Given the formal structure of the solow model

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Reference no: EM1346437

Country Per capita GDP Saving rate TFP (total factor productivity)

United States 1.000 0.245 1.000

Ireland 0.971 0.315 0.995

France 0.691 0.259 0.744

Spain 0.733 0.314 0.757

South Korea 0.556 0.439 0.606

Assumptions and teachers notes:

( The numbers in the first column are relative to U.S. GDP in 2007. The saving rate is just as in the Solow model. TFP is the coefficient A from our production function, relative to the value of that coefficient for the U.S.

When actually doing the calculations below, do not be concerned about what "relative to the U.S." means and simply make use of the numbers in the third column (part (c)) and first column (part (d)) as you normally would. You will see why this works out conceptually when you do parts (b)-(d) below.

Given the formal structure of the Solow model, the numbers in the first column should in principle be per-worker GDP numbers. However, for purposes of the problem at hand, the per-capita GDP numbers are fine.

Reference no: EM1346437

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