进一步的计量经济学 Further Econometrics ECON60622T

这是一份manchester曼切斯特大学ECON60622T作业代写的成功案例

进一步的计量经济学 Further Econometrics ECON60622T

There is still another motivation available for the imperfect price level adjustment we are assuming. For reasons of simplicity, we here consider the case of a Cobb-Douglas production function, given by $Y=K^{\alpha} L^{1-\alpha}$. According to the above we have
$$
p=w / F_{L}\left(K, L^{p}\right)=w /\left[(1-\alpha) K^{\alpha}\left(L^{p}\right)^{-\alpha}\right]
$$
which for given wages and prices defines potential employment. Similarly, we define competitive prices as the level of prices $p_{c}$ such that
$$
p_{c}=w / F_{L}\left(K, L^{d}\right)=w /\left[(1-\alpha) K^{\alpha}\left(L^{d}\right)^{-\alpha}\right]
$$
From these definitions we get the relationship
$$
\frac{p}{p_{c}}=\frac{(1-\alpha) K^{\alpha}\left(L^{d}\right)^{-\alpha}}{(1-\alpha) K^{\alpha}\left(L^{p}\right)^{-\alpha}}=\left(L^{p} / L^{d}\right)^{\alpha}
$$

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ECON60622T COURSE NOTES :

As far as consumption is concerned we assume Kaldorian differentiated saving habits of the classical type $\left(s_{w}=1-c_{w}=1-c \geq 0, s_{c}=1\right)$, i.e., real consumption is given by:
$$
C=c v Y=c \omega L^{d}, \quad v=\omega / x, \omega=w / p \text { the real wage }
$$
and thus solely dependent on the wage share $v$ and economic activity $Y$. For the investment behavior of firms we assume
$$
\begin{aligned}
\frac{I}{K} &=i_{1}((1-v) y-(i-\pi))+n \
y &=\frac{Y}{K}, \quad n=\hat{L}+\hat{x}=n+n_{x} \text { trend growth. }
\end{aligned}
$$








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