Download Advanced Macroeconomics Solution Manual by David Romer PDF

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An important point is that even during the time between the announcement and the implementation of the tax – that is, between time t0 and time t1 – the original c  0 locus governs the dynamics of the system. At time t0 , the tax is announced. Consumption must jump up so that the economy is at a point like A. c  0 [between time t1 and t2 ] c B A c  0 [before time t1 and after time t2] E C k  0 k At A, the economy is still on the c  0 locus but is above the k  0 locus and so k starts falling.

This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. Solutions to Chapter 2 2-25 Finally, substitute for rt+1 = f ' (kt+1 ) -  and wt = f(kt ) - ktf ' (kt ): 1 s  f ( k t 1 )    f ( k t )  k t f ( k t ) . 59) in the text, the analogous expression with no depreciation, which is 1 s  f ( k t 1 )  f ( k t )  k t f ( k t ) .

Thus aggregate demand exceeds aggregate supply and the market for the good will not clear. Thus the proposed price path cannot be an equilibrium. (b) Consider the social planner's problem. The planner can divide the resources available for consumption between the young and the old in any matter. The planner can take, for example, one unit of each young person's endowment and transfer it to the old. Since there are the same number of old and young people in this model, this increases the consumption of each old person by one.

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