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1、Chapter5AClosed-EconomyOne-PeriodMacroeconomicModel¢TextbookQuestionSolutionsQuestionsforReview1.Aclosedeconomyiseasiertoworkwith.Openingtheeconomydoesnotchangemostofthepropertiesofaneconomy.Theclosedeconomyisthecorrectmodelfortheworldasawhole.2.Governmentleviestaxesandpurchasesconsumptiongood
2、s.3.Inaone-periodmodel,therecanbenoborrowingorlending.Thereisthereforenowaytofinanceagovernmentdeficit.sd4.Endogenousvariables:C,N,N,T,Y,andw.5.Exogenousvariables:G,z,K.s6.TherepresentativeconsumerchoosesCandNtomaximizeutility.dTherepresentativefirmchoosesNtomaximizeprofits.Market-clearing:NNN
3、sd==.Governmentbudgetconstraint:T=G.7.Theslopeoftheproductionpossibilitiesfrontierisequalto−MP.TheslopeoftheproductionNpossibilitiesfrontierisalsoidentifiedas−MRT,whereMRTisidentifiedasthemarginalrateoflC,lC,transformationbetweenleisureandconsumption.8.ThecompetitiveequilibriumisParetooptimalb
4、ecauseitliesatatangencypointbetweentheproductionpossibilitiesfrontierandarepresentativeconsumer’sindifferencecurve.9.Thefirsttheorem:AcompetitiveequilibriumcanbeParetooptimal.Thistheoremassuresusthatthecompetitiveequilibriumisagoodoutcome.Thesecondtheorem:AParetooptimumisacompetitiveequilibriu
5、m.ThistheoremallowsustodirectlyanalyzeParetooptimawiththeassurancethatthesepointsarealsocompetitiveequilibriums.ThesecondtheoremisusefulbecauseParetoOptimaareofteneasiertoworkwiththancompetitiveequilibriums.©2011PearsonEducation,Inc.PublishingasAddisonWesleyChapter5AClosed-EconomyOne-PeriodMac
6、roeconomicModel4310.Externalities,noncompetitivebehavior,anddistortingtaxes.11.GYCNlw↑⇒↑,,,,↓↑↓and.↓12.Governmentcompeteswiththeprivatesectorinbuyinggoods.Anincreaseingovernmentspendingimpliesanegativewealtheffect,whichresultsinlowerconsumption.13.,zYC↑⇒↑↑,andw↑.ThesignoftheeffectsonNandlaream
7、biguous.14.Thesubstitutioneffectofanincreaseinzisthattherepresentativeconsumerworksmorehours.Theincomeeffectofanincreaseinzisthattherepresentativehouseholdworksmorehours.Thesignoftheneteffectisambiguous.15.Adistortingtaxmakesthathouseho
