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Extra resources for Advanced Macroeconomics Solution Manual
2012 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. 2-14 Solutions to Chapter 2 (b) At time 0, when the tax is put in place, the value of k, the stock of capital per unit of effective labor, is given by the history of the economy, and it cannot change discontinuously. It remains equal to the k* on the old balanced growth path.
This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. Solutions to Chapter 2 2-33 Suppose instead that the auctioneer announces Qt+1 > Qt /x or equivalently x > (Qt /Qt+1 ) for some date t. This means that storage dominates trading for the young at date t. This means that the young at date t will want to store their entire endowment and will want to buy A/2.
60) becomes 1 1 (1) k t 1 (1 ) Bk t . (1 n)(1 g) 2 This fall in B causes the kt+1 function to shift down. See the figure from part (a). A lower B means that a given amount of capital per unit of effective labor in period t now produces less output per unit of effective labor in period t. Since the fraction of their labor income that the young save does not depend on B, this leads to less total saving and a lower capital stock per unit of effective labor in period t + 1 for a given kt .