By David Romer
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The fact that the government is making purchases that do not add to the capital stock – it is assumed to be government consumption, not government investment – shifts down the k 0 locus. © 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. 2-16 Solutions to Chapter 2 After the imposition of the tax, the c 0 locus shifts to the left, just as it did in the case in which the government rebated the tax to households.
For a given k, the level of c that implies k 0 is given by c(t) = f(k) - (n + g)k. Since the tax is rebated to households in the form of lump-sum transfers, this k 0 locus is unaffected. © 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.
D) Pt – money is worthless – is also an equilibrium. This occurs if the young generation at time 0 does not believe that money will be valued in the next period and thus that the generation one individuals will not accept money for goods. In that case, in period 0, the young simply consume half of their endowment and store the rest, and the old have some useless pieces of paper to go along with their endowment. This is an equilibrium with real money demand equal to zero and real money supply equal to zero as well.