110年 - 110 國立清華大學碩士班考試入學試題_經濟學系:總體經濟學#105235

(a) What does it mean for allocations to be Pareto eficient? What are the policy implications?

(b)Explain some of the problems associated with commodity-based money.

(c) Explain the extent you agree with this statement: Ricardian equivalence shows that government deficits do not matter.

i. Can the real interest rate be negative? Why?

ii. Can the nominal interest rate be negative? Why?

(a) Find the cost function, C(Y), that tells the minimum cost required to produce Y units of output.

(b) Will the firm encounter any problem, if the firm charges a price P equal to marginal cost? Explain your logic.

3. In most endogenous growth models, allowing a monopolist to caplure no- nopolistic proft plays an important role in boosting innovation. Consider a monopolict facing a linear demand function: Q = a - 6P, and the marginal cost is constant at c. Parameters a, b, and c are positive constants with a - bc ＞ 0. Find the ratio of monopolistic proft to the total potential consumer surplus available if the good were priced at marginal cost.

(a) Express the aggregate capital evolution equation.

(b) Express the capital evolution equation in terms of i: = :y and the model parameters. State the necessary assumption for this derivation.

(c) Draw a graph to show that this ecomomy will reach a long run equilib- rium with a constant .. State the necessary assumptions to have this long run equilibrium. Provide the economic meanings of your assumptions.

(a) Express the aggregate capital evolution equation.

(b) Express the capital evolution equation in terms of and the model parameters. State the necessary assumption for this derivation.

(c) Draw a graph to show that this econon omy will reach a long run equilib- rium with a constant . State the nece essary assumptions to have this long run equilibrium. Provide the economic meanings of your assumptions.

(d) Consider the case that the economy encounters a sudden increase of labor input due to immigration. Given the fixed growth rate n, what is the short and long run effect of this sudden increase in N on i? Assume that when the sudden increase happens, the economy is in its long run equilibrium.

Part 2

Section A: Short questions

1. Explain what the impossible trinity is, and provide examples of it.

2. Give a brief discussion of the real business cycle theory.

3. Explain the uncovered interest rate parity.

4. Because of the existence of price stickiness, money is nonneutral in the Keynesian model. Describe the sources of price stickiness and elaborate the link between price stickiness and nonneutality of money.

5. Assume prices are sticky and that the aim of monetary policy is to stabilise GDP. How does the central bank set interest rate when the economy is hit by recession caused by the fall in consumer confidence?

(a) Discuss the impacts of this fiscal policy to interest rate and GDP for the home country and the foreign country under a fixed exchange rate regime.

(b) Discuss the impacts of this fiscal policy to interest rate and GDP for the home country and the foreign country under a flexiblet exchange rate regime.

(c) Explain your answers of (a) and (b) flexible

(a) Suppose there is a positive temporary TFP shock (assume the wealth effect is negligible). Find the effects on output and the current account. Is the current account predicted to be procyclical or countercyclical?

(b) Suppose the world real interest rate falls. Explain whether output and the current account move in opposite directions in response to this shock.

110年 - 110 國立清華大學碩士班考試入學試題_經濟學系:總體經濟學#105235

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