(3) Explain why the answer in (2) differs, if any, from that in (1). (5%)
(1) Derive the IS and LM equations for this open economy. (5%)
(1) Derive the aggregate supply curve. Explain the role of each variable in the supply
curve. (10%)
(1) Find the steady-state value of (a) the capital stock per effective worker, (b) output
per effective worker, (c) the growth rate of output per effective worker, (d) the
growth rate of output per worker, and (e) the growth rate of output. (10%)
(2) Now suppose that the technological progress is still equal to 4% per year, but the
number of workers now grows at −1% per year due to the impacts of population
aging on the labor market. Recompute the answers in part (1). What policy
implication(s) can you draw from this demographic impact? (15%)
Consider the Keynesian model with a flexible price level and fixed money wage.
Assume that the money wage is at a level that leads to equilibrium in the labor market
when the expected price level is equal to 100.
(1) Assume that aggregate demand unexpectedly falls. Provide a graph of the labor
market and the AD/AS market and illustrate what happens. (10%)
Consider the Keynesian model with a flexible price level and fixed money wage.
Assume that the money wage is at a level that leads to equilibrium in the labor market
when the expected price level is equal to 100.
(2) If the economy was operating at the level of potential output before this change in
aggregate demand, what is true about equilibrium income now? (5%)
可觀看題目詳解,並提供模擬測驗!(免費會員無法觀看研究所試題解答)