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Suppose real GDP growth is 1% in 2014, 3% in 2015, 4% in 2016, -2% in...

  1. Suppose real GDP growth is 1% in 2014, 3% in 2015, 4% in 2016, -2% in 2017 and 4% in 2018. What is the detrended real GDP growth rate in 2018?

            Year

Real GDP

2015

1,000

2016

1,020

2017

1040.4

2018

1,061.208

Given the data above, what is the detrended growth rate in 2017?

2- A simple calibrated RBC model generates about what percentage of the volatility observed for real GDP in the actual data. Type your answer as a number?

3- Suppose real GDP growth is 4% in 2015, 6% in 2016, -3% in 2017 and 3% in 2018. What is the trend growth over the period 2015-2018? Your answer should be given to the first decimal place?

4-  The aggregate production function for an economy is given by:

Y=A√L√K

If A=K=16 and L=64, what is the productivity of labor?

5- The aggregate production function for an economy is given by:

                                               Y=A√L√K

If K=16, L=64, and technological improvements increase A to A=24, what is the productivity of labor?

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