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State (a): Two stable steady-states State (b): Fragile economic booms followed by stagnation trap Even in this case, economy may fluctuate forever. k+1, そ身 k k k k State (c): Economy can bounce around infinitely between k' and k" without converging. ke+1 4 State (d): Animal spirits play an important role when economic activity is stagnant. K+14 kM. `k k k k Question 1: Consider the functionN(kt+1) = "t+1, where s, = s(r+1) = s(r(kt+1)). %3D St Differentiate the function N(kt+1) with respect with k+1, and express the result using dlog(st) and dlog(1+rt+1) dlog(1+rt+1) dlog(kt+1)

State (a): Two stable steady-states State (b): Fragile economic booms followed by stagnation trap Even in this case, economy may fluctuate forever. k+1, そ身 k k k k State (c): Economy can bounce around infinitely between k' and k" without converging. ke+1 4 State (d): Animal spirits play an important role when economic activity is stagnant. K+14 kM. `k k k k Question 1: Consider the functionN(kt+1) = "t+1, where s, = s(r+1) = s(r(kt+1)). %3D St Differentiate the function N(kt+1) with respect with k+1, and express the result using dlog(st) and dlog(1+rt+1) dlog(1+rt+1) dlog(kt+1)

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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State (a): Two stable steady-states Even in this case, economy may fluctuate forever. k+1 State (b): Fragile economic booms followed by stagnation trap kt+1, kH そ k k k k State (c): Economy can bounce around infinitely between k' and k" without converging. kt+1 4 State (d): Animal spirits play an important role when economic activity is stagnant. K+14 そ そM。 kM --- k k k kt Question 1: Consider the function 2(kt+1) = "+1, where s, s(r;+41) = s(r(kt+1)). St Differentiate the function N(k+1) with respect with k+1, and express the result using dlog(st) dlog(1+rt+1) dlog(1+rt+1) and dlog(kt+1)
Transcribed Image Text:State (a): Two stable steady-states Even in this case, economy may fluctuate forever. k+1 State (b): Fragile economic booms followed by stagnation trap kt+1, kH そ k k k k State (c): Economy can bounce around infinitely between k' and k" without converging. kt+1 4 State (d): Animal spirits play an important role when economic activity is stagnant. K+14 そ そM。 kM --- k k k kt Question 1: Consider the function 2(kt+1) = "+1, where s, s(r;+41) = s(r(kt+1)). St Differentiate the function N(k+1) with respect with k+1, and express the result using dlog(st) dlog(1+rt+1) dlog(1+rt+1) and dlog(kt+1)
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