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Use a value function iteration routine to solve the dynamic optimization problem with a firm when there are nonconvex adjustment costs. Suppose that there is a panel of such firms. Use the resulting policy functions to simulate the time series of aggregate investment. Then use a value function iteration routine to solve the dynamic optimization problem with a firm when there are quadratic adjustment costs. Create a time series from the simulated panel. How well can a quadratic adjustment cost model approximate the aggregate investment time series created by the model with nonconvex adjustment costs? Add in variations in the price of new capital into the optimization problem given in (8.21). How would you use this to study the impact of, say, an investment tax credit?
Provide an estimate of the cross-price elasticity of demand for gasoline, both with respect to new cars and with respect to used cars. Are these estimates statistically significant? Do they align with economic theory? Give an interpretation of y..
Draw a supply and demand curve for the labor market. Label the demand curve D4 and the supply curve S4. Label the horizontal axis write "Quantity of Labor" and the vertical axis "Wages".
Alice passes through four traffic lights on her way to work, and each light is equally likely to be green or red. independent of the others.
How would the domestic nominal interest rate be related to the foreign nominal interest rate? What if the crawling peg is not fully credible?
Consider each of the following situations involving moral hazard. In each case identify the principal (uninformed party) and the agent (informed party) and explain why there is asymmetric information. How does the action described for each situati..
Would a Policy Rule Have Prevented the Housing Boom?
Suppose that for given labor-market conditions [the variable you identified in part (b)], worker bargaining power throughout the economy increases. What effect would this have on the real wage in the medium run? in the short run? What determines t..
From 1969 to late 1970, real GNP grew by more than $40 billion and employment ( the number of jobs) grew by 1.6 million, but the unemployment rate nearly doubled, from 3.4 percent to 5.9 percent. How can that be
When average consumer income increases from $40,000 to $44,000 in Mapleville, the quantity demanded of widgets went from 10 to 9 units per capita, even though the price of widgets and other products did not change.
What is the difference between the four?
Calculate the elasticity of each function at x = 10 and then interpret the given value.
Find two countries that had a fixed exchange rate for a period sometime during the last 20 years. [Hint: Choose one of the developing countries (e.g., Malaysia, Thailand). ]
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