Eco 302

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Submitted By sahniyat
Words 726
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1. The equations below represent the Open Economy Model of Mankiw’s Chapter 5, which determines the endogenous variables Y, C, I, NX, and in terms of the exogenous variables K , L , G , and T .

Suppose that the money demand function is [M/P]^d = 1000-100r where r is the interest rate in percent.?
The money supply M is 1000 and the price level P is 2.

What is the equilibrium interest rate?
Assume that the price level is fixed. What happens to the equilibrium interest rate if the supply of money israised from 1000 to 1200?
If the authority wished to raise the interest rate to 1 percent, what money supply should it set? a)
M/P=1000-100r
M=1000 & P=2
1000/2 = 1000-100r
500=1000-100r
100r=500 r=500/100=5 b)
M=1200 & P=2
1200/2 = 1000-100r
600=1000-100r
100r=400 r=400/100=4 Thus interest rate falls from r=5 to r=4
c)
r=1 & P=2
M/P=1000-100r
M/2=1000-100•1
M/2=900
M=1800
Fed should set M=1800

Suppose we have an economy described by the following functions:
C= 50+.8YD
I bar= 70
G bar= 200
TR bar= 100 t= .20

(a)(i) Calculate the equilibrium level of income and (ii)the multiplier in this model.
(b) Calculate the budget surplus, BS.
(c) Suppose that t increases to .25. (i)What is the new equilibrium income? (ii)And the new multiplier?
(d) (i)Calculate the change in budget surplus. (ii)Would you expect the changes in the surplus to be more or less if C= .9 rather than .8?
(e) Can you explain why the multiplier is 1 when t=1?

A. Y=C+I+G, government transfer payment is not included in GDP.
Y=50+.8(Y-T)+70+200.
Y=50+.8Y-.20Y+70+200
(1-.8+.20)Y=50+70+200
Y=320/.40=800.,multiplier=1/0.4=2.5
B. G-T=200-.2x800 budget deficit=200-160= 40.
C. multiplier= 1/(1-.8+.25)=2.22.The new level of income=320/.45=711.11
D. budget deficit=200-.25x711.11=22.22.If MPC=.9,The multiplier=1/(1-.9+.25)=1/.35=2.86
The new…...

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