【上海交通大学-安泰】中级宏观经济学作业答案
7页1、1. In the United States, the capital share of GDP is about 50%, the average growth in total output is 3% per year, the depreciate rate is 5% per year, the capital-output ratio is 4. Suppose that the production function is Cobb-Douglas, so that the capital share of output is constant, and the United States has been in a steady state. (10points)a) What must the saving rate be in the initial steady state?Y/Y = 0.03 = n = 0.03sf(k) = (n +)k s = (n +)k/f(k)= (0.03 + 0.05)* 4 = 0.32b) What is the marg
2、inal product of capital in the initial steady state?MPK * K/Y = 0.5= MPK = 0.5/(K/Y) = 0.5/4 = 0.125c) What will the capital-output ratio be at the Golden Rule steady state?MPK = (n +) = 0.03 +0.05 = 0.08MPK * K/Y = 0.5= K/Y = 0.5/0.08 = 6.25d) What must the saving rate be to reach the Golden Rate steady state?sf(k) = (n +)k s = (n +)k/f(k) = 0.08 *6.25 = 0.52. Prove each of the following statements about the steady state of the Solow model with population growth and technological progress. (10
3、points)a) The capital-output ratio is constantIn the steady state, we know that sy = (+ n + g)k. This implies that k/y = s/( + n + g). Since s, , n, and g are constant, this means that the ratio k/y is also constant. Since k/y = K/(L* E)/Y/(L* E) = K/Y, we can conclude that in the steady state, the capital-output ratio is constantb) Capital and labor each earn a constant share of an economys income.We know that capitals share of income =MPK (K/Y). In the steady state, we know from part (a) that
4、the capital-output ratio K/Y is constant. We also know that the MPK is a function of k, which is constant in the steady state; therefore the MPK itself must be constant. Thus, capitals share of income is constant. Labors share of income is 1 - capitals share. Hence, if capitals share is constant, we see that labors share of income is also constantc) Total capital income and total labor income both grow at the rate of population growth plus the rate of technological progress, n + g.We know that i
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