中级宏观经济代考-Econ 330D2代写-Midterm Exam代写

Econ 330D2 2022: Midterm Exam 2

中级宏观经济代考 You need to answer all the questions. Make sure you identify clearly which question you are answering and ensure your pages are numbered clearly.

Instructions  中级宏观经济代考

This exam is a take home exam. You have 24 hours beginning at 4 pm (Montreal time) Wednesday, March 30th. You need to submit your solution before 4 pm (Montreal time) Thursday, March 31st. Late submissions will not be accepted.

You need to answer all the questions. Make sure you identify clearly which question you are answering and ensure your pages are numbered clearly.

Submit your solution in a single pdf document in the Assignments section in MyCourses. Any hand-written parts (for instance graphs or if you choose to do them by hand, mathematical derivations) should be inserted as a picture in the document with your answers.

You are responsible for submitting a legible version of your answers. If a part of your answer is not legible, you won’t be asked for a clarification and that part won’t count. Also, please make sure your file is not corrupted, before you upload it. Once you upload your answers, the submission will be final.  中级宏观经济代考

Your electronic submission of this exam certifies that you have not, nor will you, consult with any other person about the exam, or any other subject related to it. Students who consult will be subject to disciplinary action as per the Student Code of Conduct.

The exam is self-contained. Therefore, neither the instructor nor the TAs will answer any emails during the 24-hour exam period. If you believe a question is open to interpretation, please feel free to make a reasonable assumption and proceed with your answer.

The exam will be marked out of 100 and contributes 10% to your final course grade.

Section I: True, False or Uncertain (35 marks)  中级宏观经济代考

Determine whether the following statements are True, False or Uncertain and Justify your response. You can write, calculate, or draw to explain your answer. Marks are awarded for stating the correct response True/False/Uncertain (2 marks) and providing an accurate justification (3 marks).

1. In the Basic New Keynesian model, a firm that cannot change its price will produce a level of output above the market clearing output level.

2. In the Lagos-Wright model, a Pareto optimal allocation has the property that the marginal utility of consumption for the buyer is one.

3. In the New Keynesian Rational Expectations Model, in the output demand relationship the difference between current output and future output increases when the actual real interest rate increases.  中级宏观经济代考

4. Under fiscal stabilization policy in the New Keynesian sticky price model, after a negative shock to output, the government increases expenditures and the central bank decreases the money supply.

5. If the economy is currently at the bliss point in the Basic New Keynesian model, an optimal monetary policy response to negative shock to output supply will result in real interest rate below the natural rate, a negative output gap and inflation below the target.

6. If there is destruction of some of the capital stock in the New Keynesian sticky price model, and there is no response in monetary or fiscal policy, then consumption will increase in the long-run.

7. If the real interest rate is zero, this corrects the distortion caused by long-run inflation.

Section II: Open Questions (65 marks)  中级宏观经济代考

Question 1 (35 marks)

(a) In the real business cycle model, suppose firms become infected with optimism and they expect that total factor productivity will be much higher in the future.

(i) Illustrate the effect(s) in the current period using relevant diagrams from the course. (6 marks)

(ii) Explain in detail (by making any necessary assumptions) the equilibrium effects of this expectation. (3 marks)

(iii) Does the model explain the key business cycle facts? Explain. (2 marks)

(iv) Suppose that the monetary authority wants to stabilize the price level in the face of a wave of optimism. Determine what it should do and explain in detail (by making any necessary assumptions). (2 marks)  中级宏观经济代考

(b) In the new Keynesian sticky prices model, suppose that consumer’s preferences shift so that they want to consume more leisure and less consumption goods.

(i) Illustrate the effect(s) in the labour market and the goods market using relevant diagrams from the course. (4 marks)

(ii) Explain in detail (by making any necessary assumptions) the equilibrium effects of this expectation. (3 marks)

(iii) Determine the long-run effects if the government did nothing in response to the shock. (3 marks)

(iv) Determine the effects if monetary policy is used to stabilize the economy, with the goal of the central bank being economic efficiency. (4 marks)

(v) Determine the effects if government spending is used to stabilize the economy, with the goal of the fiscal authority being economic efficiency.

(5 marks)

(vi) Explain and comment on the differences in your results among parts (ii), (iii) and (iv). (3 marks)

 

Question 2 (30 marks)

(a) Using the monetary intertemporal model, determine the long run effects of increasing the money growth rate to reduce taxes and increase popularity of the government.

(i) What would be the effect on the inflation rate? Justify your response.

(4 marks)

(ii) Explain how the increase in money growth affects individual decisions.  中级宏观经济代考

(3 marks)

(iii) Illustrate using appropriate diagrams, the effect of the sustained increase in money growth rate on the labour market, the market for goods and services and the money market. (Assume the shock results in no change in the real interest rate.) (6 marks)

(iv) Explain, in as much detail as possible, the equilibrium effects the labour market, the market for goods and services and the money market.

(8 marks)

(b) Explain, in as much detail as possible, how the neo-Fisherian monetary policyrule acts to achieve good economic results.(9 marks)

 

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中级宏观经济代考
中级宏观经济代考

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