su11_3102_HW4

su11_3102_HW4 - University of Minnesota Department of...

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University of Minnesota Department of Economics Econ 3102: Intermediate Macroeconomics Homework #4 This problem set is due on Wednesday, July 20th , at the beginning of class. The maximum score is 105 points. Be sure to review the syllabus for details about problem sets and their grading! Feel free to questions about the problem set. Note that some Exercises have several parts. Be sure to answer every question thoroughly for full credit! 1 Problems (55 points) Exercise 1 (35 points) time in all periods t = 0, 1,. in each period h , and an initial capital endowment, k 0 . Assume that the household±s utility function is time-separable, and takes the form U ( C 0 ; C 1 ; :::; ‘ 0 ; ‘ 1 ; ::: ) = 1 X t =0 t u ( C t ; ‘ t ) where C t and t denote consumption and leisure in period t , u ( ; ) is a period utility function which is strictly
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su11_3102_HW4 - University of Minnesota Department of...

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