Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 15 Jan 2018 My Price 10.00

real-business-cycle model

A simplified real-business-cycle model with additive technology shocks. (This follows Blanchard and Fischer, 1989, pp. 329–331.) Consider an economy consisting of a constant population of infinitely lived individuals. The representative individual maximizes the expected value of ρ > 0. The instantaneous utility function,  Assume that C is always in the range where u

 (C) is positive.

(a) Find the first-order condition (Euler equation) relating Ct and expectations of Ct+1.

(b) Guess that consumption takes the form Ct = α + βKt + γ et. Given this guess, what is Kt +1 as a function of Kt and et?

(c) What values must the parameters α, β, and γ have for the first-order condition in part (a) to be satisfied for all values of Kt and et?

(d) What are the effects of a one-time shock to ε on the paths of Y, K, and C?

Answers

Maurice Tutor
(5)
Status NEW Posted 15 Jan 2018 09:01 PM My Price 10.00

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