Suhayb5266 Suhayb5266

23-05-2022
Physics

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Consider a standard ramsey model without labour that is on its balanced growth path. Assume that in period t = 0 a negative unanticipated total factor productivity shock hits the economy

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sp10925 sp10925

01-06-2022

a) The shock is permanent.

b)The shock is temporary.

What is standard ramsey model?

It is the classical model of economic growth based primarily on the work of Ramsey, with extensions provided by David Cass and Tjalling Koopmans.

a) The imperfect information will be done. Stability decreases and the resulting errors will be forecasted.

Thus, the shock is permanent

b) Response to error will be increased and process required to reduce errors will be followed by actual change in information.

Thus, the shock is temporary.

Learn more about standard ramsey model

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