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Hurricane Sandy in 2011 destroyed much capital in houses, buildings, and infrastructure on the East Coast, but resulted in little loss of life or limb. What would you expect to be the effect on actualoutput and potential output in the short run (relative to the counterfactual of no hurricane)?Explain your reasoning, and use the appropriate analysis.
[Guidance: Use the neoclassical growth model for potential output, and the IS-LM model for actualoutput. You may find it helpful to review the neoclassical theory of investment to determine theimpact of the shock on investment in the short run, focusing on the effect of depreciation from thehurricane on the difference between the optimal and the actual capital stock.]
1. A production function can exhibit increasing, constant or decreasing returns to scale. Describe the meaning of this statement using a simple production function Y = F (K, L), where K is capital and L is labor. Why might it exhibit increasing o..
Research and discuss how the changes in autonomous expenditures affect income and output. Use the above example, let G0 = 200 and calculate the new equilibrium level of . Find ΔY given Δ, calculate the multiplier m. Interpret the meaning of the multi..
In late June the Fed lowered its federal funds rate target from 1.25 percent to 1 percent. However between mid June and early August the yield on longer term 10 year Treasury notes rose from 3.1% to over 4.3%.
Suppose Congress (in an attempt to stimulate the economy in both the short and long run) passes an investment-tax credit, which subsidizes domestic investment. How will this policy affect (comparing the state of the economy prior to the enactment o..
(a) How many more people would be working? Instructions: Enter your response to one decimal place. million (b) By how much would output increase if per worker GDP were $109,000? Instructions:Enter your response as a whole number. $million
What is the difference between fiscal retrenchment and fiscal consolidations, especially in their actions and effect? Or if the two policies are different, what actions would be taken respectively?
Suppose a government is established in a country where none previously existed. The government spends 80, financed by borrowing, to provide public services. If autonomous consumption plus investment is 210 and the marginal propensity to consume MP..
A company operates plants in both the unites states(where capital is relatively cheap and labor relatively expensive) and mexico(where labor is relatively cheap and capital is relatively expensive).
Analyze the specific actions that the leadership of the selected country has taken, through the use of its foreign aid from donor nations and international lending institutions, to relieve the severe problems caused by warfare.
Elucidate what happens to Economic growth and Consumption at each stage of the cycle. At which stage of the Business cycle is your firm right now and why.
Which of these methods of encouraging growth would you suggest to a newly industrialized economy,
Find the number of physicians to be located in each of the areas if the physicians are income maximizers - Population Index
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