Matthias Doepke - Marcroeconomics - Chapter 9 doc

... entire post-war history of the United States and the Western European countries there is not a single depression that caused an output loss similar to the one suf- fered between 192 9 and 193 3. The ... Section 9. 2 we will concen- trate on the real business cycle model, which is a straightforward extension of the market- clearing models that we developed in earlier chapters. Section 9. 3 p...

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... of poll taxes. The most recent use of poll taxes was in England, where they were used from 199 0-1 99 3 to finance local governments. Each council (roughly equivalent to a county) divided its expenditure ... 0.7 0.8 0 .9 1 0 0.05 0.1 0.15 0.2 0.25 Tax revenue when γ=0.5 τ T(τ) Figure 13.1: A government revenue func- tion that exhibits a Laffer curve. A Lump-sum Tax Now let us introduce a...

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... production function equa- tion (11.1) exhibits constant returns to scale, which means that if we double both inputs, output also doubles. Our choice of a constant-returns-to-scale production function ... the basis of many more-advanced models in macroeconomics. For example, our real business cycle model of Chapter 9 is a Solow model enriched by optimizing consumers and pro- ductivity shoc...

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... war steady-state, but the relatively short duration of the war prevents it from ever reaching that steady-state. After the war the econ- omy transitions slowly back to its pre-war steady-state. ... fully discuss tax policy, for this chapter we will assume that the gov- ernment levies a very special kind of tax: a lump-sum tax. That is, the government an- nounces a spending plan and then ......

Ngày tải lên: 04/07/2014, 10:20