(1) What is "sterilization" policy of the central bank? (5 分)
(2) Is it possible for a nation's central bank to implement a full sterilization operation
while its capital market is perfectly mobile? Why? (5 分)
(3) For a country of large degree of capital control with fixed exchange rate regime, use
Fleming (1962) framework of full sterilization to compare the effect of
expansionary monetary policy on output for small and large elasticities of domestic
investment. (15 分)
Please use Solow's neoclassical growth model to answer the following questions.
(1) What is "steady state"? (5 分)
(2) What is "golden rule" allocation? (5 分)
(3) Use this framework to analyze the short and long run effects on consumption,
saving and output of a shock, like Rebar group (力霸集團) scandal, causing the
capital stock dropped suddenly from its original level at steady state. (15 分)
(1) What is "Ricardian equivalence"? (5 分)
(2) Please state the main differences between Keynes' and Friedman's consumption
function. (10 分)
(3) Compare the effect on current consumption and saving of a temporarily dropped
(starting from next year and lasting for 6 months) in income tax. (10 分)
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