After watching the two videos below and as well as the reading assigned for this module, please state what you consider yourself, Keynesian or Classical / Austrian Economist. Please explain your position.
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- (a) Discuss the basic distinction and similarities between neoclassical and Neo-Keynesian macroeconomists. MacroeconomistFollowing data is given for two country Keynesian model with no government (G=T=0) C= 100+0.9Y C* =200+0.8Y* I= 200 |* =400 M=0.1Y M*=0.2Y* NOTE: use a 2-digit accuracy in your calculations, i.e. 1.467238=1.47 or 1.43488=1.43 a. The equilibrium income for the domestic economy is; Y= b. The equilibrium income for the foreign economy is: Y*= c. Assume that the domestic exports increases by 150 units. As a result of this the change in the domestic income is; AY= d. Due to the change in part c, the change in foreign income is; AY*= e. The initial value of the current account balance in domestic economy is; CAB= f. The change in the domestic current account balance due to the change in part c is; ACAB =Is Keynesian economics relevant in today's new normal? In what way? Explain...
- Thank you so much for your time and effort! Please note that this is a multi part quesition! Figure 2: Keynes’s AD-AS Model (Image normally goes here) Part 1:Changes in which factors could cause aggregate demand to shift from AD to AD1? What could happen to the unemployment rate? What could happen to the inflation rate? Part 2: The Keynesian AD-AS model describes what happens with price levels when aggregate demand increases. Could you find any evidence from the last ten-fifteen years that might support AD-AS model descriptions of demand-pull inflation, cost-push inflation, and recession? For example, you could find data on the GDP’s of any two countries from 2000 to 2017 to support your findings. Please note the followong for the next 3 parts of this. In macroeconomics, the immediate short run is known as a length of time when both input prices and output prices are fixed. In the short-run, input prices are fixed but output prices are variable. In the long run, input prices and…Keynesian economics is primarily focused on(A) national income(B) company balance(C) resource allocation(D) All of the aboveExplain the term “Rational Expectations” as Thaler used in the first chapter of Misbehaving.
- Please work out a keynesian model graphically, analytically and verbally. (standard model; no special cases).According to Keynesian Theory, stabilization policy (i.e. Aggregate Demand Management) should not be used to smooth out the business cycle. This is because there are 3 key problems with using ANY policy to stabilize the economy. Briefly discuss 2 of these problems below. Provide complete statements (i.e. in paragraph forms), do not list ideas.Using the information in the pictures below, Answer the following questions. The macroeconomic forecasts carried out by different entities are of upmost importance for the whole society and, of course, for the companies that operate in that economy. select two updated macroeconomic charts of some of the entities that monitor the economy and make forecasts. The objective is to compare different future forecasts of the entities to have a critical and well-formed view of the macroeconomic future in the USA. Based on the charts consulted, comment what is expected from the American economy in the next years in general terms. Are there differences in the forecasts? How do you think the state will act in the future based on the chart variables that inform us about its behavior? What will the behavior of families and companies be like?
- Draw and properly label an AD-AS model to show Keynesian, intermediate, andneoclassical zones (6%). Then, briefly explain the levels of unemployment, inflationand real GDP in each zone, and also confirm whether all three goals of a macroeconomy are being achieved in each zone. (14%)Discuss the main differences between Keynesian school with those of the Neo-Classicists. Please answer it ASAP. Thank youContrast the Keynesian and neoclassical approaches to responding to a recession. Assess how modern macroeconomists might blend elements of each perspective in their economic modeling.