# 经济代写|宏观经济学代写Macroeconomics代考|ECON102

So far we have mostly talked about long-term dynamics, the process of capital accumulation, intergenerational issues, etc. However, a lot of macroeconomics focuses on the short term – the departures from the long-run trend that we’ve been mostly concerned about. This is, of course, particularly evident in recession times! Some of the biggest questions in macroeconomics revolve around this: how can we understand and influence the short-run, cyclical evolution of the economy? What can we (or should we) do about recessions?

These are obviously important questions, and they are very much at the heart of the development of macroeconomics as a discipline, as we discussed in the first chapter of the book. In fact, business cycles is where the distinction between macroeconomic schools of thought became more evident giving credence to the idea that economists never agree with each other. Many of your policy recommendations will derive from which view of the world you have.

Essentially, one school is ingrained in the Keynesian perspective where there is scope for intervening on the cycle and that doing so is welfare-improving. Its modern version is the New Keynesian approach originated in the $1980 \mathrm{~s}$ in response to the empirical and methodological challenges from the 1970s. The second approach is quite skeptical about what policy can or should do, as it views the cycle as the result of optimal adjustments to real shocks. Its modern version was born, also in the 1980s, with the so-called Real Business Cycle (RBC) framework, which argued that a perfectly competitive economy, with no distortions or aggregate imbalances of the Keynesian type, but subject to productivity shocks, could largely replicate the business-cycle frequency data for real-world economies.
Recent years have seen a great deal of methodological convergence, with both views adopting, to a large extent, the so-called dynamic stochastic general equilibrium (DSGE) framework that essentially implements the NGM with whatever exogenous shocks and market imperfections that you may feel are relevant. Because this model can be specified to work as a perfectly competitive distortion-free economy, or as one with more Keynesian-type characteristics, it has become the new workhorse of macroeconomics. This has allowed for a more unified conversation in recent decades.

In light of that, and because we have covered much of the ground when we studied the NGM, we will start by describing the RBC framework, which started the trend that turned the NGM into the workhorse of modern macroeconomics. This framework, from a theory standpoint, is, conceptually, a simple extension of the NGM to a context with stochastic shocks.

## 经济代写|宏观经济学代写Macroeconomics代考|The basic RBC model

The basic RBC model, first introduced by Kydland and Prescott (1982), is built around a typical NGM framework of intertemporal maximisation. There are three differences with what we’ve seen so far in the book. First, we introduce uncertainty in the form of exogenous productivity shocks, without which (as we’ve seen) no fluctuations emerge. Second, we also introduce a choice of how much labour will be supplied – in other words, there is a labour-leisure choice. This is what will enable us to say something about fluctuations in employment. Finally, RBC models typically use discrete time. This is so because the objective is to compare the simulated data from the model with that of the real data, which is always discrete, and also because the models quickly become too complicated for analytical solutions. One has to resort to numerical methods of solution, and computers can more easily handle discrete data.
The consumer’s problem works as follows:
$$\operatorname{Max} E\left[\sum_t\left(\frac{1}{1+\rho}\right)^t\left((1-\phi) u\left(c_t\right)+\phi v\left(h_t\right)\right)\right]$$
subject to the household budget constraint in which individuals own the capital stock and labour endowment, and rent those out to the firms,
$$k_{t+1}=l_t w_t+\left(1+r_t\right) k_t-c_t,$$
the production function,
$$f\left(k_t, l_t, z_t\right)=z_t k_t^\alpha l_t^{1-\alpha},$$
the labour endowment equation,
$$h_t+l_t=1,$$
and a productivity shock process
$$z_{t+1}=\varphi z_t+\varepsilon_{t+1} .$$
$c_t$ is consumption, $h_t$ indicates leisure, $r_t$ is the rate of return on capital (net of depreciation), $k_t$ is the capital stock, $l_t$ is the amount of labour devoted to market activities. ${ }^1$ Finally, $z_t$ is a productivity parameter which is subject to random shocks $\varepsilon_t$. The rest are parameters which should be relatively self-explanatory.

# 宏观经济学代考

## 经济代写|宏观经济学代写宏观经济学代考| RBC基本模型

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$$\operatorname{Max} E\left[\sum_t\left(\frac{1}{1+\rho}\right)^t\left((1-\phi) u\left(c_t\right)+\phi v\left(h_t\right)\right)\right]$$

$$k_{t+1}=l_t w_t+\left(1+r_t\right) k_t-c_t,$$

$$f\left(k_t, l_t, z_t\right)=z_t k_t^\alpha l_t^{1-\alpha},$$

$$h_t+l_t=1,$$

$$z_{t+1}=\varphi z_t+\varepsilon_{t+1} .$$
$c_t$是消费，$h_t$表示休闲，$r_t$是资本回报率(扣除折旧后的净额)，$k_t$是资本存量，$l_t$是投入到市场活动中的劳动量。${ }^1$最后，$z_t$是一个受随机冲击影响的生产率参数$\varepsilon_t$。其余的是相对自解释的参数

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