Analysis Assignment 5

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Glendale Community College *

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Economics

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Jun 19, 2024

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Analysis Assignment: Chapter 6 Numerical problems Over the past 20 years an economy’s total output has grown from 1000 to 1300, its capital stock has risen from 2500 to 3250, and its labor force has increased from 500 to 575. All measurements are in real terms. Calculate the contributions to economic growth of growth in capital, labor, and productivity. a) Assuming that b) Assuming that Analytical problems Question 1 Suppose policy makers wish to increase steady state consumption per worker. Explain what must happen to the saving rate to achieve this objective. Question 2 According to the Solow model, how would each of the following affect consumption per worker in the long run (that is, in the steady state)? Explain and use a graphical representation when necessary a) The destruction of a portion of the nation’s capital stock in a war. b) A permanent increase in the rate of immigration (which raises the overall population growth rate). c) A permanent increase in energy prices. Working with Macroeconomic Data For data to use in these exercises, go to the Federal Reserve Bank of St. Louis FRED database at: https://fred.stlouisfed.org/ and the www.bea.gov for data. This time around you will need to download the data to excel and manipulate/ transform the data the data to get the answers. Furthermore you will create your own graphic. Question 1 This problem asks you to do your own growth accounting exercise. Using data since 1960, make a table of annual growth rates of real GDP, the capital stock (private fixed assets from the Fixed Assets section of the BEA website, www.bea.gov , Table 6.2 ), and civilian employment . Assuming that Find the productivity growth rate for each year.

a) Graph the contributions to overall economic growth of capital growth, labor growth, and productivity growth for the period since 1960. Contrast the behavior of each of these variables in the post–1973 period to their behavior in the earlier period. b) Compare the post–1973 behavior of productivity growth with the graph of the relative price of energy, shown in Fig. 3.11. To what extent do you think the productivity slowdown can be blamed on higher energy prices?

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