences of expected inflation, while Chapter 19 considers the short-run consequencesof a monetary policy...
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Matthias Doepke - Marcroeconomics - Chapter 9 doc

Matthias Doepke - Marcroeconomics - Chapter 9 doc

... as a fraction of output. See Chapter 11 to see whyis equal to the labor share.72Business CyclesIn this chapter, we will primarily look for explanations for normal-scale business cycles,like ... computers.Monetary shocks: We saw in Chapter 8 on inflation that there are real effects of mon-etary policy. Therefore random changes to money supply or interest rates are a po-tential source of fluctuations ... time.Thus even a single shock has long-run effects, and investment goes through a full cycle inresponse to this shock.Response to a Single Shock -0 .01 -0 .00500.0050.010.0150.020.02512345678PeriodsDeviation...
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Matthias Doepke - Marcroeconomics - Chapter 12 pdf

Matthias Doepke - Marcroeconomics - Chapter 12 pdf

... war steady-state, but the relatively shortduration of the war prevents it from ever reaching that steady-state. After the war the econ-omy transitions slowly back to its pre-war steady-state. ... fully discuss tax policy, for this chapter we will assume that the gov-ernment levies a very special kind of tax: a lump-sum tax. That is, the government an-nounces a spending plan and then ... is at its pre-war steady-state, that in periods 6-1 5 the economy is in a war, withincreased government spending, and in periods 1 6-3 0 the economy is back at peace. Dur-ing the war the economy...
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