Maurice Tutor

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Category > Management Posted 13 Jan 2018 My Price 9.00

Diamond model

Social security in the Diamond model. Consider a Diamond economy where g is zero, production is Cobb–Douglas, and utility is logarithmic.

a. Social security in the Diamond model. Consider a Diamond economy where g is zero, production is Cobb–Douglas, and utility is logarithmic.

(i) How, if at all, does this change affect equation (2.60) giving kt +1 as a function of kt?

(ii) How, if at all, does this change affect the balanced-growth-path value of k?

(iii) If the economy is initially on a balanced growth path that is dynamically efficient, how does a marginal increase in T affect the welfare of current and future generations? What happens if the initial balanced growth path is dynamically inefficient?

(b) Fully funded social security. Suppose the government taxes each young person an amount T and uses the proceeds to purchase capital. Individuals born at t therefore receive (1 + rt+1)T when they are old.

(i) How, if at all, does this change affect equation (2.60) giving kt +1 as a function of kt?

(ii) How, if at all, does this change affect the balanced-growth-path value of k?

Answers

Maurice Tutor
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Status NEW Posted 13 Jan 2018 07:01 PM My Price 9.00

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