Explain the following terms:
(l) Okun’s Law (4%)
(2) Wage-push inflation (4%)
(3) Super neutrality of money (4%)
(4) Liquidity trap (4%)
(5) Ricardian Equivalence Theorem (4%)
(6) Expectation-augmented Phillips curve (4%)
(7) Bounded rationality (4%)
(8) Political business cycle (4%)
(9) Dirty floating exchange rate system (4%)
(10) Exchange rate overshooting (4%)
In 1980, the GDP in country U is 10 times larger than GDP in country C. Since
then, the average income growth rate is 2% per year in country U while 10%
per year in country C.
(1) How many years does country C need to have the same level of GDP as
country U? Just write down the equation. (10%)
(2) In country U, if the growth rate of capital is 0.5%, labor force 2% and
technology 0.75%, what is the capital share in country U? (5%)
(3) There is a so-called ‘one child policy’ in country C. Use the Solow growth
model to analyze how the policy affects the short run and long run growth
rate of capital per worker. (10%)
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