Matthias Doepke - Marcroeconomics - Chapter 13 docx

... γ=0.5τ T(τ)Figure 13. 1: A government revenue func-tion that exhibits a Laffer curve.A Lump-sum TaxNow let us introduce a lump-sum tax of amount .2No matter what income the house-hold accumulates, ... function of .The government’s period-by-period revenue function( ) is now simply:( )= (SS SS)whereSSis the steady-state investment level (which is tax-exempt). We can ﬁndSSbysolving ... signi - cantly in their characteristics. Consider the jobs available to Ph.D. economists: they rangefrom Wall Street ﬁnancial wizard, big-time university research professor, to small-time col-lege...

Matthias Doepke - Marcroeconomics - Chapter 1 docx

... is, ending GDP is ( ), and is one year. Plugging all thenumbers in, we get: $135 =( )( $130 )(1) + $130 so:= $135 $130 1 1 03846154 1=3846154%As another example, to calculate the annual rate ... from above: $100, $130 ,and $135 . The continuous growth rate between the ﬁrst two is: ln( $130 ) ln($100 ). Thecontinuous growth rate between the second two is: ln( $135 ) ln( $130 ). The average ... two is: ln( $135 ) ln( $130 ). The average ofthese two is:ln( $135 ) ln( $130 ) + ln( $130 ) ln($100 )2 Chapter 1PreliminariesThis chapter introduces interest rates and growth rates. The two topics...

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...

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 ... (Hard)Consider the two-period model from Section 3.2, and suppose the period utility is:( )=123.3 An Inﬁnite-Period Model29Simple manipulation of this equation leads to:+1=1+(3 .13) Rewriting...

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...

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...

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...

Matthias Doepke - Marcroeconomics - Chapter 9 doc

... CyclesTechnology shocks: Real-world production functions change over time. New tech-nologies like computers or robots alter the production process and raise overall pro-ductivity. Sometimes, production ... 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...

Matthias Doepke - Marcroeconomics - Chapter 11 pot

... 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 ... with1See Chapter 1 for a discussion of growth rates and how to compute them. Chapter 11Economic GrowthThis chapter examines the determinants of economic growth. A startling fact about eco-nomic ... investment equals depreciation is the steady-state level of capital. In thelong run, the economy approaches the steady-state level of capital per unit of effective la-bor, regardless of what the initial...

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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