Consider the following Cobb-Douglas economy: Y=F(K,E)=K0.5E0.5 where E represents the number of employed workers. The separation rate in this economy is 2 percent, the job finding rate is 8 percent, the savings rate is 20 percent,and the depreciation rate is 6 percent. There is no population growth or technological progress.
a. Calculate the steady state capital stock per employed worker and output per employed worker.
b. If this economy has 100 people in the labor force, what is the unemployment rate and the unemployment level in steady state?
c. What is the steady state output level in the economy? What is the steady state capital stock?
d. If a new government policy is able to increase the job finding rate to 10 percent, how would your answers in parts (a), (b), and (c) change?
不知道各位还有更简单的解法吗??
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