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Use the Mundell-Fleming model to try to understand the basis for this criticism and show a possible policy that Germany might pursue that could have a beneficial impact on another member country of the euro zone. (Hints: 1. assume that there are two countries, Germany and Spain; 2. both of these countries are in the euro zone and neither can run independent monetary policies (i.e. for each country inside the zone the money supply adjusts automatically to preserve equilibrium); 3. there is perfect capital mobility; 4. prices remain constant in both countries; and 5. assume Spanish exports to Germany will rise if German GDP rises.)
a. Given the hints above, how do the equation(s) of the model (presented in Chapter 7) change for Spain? Describe any new parameter(s) required for the model.
b. Assuming that Germany wants to be helpful to its neighbors, what does the model suggest that Germany should do to address the criticism described above? In a set of graphs, show the impact of your recommendation on the German and Spanish economies. In the new equilibrium, what will be the impacts on German and Spanish output levels, interest rates, and CABs? Explain in a sentence or two.
In "Preventing a Brave New World" (pp. 331-343), Leon Kass concludes that reproductive and therapeutic cloning of human embryos is unethical. What are the exact steps in Kass's argument for this conclusion? What is your assessment of the strengths an..
Use an IS-LM diagram to illustrate Krugman's contention that fiscal policy is more effective as a macroeconomic policy tool when compared to monetary policy, given that the economy is in a liquidity trap.
Identify the main reasons (eg.) Apple has expanded into other markets. Identify the entry mode/s of Apple in the specific foreign market (Europe).
Let market demand be given by the inverse demand function P = 300-2Q, where Q = q1 +q2 +...+qn. The cost function for each firm in the industry is c(qi) = F +20qi+q 2 i . Firms are Cournot competitors. Find each firm’s equilibrium output and profit ..
Derive IS curve by one of standard methods used in Macroeconomics. Explain in writing to illustrate what market your derivation brings equilibrium and explain how it accomplishes this.
The residents of the town Marina Del Rey all love economics, and the mayor proposes building an economics museum. The museum has a fixed cost of $ 2,400,000 and no variable costs. Graph the museum’s average total cost curve and its marginal cost curv..
In 2012, a group in Germany proposed a “wealth tax” -- on building, machinery and equipment—that would be levied on all employers having at least $1.4 million invested in such assets. Use the labor market theory learned in this chapter to analyze the..
Cara has available h = 3000 hours per year for participating in the labor market and for leisure. She gets a wage w = $18 for the first 2,000 hours of work. If she works more than that, the wage on the additional hours is increased by 50%. She receiv..
Explain what Alice must prove in order to maintain a claim for sexual harassment and constructive discharge.
find the new equilibrium GDP when I increases to 350 and all other values remain the same.
The equilibrium price and quantity in a market usually produces allocation efficiency because marginal benefit and marginal cost are equal at that point. Explain how a market for human organs would affect the supply curve and equilibrium price and qu..
Describe the key differences between simulation models and the models covered in previous modules, not only from the perspective of their applications, but also from the perspective of computing/solving the models
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