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“Super Neutrality” and Changes in Money Growth in the RBC Macro Model.
Consider the basic flexible-price, market-clearing model (which satisfies the Classical Dichotomy) in which r and Y are constant as long as there are no shocks to preferences or technology. The nominal stock of money is growing at rate μ so that:
Mt = Mt-1(1+μ), μ > 0.
Show the money-market clearing condition which determines the price level (P) at any time t.
For r and Y constant, what is the equilibrium rate of inflation and the equilibrium nominal interest rate? Explain.
In a diagram with ln(P) and ln(M) on the vertical axis and time on the horizontal axis, show the time paths of ln(P) and ln(M). (Hint: The nice thing about graphing ln(x) -- the natural log of x -- is that a constant rate of growth of x means that ln(x) is linear.)
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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The case study of the Fisher-Price Toys, Inc., a popular case in basic economics and management from the prestigious Harvard Business School.
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What is the market solution (market price and quantity) and What is the total surplus of the society under the market solution
Calculate gross national product and net national product
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