Maurice Tutor

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    Argosy University/ Phoniex University/
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Category > Management Posted 15 Jan 2018 My Price 5.00

first-order condition

A simplified real-business-cycle model with taste shocks. (This follows Blanchard and Fischer, 1989, p. 361.) Consider the setup in Problem 5.8. Assume, however, that the technological disturbances (the e’s) are absent and that the instantaneous utility function is u(Ct ) = Ct − θ(Ct + νt ) 2. The ν’s are mean-zero, i.i.d. shocks.

(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 νt. Given this guess, what is Kt+1 as a function of Kt and νt?

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

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

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Maurice Tutor
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Status NEW Posted 15 Jan 2018 09:01 PM My Price 5.00

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