03 Jun Question Some short questions 1.1 The money market
Question
Some short questions
1.1 The money market
1. What is money neutrality?
Grading: Key elements: one-time change in the level, effect of prices, non-effect on other things. A short answer is sufficient.
2. How do prices react in the long run to an increase in the money supply? Give an intuitive economic explanation.
3. How do prices react in the long run to an increase in money demand? Give an intuitive economic explanation.
4. Give two examples of recent changes related to payments technology, one implying higher and the other lower money demand.
5. “Money is a dominated asset.” Derive and explain an expression in support of this statement.
1.2 Growth
1. Write down a plausible production function for new ideas. Explain each element.
2. “One can hardly imagine, I think, how poor we would be today were it not for the rapid population growth of the past to which we owe the enormous number of technological advances enjoyed today. … Another instance of external economies is parallel. Our artistic heritage is much like our technology; it is a part of our ‘public capital.’ If I could re-do the history of the world, halving population size each year from the beginning of time on some random basis, I would not do it for fear of losing Mozart in the process.” (Phelps, 1968.) What does this have to do with our study of endogenous growth? Can you relate Phelps’s statement to your answer in 1.?
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