Maurice Tutor

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    Oct-2001 - Nov-2016

Category > Management Posted 13 Jan 2018 My Price 8.00

microeconomic foundations

Depreciation in the Diamond model and microeconomic foundations for the Solow model. Suppose that in the Diamond model capital depreciates at rate δ, so that rt = f (kt) − δ.

 

(a) How, if at all, does this change in the model affect equation (2.59) giving kt +1 as a function of kt?

 

(b) In the special case of logarithmic utility, Cobb–Douglas production, and δ = 1, what is the equation for kt +1 as a function of kt? Compare this with the analogous expression for the discrete-time version of the Solow model with δ = 1 from part (a) of Problem 2.15.

 

Problem 15

 

A discrete-time version of the Solow model. Suppose Yt = F (Kt,AtLt), with F (•) having constant returns to scale and the intensive form of the production function satisfying the Inada conditions. Suppose also that  

 

a) Find an expression for kt +1 as a function of kt.

 

(b) Sketch kt +1 as a function of kt. Does the economy have a balanced growth path? If the initial level of k differs from the value on the balanced growth path, does the economy converge to the balanced growth path?

 

(c) Find an expression for consumption per unit of effective labor on the balanced growth path as a function of the balanced-growth-path value of k. What is the marginal product of capital, f (k), when k maximizes consumption per unit of effective labor on the balanced growth path?

 

(d) Assume that the production function is Cobb–Douglas.

 

 

Answers

Maurice Tutor
(5)
Status NEW Posted 13 Jan 2018 07:01 PM My Price 8.00

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